Meridian Reports Further Broad Shallow Zones of Mineralization at Cabaçal Including CD-535 – 21.6m @ 3.1g/t AuEq / 2.1% CuEq from 85m

A detailed review of the Cabaçal drill program’s results has identified multiple structural inflexions along the 2km strike length of the deposit, within which, the bulk of the Cu-Au-Ag mineralization is found. The Company has reviewed its geophysical data, and identified multiple signs for repeats of these structures, down dip of the mine and importantly extending along the 10km Mine Corridor (“Figure 2”). These new targets can be considered prospective for repeats for Cu-Au mineralization, and exploration programs to drill test these structures are advancing.

Highlights Reported Today

• Meridian reports further broad, shallow copper, gold, and silver results from the Cabaçal deposit;

– CD-535 (CCZ): 21.6m @ 3.1g/t AuEq / 2.1% CuEq from 85.0m; Including:

• 2m @ 5.5g/t AuEq / 3.7% CuEq from 99.4m;

– CD-534 (CCZ): 25.9m @ 1.4g/t AuEq / 0.9% CuEq from 80.8m; including:

• 1m @ 5.1g/t AuEq / 3.4% CuEq from 82.2m;
• 2m @ 2.9g/t AuEq / 2.0% CuEq from 102.6m;

– CD-529 (ECZ): 1m @ 2.8g/t AuEq / 1.9% CuEq from 92.1m; including:

• 9m @ 4.3g/t AuEq / 2.9% CuEq from 98.0m;

– CD-517 (SCZ): 33.4m @ 1.0g/t AuEq / 0.7% CuEq from 103.2m; including:

• 4m @ 1.9g/t AuEq / 1.3% CuEq from 119.1m; and
• 5m @ 2.4g/t AuEq / 1.6% CuEq from 130.4m.

– Multiple new targets for Cu-Au mineralization host structures generated in Cabaçal Mine Corridor;

• Identification of structural flexures hosting strongest Cu-Au mineralization within the Cabaçal deposit increases the ability to target exploration efforts towards the VMS belt for further potential discovery;
• Multiple untested greenfield targets with the potential for Cabaçal repeats following the trend of the district scale tonalite intrusion, initially identified over the 10km Mine Corridor; and
• Down dip extension of local flexures to be tested for potential underground extensions of Cabaçal Cu-Au deposit.

*See technical note for true thickness estimate and separate AuEq and CuEq equations.

Mr. Gilbert Clark, CEO, comments: “It is pleasing to report once again that drilling at Cabaçal has intercepted ten’s of meters of robust copper-gold-silver mineralization starting at shallow depths. We have taken a large step forward in opening the belt’s exploration upside by unlocking the local structural “inflexions” that host Cabaçal’s mineralization. Understanding this local control on mineralization has allowed our geologist to identify, target and rank our belt’s exploration upside. As our programs have shown, Cabaçal is one of the very few advanced Cu-Au VMS belts, where the emerging greenfields upside remains intact, largely untested and is centred around a stand-alone asset; the hub and spoke development model.”

Cabaçal Drill Results

Cabaçal’s  drill programs[1] continue to deliver a flow of solid gold-copper-silver results across the deposit(“Table 1”; Figure 1”). CD-535’s 21.6m @ 3.1g/t AuEq including 7.2m @ 5.5g/t AuEq showed the presence of strong intact zones of mineralization in the southern sector of the mine where further definition is ongoing in areas of wider spaced drilling. The focus of drilling is now contributing to final stages of mine planning and on targeting areas where data has been historically lost in whole or in part, along with some infill of areas of wider spaced drilling.

Cabaçal Analogue For Near-Mine Exploration

The drilling to date has now provided a good framework for evaluating the geometric relationships between mineralization and rheological contacts – particularly the interface between the mine sequence and the felsic volcanic footwall (the “TAC”), where better grades are associated with inflexions in the contact and intersections between the northwest Mine Corridor trend and cross-structures. In developing gold exploration targets in particular, the Meridian team has scrutinized the developing datasets for inflexions and intersections in basement trends, as it has become increasingly apparent that the Cabaçal deposit and the gold overprint event is particularly precipitated at sites where the TAC flattens and is locally deflected from a north-western to a more east-western strike orientation. Aerial magnetic data shows a number of analogue deflections of similar character to that evident at Cabaçal (“Figure 2”).

The gravity data shows Cabaçal localized in a northwest-striking gravity low, again with a slight counterclockwise rotation from the dominant regional trend (“Figure 3”). A second gravity low, virtually undrilled, is positioned to the southwest of Cabaçal and , separate regional inflexions are seen in the gravity pattern in the southern sector of the Chiquito region, and in the Sucuri area where the belt deflects to an east-western trend. These initial prospects will now be subject to a full suite of field exploration techniques including diamond drilling.

About Meridian

Meridian Mining is focused on:

• The development and exploration of the advanced stage Cabaçal 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 Cabaçal 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: "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.

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). 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 Cabaçal 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: info@meridianmining.co
Phone: +1 778 715-6410 (BST)
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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. Gold equivalents for Cabaçal 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.

[1] Meridian Mining News release of January 10, 2024.

[2] See Cabaçal Gold-Copper Project NI 43-101 PEA March 30, 2023, https://meridianmining.co/…