¹See Caba?al Gold-Copper Project NI 43-101 PEA March 30, 2023, https://meridianmining.co/cabacal/

Figure 1: Caba?al drill highlights

Caba?al Drill Results

Results reported today from Caba?al ("Table 1"), continue to define the multiple stacked horizons of Cu-Au-Ag VMS type mineralization that has been over printed by a later stage high-grade gold event. This recent drilling program has been focused more in the mine sphere, in areas where Meridian's angled drill program had not been completed, or where the historical drill programs only partially sampled the core resulting in an underestimation in the mineralization's grade and extent. Meridian's angled drilling defines both the VMS Cu-Au-Ag horizons and the gold over print, while its vertical drilling results "completes" the vertical profile of the VMS stacked layers correcting the partial under representation of the historical results ("Figure 2").

A selection of the results is highlighted below:

• CD-544

  • 38.2m @ 3.2g/t AuEq / 2.1% CuEq from 78.9m; Including

    • 5.1m @ 5.1g/t AuEq / 3.4% CuEq from 84.8m;

    • 2.4m @ 15.1g/t AuEq / 10.1% CuEq from 92.6m;

    • 10.4m @ 3.1g/t AuEq / 2.1% CuEq from 114.1m;

  • 3.4m @ 11.0g/t AuEq / 7.4% CuEq from 92.6m;

  • 21.1m @ 2.6g/t AuEq / 1.8% CuEq from 103.5m; Including

    • 4.5m @ 3.7g/t AuEq / 2.5% CuEq from 106.9m;

    • 10.4m @ 3.1g/t AuEq / 2.1% CuEq from 114.1m;

• CD-595

  • 11.7m @ 1.2g/t AuEq / 0.8% CuEq from 57.9m;

  • 10.6m @ 1.7g/t AuEq / 1.1% CuEq from 83.2m;

  • 12.4m @ 3.3g/t AuEq / 2.2% CuEq from 99.9m; Including

    • 2.2m @ 13.1g/t AuEq / 8.8% CuEq from 110.1m;

    • 5.4m @ 2.0g/t AuEq / 1.4% CuEq from 117.9m;

• CD-592

  • 20.1m @ 1.2g/t AuEq / 0.8% CuEq from 44.8m; Including

    • 4.3m @ 2.6g/t AuEq / 1.8% CuEq from 44.8m;

• CD-586

  • 4.2m @ 3.4g/t AuEq / 2.3% CuEq from 62.1m;

  • 7.2m @ 1.1g/t AuEq / 0.8% CuEq from 68.7m;

• CD-581

  • 14.9m @ 1.3g/t AuEq / 0.9% CuEq from 61.8m;

• CD-579

  • 21.9m @ 1.6g/t AuEq / 1.1% CuEq from 58.6m; Including

    • 7.6m @ 2.7g/t AuEq / 1.8% CuEq from 59.8m;

• CD-576

  • 2.3m @ 5.1g/t AuEq / 3.4% CuEq from 38.5m;

  • 4.5m @ 3.6g/t AuEq / 2.4% CuEq from 51.9m;

  • 8.5m @ 1.3g/t AuEq / 0.8% CuEq from 68.0m;

• CD-571

  • 11.8m @ 1.2g/t AuEq / 0.8% CuEq from 24.9m;

  • 22.2m @ 1.7g/t AuEq / 1.2% CuEq from 65.1m; Including:

    • 4.6m @ 5.2g/t AuEq / 3.5% CuEq from 69.5m;

• CD-566

  • 20.0m @ 1.8g/t AuEq / 1.2% CuEq from 91.3m; Including

    • 2.9m @ 8.6g/t AuEq / 5.8% CuEq from 91.8m;

  • 14.8m @ 1.8g/t AuEq / 1.2% CuEq from 114.3m; Including

    • 4.1m @ 3.6g/t AuEq / 2.4% CuEq from 114.3m; and

  • 15.0m @ 1.9g/t AuEq / 1.3% CuEq from 138.7m; Including:

    • 7.6m @ 2.8g/t AuEq / 1.9% CuEq from 140.7m.

Good results have been delivered in drilling across the Southern, Central and Eastern Copper Zones of the Caba?al deposit. Notable results included the Southern Copper Zone's ("SCZ") hole CD-544, which traversed three mining voids, but with very strong Cu-Au results above below and between the historical mining levels. The main mineralized zone returned 38.2m @ 3.2g/t AuEq / 2.1% CuEq from 78.9m. The hole included several zones above the historical underground mining cut-off grade of 3g/t Au (including 5.1m @ 4.7g/t Au, 0.3% Cu & 1.2g/t Ag from 84.8m, 2.4m @ 14.9g/t Au, 0.2% Cu, 1.2g/t Ag from 92.6m, 4.8m @ 3.0g/t Au, 0.9% Cu & 2.3g/t Ag from 114.1m). Mineralization below 112.5m in CD-544 continued below the lower limit of two historical holes (JUSPD407, JUSPD409), which were terminated without traversing the full mine sequence.

