Mr. Gilbert Clark reports

MERIDIAN ANNOUNCES CLOSING OF CAD 17.2 MILLION OVERSUBSCRIBED NON-BROKERED PRIVATE PLACEMENT

Meridian Mining U.K. Societas has closed its previously announced non-brokered private placement of common shares (see news releases dated Jan. 28, 2025, and Feb. 4, 2025). Pursuant to the private placement, the company has issued 44,187,432 common shares at a price of 39 cents for gross proceeds to the company of $17,233,098.

Gilbert Clark, chief executive officer, states: "I would like to thank Meridian's institutional and retail shareholders, both existing and new, for their ongoing support as we advance the Cabacal Au-Cu-Ag VMS project towards it becoming Brazil's next near-term mine development."

Insiders of the company participated in the private placement and purchased an aggregate of 279,744 common shares. Participation of such insiders in the private placement constituted a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transaction, 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 private placement as the details of the participation of the insiders of the company had not been confirmed at that time.

The net proceeds from the private placement are expected to be used in advancing the Cabacal's PFS (prefeasibility study), initiating the FS (feasibility study) and related programs, as well as associated resource and exploration activities of the broader Cabacal Au-Cu-Ag (gold-copper-silver) VMS (volcanic massive sulphide) belt, and regional targeting, and for working capital and general corporate purposes.

The common shares issued pursuant to the private placement are subject to a four-month hold period expiring on June 20, 2025. The private placement is subject to final approval of the Toronto Stock Exchange.

About Meridian Mining U.K. Societas

Meridian Mining is focused on:

• The development and exploration of the advanced-stage Cabacal VMS gold-copper project;
• The initial resource definition at the second high-grade VMS asset at Santa Helena as first stage of hub-and-spoke development strategy;
• Regional-scale exploration of the Cabacal VMS belt to expand the hub-and-spoke strategy;
• Exploration in the Jauru and Araputanga greenstone belts (the above all located in the state of Mato Grosso, Brazil).

The preliminary economic assessment technical report dated March 30, 2023, entitled: "Cabacal Gold-Copper Project NI 43-101 Technical Report and Preliminary Economic Assessment, Mato Grosso, Brazil," outlines a base case after-tax net present value at 5 per cent (NPV5) of $573-million (U.S.) and an internal rate of return of 58.4 per cent from a preproduction capital cost of $180-million (U.S.), leading to capital repayment in 10.6 months (assuming metals price scenario of $1,650 (U.S.) per ounce of gold, $3.59 (U.S.) per pound of copper and $21.35 (U.S.) per ounce of silver). Cabacal has a low all-in-sustaining cost of $671 (U.S.) per ounce gold equivalent for the first five years, driven by high metallurgical recovery, a low life-of-mine strip ratio of 2.1:1 and the low-operating-cost environment of Brazil.

The Cabacal mineral resource estimate consists of indicated resources of 52.9 million tonnes at 0.6 g/t gold, 0.3 per cent copper and 1.4 g/t silver, and inferred resources of 10.3 million tonnes at 0.7 g/t gold, 0.2 per cent copper and 1.1 g/t silver (at a cut-off grade of 0.3 g/t gold equivalent). The Santa Helena mine area generated an initial exploration target with a tonnage range of 3.2 million to 7.2 million tonnes (t) grading between 3.0 and 3.2 g/t AuEq, which gives a potential high-grade metal inventory range of between 306,000 and 763,000 AuEq ounces, located within 10 km of the proposed Cabacal mill site.

Readers are encouraged to read the PEA technical report in its entirety. The PEA technical report may be found on the company's website and under the company's profile on SEDAR+.

The qualified persons for the PEA technical report are: Robert Raponi (PEng), principal metallurgist with Ausenco Engineering, Scott Elfen (PE), global lead, geotechnical and civil services, with Ausenco Engineering, Simon Tear (PGeo, EurGeol), principal geological consultant of H&SC, Marcelo Batelochi (MAusIMM, CPGeo), geological consultant of MB Geologia Ltda., Joseph Keane (mineral processing engineer, PE), of SGS, and Guilherme Gomides Ferreira (mine engineer, MAIG), of GE21 Consultoria Mineral.

Qualified person

Erich Marques, BSc, FAIG, chief geologist of Meridian Mining and a qualified person as defined by National Instrument 43-101, has reviewed and verified the technical information in this news release.

We seek Safe Harbor.