Lennard Shelf Zinc Lead Project Project Overview

1. Lennard Shelf Zinc Lead ProjectProject Overview  25 May 2009

2. Summary – Lennard Shelf Zinc-Lead Project Premier “Mississippi Valley Type” (MVT) Zinc-Lead provinces Initial resource base of 41Mt @ 7.9% Zn & 3.2% Pb Remaining resources 8.2 Mt @ 7.4% Zn & 4.6% Pb* Update Feasibility Study into viability of reopening the Kapok Mine and accessing Kapok West Existing resources being assessed as to their economic viability Excellent potential to expand existing resources and define new resources via a two year drilling program Clean, very high grade, premium concentrate Positive Zn price forecasts Zinc and lead parity (lead was 1/3 of zinc) Three potential processing options

3. Capital Structure

4. Project Location - LS Operations located ~400km E of Broome in Kimberley Region of WA - Carbonate platform reef complex – Stretching from the Emanuel Range in the SE to the Napier Range in the NW - Host to numerous MVT Zn-Pb deposits - Cadjebut, Goongewa, Kapok/Kapok East & Pillara developed as mines. - LS Operations located ~400km E of Broome in Kimberley Region of WA - Carbonate platform reef complex – Stretching from the Emanuel Range in the SE to the Napier Range in the NW - Host to numerous MVT Zn-Pb deposits - Cadjebut, Goongewa, Kapok/Kapok East & Pillara developed as mines.

5. Project Purchase Arrangement Meridian to acquire the mining leases and exploration licences comprising the project from Lennard Shelf Pty Ltd (50% Teck, 50% Xstrata) for 25,000,000 Meridian Shares 25,000,000 purchase shares will be subject to a voluntary minimum 12 month escrow period Lennard Shelf Pty Ltd will have the ability to claw back to a 51% interest in any newly defined mineral resource by funding a bankable feasibility study or spending $20M whichever comes first MOU Meridian Minerals has until 19 June to raise a minimum of $5M Immediately upon Meridian raising a minimum of $5M the MOU will become unconditional

6. Regular Discovery History 1974 Exploration Commenced by BHP 1978 Pillara discovery 23.2 Mt 1984 Cadjebut discovery 5.2 Mt 1985 Goongewa discovery 2.6 Mt 1990 Kapok discovery 4.6 Mt 1997 Kutarta discovery 2.3 Mt 2002 Fossil Downs resource defined 2.1 Mt 2003 Teck buys project 2004 Falconbridge joins Teck in JV 2005 Palijippa discovery 2.5 M All orebodies except Kutarta were discovered by BHP in the pre-Western metal years of 1978 to 1994 when extensive pattern drilling was undertaken. All orebodies except Kutarta were discovered by BHP in the pre-Western metal years of 1978 to 1994 when extensive pattern drilling was undertaken.

7. Project Development History 1974 Exploration Commenced by BHP 1994 Western Metals buys out BHP Project too small to make an impact on BHP’s bottom line 2003 Western Metals goes in to administration Debt load and currency hedging the main issues 2003 Teck buys project for $26M 2004 Falconbridge joins Teck in JV 2007 Pillara Mine reopens Strategic use of concentrate by Teck 2008 Pillara Mine closes Amongst the lowest grade on the Lennard Shelf, 9% Zn Eq. Softening zinc price Oil at US$145/b, AU$=US$0.92, high labour costs from 3 locations 2009 Project acquired by Meridian Minerals for $0.5M Focus on smaller higher grade resources, 13 -15% Zn Eq. Recovering zinc price, lead price 3X above previous level Oil at US$52/b, AU$=US$0.70, labour costs down 20-35% All orebodies except Kutarta were discovered by BHP in the pre-Western metal years of 1978 to 1994 when extensive pattern drilling was undertaken. All orebodies except Kutarta were discovered by BHP in the pre-Western metal years of 1978 to 1994 when extensive pattern drilling was undertaken.

8. Impact of Zinc Price on Project

9. Impact of Zinc Price on Project

10. Australian Zinc Project Comparisons Lennard Shelf Zinc-Lead Project (50% Teck, 50% Xstrata) Multiple resources (8.2Mt @ 7.4% Zn & 4.6% Pb) Potential to re-use existing Pillara plant/infrastructure (requires additional deal with Lennard Shelf Pty Ltd) Angas Zinc-Copper Project (Terramin Australia Limited) Feasibility completed on single resource Pre mining: 2.41Mt @ 7% Zn, 2.7% Pb, 0.24% Cu, 31g/t Ag & 0.48g/t Au Greenfields Site Jaguar Zinc-Copper Project (Jabiru Metals Limited) Feasibility completed on single resource Pre mining: 1.7Mt @ 3% Cu, 11.3% Zn, 0.7% Pb & 115g/t Ag Reused old Teutonic Bore Mine infrastructure/brought second-hand Cadjebut Plant/Kapok underground crusher/conveyor

