Meridian Mining UK Reports High-Grade Au-Cu-Ag Ore Discovery at Cabaçal Project

Meridian Mining UK Societas [TSX: MNO; FSE: 2MM; OTCQX: MRRDF] reported the delineation of multiple stacked layers of Au-Cu-Ag ore, drilled at its advanced Caba�al Au-Cu-Ag VMS Project, Brazil.

Results included CD-702s 28.6 metres at 3.5 g/t AuEq (2.6% CuEq) from 127.6 metres, in the more sparsely drilled southeastern sector of the Caba�al PFS open-pit. Stronger than expected zones of copper ore have been encountered here that are expected to improve local grade continuity. Todays results provide further data to improve both grade and density modelling, as Caba�al DFSs infill drilling program nears its final stages. Drilling continues and more results are pending.

The company has been granted two exploration licences (866.261/2021 and 866.753/2022). This opens up the Caba�al belts untested historical copper anomaly Alvorada2 to its first modern exploration program.

Gilbert Clark, CEO, commented: Our infill program continues to delineate southeasterly projections of strong copper and gold ore within the PFSs open-pit model. These results will locally improve the ore grades but also the density which is particularly important for modelling the more copper-rich intersections, such as CD-702s 28.6 metres at 3.5 g/t AuEq (2.6% CuEq) from 127.6 metres (1.0 g/t Au, 1.9% Cu & 9.7g/t Ag). This interval returned 26 samples grading over 1.0% Cu, up to a peak of 11.0% Cu, in an area with limited historical density data. Effectively, higher density means more tonnes and more metal locally.

The company is entering into a new phase where Caba�als DFS drill program nears completion, and Santa Helenas resource drill program continues. While the expanded portfolio of new prospects like Cigarra, Santa F�, Sucuri South, and the recently granted Alvorada, will be tested as part of our expanding regional exploration programs. Across all disciplines, we are focussing our efforts to realize the potential of Caba�al to emerge as the premier gold-copper VMS belt in South America.

The ongoing drill program at Caba�al has returned further strong intersections as the DFS infill drilling program nears its final stages. Most holes are targeting the first five-year production area, whilst some peripheral holes were drilled in the southwestern sector of the mine area to close drill spacing in some hanging wall mineralization positions.

Drilling is providing additional constraints on grade distribution but also on deposit density. The historical database has 1798 assay interval records with over 1.0% Cu, to a peak of 21.8% Cu, of which 1.0% Cu, with peak grades in samples CBDS105591 (10.6% Cu) and CBDS105594 (11.0% Cu). The peak density value of 3.257 is already higher than the highest of the values in the historical dataset, highlighting the value in augmenting this dataset. Individual sub-zones can reach composited densities of 3.05, higher than the modelled density and locally contributing to a positive refinement of the DFS block model.

Highlights from additional Central Copper Zone holes include CD-694: 20.8m at 1.9 g/t AuEq (1.4% CuEq) from 132.0m; including 4.1m at 7.7 g/t AuEq (5.7% CuEq) from 148.8m. CD-695: 38.9m at 0.9 g/t AuEq (0.7% CuEq) from 64.4m; including 13.3m at 1.8 g/t AuEq (1.4% CuEq) from 67.0m; including 0.7m at 15.8g/t AuEq (11.8% CuEq) from 67.0m; and CD-678 with 33.6m at 1.4g/t AuEq (1.0% CuEq) from 57.0m; including 19.6m at 2.0g/t AuEq (1.5% CuEq) from 67.4m.

Results were reported for two holes targeting the down-dip region of Eastern Copper Zone hole CD-654, which returned 9.9m at 14.8g/t AuEq (11.0% CuEq) from 29.3m. Results included CD-648: 21.0m at 2.2 g/t AuEq (1.6% CuEq) from 68.6m; including 12.5m at 3.1 g/t AuEq (2.3% CuEq) from 77.0m; and CD-693 with 32.5m at 1.7 g/t AuEq (1.2% CuEq) from 64.2m; including 14.3m at 2.9 g/t AuEq (2.1% CuEq) from 77.3m,  including 2.3m at 9.4 g/t AuEq (7.0% CuEq) from 86.5m.

