Mr. Gilbert Clark reports

MERIDIAN ANNOUNCES UPSIZING OF BOUGHT DEAL OFFERING TO $17.5M

Meridian Mining U.K. Societas has upsized its previously announced bought deal public offering of common shares in the capital of the company. Under the amended terms of the offering, Beacon Securities Ltd. and BMO Capital Markets (the co-lead underwriters), on behalf of a syndicate of underwriters, have agreed to purchase, on a bought deal basis pursuant to the filing of a prospectus supplement, an aggregate of 50 million offered shares of the company at a price of 35 cents per offered share for aggregate gross proceeds to the company of $17.5-million.

The company has granted the underwriters an option (the overallotment option), exercisable in whole or in part at any time and from time to time for up to 30 days following the closing date (as defined below), to purchase up to an additional number of offered shares equal to 15 per cent of the number of offered shares sold pursuant to the offering at a price per additional share equal to the issue price to cover overallotments, if any, and for market stabilization purposes.

The offered shares will be offered (i) in Canada by way of a prospectus supplement to the company's existing short form base shelf prospectus dated Feb. 24, 2023, to be filed on or before April 3, 2024, in the provinces of British Columbia, Alberta and Ontario pursuant to National Instrument 44-101 -- Short Form Prospectus Distributions and National Instrument 44-102 -- Shelf Distributions, which shall qualify the distribution of the offered shares in the qualifying jurisdictions; and (ii) to eligible purchasers by way of available prospectus exemptions in certain jurisdictions outside of Canada.

The company intends to use the net proceeds to advance the Cabacal project, including for the purposes of a prefeasibility study, resource delineation drilling and continued exploration on the property, working capital and general corporate purposes.

The closing of the offering is anticipated to occur on or about April 9, 2024, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

A copy of the base shelf prospectus is available under the company's profile on SEDAR+. Once filed, the prospectus supplement in connection with the offering will also be available on SEDAR+.

About Meridian Mining U.K. Societas

Meridian Mining is focused on:

• The development and exploration of the advanced-stage Cabacal volcanogenic massive sulphide gold-copper project;
• Regional-scale exploration of the Cabacal VMS belt;
• Exploration in the Jauru and Araputanga greenstone belts (the above all located in the state of Mato Grosso, Brazil).

We seek Safe Harbor.