Meridian Mining UK.S provide an update on its drilling activities at the Cabaçal and Santa Helena mines, part of the greater 50km Cabaçal Cu-Au-Ag VMS belt-scale project (?the Belt?) in Mato Grosso, Brazil. At the Santa Helena Cu-Au-Ag & Zn project (?Santa Helena?), first results are starting to be received following re-initiation of the drilling program, with CD-472 returning a strong interval of 5.0m @ 4.0g/t AuEq from 24.1m. Meridian is initiating the environmental impact studies for open-pit development at Santa Helena, as part of its hub and spoke development strategy for the broader belt.

The Company also reports that Santa Helena's metallurgical testwork is to commence shortly and focus on developing a flow sheet to optimise production of clean copper + gold-silver concentrate, gold doré and zinc concentrates. Drilling continues and further assays are pending. The infill drilling at the advanced Cabaçal Cu-Au-Ag project (?Cabaçal?) includes holes targeting historical positions where data has been lost and which were not included in the 2022 resource statement.

Drilling results defining extensions of near surface Cu-Au-Ag mineralization are highlighted by CD-483's 10.1m @ 2.1g/t AuEq from 9.4m, amongst broader intersections. Meridian has now completed over 50,000 metres of drilling at Cabaçal which pushes the project database to a total of over 125,000 meters. Highlights Reported: Meridian reports further strong shallow mineralized intercepts at Santa Helena and Cabaçal deposits; Santa Helena continues to advance as the next open pit target for the hub and spoke development strategy of the Cabaçal VMS belt; Shallow high-grade Cu-Au-Ag & Zn mineralization continues to be intercepted; CD-472 returns 12.9m @ 2.2g/t AuEq from 24.1m at Santa Helena; including: 5.0m @ 4.0g/t AuEq from 24.1m; Environmental impact, hydrogeological and metallurgical studies commencing; and Cabaçal drilling defines more shallow high-grade mineralization; CD-483 returns 10.1m @ 2.1g/t AuEq from 9.4m at Cabaçal.

Santa Helena Update: Drilling continues at Santa Helena with two rigs, and the first result has been returned with further results pending. Drilling is continuing with an infill pattern to achieve systematic coverage over the deposit, particularly in up-dip extensions where the system was more sparsely tested. The first result is reported from CD-472 (?

?), from a position between CD-360 (16.4m @ 0.9g/t AuEq from 6.0m & 11.0m @ 5.2g/t AuEq from 30.0m) and CD-325 (14.9m @ 4.6g/t AuEq from 26.3m). CD-472 crosses a position where only partial sampling records were available from a historical surface hole. The new result has returned: CD-472 (Santa Helena): 12.9m @ 2.2g/t AuEq (1.0g/t Au, 0.5% Cu, 24.6g/t Ag & 1.4% Zn) from 24.1m; including: 5.0m @ 4.0g/t AuEq (1.7g/t Au, 1.3% Cu, 53.7g/t Ag & 1.7% Zn) from 24.1m; 4.7m @ 1.2g/t AuEq (0.1g/t Au, 0.2% Cu, 6.5g/t Ag & 1.9% Zn) from 48.3m; and 11.1m @ 0.8g/t AuEq (0.1g/t Au, 0.1% Cu, 5.3g/t Ag & 1.2% Zn) from 58.9m.

By comparison, the historical vertical hole it crosses, PM-15A had returned: 2.2m @ 0.9g/t AuEq (0.1g/t Au, 0.1% Cu, 8.0g/t Ag, 1.7% Zn) from 25.0m; 2.1m @ 1.4g/t AuEq (0.3g/t Au, 0.2% Cu, 9.9g/t Ag, 1.9% Zn) from 32.1m. The results provide more continuous sample coverage for resource modelling and show importantly that the sampling gaps are mineralized. The Company has engaged Sete Soluções e Tecnologia Ambiental Ltda and Hidrovia Hidrogeologia e Meio Ambiente to initiate baseline environmental assessments for open-pit development.