In the Central Copper Zone ("CCZ"), CD-592 illustrates the limitations of some of the historical sampling based on past visual protocols. This hole twinned an historical position (JUSPD278), in which sampling started at an initial depth of 50.55m. CD-592 intersected shallow levels of disseminated copper-dominant mineralization: 14.6m @ 0.6g/t AuEq / 0.4% CuEq from 14.8m (including one sample grading up to 2.04 % Cu; CBDS86217, 17.76 - 18.17m). The hole continued through the mine sequence, intersecting 20.1m @ 1.2g/t AuEq / 0.8% CuEq from 44.8m, but with the highest grade interval corresponding to the historical unsampled position: 4.3m @ 2.6g/t AuEq / 1.8% CuEq (2.4g/t Au, 0.2% Cu & 0.4g/t Ag) from 44.8m. BP historically had limited assaying in the disseminated Cu mineralization, and the result shows how gold mineralization has at times been missed by these past sampling practices in areas of lower levels of sulphide mineralization ("Figure 2").

Figure 2: Left drill traces JUSPD278 (unsampled from surface to -50m), and CD-592 (to the right), which locally assays 4.3m @ 2.6g/t AuEq / 1.8% CuEq (2.4g/t Au, 0.2% Cu & 0.4g/t Ag) from 44.8m. Results Illustrate how high-grade Au rich mineralization (photo) is defined by Meridian's complete assaying of the drill profile. Drilled traces labelled by AuEq (g/t).

In the more copper-dominant Eastern Copper Zone ("ECZ"), CD-579 provided another example of the benefits from the infill program. Historically unsampled but shallow disseminated mineralization of the deposit went unsampled in the historical drill hole JUSPD179. In this previously unsampled area, CD-579 assayed 8.5m @ 0.8g/t AuEq / 0.5% CuEq from 10.0m, defining an un-dip extension of a copper-dominant layer that represents material that is now expected to be processed rather than become waste. CD-579 continued through the broader main mine sequence, returning 21.9m @ 1.6g/t AuEq / 1.1% CuEq from 58.6m, including 7.6m @ 2.7g/t AuEq / 1.8% CuEq from 59.8m. These multiple stacked layers of copper-dominant VMS mineralization were ignored due to the high-grade gold cut-off of the historical mining.

The ongoing program continues to cover areas where historical core was only partially sampled, leaving gaps in the historical assay sequence, and in other areas to continue to confirm the void model in more sparsely drilled areas.

About Meridian

Meridian Mining is focused on:

• The development and exploration of the advanced stage Caba?al 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 Caba?al VMS belt to expand the Hub and Spoke strategy; and

• Exploration in the Jaurú & Araputanga Greenstone belts (the above all located in the State of Mato Grosso, Brazil).

The Preliminary Economic Assessment technical report (the "PEA Technical Report") dated March 30, 2023, entitled: "Caba?al 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). Caba?al 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.

The Caba?al 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). Santa Helena mine area generated an initial Exploration Target with a tonnage range of 3.2 -7.2 Mt grading between 3.0 - 3.2g/t AuEq*, which gives a potential high-grade metal inventory range of between 306,000 to 763,000 AuEq ounces, located within 10km of the proposed Caba?al 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 at www.meridianmining.co and under the Company's profile on SEDAR+ at www.sedarplus.ca.

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: [email protected]
Phone: +1 778 715-6410 (BST)
Twitter: https://twitter.com/MeridianMining
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Further information can be found at: www.meridianmining.co

Technical Notes

Samples have been analysed at ALS laboratory in Lima, Peru. Samples are dried, crushed with 70% passing 85% passing 200μm. 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-ICP61 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. In the main CD-544 composite, void intersections have been treated as zero meters / zero grade for calculations (void were intersected at 92.64 - 89.82m and 100.67 - 96.03m). Gold equivalents for Caba?al are calculated as: AuEq(g/t) = (Au(g/t) * %Recovery) + (1.492*(Cu% * %Recovery)) + (0.013*(Ag(g/t) * %Recovery)), and Copper equivalents are calculated as: CuEq(%) = (Cu(%) * %Recovery) + (0.670*(Aug/t * %Recovery)) + (0.0087*(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

Qualified Person

Mr. Erich Marques, B.Sc., 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.

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 www.sedarplus.ca. 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: Assay results reported in this release.

SOURCE: Meridian Mining UK S

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