11. Jabiru Metals Ltd – Developer to Miner

12. Terramin Australia Ltd – Developer to Miner

13. Zinc Resources Comparison

14. Diverse Range of Mineralisation Styles

15. Total pre-mining resources: 41Mt @ 7.9% Zn & 3.2% Pb Four mines previously developed Cadjebut, Goongewa, Kapok, Pillara Cadjebut and Goongewa had highest rates of return Milling rate 3Mtpa was peak rate by Western Metals Producing 170,000t Zn and 80,000t Pb in concentrate Meridian Minerals targeted production rate - 800,000 tpa Producing 64,000t Zn and 26,000t Pb in concentrate Simple mineralogy Cheap processing High value clean concentrates sought after by smelters Interest already expressed by metal traders in obtaining concentrates Mining and Production Overview

16. Remaining Resources (as of Feb 2009)

17. High Grade Zinc-Lead Mineralisation

18. Mines and Resources at the Emanuel Range Major basin bounding fault – The Pinnacle Fault separates Fitzroy Trough from Lennard Shelf Synthetic Cadjebut Fault associated with most known depositsMajor basin bounding fault – The Pinnacle Fault separates Fitzroy Trough from Lennard Shelf Synthetic Cadjebut Fault associated with most known deposits

19. Kapok – Kapok West: Longitudinal Section

20. Kapok Mine Area and Portal

21. Kutarta Resource 21 Major basin bounding fault – The Pinnacle Fault separates Fitzroy Trough from Lennard Shelf Synthetic Cadjebut Fault associated with most known depositsMajor basin bounding fault – The Pinnacle Fault separates Fitzroy Trough from Lennard Shelf Synthetic Cadjebut Fault associated with most known deposits

22. Palijippa Prospect – High Grade Intersections

23. Fossil Downs Location Plan

24. Fossil Downs Resource Inferred Resource of 2.15Mt @ 9.5% Zn, 2.1% Pb and 50g/t Ag Fossil Downs has the greatest potential to significantly expand the existing resource on the Lennard Shelf Intersections at Fossil Downs are amongst the highest grades on the Lennard Shelf FD062; 4m @ 30.27% Zn, 10.48%Pb and 183g/t Ag from 450.6m FD070; 12m @ 16.22% Zn, 3.27%Pb and 178g/t Ag from 494m FD080; 13.3m @ 12.7% Zn, 1.78%Pb and 73g/t Ag from 547.7m Significant potential to expand resource

25. Pillara Processing Plant

26. Processing Options

27. Investment Proposal Subject to securing $5M Meridian Minerals has an opportunity to acquire 100% of the Lennard Shelf Zinc-Lead Project Funding of $7M is required to be raised in May-June 09 via an equity raising Participation in the capital raising provides the investor with the following: Access to a low risk world-class MVT Zinc-Lead project Current resource base of 8.2Mt @ 7.4% Zn & 4.6% Pb Excellent potential to significantly expand current resources Exposure to rising zinc and lead prices Abundant news flow from feasibility study and two year drill program Experienced management team with a track record of shareholder value creation Significant potential to grow market cap and share price

28. Use of Funds

29. Project Development Plan and News Flow April 09 – Secure Project via MOU (subject to raising finance) May 09 – Complete Due Diligence on assets June 09 – Complete $7M fund raising June 09 – MOU becomes unconditional July 09 – Commence update of study in to viability of Kapok Central and Kapok West mineral reserves July 09 – Commence resource extension drilling and exploration Dec 09 – Decision Point on viability of Kapok Central and Kapok West Jan 10 – Commence development work at Kapok if feasibility study is positive Dec 10 – Complete resource extension and exploration drilling and move resources towards production if viable at prevailing zinc price

30. Conclusions Meridian Minerals has the opportunity to secure a 100% interest in the world-class Lennard Shelf Zinc-Lead MVT Project Existing resources comprise 8.2Mt @ 7.4% Zn & 4.6% Pb Premium highly sought after concentrate Operating and owners costs significantly lower and zinc price rising Significant potential to grow market cap and increase share price Update of feasibility study in to re-opening the Kapok Mine and accessing Kapok West Excellent potential to create value by growing the resource base at Kutarta, Palijippa, Kapok and Fossil Downs High level of existing infrastructure including 1.5Mtpa processing plant in the region (access to be negotiated) On-going news flow over two year program

31. The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Jeremy Read, who is a member of The Australasian Institute of Mining and Metallurgy.   Mr Read is a full-time employee of Meridian Minerals Limited. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to quality as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Read consents to the inclusion in this announcement of the matters based upon his information in the form and context in which it appears. Attribution