Meridian Mining UK. S (TSX: MNO), (Frankfurt/Tradegate: 2MM) (OTCQB: MRRDF) ('Meridian' or the 'Company') is pleased to announce that the ongoing Pre-Feasibility Study ('PFS') drill program continues to produce robust results at its Cabacal Au-Cu-Ag deposit ('the Project').

Multiple wide zones with internal high-grade cores, such as CD400's 25.8m @ 1.4 g/t AuEq including 9.5m @ 2.9 g/t AuEq & CD-399's 15.3m @ 1.7 g/t AuEq including 5.1m @ 4.0 g/t AuEq1. The ongoing PFS drill program continues with the aim to convert inpit resources to higher classifications and increase confidence in the flagship Cabacal project. The Company is also reporting the results of the geotechnical studies that have potential to increase the Cabacal's pit wall angles that would deliver a meaningful reduction in the strip ratio. The northwestern limit of Cabacal deposit remains open with a new cupriferous gossan outcrop defined. Further results from Cabacal and Santa Helena are pending.

HIGHLIGHTS REPORTED TODAY Strong results of gold-copper-silver mineralization including CD-400's 25.8m @ 1.4 g/t AuEq including 9.5m @ 2.9 g/t AuEq reported by Meridian Mining; Meridian drills zones of gold and copper at Cabacal grading up to 9.5m @ 2.9 g/t AuEq; o CD-399: 15.3m @ 1.7 g/t AuEq from 125.5m; including 5.1m @ 4.0 g/t AuEq from 126.1m;/ o CD-400: 25.8m @ 1.4 g/t AuEq from 48.0m; including 9.5m @ 2.9 g/t AuEq from 62.5m;/ o CD-404: 20.4m @ 1.1 g/t AuEq from 101.2m; 3.8m @ 3.6 g/t AuEq from 113.5m;m Cabacal's current geotechnical studies suggest optionality to steepen pit walls to 54-degree; o High likelihood that Cabacal's in-pit strip ratio may decrease below PEA's 2.1:1 and Northwestern limit of Cabacal deposit remains open with new cupriferous gossan outcrop.

Mr. Gilbert Clark, CEO, comments: 'These broad zones of open pitable mineralization, are the economic foundations of the industry leading Cabacal economics, demonstrated in our 2023 PEA. Cabacal's forward momentum continues with our geotechnical studies indicating good potential for steepening the pit walls, (which may lower the strip ratio, and deliver a reciprocal economic benefit in the up-coming PFS). Finding a gossan outcropping at Cabacal's northwestern limit indicatesthat even after 2km of resource delineation success, near-mine extensions remain to be tested. When I look at the greater picture, I see tremendous potential for Cabacal to emerge as another world-class Latin American VMS camp

CABACAL PROJECT DEVELOPMENT AND RESOURCE DEFINITION PROGRAM

The Cabacal resource development program continues, with three rigs currently deployed. Results recently received included infill holes drilled from the Cabacal Northwest Extension ('CNWE'), and historical Cabacal mine area. These results form part of the PFS process that is a crucial phase in the development and growth of the project.

The results form part of broader zones of mineralization (Table 1) and continue to improve modelling of grade continuity. Results show robust levels of copper mineralization at the lower contact which will improve modelling of grade continuity. Copper-stained gossaniferous exposure was observed at the limits of the CNWE, within a band of magnetite banded iron formation. The recognition of this stratigraphic unit is of great interest, as a potential favourable host unit to the gold overprint event. Some of Brazil's best gold deposits are hosted by banded iron units (Rio das Velhas greenstone belt, 'Quadrilatero Ferrifero').

The drilling in the mine area provides for further validation of the mine workings and the extensive open pitable mineralization left in the higher-grade pillars. In the mine area, as part of the PFS validation program, the Company is also making additional efforts to locate a number of missing historical holes, particularly those reported and mapped in the Southern Copper Zone. These holes are not in Meridian's modern drill hole data base but host multiple assays of high-grade >5.5g/t Au (including visible gold), and high-grade copper >3.5% Cu. A final program may be undertaken to target these copper-gold zones as they represent potential zones where an under-call of the resource Cabacal may exist. The forward program will particularly focus infilling areas of where resources remain inferred to unclassified. The Company has successfully executed a number of holes at low angles following adaptations to the small footprint rig, where topographic access has been more restricted

CABACAL PIT GEOTECHNICAL STUDY

As part of the data generation requirements for its pre-feasibility study of the Cabacal project, Meridian has commissioned the independent geotechnical consultancy, Fundacao Luiz Englert, to undertake a geotechnical study of the Cabacal pit in order to deliver enhanced confidence to the assumptions that were used in the Cabacal preliminary economic study completed in March 2023. Six dedicated geotechnical holes were drilled as part of the 2023 project development campaign, and fifty-nine specific resource development holes have been geotechnically logged using a template recommended by the Comp

Cabacal is a gold-copper-silver rich VMS deposit with the potential to be a standalone mine within the 50km VMS belt. Cabacal'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: 'Cabacal 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). Cabacal 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 Cabacal 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 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.

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