MNO.TO · 2023-10-30 12:00:00

Meridian Announces Appointment of Bruce McLeod as Chairman of the Board

Management Changes

8th Floor, 4 More London Riverside | London SE1 2AU| United Kingdom

LONDON, United Kingdom, October 30, 2023 / Accesswire / Meridian Mining UK S (TSX: MNO) (OTCQX:

M R R D F ) ( F r a n k f u r t / T r a d e g a t e : 2 M M ) ( “ M e r i d i a n ” o r t h e “ C o m p a n y ” ) is pleased to announce the

appointment of Mr. Bruce McLeod as a new independent director to the Board of Directors (the “Board”),

with immediate effect. Mr. McLeod has also been appointed as th e new Chairman of the Board.

Mr. McLeod is a Mining Engineer with over 30 years of experience in all areas of the mining industry. Most

recently, he was the President and CEO of Sabina Gold & Silver Corp. until Sabina was acquired by B2Gold

Corp. in April 2023 for C$1.2B. Mr. McLeod also served as a dir ector of Kaminak Gold Corp., which was

acquired by Goldcorp Inc. for $520 million in 2016. Prior to th at, he served in a senior capacity with a

number of operating and development mining ventures, including, P r e s i d e n t a n d C E O o f M e r c a t o r

Minerals Ltd.; President, CEO and director of Creston Moly Corp.; and founder of both Sherwood Copper

Corp. and Stornoway Diamond Corp. He also served on the board of directors of Palmarejo Silver and Gold

Corp. (acquired by Coeur D'Alene Mines for $1.2 billion) and Ar iane Gold (acquired by Cambior Inc.) and

has been involved in numerous projects at various stages of development while with the Northair Group.

Mr. McLeod was the co‐recipient of AME BC's E.A. Scholz award f or excellence in mine development in

2009 and primarily focuses on project development, strategic planning, and financing activities.

Mr. Bruce McLeod, Chairman, states: “After spending several months reviewing Cabaçal and meeting with

Meridian’s team, I am convinced that Cabaçal has the fundamental attributes necessary to become a

copper gold producer. I look forward to working with the board and executive in advancing this promising

asset.”

Mr. Gilbert Clark, CEO, states: “ The entire Board and Management of Meridian are very excited to have

Bruce, a proven mine builder, join the Company to lead us throu gh the next phase and beyond. Meridian

now has an experienced mining engineer with a deep knowledge of the capital markets and a proven track

record for project development guiding the Company into the fut u r e . I a l s o w i s h t o t h a n k S u s a n n e

Sesselmann for acting as Interim Chair of the Board while the Company sought to find a new independent

director to serve as Chair of the Board.”

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 abo ve all located in the State of

Mato Grosso, Brazil).

Cabaçal is a gold‐copper‐silver rich VMS deposit with the poten tial to be a standalone mine within the

50km VMS belt. Cabaçal’s base and precious metal‐rich mineraliz ation 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 Cabaçal Mineral Resource estimate consists of Indicated res ources of 52.9 million tonnes at 0.6g/t

gold, 0.3% copper and 1.4g/t silver and Inferred resources of 1 0.3 million tonnes at 0.7g/t gold, 0.2%

copper & 1.1g/t silver (at a 0.3 g/t gold equivalent cut‐off gr ade), including a higher‐grade near‐surface

zone supporting a starter pit.

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 t o c a p i t a l r e p a y m e n t i n 1 0 . 6 m o n t h s

(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).

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.meridianminig.co and under the Company's profile on

SEDAR+ at https://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]

Ph: +1 778 715‐6410 (PST)

Stay up to date by subscribing for news alerts here: https://meridianmining.co/contact/

Follow Meridian on Twitter: https://twitter.com/MeridianMining

Further information can be found at: www.meridianmining.co

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 https://www.sedarplus.ca/ W h i l e t h e s e f a c t o r s a n d

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, M eridian disclaims any intent or obligation

to update any forward‐looking statement, whether as a result of n e w i n f o r m a t i o n , f u t u r e e v e n t s , o r

results or otherwise.

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