Meridian Graduates to OTCQX Best Market

LONDON, May 11, 2023 - Meridian Mining UK S (TSX:MNO)(OTCQX:MRRDF) (Frankfurt/Tradegate:2MM) ("Meridian" or the "Company"), is pleased to announce that its common shares are now trading on the OTCQX® Best Market (the "OTCQX") under the symbol "MRRDF", having graduated from the OTCQB® Venture Market.

The OTCQX is the highest tier of OTC Markets, which operates markets on which more than 12,000 U.S. and international securities trade. Trading on OTCQX enhances visibility and accessibility to U.S. investors. The Company's common shares continue to trade on the Toronto Stock Exchange under the symbol "MNO".

Mr. Gilbert Clark, Executive Chairman, comments: "We are delighted with our graduation to the OTCQX Market and the greater opportunity this provides for institutional and retail investors to invest in Meridian's ongoing growth. The Company's advanced gold-copper project Cabaçal provides an exciting opportunity for those investors looking for exposure in gold equities but also the opportunity to invest in a company with strong exposure to the electrification future via its clean copper. Cabaçal is located in Brazil, the South American powerhouse where the Company benefits from the exposure to this expanding economy."

The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best-practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

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;
• Exploration in the Jaurú & Araputanga Greenstone belts (the above all located in the State of Mato Grosso, Brazil); and
• Exploring the Espigão polymetallic project in the State of Rondônia, 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 sub-vertical gold overprint event has emplaced high-grade gold mineralization cross-cutting the dipping VMS layers.

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.

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).

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.sedar.com.

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.

Dr. Adrian McArthur, B.Sc. Hons, Ph.D. FAusIMM., CEO of Meridian as well as a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical contents of this release.

On behalf of the Board of Directors of Meridian Mining UK S

Mr. Adrian McArthur
CEO and Director
Meridian Mining UK S

Email: info@meridianmining.net.br
Ph: +1 (778) 715?6410 (PST)

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

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" under the heading "Risk Factors" in Meridian's most recent Annual Information Form filed on www.sedar.com 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.

SOURCE: Meridian Mining UK S