Meridian Mining UK S reported that given the advancement of the Company's flagship Cabaçal gold-copper-silver VMS project, it has commenced a comprehensive corporate review to identify, examine and consider opportunities related to its non-core exploration portfolio. The portfolio of projects under review consists of the Espigão polymetallic project, the Ariquemes tin project, and the Mirante de Serra Manganese project, all in the State of Rondônia, Brazil. The objective of the review is to create a pathway forward for these prospective exploration projects. Meridian is developing the advanced stage copper-gold Cabaçal project ("Cabaçal") towards a PEA and resource update as part of the processes of completing of the Cabaçal purchase agreement. Prior to securing Cabaçal, the Company operated numerous exploration projects in the State of Rondônia, Brazil. To undertake a thorough strategic review of all available strategic alternatives, Meridian has appointed Beacon Securities Limited as strategic advisor to determine the most beneficial process to create value for Meridian's shareholders. This process is being initiated to allow the Company's management team to focus solely on Cabaçal's potential to become Brazil's next near-term copper-gold producer. Espigão project is a large-scale Iron Oxide-Copper-Gold ("IOCG") exploration target. IOCG type deposits
host the giant Copper-Gold mines of Brazil and some of the biggest Copper-Gold mines internationally. Espigão hosts the prospective geochemistry and gravity survey comparable to large-scale IOCG type deposits e.g., Salobo (Vale) and Olympic Dam (BHP). The project represents an Intrusion Related/IOCG Copper-Gold exploration opportunity in a new metal frontier, with numerous geochemical and geophysical targets established along extensive structural corridors. Ariquemes comprises an extensive land package in Brazil's second largest tin field. Geophysical and geochemical datasets highlight highly prospective signatures consistent with the tin-bearing granites within the Ariquemes area. Part of the Ariquemes Tin Exploration Portfolio is under a Joint Venture Agreement with Orosur Mining Inc. ("Orosur"). The Agreement provides a mechanism for a staged earn- in by Orosur into the mineral concessions, covering 164,414 Ha. A further 112,311 Ha are held directly by Meridian. The Mirante de Serra project is a polymetallic exploration project. The licences overlay a sedimentary basin prospective for manganese mineralization. In total, the exclusive manganese mineral rights to a length of over ~25km of prospective sedimentary units have been secured. The basement hosts intrusive rocks of the Serra da Providência. Suite and Jamari Complex, with dome-like features evident in the radiometrics that will be evaluated for intrusive-related mineralization. The project consists of 55,558 Ha exploration licences. There can be no assurance that this review process will lead to the approval or completion of any transaction. The Company does not intend to provide any updates with respect to this process unless and until its Board of Directors approves a specific transaction or otherwise concludes its review of strategic
alternatives.