Mr. Gilbert Clark reports

MERIDIAN PROVIDES CORPORATE AND CABACAL UPDATE

Meridian Mining U.K. Societas has appointed David Halkyard as interim chief financial officer, following the resignation of Soraia Morais as CFO. The company is also pleased to announce the transition of Vitor Hugo de Sousa Belo to the position of chief development officer of the company to oversee the development and construction of the Cabacal project.

As part of the progression of the Cabacal project to a decision to mine in 2027, the company also announces the completion of the definitive feasibility study drill program and the completion of the title transfer by the Agencia Nacional de Mineracao ("ANM") for the Cabacal and Santa Helena projects to Rio Cabacal Mineracao Ltda., the company's Brazilian subsidiary managing the programs.

Highlights of the news release

• Mr. Halkyard appointed as interim chief financial officer;
• Mr. Belo as chief development officer;
• Cabacal DFS drill program completed;
  • 591 holes completed for 66,487 metres of diamond drilling; and
• Cabacal purchase agreement advanced with Cabacal and Santa Helena titles transferred.

Gilbert Clark, chief executive officer, commented: "I have been working closely with David since he joined the company, and his contribution has been exceptional, and I am very confident he will grow quickly into the CFO role. David has been working with Soraia to ensure a smooth CFO transition as we continue to execute on our growth strategy. On behalf of the board and management of the company, I would like to thank Soraia for her dedication and many contributions to the company. We wish Soraia all the best in her future endeavours.

"I am also very pleased to announce Vitor's increased role as the company's chief development officer. Vitor has been with the company since 2019 and has led the Brazilian engineering team's successful completion of Cabacal's PEA and PFS. Having him now joining Meridian's executive team is a tremendous boost for the Cabacal DFS rollout and beyond.

"The completion of the Cabacal DFS drill program and the title transfer of the Cabacal and Santa Helena projects are key milestones and derisking events for Meridian as we progress to a decision to mine in 2027."

Appointment of chief financial officer

The appointment of Mr. Halkyard as interim chief financial officer following the resignation of Ms. Morais as CFO. Mr. Halkyard brings over 20 years experience in mining-focused banking and investment management, including senior roles at Resource Capital Funds, Bank of Montreal and Societe Generale. He has served as the company's senior vice-president, finance. Both changes are effective Sept. 1, 2025. Ms. Morais served as the company's CFO since the reorganization of the company in 2020 and resigned from her position with the company to pursue other business opportunities.

Appointment of chief development officer

In his role as CDO, Mr. Belo will be responsible for leading the company's Cabacal mine development strategy, including overseeing the completion of the definitive feasibility study of the Cabacal volcanogenic massive sulphide gold-copper project and being the principal liaison with the respective Brazilian mining and environmental authorities.

Mr. Belo, who has served as the company's principal mining consultant in Brazil since 2019, brings over 30 years experience in the Brazilian mining industry, managing extensive mining operations and leading the engineering and construction of multiple beneficiation plants. Mr. Belo has worked for companies such as Rio Tinto, Kinross and Yamana, Rio Novo, Carpathian Gold and Brio Gold, and holds a bachelor of mechanical engineering from the Universidade Catolica de Minas Gerais, a postgraduate degree in business management from Fundacao Dom Cabral and project management courses from Ibmec.

Cabacal definitive feasibility drill program

The company reports that it has concluded the DFS drilling at Cabacal. In Cabacal and the near-mine areas, the company has drilled 591 holes (66,487 metres), supplementing an already large database from the prior work of BP Minerals/RTZ. Various samples have been sent to SGS Lakefield in Canada for the final phase of metallurgical testwork, which includes variability testwork from the initial phase of planned production, with flotation tests having commenced and a mini-pilot plant test being scheduled. The company is liaising with its resource and mining consultancy, GE21, in preparation for DFS modelling and mine planning. With the Cabacal drilling campaign finished, the rigs that had been allocated to the program will shift their focus to evaluation of regional targets in the extension of the belt to the northwest and southeast. Company staff is also active in expanding access agreements to the newly granted exploration licences where past reconnaissance work highlighted gold and base metal stream anomalies requiring ground follow-up. Geophysical programs remain in vigour to test new frontiers in an expanding campaign of exploration.

Cabacal purchase agreement update

The company signed the Cabacal purchase agreement in November, 2020. As part of the agreement's second instalment, it included the transfer of certain mining titles to RCM, the company's Brazilian subsidiary managing the programs. Licences 866.292/2004 (hosting the Cabacal mine) and 861.956/1980 (hosting the Santa Helena mine), have been registered to RCM by the ANM, concluding the transfer of the key titles. Transfers for three exploration licences remain in progress. The company looks forward to the continuing engagement with mining and environmental agencies in advancement of the project.

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;
• 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; and
• 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 (U.S.), 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 to 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 g/t silver (at a 0.25 g/t 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 ULC; 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.

Qualified person

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

We seek Safe Harbor.