Meridian Mining UK Reports High-Grade Au-Cu-Ag and Zn Intersections in Brazil

Meridian Mining UK [TSX: MNO; FSE/Tradegate: 2MM; OTCQX: MRRDF] provided an update on its Santa Helena Au-Cu-Ag and Zn project, Brazil. Multiple intersections of shallow high-grade Au-Cu-Ag and Zn mineralization have been drilled as part of Santa Helenas expanded resource delineation drill program.

The company is also reporting that due to strong extensions of geochemical and coincident geophysical anomalies at Santa F�, it is expanding the active exploration programs there. Drill programs at Caba�al, Santa Helena and Santa F� continue with results pending.

Gilbert Clark, CEO, commented: We continue to confirm more shallow and high-grade zones of Au-Cu-Ag & Zn mineralization at Santa Helena, including one of our highest grading gold assays to date. This continual stream of strong results from the on-going infill drill program are strengthening our confidence for the Santa Helena resource estimate that is planned for later this year. Having this potential for a second open pit with Santa Helena can only strengthen the optionality of it also becoming the second processing hub of the Caba�al belt.

At only 5km to the south of Santa Helena, the scale of the exploration activity at Santa F� is developing quickly. We are seeing an expansion of open robust geochemical and IP anomalies and have a rig active there. With multiple deposits being developed, one of the best PFS economic results in recent time and an expanding exploration program. I am confident when I express that the Caba�al Au-Cu belt is the preeminent VMS Au-Cu development project of South America.

Santa Helena Drilling: The Santa Helena infill drill program continues, delivering strong results in the eastern and western sectors of the deposit. Drilling is being conducted to increase confidence in the Au-Cu-Ag and Zn mineralizations geometry and grade continuity characteristics, particularly related to historical datasets where holes were not fully sampled.

CD-686, on the western sector of the deposit, returned 8.3 metres at 3.7 g/t AuEq (2.5% CuEq) from 53.0m, including a higher-grade core of 4.2m at 6.8 g/t AuEq (4.6% CuEq) from 57.1m. The result was wider than the partially sampled position in adjacent historical hole, PM22A, which was 6.0m at 3.6 g/t AuEq (2.4% CuEq) from 53.2m.

Along strike, CD-701 returned 7.0m at 5.2 g/t AuEq (3.5% CuEq) from 42.0m, including 2.5m at 7.3g/t AuEq (4.9% CuEq) from 46.0m. This includes a high-grade precious metal dominant sample of 25.4 g/t Au, 449 g/t Ag, 3.1% Zn, 0.4% Cu (CBDS103356; 48.1-48.45m). With ongoing work, the company will monitor whether there is a particular depositional or structural control on the emergence of these high-grade samples in the dataset. CD-701 is located up-dip from an access drive at the far western limit of the underground workings, which did not receive grade control diamond drilling before the closure of the mine.

Along strike to the east, CD-660 returned 11.6m at 5.9 g/t AuEq (4.0% CuEq) from 42.0m, including 7.5m at 8.0 g/t AuEq (5.4% CuEq) from 44.5m, and including 1.3m at 12.8g/t AuEq (8.6% CuEq) from 48.7m. The hole terminated in a dry mining void at 55.6m, unable to advance to test a possible extension of footwall mineralization.

Up-dip infill drilling on the western flank of the deposit included hole CD-700 (SHM Zone) that returned 17.6 metres of 3.6 g/t AuEq and 2.4% CuEq, including 7.8 metres of of 5.6 g/t AuEq and 3.8% CuEq, including 2.7 metres of 10.5 g/t AuEq and 7.1% CuEq.

Results from the shallow eastern sector of the deposit included CD-674 which cut the upper projection of the sheet and its immediate footwall, returning 18.0m at 1.9 g/t AuEq (1.2% CuEq) from 2.8m, including 7.9m at 3.3 g/t AuEq (2.2% CuEq) from 2.8m and including 3.0m at 6.0 g/t AuEq (4.0% CuEq) from 3.8m. Positions targeting the footwall zones below the main sheet and included CD-670, returning 13.5m at 0.6 g/t AuEq (0.4% CuEq) from surface, and 11.3m at 0.3 g/t AuEq (0.2% CuEq) from 17.2m. CD-668 further outboard from the main sheet returned lower grade halo material.

Resource definition will be ongoing through the second half of the year. The infill will be important to the definition of the VMS sheet geometry, which can show both thickening and thinning relating to folding and strain.

Santa F� Target: Following the reporting of a new target area, Santa Fe, in the southeast of the Caba�al Belt, in April 2025, the company has expanded its reconnaissance programs with an extension of the induced polarization survey to the west and an active geochemical stream and soil sampling program. Geochemical results have expanded the footprint of the soil anomaly previously reported at Santa F�. The company believes the Santa F�, and Santa Helena trends have the potential to extend into Meridians new exploration licence applications which are awaiting approval.

Geophysical and geochemical programs have also been extended eastwards through an area largely obscured by colluvial cover but with local pockets of greenstone belt exposed. Stream geochemistry is being undertaken as a first indicator of metal anomalism in areas down-cut through the colluvial sheet. The extension of the geophysical grid is showing a number of anomalies emerging in this newly expanded eastern area.

The company has mobilized a rig to start shallow reconnaissance drilling in order to characterize bedrock associated with chargeability anomalies, with results pending.

Meridian Mining is focused on: The development and exploration of the advanced stage Caba�al VMS goldcopper project; The initial resource definition at the second higher-grade VMS asset at Santa Helena as the first stage of the Caba�al Hub development strategy; Regional scale exploration of the Caba�al VMS belt to expand the Caba�al Hub strategy; and Exploration in the Jaur� & Araputanga Greenstone belts (the above all located in the State of Mato Grosso, Brazil).

The Pre-feasibility Study technical report dated March 31, 2025, entitled: Caba�al Gold-Copper Project NI 43-101 Technical Report and Pre-feasibility Study outlines a base case after-tax NPV5 of US$984 million and 61.2% IRR from a pre-production capital cost of US$248 million, leading to capital repayment in 17 months (assuming metals price scenario of US$2,119/oz of gold, US$4.16/lb of copper, and US$26.89/oz of silver). Caba�al has a low All-in-Sustaining-Cost of US$742/oz gold equivalent and production profile of 141,000 ounce gold equivalent life of mine, driven by high metallurgical recovery, a low life-of-mine strip ratio of 2.3:1, and the low operating cost environment of Brazil.

The Caba�al Mineral Reserve estimate consists of Proven and Probable reserves of 41.7 million tonnes at 0.63 g/t gold, 0.44% copper and 1.64 g/t silver (at a 0.25 g/t gold equivalent cut-off grade).