Meridian Mining UK reported further strong intercepts of shallow copper, gold, silver, and zinc mineralization at the Santa Helena mine ("Santa Helena"). New results include CD-351: 11.7m @ 1.3% CuEq from 27.0m, and CD-336: 30.7m @ 0.8% CuEq from 6.0m, including 5.7m @ 1.5% CuEq from 7.0m and 3.3m @ 1.2% CuEq from 33.3m. These drill holes are targeting a soil geochemical anomaly in the western sector of the deposit, up-dip from the historical resource envelope.

Ongoing drilling continues to expand into open areas of open-pitable resource potential outside of the Santa Helena mine limits. A new satellite anomaly is emerging on the far south-east of the geophysical survey area, defining potential extensional targets, which remain open. Further drill results remain pending at both Santa Helena and the Cabacal mine area.

Meridian reports further shallow base and precious metal intercepts at Santa Helena; CD-351: 11. 7m @ 1.3%Cu, 1.5% Cu, 1.4g/t Au, 7.9g/t Ag & 0.7% Zn) from 27.0m; including: 5.4m @ 1.9% Cu, 2.8g/t Au, 11.0g/t Ag and 0.4% Zn) from 27". The Company commenced initial drilling in August 2023 as part of a verification program, to validate the historical data in line with NI43-101 requirements, and to initiate scout drilling for resource extensions defined by geophysics.

The latest results ("Table 1") have continued to test mineralization in the vicinity of the historical mine area, but drilled to the south-southeast, targeting an area where infill soil sampling by Meridian Mining had returned gold in soil assay values up to 953 ppb Au, with coincident elevated base metals. CD-349: 4.4m @ 0.4% Cu, 0.2% Cu, 0.3g/t Au, 3.2g/t Ag &0.2% Zn) from 0.0m. These new intersections extend the cross-strike footprint of the mineralization up to 90m laterally beyond the historical resource limit - tripling the extent, with the prior model being limited by data and focused on the known more massive sulphide component of the mineral system.

The results enhance the potential of the Company's objective to define resource additions supporting a low strip ratio satellite open pit development at Santa Helena, one of many targets along the mine corridor and broader Cabacal Belt. Assay results from the first phase of the program have provided confidence in the historical data and the position of the underground workings. This program has outlined a newly defined chargeability corridor, extending 2.0km from the limit of Santa Helena's historical resource.

The Company is pausing the geophysical program at Santa Helena for a period, to allow geological and geochemical reconnaissance to advance and support the prioritization of potential new exploration drill targets. A phase of hydrogeological drilling has been completed as part of the program for environmental licencing. The Preliminary Economic Assessment technical report (the "PEA Technical Report") dated March 30, 2023, entitled: "Cabacal Gold-Copper Project NI 43-101 Technical Report and Preliminary Economic Assessment, Mato Grosso, Mato Grosso, and Mato Grosso, Mat Grosso, Mato Gato Grosso, MatoGrosso, Mato Grosso and Mato Grosso, and the Company is also strongly encouraged by the ongoing drill results on the main Cabacal Mine deposit that continues to deliver robust grades of in-pit mineralization.