Mr. Gilbert Clark reports

MERIDIAN ANNOUNCES CLOSING OF $20.1M BOUGHT DEAL PUBLIC OFFERING

Meridian Mining U.K. Societas has closed the bought deal offering previously announced on April 1, 2024, and upsized on April 2, 2024, by issuing 57.5 million common shares of the company at 35 cents per offered share for aggregate gross proceeds to the company of $20,125,000 pursuant to terms of the underwriting agreement entered into among the company, Beacon Securities Ltd., BMO Capital Markets, CIBC World Markets Inc., Cormark Securities Inc., Raymond James Ltd. and SCP Resource Finance LP. The offering included 7.5 million offered shares issued pursuant to the full exercise of the overallotment option by the underwriters pursuant to the underwriting agreement.

Gilbert Clark, executive chairman, commented: "Meridian greatly appreciates the strong support from its existing and new shareholders that have placed the company on a sound financial base to advance the Cabacal project. Meridian can look to complete Cabacal's PFS [prefeasibility study] during a period of renewed interest in near-term gold and copper developers. We are very pleased with the exceptional efforts of the underwriters in positioning Meridian for long-term value creation."

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

Insiders of the company participated in the offering and purchased an aggregate of 10.19 million offered shares. Participation of the insiders in the offering constituted a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, but was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities issued to the insiders nor the consideration paid by the insiders exceeded 25 per cent of the company's market capitalization. None of the company's directors expressed any contrary views or disagreements with respect to the foregoing. The company did not file a material change report 21 days prior to the closing of the offering as the details of the participation of the insiders of the company had not been confirmed at that time.

The offered shares issued pursuant to the offering were qualified for distribution by way of a prospectus supplement of the company dated April 3, 2024, to the company's existing short form base shelf prospectus dated Feb. 24, 2023, filed in the provinces of British Columbia, Alberta and Ontario, and offered and sold to eligible purchasers by way of available prospectus exemptions in certain jurisdictions outside of Canada. The base shelf prospectus, the prospectus supplement, the documents incorporated by reference therein and the underwriting agreement are available on the company's profile on SEDAR+.

About Meridian Mining U.K. Societas

Meridian Mining is focused on:

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

We seek Safe Harbor.