Mr. Gilbert Clark reports

MERIDIAN MINING'S CABACAL PROJECT'S PRELIMINARY LICENCE APPROVAL FORMALISED BY THE STATE OF MATO GROSSO

The approval of Meridian Mining U.K. Societas' Cabacal gold-copper-silver project's preliminary licence (PL) has been formalized with the publication in the official gazette of the State of Mato Grosso. The company is now focused on the continuing preparation and submission of Cabacal's installation licence (IL) in the first half of 2026.

The company also announces that the application for a preliminary licence for the Santa Helena copper-silver and zinc project has been submitted.

Highlights:

• Meridian Mining's Cabacal gold-copper-silver project's preliminary licence gazetted:
  • State of Mato Grosso's official gazette formalizes Cabacal's PL (licenca previa);
  • Meridian continues to advance the development of the Cabacal VMS (volcanogenic massive sulphide) belt as Mato Grosso's most modern mining district;
  • The long-term economic development of a significant mining district restarting moves closer to production;
• Meridian Mining submits PL application for Santa Helena:
  • Technical and environmental studies completed for Santa Helena's PL application.

Gilbert Clark, chief executive officer, commented: "Following the PL's unanimous approval, it is now gazetted. A tremendous permitting milestone for the company has been achieved. Congratulations to our Brazilian team and their commitment to over two years of environmental studies, social-environmental and technical reviews, and 12 months of multiple public consultations.

"The Cabacal's PL process commenced in Q4 2021, as Meridian's experienced in-house team saw the potential for rapidly returning this dormant mining camp back into production. The PL's gazetting represents the significant endorsements and support by our local communities and the State of Mato Grosso for Cabacal to achieve this potential.

"Meridian is now preparing Cabacal's IL application to the same high standard that the successful PL's application was completed. In parallel, Meridian is advancing its correspondence with potential project finance groups. This is to ensure that the progression of the IL is in alignment with Cabacal's project financing, the final investment decision and the company's equities.

"In addition, I believe the submission of the Santa Helena PL represents a major advancement for our second project, establishing the greater Cabacal gold-copper-silver belt to be Brazil's most advanced and modern VMS mining camp as well as its most prospective. Our corporate goals remain focused on the disciplined development of Cabacal, the resource development at Santa Helena and on further unlocking this greater belt-scale exploration potential."

Qualified person statement

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

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 higher-grade VMS asset at Santa Helena as the first stage of the Cabacal hub development strategy;
• Regional-scale exploration of the Cabacal VMS belt to expand the Cabacal hub strategy;
• Exploration in the Jauru and Araputanga Greenstone belts (the above all located in the state of Mato Grosso, Brazil).

The prefeasibility study technical report dated March 31, 2025, entitled "Cabacal Gold-Copper Project NI 43-101 Technical Report and Pre-feasibility Study," outlines a base-case after-tax net present value (discounted at 5 per cent) of $984-million (U.S.) and 61.2-per-cent internal rate of return from a preproduction capital cost of $248-million, leading to capital repayment in 17 months (assuming a metal price scenario of $2,119 (U.S.) per ounce of gold, $4.16 (U.S.) per pound of copper and $26.89 (U.S.) per ounce of silver). Cabacal has a low all-in sustaining cost of $742 (U.S.) per ounce gold equivalent and production profile of 141,000-ounce-gold-equivalent life of mine, driven by high metallurgical recovery, a low life-of-mine strip ratio of 2.3:1 and the low operating cost environment of Brazil.

The Cabacal mineral reserve estimate consists of proven and probable reserves of 41.7 million tonnes at 0.63 gram per tonne gold, 0.44 per cent copper and 1.64 grams per tonne silver (at a 0.25-gram-per-tonne-gold-equivalent cut-off grade).

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

The PFS technical report was prepared for the company by Tommaso Roberto Raponi, PEng, principal metallurgist with Ausenco Engineering Canada ULC; Scott Elfen, PE, global lead, geotechnical and civil services, with Ausenco Engineering Canada; John Anthony McCartney, CGeol, Ausenco Chile Ltda.; Porfirio Cabaleiro Rodriguez, engineer geologist, FAIG, of GE21 Consultoria Mineral; Leonardo Soares PGeo, MAIG, senior geological consultant of GE21 Consultoria Mineral; Norman Lotter, mineral processing engineer, PEng, of Flowsheets Metallurgical Consulting Inc.; and Juliano Felix de Lima, engineer geologist, MAIG, of GE21 Consultoria Mineral.

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