Meridian Mining UK. S announced strong results from its first Bore Hole Electromagnetic surveys ("BHEM") at its Santa Helena high-grade deposit ("Santa Helena"). BHEM has modelled conductive plates as down-dip extensions of high-grade Cu-Au-Ag & Zn mineralization recently reported by the Company.

This includes a 175m projection of CD-359's higher-grade core that assayed 9.4m @ 1.9g/t AuEq from 13.0m1 ("Figure 1"). This plate projects past the modelled limits of Santa Helena's Exploration Target1, expanding the potential footprint of future drill targets ("Figure 2"). The BHEM program commenced at the western limit of Santa Helena and is progressing eastwards and will test for further in-hole and off-hole responses to target sulphide extensions.

Further drill assays and geophysical survey results are pending for Santa Helena and Cabaçal. The Santa Helena Cu-Au-Ag & Zn VMS deposit, located ~9km to the southeast of the Cabaçal Mine, represents the Company's second open pit development target in the 50+ km Cabaçal Belt. The Company is leveraging off a historical drill dataset including over 10,000 m of drilling, and combined with its recent drill results, has defined an Exploration Target for the deposit area of 3.2 - 7.2 Mt @ 3.0 - 3.2g/t AuEq.

Following initial successful verification drilling which commenced in August 20232, the ongoing resource definition drilling program has confirmed the presence of significant mineralization both within the historical envelope, up-dip to the historical envelope, across-strike in a new second sulphide layer, and up to 510m along strike from the historic resource limits (assays pending). Highlights from drilling to date3 include: CD-325: 14.9m @ 4.6 g/t AuEq from 26.3m; CD-329: 6.8m @ 7.4g/t AuEq from 38.7m; CD-332: 5.8m @ 6.8g/t AuEq from 32.2m; CD-335: 7.2m @ 6.0g/t AuEq from 35.5m; CD-360: 16.4m @ 0.9g/t AuEq from 6.0m & 11.0m @ 5.2g/t AuEq from 30.0m; CD-416: 13.2m @ 2.1g/t AuEq from 11.0m & 16.6m @ 2.1g/t AuEq from 41.4m; CD-411: 22.5m @ 1.9g/t AuEq from 11.0m; and CD-378: 5.9m @ 5.5g/t AuEq from 38.3m. Meridian's first phase of surface geophysics focused on Electromagnetic ("FLTEM") and Induced Polarization ("IP") surveys, which revealed a broader than expected chargeability response over the Santa Helena deposit, and with conductive FLTEM plates dipping northwards from the deposit4.

Progression of the IP grid has defined a 2km eastern extension of the chargeability trend5. The Company focused initially on verification drilling, and subsequently on testing the shallow up-dip and strike extensions of the deposit. The results have achieved and exceeded expectations: firstly, confirming the significant high-grade Cu-Au-Ag & Zn VMS mineralization in the mine area, and then confirming extensions beyond the limits of the historical resource, in areas previously not drill tested.

The recent drilling combined with BHEM now shows that intersections have associated conductive plates indicative of sulphide mineralization. Recent down-hole survey platforms have tested the western and southern margins of the deposit, resolving a number of conductors of near-mine exploration significance. The conductive response at the western margin of the deposit is marked by an interpreted plate of ~175 x 100m extent, with a conductivity of 10 Siemens.

The down-dip extension of the conductor projects beyond the limit of the Exploration Target upside model, and further drilling will be required to test areas remaining open in the target. Additional survey platforms on the southern flank of the deposit show conductors in the CD-360 - CD-416 area, again associated with strong intersections. Modelled plates are 15 to 30m in strike and dip, with a conductivity of 5 to 30 Siemens.