Meridian Mining UK Societas announced the initial findings from positive metallurgical trials using a more selective reagent for copper sulphides. Preliminary results using Solvent 3418Aachievedhigher recoveries of copper ("Cu") than the ~92.4% achieved by the reagent PAX used in the 2023 PEA. Solvent 3418A is a common Cu reagent, engineered to also be an efficient collector of gold ("Au") and silver ("Ag"), which may lead to possible increases in their recoveries.

Work is ongoing to verify the promising initial copper recoveries observed for future economic studies. Cabaçal's Pre-Feasibility Study ("PFS") program of infill drilling is progressing well. The drill program is currently focussed on converting Inferred zones1 hosting moderate grades of gold and copper mineralization to a higher status.

Drill results have included CD-418's 16.8m @ 1.2g/t AuEq2 and CD-409's 10.0m @ 1.1g/t AuEq. Cabaçal's post-PEA drill program includes some recent robust copper dominant intersections. Further drill results are pending.

Highlights Reported Today, Metallurgical trials using Solvent 3418A show strong potential to increase Cabaçal's Cu recoveries and Gains in Au and Ag recoveries also likely using Solvent 3418A, Cabaçal PFS's drill program continues to return wide zones of "in-pit" copper gold and silver mineralization at shallow depths; CD-418: 16.8m @ 1.2g/t AuEq from 121.5m; Including 4.8m @ 2.2g/t AuEq from 132.5m; D-409: 10.0m @ 1.1g/t AuEq from 74.0m and CD-429: 24.5m @ 0.8g/t AuEq from 36.6m, Meridian expands exploration footprint with newly permitted areas; and Multiple gold and copper prospects being unlocked to advance exploration programs. The historical Cabaçal mine's metallurgical data and the Company's own testwork have confirmed the highly favourable metallurgical processing characteristics of the deposit's Cu-Au & Ag sulphide and free gold mineralization. Cabaçal's mineralization is characterized as soft to medium in hardness, with high recoveries via a relatively coarse 200-micron grind. Recommendations from the PEA included the evaluation of alternative reagents.

The Company's metallurgical consultant, Mr. Norman Lotter, has scoped a series of tests using the selective collector Solvay 3418A ("3418A") in the rougher and copper cleaner circuit. 3418A is a widely used reagent that has a known ability to enhance copper and precious metal recoveries from sulphide mineralization, like that found at the Cabaçal deposit. Initial tests were performed using the Cabaçal PEA's master composite samples and initial results indicate higher recoveries of Cu, exceeding those used in the 2023 Preliminary Economic Assessment3.

Repeat testing is scheduled to generate a comprehensive data set, to determine the total metal recoveries to be used in the PFS. Amongst the test samples are intervals with stronger or dominant copper mineralization. If 3418A continues to deliver higher metal recoveries, this will have a positive effect not only on these intersections but potentially on the broader haloes of Cu-Au mineralization currently below resource cut-off grades.

Comparative testwork was also undertaken to examine Cabaçal's flow sheet with and without a gold gravity circuit. Higher total Au recoveries were confirmed with the inclusion of a gravity circuit, than without. The importance of Au recovered by a gravity circuit extends to the Cabaçal belt's free Au, hosted both within the VMS mineralization and the late-stage gold over print.

The Santa Helena mine's historical floatation-only flow sheet excluded a gravity circuit and Au recoveries averaged 65%. This is the Au recovery factor used in the calculation of the 2022 Santa Helena Exploration Target4. Cabaçal's PEA outlined Au recoveries averaging 89.7%, via a combination of gravity and flotation circuits, a 38% difference.

Santa Helena's mill's tailings data also records a much higher gold grade than Cabaçal's historical tailings and Meridian's own 2022 data. The late-stage gold overprint has been outlined at Santa Helena5 and the potential for higher total gold recoveries, like those demonstrated at Cabaçal, will be determined by the planned metallurgical test program that will include a gravity circuit. If the potential for comparative Au recoveries is achieved from Santa Helena's metallurgical testwork, then a material increase in the Au recovery factor for the future resource calculations would be used.

The Cabaçal resource development program continues, with three rigs currently deployed in the CNWE. Results recently received included holes from the end of the 2023 program, and initial holes from the mine area and extensions of the Cabaçal deposit to the south. Some holes such as CD-436 are from peripheral or close-out positions corresponding to known lower grade zones of the deposit and are inline with expectations for confirming the limits of pit design.

Drill results from the CNWE include: CD-418 (CWNE): 15.3m @ 0.9g/t AuEq (0.1g/t Au, 0.5% Cu & 2.3g/t Ag) from 76.0m; 16.8m @ 1.2g/t AuEq (0.4g/t Au, 0.6% Cu & 2.3g/t Ag) from 121.5m; CD-423 (CWNE): 39.3m @ 0.5g/t AuEq from 78.4m (0.1g/t Au, 0.3% Cu & 0.4g/t Ag); including: 5.5m @ 1.3g/t AuEq (0.3g/t Au, 0.7% Cu & 0.9g/t Ag) from 106.8m; CD-429 (CWNE): 24.5m @ 0.8g/t AuEq (0.3g/t Au, 0.4% Cu & 1.5g/t Ag) from 36.6m; including: 1.7m @ 6.2g/t AuEq (2.0g/t Au, 2.9% Cu & 11.6g/t Ag) from 36.6m; and 44.4m @ 0.5 g/t AuEq (0.3g/t Au, 0.2% Cu & 0.6 g/t Ag) from 67.0m. Drill results from the mine area and south of the mine included: CD-405: (CCZ) 16.9m @ 0.4g/t AuEq (0.3% Cu, 0.4g/t Ag) from 19.0m; 41.0m @ 0.5g/t AuEq (0.2g/t Au, 0.3% Cu, 1.2g/t Ag) from 47.0m; including: 8.4m @ 1.4g/t AuEq (0.4g/t Au, 0.7% Cu & 3.9g/t Ag) from 60.8m; CD-409 (SCZ): 27.0m @ 0.6g/t AuEq (0.4% Cu & 1.0g/t Ag) from 74.0m; including: 10m @ 1.1g/t AuEq (0.1g/t Au, 0.8% Cu & 1.7g/t Ag) from 74.0m; 31.4m @ 0.6g/t AuEq (0.2g/t Au, 0.3% Cu & 1.5g/t Ag) from 116.0; CD-424 (SCZ): 27.2m @ 0.5g/t AuEq (0.2g/t Au, 0.2% Cu & 0.9g/t Ag) from 55.0m; and CD-435 (Cabaçal South): 51.6m @ 0.4g/t AuEq (0.1g/t Au, 0.3% Cu & 0.8g/t Ag) from 81.9m. From the ongoing drill program and surface mapping program results, Cabaçal's open pitable mineralization in places remains open.

The remaining drill program will seek to close out the mineralization so as to optimise the pit design that will be used in the PFS. Meridian's drill program at Cabaçal continues and is expected to deliver an updated drill hole data base to its independent resource and mine design consultants over Q2-Q3 of this year.