^{3 See Meridian news release dated March 6, 2023}

^{4 See Meridian news release dated December 5, 2023}

^{5 See Meridian news releases dated March 29, 2022, and September 27, 2023.}

Drill results from the CNWE include:

• CD-418 (CWNE): 15.3m @ 0.9g/t AuEq (0.1g/t Au, 0.5% Cu & 2.3g/t Ag) from 76.0m;
  • 16.8m @ 1.2g/t AuEq (0.4g/t Au, 0.6% Cu & 2.3g/t Ag) from 121.5m;
• CD-423 (CWNE): 39.3m @ 0.5g/t AuEq from 78.4m (0.1g/t Au, 0.3% Cu & 0.4g/t Ag); including:
  • 5.5m @ 1.3g/t AuEq (0.3g/t Au, 0.7% Cu & 0.9g/t Ag) from 106.8m;
• CD-429 (CWNE): 24.5m @ 0.8g/t AuEq (0.3g/t Au, 0.4% Cu & 1.5g/t Ag) from 36.6m; including:
  • 1.7m @ 6.2g/t AuEq (2.0g/t Au, 2.9% Cu & 11.6g/t Ag) from 36.6m; and
  • 44.4m @ 0.5 g/t AuEq (0.3g/t Au, 0.2% Cu & 0.6 g/t Ag) from 67.0m.

Drill results from the mine area and south of the mine included:

• CD-405: (CCZ) 16.9m @ 0.4g/t AuEq (0.3% Cu, 0.4g/t Ag) from 19.0m;
  • 41.0m @ 0.5g/t AuEq (0.2g/t Au, 0.3% Cu, 1.2g/t Ag) from 47.0m; including:
    • 8.4m @ 1.4g/t AuEq (0.4g/t Au, 0.7% Cu & 3.9g/t Ag) from 60.8m;
• CD-409 (SCZ): 27.0m @ 0.6g/t AuEq (0.4% Cu & 1.0g/t Ag) from 74.0m; including:
• 10m @ 1.1g/t AuEq (0.1g/t Au, 0.8% Cu & 1.7g/t Ag) from 74.0m;
• 31.4m @ 0.6g/t AuEq (0.2g/t Au, 0.3% Cu & 1.5g/t Ag) from 116.0;
• CD-424 (SCZ): 27.2m @ 0.5g/t AuEq (0.2g/t Au, 0.2% Cu & 0.9g/t Ag) from 55.0m; and
• CD-435 (Cabaçal South): 51.6m @ 0.4g/t AuEq (0.1g/t Au, 0.3% Cu & 0.8g/t Ag) from 81.9m.

From the ongoing drill program and surface mapping program results, Cabaçal's open pitable mineralization in places remains open. The remaining drill program will seek to close out the mineralization so as to optimise the pit design that will be used in the PFS. Meridian's drill program at Cabaçal continues and is expected to deliver an updated drill hole data base to its independent resource and mine design consultants over Q2-Q3 of this year.

Figure 1: Highlights from recent drilling

Update on New Licencing Of Exploration Areas

The Company continues to work with local landholders and the state environment agency, SEMA, to increase the footprint of permitted land for exploration targeting. Environmental licences for exploration (Licença de Operação Provisória Mineral "LOPM") have recently been expanded. The project has historically defined gold and base metal stream anomalies and soil anomalies that cumulatively extend over kilometers in scale. Additional areas of the greenstone belt remain open for further sampling and testing.

To the south, additional access has been approved in areas to the west of Santa Helena. The Company has already initiated soil sampling where gaps in coverage exist in the BP Minerals sampling. 200 samples have been collected and have outlined a new Cu anomaly ~ 4km to the west of Santa Helena, extending over ~575m at a 150ppm threshold. Gold assay results for this soil anomaly are pending. The area and its extensions will be targeted with future surface geophysical programs.

The Company has also now added a total of 11 properties in the Cigarra area to the LOPM north of Cabaçal. This target lies within licences 866002/2016, 866455/2016, spanning 3,746 Ha across a 7km strike length of the northern extension of the Cabaçal Belt. The Company continues discussions with landholders to formalize agreements on some of the larger properties in the area. Historical records describe a geological / geochemical environment similar to that of the chloritic outcrops of the Cabaçal deposit setting in this region, with gold and base metal anomalies present.

About Meridian

Meridian Mining UK S is focused on:

• The development and exploration of the advanced stage Cabaçal VMS gold‐copper project;
• Regional scale exploration of the Cabaçal VMS belt; and
• Exploration in the Jaurú & Araputanga Greenstone belts (the above all located in the State of Mato Grosso, Brazil).

Cabaçal is a gold-copper-silver rich VMS deposit with the potential to be a standalone mine within the 50km VMS belt. Cabaçal's base and precious metal-rich mineralization is hosted by volcanogenic type, massive, semi-massive, stringer, and disseminated sulphides within deformed metavolcanic-sedimentary rocks. A later-stage gold overprint event has emplaced high-grade gold mineralization.

The Preliminary Economic Assessment technical report (the "PEA Technical Report") dated March 30, 2023, entitled: "Cabaçal Gold-Copper Project NI 43-101 Technical Report and Preliminary Economic Assessment, Mato Grosso, Brazil" outlines a base case after-tax NPV5 of USD 573 million and 58.4% IRR from a pre-production capital cost of USD 180 million, leading to capital repayment in 10.6 months (assuming metals price scenario of USD 1,650 per ounces of gold, USD 3.59 per pound of copper, and USD 21.35 per ounce of silver). Cabaçal has a low All-in-Sustaining-Cost of USD 671 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 (see press release dated March 6, 2023).

