Meridian Mining UK S reported its strategy to further advance multiple prospects within the Cabaçal VMS Belt as part of a "Hub and Spoke" strategy to maximise value for shareholders. The Cabaçal Project's current engineering and drill programs will be upgraded to complete a Pre-Feasibility Study on an expanded production case, to delineate higher certainty of the core asset value. Due to the continued success of drilling at the Santa Helena mine ("Santa Helena"), the Company has decided to advance the historical mine towards a resource estimate to maximise its optionality within the broader VMS belt.

Santa Helena has the potential to be the first step towards the Hub and Spoke strategy envisaged for the development of the wider Cabaçal Belt's growth potential. The Company further announces that it has discovered a rich layer of Au-Cu-Ag and Zn VMS mineralization projecting below the main VMS mine horizon at Santa Helena, grading 11.0m @ 5.2g/t AuEq (CD-360) and 6.8m @ 3.3g/t AuEq (CD-416). Further extensions of the VMS mine horizon have been intersected in CD-420, and CD-431, up to 510m to the east of the historical resource envelope.

Further assay results from Cabaçal and Santa Helena are pending. Cabaçal Pre-Feasibility Study and Near-Term Incorporation of the Santa Helena Deposit: The Company has reviewed the growing database of the Cabaçal deposit and the greater Cabaçal VMS belt and has decided to expand the general project data programs to produce a PFS for the Cabaçal mine. The PFS mine schedule and financial model will be focused on an initial throughput of 2.5Mt p.a. then expanded to reach a maximum throughput of 4.5Mt using project cash flow in year four.

The larger throughput has been proposed and applied for via the Preliminary License application. This positions the Cabaçal mine as a central processing hub for the long-term development of the Cabaçal VMS belt. Meridian has already engaged with Brazilian and International engineering groups on the PFS that will be completed to a cost estimate classification of AACE 4. They will be reporting their estimations for the completion of the PFS schedule shortly.

To accommodate the collation of the general project data for the PFS, the Company has agreed with the Cabaçal vendors to modify the Cabaçal Purchase Agreement's schedule so that the subsequent Feasibility Study is completed by September 30, 2025 with no additional financial consideration required. Given Santa Helena's strong historical drill results, their ongoing confirmation, and the recent successes in expanding the resource potential, the Company has been given a strong boost for creating potentially the next open pitable resource, that will leverage off the optionality of the proposed Cabaçal belt's development strategy. The Company has reviewed Santa Helena's historical technical and operational reports and held discussions with the previous mill operating personnel.

From this, the planned metallurgical studies for the Santa Helena mineralization have historical operational knowledge and technical data inputs, to guide the testwork from the outset. Santa Helena Drill Program Update: Santa Helena is a Cu-Au-Ag & Zn VMS deposit located 9km to the southeast of the Cabaçal Mine. It has over 10,000m of historical drilling and is the most advanced of a series of exploration targets along the Cabaçal Mine Corridor.

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 and coincident geochemical anomalies. The Company's compilation of historical drill data indicated that many past holes were not completely sampled, that reconciliation of surveyed drilled positions and mine workings (and records), indicated that the high-grade massive sulphide mineralization was only partially mined. and that extensions of near-surface mineralization to the east were also not integrated into the historical resource calculations.

The Company has concluded that this historical resource area is considered open, and based on new and historical data defined an Exploration Target of 3.2 - 7.2 Mt @ 3.0 - 3.2g/t AuEq5. The Company has completed thirty holes for 1730m to date. Initial results from holes drilled along the main trend for resource verification and resource extension were very positive6.

The latest results have continued to define mineralization up-dip and south of the historical resource limits, and in the eastern sector of the deposit and its extensions into the projection of the associated geophysical and geochemical anomaly, yielding a number of significant results. Drilling continued to test strike extensions east and west from the areas where Meridian had previously had success in testing a gold in soil anomaly, over a position shown on historical BP mapping as a barren post-mineralization gabbro. The extension of a geophysical chargeability anomaly over this area, coupled with the soil anomaly, led Meridian to believe that mineralization extended into this area, beyond the limits of the historical resource envelope.

Meridian's initial drilling has confirmed this position as an upward projection of the VMS mineralized horizon (CD-336, CD-340, CD-349, CD-351, CD-359). New results from this area have been returned from holes CD-360 and CD-416, collared 60m and 100m east-southeast of CD-359 (36.6m @ 1.3g/t AuEq from 13.0m). Although a gold in soil anomaly was not evident in these newly collared positions, both holes intersected near-surface mineralization, masked by a shallow veneer of transported colluvial overburden.

CD-360's upper intersection of 16.4m @ 0.9g/t AuEq from 6.0m commenced with a shallow gold zone (3.0m @ 2.8g/t Au from 6.0m), in the projected up-dip position from the historical resource envelope. CD-360 drilled through a band of gabbro and intersected a second zone of high-grade mineralization, returning 11.0m @ 5.2g/t AuEq from 30.0m, including: 2.4m @ 21.9g/t AuEq from 37.0m, with the richest sulphide band being 50m south of, and at the same elevation as the underground mining galleries. CD-416 intersected the predicted mineralization up-dip from the historical resource, with an interval of 13.2m @ 2.1g/t AuEq from 11.0m.

CD-416 was then deepened below the barren gabbro sill and encountered a separate zone of 16.6m @ 2.1g/t AuEq from 41.4m. Further drilling will be undertaken to trace this newly defined mineralized position along and across strike.