The Company's metallurgical consultant, Mr. Norman Lotter, is advising on the formulation of a program to test the various mineralization styles. Cabaçal Update: Further drill results continue to be delivered from the Company's programs at Cabaçal, including holes from the northwest extension, the mine area flank, and the mine area. Some of the recent drilling has included further twinning on holes where data has only been partially preserved or lost.

The first of these results reported was CD-470, which returned 16.0m @ 12.5g/t AuEq from 53.3m, including 6.4m @ 30.6g/t AuEq 3. Additional holes have targeted a range of positions (and expected grade distributions), in the Eastern, Central and Southern Copper Zones. Highlights from the recent drilling include: CD-483 (ECZ twin of JUSPD-587): 10.1m @ 2.1g/t AuEq (1.7g/t Au, 0.3% Cu & 1.9g/t Ag) from 9.4m; including: 1.9m @ 8.8g/t AuEq (7.6g/t Au, 0.8% Cu & 4.2g/t Ag) from 12.7m; 18.2m @ 0.9g/t AuEq (0.6% Cu & 1.9g/t Ag) from 26.4m; 4.9m @ 1.2g/t AuEq (0.2g/t Au, 0.7% Cu & 3.1g/t Ag) from 59.9m; CD-478 (Central Area of the CNWE): 6.5m @ 1.0g/t AuEq (0.2g/t Au, 0.5% Cu & 4.0g/t Ag) from 22.5m; 10.7m @ 1.5g/t AuEq (0.4g/t Au, 0.8% Cu & 3.7g/t Ag) from 51.3m; including: 2.5m @ 4.4g/t AuEq (1.3g/t Au, 2.1% Cu & 13.1g/t Ag) from 59.2m; 4.0m @ 1.1g/t AuEq (0.3g/t Au, 0.5% Cu & 2.3g/t Ag) from 65.0m; 3.1m @ 1.4g/t AuEq (0.4g/t Au, 0.7% Cu & 4.0g/t Ag) from 114.3m; CD-477 (CCZ; twin of JUSPD-484; void from 25.1 - 32.7m): 9.8m @ 1.6g/t AuEq (0.4g/t Au, 0.9% Cu & 4.3g/t Ag) from 47.3m; including: 2.8m @ 3.4g/t AuEq (0.6g/t Au, 1.9% Cu & 10.5g/t Ag) from 54.3m; 5.2m @ 1.6g/t AuEq (0.5g/t Au, 0.8% Cu & 3.6g/t Ag) from 69.9m; CD-474 (SCZ orthogonal hole; void from 76.5 - 83.8m): 11.8m @ 1.0g/t AuEq (0.2g/t Au, 0.6% Cu & 2.3g/t Ag) from 55.9m; 3.7m @ 4.7g/t AuEq (4.7g/t Au, 0.1% Cu & 1.0g/t Ag) from 70.4m; 10.0m @ 1.1g/t AuEq (0.4g/t Au, 0.5% Cu & 2.2g/t Ag) from 138.7m; CD-469 (JUSPD-580 twin; SW flank of mine area): 23.2m @ 0.5g/t AuEq (0.1g/t Au, 0.3% Cu & 0.6g/t Ag) from 85.6m; including: 2.0m @ 1.9g/t AuEq (0.3g/t Au, 1.2% Cu & 2.8g/t Ag) from 106.8m; and CD-460 (CNWE): 12.2m @ 1.9g/t AuEq (1.3g/t Au, 0.5% Cu & 3.5g/t Ag) from 71.2m; including: 4.5m @ 4.5g/t AuEq (3.1g/t Au, 1.0% Cu & 6.6g/t Ag) from 72.0m. The twin drilling is providing some useful context in areas where targeted historical holes have gaps in information where data is lost, incomplete, or depicted only in graphic charts.

Some additional drilling will target the down-plunge projection of the shallow CD-483 position. Some additional select infill drilling will also be conducted on a staggered pattern in the resource area, to further consolidate grade distribution and continuity.