The Cabaçal Mineral Resource estimate consists of Indicated resources of 52.9 million tonnes at 0.6g/t gold, 0.3% copper and 1.4g/t silver and Inferred resources of 10.3 million tonnes at 0.7g/t gold, 0.2% copper & 1.1g/t silver (at a 0.3 g/t gold equivalent cut-off grade), including a higher-grade near-surface zone supporting a starter pit.

Readers are encouraged to read the PEA Technical Report in its entirety. The PEA Technical Report may be found on the Company's website at and under the Company's profile on SEDAR+ at .

The qualified persons for the PEA Technical Report are: Robert Raponi (P. Eng), Principal Metallurgist with Ausenco Engineering), Scott Elfen (P. E.), Global Lead Geotechnical and Civil Services with Ausenco Engineering), Simon Tear (PGeo, EurGeol), Principal Geological Consultant of H&SC, Marcelo Batelochi, (MAusIMM, CP Geo), Geological Consultant of MB Geologia Ltda, Joseph Keane (Mineral Processing Engineer; P.E), of SGS, and Guilherme Gomides Ferreira (Mine Engineer MAIG) of GE21 Consultoria Mineral.

On behalf of the Board of Directors of Meridian Mining UK S
Mr. Gilbert Clark - CEO and Director

Meridian Mining UK S
Email: info@meridianmining.co
Ph: +1 778 715-6410 (PST)
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Technical Notes

Samples have been analysed at SGS and ALS laboratories in Belo Horizonte and Lima. At SGS, samples are dried, crushed with 75% passing <3 mm, split to give a mass of 250-300g, pulverized with 95% passing 150#. Gold analyses are conducted by FAA505 (fire assay of a 50g charge), and base metal analysis by methods ICP40B and ICP40B_S (four acid digest with ICP-OES finish). Visible gold intervals are sampled by metallic screen fire assay method MET150-FAASCR. At ALS, samples are dried, crushed with 70% passing 85% passing 200#. Routine gold analyses have been conducted by Au‐AA24 (fire assay of a 50g charge with AAS finish). High‐grade samples (>10g/t Au) are repeated with a gravimetric finish (Au‐GRA22), and base metal analysis by methods ME-ICP61a and OG62 (four acid digest with ICP-AES finish). Visible gold intervals are sampled by metallic screen fire assay method Au‐SCR21. Samples are held in the Company's secure facilities until dispatched and delivered by staff and commercial couriers to the laboratory. Pulps and coarse rejects are retained and returned to the Company for storage. The Company submits a range of quality control samples, including blanks and gold and polymetallic standards supplied by Rocklabs, ITAK and OREAS, supplementing laboratory quality control procedures. Approximately 5% of archived samples are sent for umpire laboratory analysis, including any lots exhibiting QAQC outliers after discussion with the laboratory. In BP Minerals sampling, gold was analysed historically by fire assay and base metals by three acid digest and ICP finish at the Nomos laboratory in Rio de Janeiro. Silver was analysed by aqua regia digest with an atomic absorption finish. True width is considered to be 80-90% of intersection width. Assay figures and intervals are rounded to 1 decimal place. Gold equivalents for Cabaçal are calculated as: AuEq(g/t) = (Au(g/t) * %Recovery) + (1.492*(Cu% * %Recovery)) + (0.013*(Ag(g/t) * %Recovery)), where:

• Au_recovery_ppm = 5.4368ln(Au_Grade_ppm)+88.856
• Cu_recovery_pct = 2.0006ln(Cu_Grade_pct)+94.686
• Ag_recovery_ppm = 13.342ln(Ag_Grade_ppm)+71.037

Recoveries based on 2022 metallurgical testwork on core submitted to SGS Lakefield

Gold equivalents for Santa Helena are based on metallurgical recoveries from the historical resource calculation, updated with pricing forecasts aligned with the Cabaçal PEA. AuEq (g/t) = (Au_(g/t) * 65%Recovery) + (1.492*Cu(%) * 89%Recovery) + (0.474*Zn% * 89%Recovery)) + (0.013Ag(g/t) * 61%Recovery)).

Soils samples have been analysed at the accredited SGS laboratory in Belo Horizonte. gold analyses have been conducted by FAA505 (fire assay of a 50g charge), and base metal analysis by portable XRF calibrated with certified references. ~10% of base metal results are verified by laboratory analysis at SGS using methods ICP40B (four acid digest with ICP-OES finish). Samples are held in the Company's secure facilities until dispatched and delivered by staff and commercial couriers to the laboratory. Pulps are retained for umpire testwork, and ultimately returned to the Company for storage. The Company submits a range of quality control samples, including blanks and gold and polymetallic standards supplied by ITAK and OREAS, supplementing laboratory quality control procedures.

Qualified Person

Mr. Erich Marques, B.Sc., MAIG, 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.

FORWARD-LOOKING STATEMENTS

Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in Meridian's most recent Annual Information Form filed on . While these factors and assumptions are considered reasonable by Meridian, in light of management's experience and perception of current conditions and expected developments, Meridian can give no assurance that such expectations will prove to be correct. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Meridian disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise.

Table 1: Assays reported in this press release.

SOURCE: Meridian Mining UK S