Mr. Gilbert Clark reports

MERIDIAN MINING ANNOUNCES CABACAL'S PRELIMINARY LICENCE APPROVAL BY MATO GROSSO'S CONSEMA COUNCIL MEETING

CONSEMA, the environmental council for the state of Mato Grosso, met in Cuiaba on Oct. 29, 2025, and unanimously approved Meridian Mining U.K. Societas' Cabacal Au-Cu-Ag project's preliminary licence (PL). CONSEMA's decision, after reviewing SEMA's (Mato Grosso State Environmental Secretariat) positive technical opinion, which was based on the environmental impact assessment (EIA) and Relatorio de Impacto Ambiental (RIMA) of Cabacal.

Highlights:

• Meridian Mining's Cabacal Au-Cu-Ag (gold-copper-silver) project's preliminary licence (PL) approved by CONSEMA council meeting:
  • Mato Grosso's CONSEMA council meeting unanimously approves Cabacal's PL;
  • Long term socioeconomic benefits of Mato Grosso and Brazil's next mine, moves closer to being shovel-ready with PL's approval by CONSEMA;
  • Cabacal's technical merits, environmental feasibility and social acceptance affirmed;
  • PL moves to formal issuance via the state of Mato Grosso's official gazette.
• Meridian Mining completes another strategic step forward toward building its first mine at Cabacal:
  • Cabacal's definitive feasibility study advances toward publication in 2026;
  • Cabacal's installation licence application is advancing toward submission.

The formal issuance of the preliminary licence is now in process with SEMA, who publish the formal approval in the state of Mato Grosso. Meridian is not aware of any risks associated to the formal gazetting of the PL.

Previously the team of Meridian's local subsidiary, Rio Cabacal Mineracao Ltda., along with the representatives of SETE, GE21 and Ausenco had presented to CONSEMA. Together, they communicated Cabacal's technical aspects, environmental and social impacts, and demonstrate the long-term socioeconomic benefits of the proposed mine to a positive and supportive response. The CONSEMA council, supported by the positive technical opinion of SEMA, unanimously voted in favour of the issuance of the PL.

The preliminary licence (PL) is the first and most significant of the three permitting stages needed for the development of Cabacal. The next step is the installation licence granting. This would allow for the commencement of Cabacal's beneficiation plant and structures construction activities and is the trigger for a final investment decision. Lastly, the operating licence is granted after the mine's construction is completed.

Qualified person statement

Erich Marques, BSc, FAIG, chief geologist of Meridian Mining and a qualified person as defined by National Instrument 43-101, has reviewed, verified and approved the technical information in this news release.

About Meridian Mining U.K. Societas

Meridian Mining is focused on:

• The development and exploration of the advanced stage Cabacal VMS (volcanogenic massive sulphide) gold-copper project;
• The initial resource definition at the second higher-grade VMS asset at Santa Helena as the first stage of the Cabacal Hub development strategy;
• Regional-scale exploration of the Cabacal VMS belt to expand the Cabacal Hub strategy;
• Exploration in the Jauru and Araputanga greenstone belts (the above all located in the state of Mato Grosso, Brazil).

The prefeasibility study technical report (the PFS technical report) dated March 31, 2025, entitled: "Cabacal Gold-Copper Project NI 43-101 Technical Report and Pre-feasibility Study" outlines a base case after-tax NPV (net present value, 5-per-cent discount rate) of $984-million (U.S.) and 61.2-per-cent IRR (internal rate of return) from a preproduction capital cost of $248-million (U.S.), leading to capital repayment in 17 months (assuming metals price scenario of $2,119 (U.S.) per ounces of gold, $4.16 (U.S.) per pound of copper and $26.89 (U.S.) per ounce of silver). Cabacal has a low all-in-sustaining-cost of $742 (U.S.) per ounce gold equivalent and production profile of 141,000-ounce gold equivalent life of mine, driven by high metallurgical recovery, a low life-of-mine strip ratio of 2.3:1 and the low operating cost environment of Brazil.

The Cabacal mineral reserve estimate consists of proven and probable reserves of 41.7 million tonnes at 0.63 gram per tonne gold, 0.44 per cent copper and 1.64 grams per tonne silver (at a 0.25 g/t gold equivalent cut-off grade).

Readers are encouraged to read the PFS technical report in its entirety. The PFS technical report may be found under the company's profile on SEDAR+ and on the company's website.

The PFS technical report was prepared for the company by Tommaso Roberto Raponi (PEng), principal metallurgist with Ausenco Engineering Canada ULC; Scott Elfen (PE), global lead geotechnical and civil services with Ausenco Engineering Canada ULC; John Anthony McCartney, CGeol, Ausenco Chile Ltda.; Porfirio Cabaleiro Rodriguez (engineer geologist FAIG), of GE21 Consultoria Mineral; Leonardo Soares (PGeo, MAIG), senior geological consultant of GE21 Consultoria Mineral; Norman Lotter (mineral processing engineer; PEng), of Flowsheets Metallurgical Consulting Inc.; and Juliano Felix de Lima (engineer geologist MAIG), of GE21 Consultoria Mineral.

We seek Safe Harbor.