Meridian Mining UK. S provided an update on its drilling and exploration activities at its advanced Cabaçal copper-gold-silver VMS project in Mato Grosso, Brazil. Drill hole CD-470 has returned a zone of high-grade mineralization grading 16.0m @ 12.5g/t AuEq1 (12.1g/t Au, 0.3% Cu & 0.6g/t Ag) including a high-grade zone hosting visible gold grading 6.4m @ 30.6g/t AuEq (29.9g/t Au, 0.5% Cu & 1.0g/t Ag) from 53.3m, within the Cabaçal Mine's Southern Copper Zone (SCZ).

CD-470 is part of an ongoing program aimed at testing visible gold-rich areas within historical drilling records but with incomplete assay data, which were not incorporated into the Cabaçal Mineral Resource Estimate. Importantly, CD-470 is located below a mining void, confirming that zones of significant mineralization remain. Results are progressively being returned from the ongoing Pre-Feasibility Study's (PFS) infill drill program.

Further results are pending. Cabaçal Deposit Drill Program Update: The Cabaçal drill program continues, with this reported results bringing a new interval returned under the accelerated drilling program. Results reported include intervals from the peripheral areas of the resource where drilling has been sparse, and from select areas of the Cabaçal mine zone where several results from the last phase of BP drilling have been lost.

The first of these results from CD- 470 has encouraging mineralization. Results emphasise that the previous room and pillar underground mining method left behind significant high-grade mineralization due to the structural variability and grade variances in the deposit. The CD-470 hole commenced with a shallow copper-dominant interval, including a zone of 2.2m @ 1.1% Cu & 6.4g/t Ag from 16.1m.

The hole passed through a mining void from 48.7 - 53.3m. Data compiled by the Cabaçal project vendors indicates that 3.8m @ 90.0g/t Au, 0.4% Cu & 20.6g/t Ag from 48.8m were intersected in this mining void position. The source data for these analyses were subsequently lost, and to date, Meridian has not been able to locate an alternative archival copy.

Encouragingly, the interval below the void in Meridian's drilling has returned mineralization at grades significantly higher than the historical underground mining cut-off grade of 3.0g/t Au. CD-470 has returned 16.0m @ 12.5g/t AuEq (12.1g/t Au, 0.3% Cu & 0.6g/t Ag) from 53.3m, including 6.4m @ 30.6g/t AuEq (29.9g/t Au, 0.5% Cu & 1.0g/t Ag) from 53.3m. CD-470 is one of several planned verification holes that will contribute to the PFS database.

The initial verification program of 2021-2022 targeted areas where comparative historical assay data existed for twin drilling. The current holes are designed to better understand grade distribution where data has been lost or was only partially digitized by the project vendors. The information gaps for certain historical results were more prevalent in the SCZ where the later generation of BP Minerals infill holes were drilled, although a number of infill holes were also missing from the Central Copper Zone and the Eastern Copper Zone.

Amongst this lost data are holes which are recorded to have intersected visible gold. For some of these, graphic assay bar charts on old cross sections denote high grades as >5 g/t Au, but the true grades are unknown. The Company remains grateful to past professionals who have contributed material.

In particular, the Company is currently working to incorporate assays from recently retrieved underground grade control data, amongst which are historical gold assay records. Examples of results include: CH17: 2.04m @ 142.3g/t Au (RI1936 NE Wall); CH10: 2.18 m @ 21.7g/t Au (RI1936 SW Wall); CH11: 2.23 m @ 84.1g/t Au (RI1936 SW Wall); CH14: 1.86 m @ 76.1g/t Au (RI1936 SW Wall); CH6: 2.96 m @ 31.6 g/t Au (RI1938 SW Wall); CH3: 2.87 m @ 54.9 g/t Au (SN1943 Nth Wall); CH1: 3.25 m @ 85.5 g/t Au (SN1943 Sth Wall). The results provide an indication of mineralization that the company expects to encounter in pillars, and projecting between levels, as shown by the CD-470 intersection.

The current phase of drilling and field activities in the mine area will focus on assessing areas where data has been partially lost in the mine sphere, and refining the void model through additional survey programs, with some ongoing drilling in the peripheral areas of the resource. Future drilling may also target the corridor extending from the southern limits of Cabaçal towards the C4-A gold-silver discovery area where drilling is sparse and some areas may be considered for site infrastructure. Additional results from the infill program have included: Eastern Copper Zone: CD442: 39.9m @ 0.5g/t AuEq from 8.1m; 29.3m @ 0.6g/t AuEq from 60.8m; Including: 6.9m @ 1.1g/t AuEq from 80.0m; Cabaçal Northwest Extension: CD441: 21.4m @ 0.5g/t AuEq from 48.7m; Including: 5.0m @ 1.2g/t AuEq from 60.5m; Southern Copper Zone: CD440: 7.9m @ 1.1g/t AuEq from 131.1m; 16.4m @ 0.4g/t AuEq from 144.1m; and 8.0m @ 0.4 AuEq from 167.3m.

Update on Cabaçal Metallurgical Program: The metallurgical and engineering aspects of the PFS preparations are ongoing. Testwork on Cabaçal samples is in progress using a combined collector (3418A and Aero208). Initial results suggest this combination has potential to improve copper recoveries and concentrate grades compared to the initial phase of testwork, with further results pending.

Initiation of Santa Helena Metallurgical Program: The Company's metallurgical advisors are currently reviewing available drilling data and processing data to define Santa Helena's first round of metallurgical testwork to determine the metal recoveries and associated flow sheet. Historic operations data and testwork indicates the potential to produce up to four products: gold doré from gravity concentration, copper concentrates with high gold & silver credits, zinc concentrates, and a silver-gold rich lead concentrate.