Meridian Mining Provides Post Financing Activities Outlook for Cabaçal - Seite 2

Expansion of Cabaçal's Drill Programs

Cabaçal Mine Cu-Au-Ag

The Company is pleased to report that it is accelerating its drill program targeting the copper-gold-silver rich Cabaçal Mine. The now accelerated PFS drill program continues, with a combination of infill drilling, targeted drilling in the mine area and the twinning of historical drill records that have not been recovered. These include historical drill plans in which visible gold is logged but the associated assay data has not been recovered. After the PFS's immediate drill priorities[3] are concluded over the coming months, exploratory drilling will be conducted in down-dip and down-plunge areas of the Cabaçal deposit. The Company has identified that structural features of Cabaçal's host rocks, such as repeats in kinks or flexures may create addition favourable environments for the gold overprint, along with the possibility of other early rift-related sulphide accumulations, these are zones flagged for follow-up drilling. A broad expanse of Cabaçal's prospective and open upside remains to be tested, and results may assist in optimizing location of mine related surface infrastructure.

The metallurgical and engineering aspects of the PFS preparations are ongoing while the larger part of the study will commence once the draft resource has been delivered in Q4. Todate the company is pleased with the ongoing results from the metallurgical studies.

Santa Helena Mine Au-Cu-Ag & Zn

Drilling has now recommenced at the Santa Helena Au-Cu-Ag & Zn mine. A second rig is being mobilized to fast-track Santa Helena's second phase of resource definition drilling, for which the Company has estimated an Exploration Target in the range of 3.2 - 7.2 Mt @ 3.0 - 3.2g/t AuEq[4]. The Company initially completed thirty holes for 1730m, with drilling results from the 2023 program demonstrating high-grade intersections over the core area of the deposit, and strong mineralization in its up-dip extensions; all at open pitable depths. An unexpected second horizon of mineralization[5] has further expanded the upside potential of the mineralized envelope, and will be further tested with ongoing drilling. Santa Helena's potential to provide high-grade mineralization to a central processing hub will be quantified with its inaugural 2024 resource statement.

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