Meridian Mining UK S provide an update on its landbank for the camp scale Cabaçal Copper-Gold VMS Project ("Cabaçal") in Mato Grosso, Brazil. Meridian has received notification that it has placed the winning bids on three new Cabaçal exploration licences via the land release auction process of the Agência Nacional de Mineração ("ANM"). This secures a significant strategic extension to the Company's landbank, covering both historical BP targets, and newly defined anomalies from a satellite alteration mapping exercise commissioned by the Company (WorldView-3).

Meridian is now the dominate developer of an advanced camp scale copper-gold belt. ANM Auction Results. Winning bids have been successfully placed for three new licences under the ANM's auction system: Area 1: The licence area covers the north-western-most limit of the Cabaçal Belt and formed part of the BP Minerals portfolio under licences 861921/1980 and 861921/1980.

The southwest margin of the licence spans the "C5" soil geochemical BP target. The licence is poorly explored but drilling by Avanco in 2015 along strike (~ 460m to the Southeast of the license boundary) encountered copper sulphide mineralization in hole AMCD-15-011 (peak grade of 2.4% Cu, 1.1g/t Au, 34.1 g/t Ag, 0.2% Zn over 0.5m from 48.8m, within a broader zone of hydrothermal alteration and disseminated mineralization). The northern licence spans an area of 1403.6 Ha.

Area 2: The second area to the south lies ~2.4km to the south of the Santa Helena Zn-Cu-Ag-Au Mine. The area spans the earlier BP licences 861937/1980, 861939/1980, 861958/1980 and a now excised segment of the Santa Helena mining licence 861956/1980. The eastern branch of the newly won area in the auction round incorporates BP untested target "C2D", where Cu, Zn and Pb soil anomalies were defined in association with hydrothermally altered metasedimentary ­ metavolcanic sequence.

The western margin of the licence area hosts three conductors defined by BP's regional INPUT aerial survey, which originally defined the Cabaçal area as a geophysical target prior to discovery of the Cu-Au-Ag mineralization. The licence hosts multiple targets defined by the WorldView-3 satellite alteration mapping exercise, two of which are along strike from the C2D position, and the others offset to the east of the INPUT aerial conductivity anomalies. The licence spans an area of 5070.5 Ha.

Area 3: The third area to the Southeast lies ~9.5km along strike from the Santa Helena Zn-Cu-Ag-Au Mine. The area spans the earlier BP licences 861958/1980, 861959/1980, 867371/1983. The western margin of the licence hosts a gold in steam anomaly, and the new area covers a gap between the main licences of the Cabaçal Belt option area, and a prior satellite extension applied for by the Company - 866261/2021 ­, Cabaçal's Southeastern-most known geology limit, where a BP copper in stream anomaly had been defined but not previously followed up.

The licence hosts multiple targets defined by the WorldView-3 satellite alteration mapping exercise (20 discrete anomalies consistent with hydrothermal alteration signatures), including the large anomaly adjacent to the BP's copper-in-stream response on 866261/2021. The licence spans an area of 9466.5 Ha. A number of procedural steps remain to ratify these new license applications, including an appeal process.

Payments are due before 15 April 2022 before the results are formally published in the Diário Oficial da União. The Company's applications in the adjacent Araputanga and Jauru Belts followed the same process. WorldView-3 Satellite Survey WorldView-3 is a high-resolution commercial satellite sensor launched in 2014 which provides detailed imagery that can be utilized in mineral mapping, providing a fast and effective technique to screen large areas for signatures of hydrothermal alteration. Data has been interpreted by Dan Taranik (Exploration Mapping Group, Nevada, United States).

The Company is encouraged by the local Cabaçal results of the survey, with the known mineralization from over the Cabaçal Mine and Northwest Extension showing an associated Worldview-3 satellite alteration anomaly extending over a 2,200m strike length. Next Steps Subject to final approval and authorization by the ANM, the licences will be integrated into the Company's regional exploration program, with a first phase of reconnaissance prospecting involving rock chip sampling and soil surveys. The immediate near-term drilling focus of the Company will continue to be in the near-mine areas hosting the Cabaçal and Santa Helena deposits, as targets re developed more regionally.