Southern Copper Zone hole CD-679 returned: CD-679: 48.2m at 0.8 g/t AuEq from 48.0m; including 3.4m at 2.1 g/t AuEq (1.6% CuEq) from 49.0m and 2.7m at 4.5 g/t AuEq (3.4% CuEq) from 68.7m.

A series of holes were drilled into the far southwestern sector of the pit shell to better model the position of local hanging wall mineralized extensions. Infilling an area with previously wider spaced drill data.

The company also reported that two of its exploration title applications, 866.261/2021 and 866.753/2022, have been approved, adding 14,933 Ha to areas licensed for exploration. The company is mobilizing its staff to commence land access agreements for these newly granted areas in this increasingly prospective southern sector of the Caba�al VMS Belt.

The granted areas include the Alvorada target, where georeferencing and digitizing of historical BP Minerals data identified the belts strongest peak copper-in-stream geochemical value of 164 ppm Cu. This surpasses the original copper anomalies of Caba�al (56 ppm Cu) and Santa Helena (36 ppm Cu). With BPs 1980s exploration focus on gold, and Alvorada, having no associated gold anomaly, this was not followed up at the time despite its high copper content.

Reconnaissance teams have continued with data collection and drill planning in the Santa F� and Cigarra areas. At Cigarra, the company defined a two-km long target corridor associated with elevated chargeability responses and Cu-Au & Zn soil geochemical anomalies, with peak values in Meridian infill samples of 722 ppm Cu; 1,211 ppm Zn; 180 ppm Au (non-coincident), in an undrilled sector of the mine sequence stratigraphy to the northwest of Caba�al. Gold has been recovered from now exhausted historical alluvial workings. Reconnaissance drilling is planned to be initiated during this second half of the year.

The company received results from two holes to date from the Santa F� area, which have shown some affinity to Caba�al-style VMS mineralization, having broader zones of disseminated copper sulphide mineralization with low Pb-Zn contents. Economic grades are yet to be intersected, but mineralization was encountered over a wide interval, in CD-722 (21.4m at 0.1% Cu from 10m), and CD-717 (16.6m at 0.2% Cu). Drilling and down-hole bore hole EM surveys are planned.

Results from a number of other regional scout exploration holes in the mine corridor have added further context to early-stage targets outside of the Caba�al and Santa Helena spheres. Hole CD-615 drilled at the Chiquito Au-Ag discovery returned 15.0m at 1.3g/t AuEq (1.0g/t Au, 0.1% Cu & 23.5g/t Ag) from 79.0m, confirming the down-dip continuity of the mineralization. The core of the intersection hosts a higher-grade interval of 5.4m at 2.1 g/t Au & 29.2 g/t Ag from 81.9m, including 9.4 g/t Au, 104 g/t Ag over 0.4m (Sample CBDS90212). The company has sent a sample to SGS Canada for gold deportment testwork to better understand the characteristics of this mineralization.

Initial holes testing other regional targets have verified active hydrothermal systems with positive indicator elements. The company will use the information generated to build in a vectoring study in prioritizing ongoing drilling.

CD-607 also verified that the Induced Polarization survey anomaly north of Santa Helena, largely covered by colluvial scree masking the basement, has correlative geochemical responses with the Santa Helena horizon and likely represents a structural repeat, defining a new target corridor, Santa Helena North.

Caba�al DFS Program: The company shipped from site a large selection of diamond core to SGS Canada for the DFS stage of metallurgical studies. The first shipment of material selected is representative of the ore that will be mined in the early phases of open pit at Caba�al and has arrived in Canada. The second consignment has left the site and is being prepared for export, forming a bulk sample for mini pilot plant testwork, that will also provide the Company with a representative sample of the copper sulphide concentrate (with high gold and silver contents) for marketing purposes with smelter and trading groups.

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 outlined 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 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 0.63g/t gold, 0.44% copper and 1.64g/t silver (at a 0.25 g/t gold equivalent cut-off grade).