EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103 - ACQUISITION OF SECURITIES OF MERIDIAN MINING UK SOCIETAS

EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103 - ACQUISITION OF SECURITIES OF MERIDIAN MINING UK SOCIETAS

TSX: MNO

VANCOUVER, BC, Feb. 21, 2025 /CNW/ - This news release is related to the common shares of Meridian Mining UK Societas (the "Issuer").  Ithaki Limited (the "Acquiror") announces that it acquired 25,641,025 common shares (the "Common Shares") of the Issuer at a price of $0.39 per Common Share for a total subscription price of $9,999,999.75 through a non-brokered private placement (the "Acquisition").

Immediately prior to the Acquisition, the Acquiror owned and/or had control over an aggregate of 14,285,000 Common Shares, representing approximately 4.7% of the issued and outstanding Common Shares of the Issuer.

Following completion of the Acquisition, the Acquiror had beneficial ownership and control and direction over an aggregate of 39,926,025 Common Shares, representing approximately 11.4% of the issued and outstanding Common Shares of the Issuer.

The Acquiror acquired the Common Shares for investment purposes. The Acquiror may, depending on market and other conditions, increase or decrease its ownership of the Issuer's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

National Instrument 62-103 also requires a report to be filed with regulatory authorities in each of the jurisdictions containing additional information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Issuer's documents under the Issuer's profile on SEDAR+ at www.sedarplus.ca.

For further information, or to obtain a copy of the Early Warning Report filed under applicable securities laws, please contact Kristie Potts, director of the Acquiror at Ithaki@global-ags.com.

SOURCE Ithaki Limited