Meridian Mining UK S reported that it has assessed the geological potential of the Santa Helena mine area (Santa Helena) based on new and historical data, generating an initial Exploration Target with a tonnage range of 3.2 -7.2 Mt grading between 3.0 - 3.2g/t AuEq, which gives a potential high-grade metal inventory range of between 306,000 to 763,000 AuEq ounces, located within 10km of the proposed Cabaçal mill site. The company is also reporting further strong intercepts at Santa Helena including CD-359: 36.6m at 1.3g/t AuEq from 13.0m; and CD-378: 5.9m at 5.5g/t AuEq from 38.3m. These follow early positive results 2 from the Company's verification and extensional drilling program, and now highlight an expansion of Santa Helena's mineralization across strike, and at depths suitable to open pit development potential.

Further drill results remain pending. Highlights Reported: Meridian reports Exploration Target for Santa Helena mine area of 3.2 - 7.2 Mt at 3.0 - 3.2g/t AuEq; Exploration Target's contained metal is between 306,000 to 763,000 AuEq ounces; Mineralization grades 1.0 - 1.1g/t Au, 0.7 - 0.8 % Cu, 20.0 - 26.3 g/t Ag and 2.8 - 3.0 % Zn; Exploration target restricted to 1.4km of the 3km prospective trend; Santa Helena's drilling expands and confirms shallow VMS Au, Cu, Ag and Zn mineralization; CD-359: 36.6m at 1.3g/t AuEq (0.6g/t Au, 0.4% Cu, 8.4g/t Ag & 0.8% Zn) from 13.0m; Including: 9.4m at 1.9g/t AuEq (1.3g/t Au, 0.6% Cu, 15.1g/t Ag & 0.5% Zn) from 13.0m; CD-378: 5.9m at 5.5g/t AuEq (1.9g/t Au, 1.3% Cu, 33.5g/t Ag & 5.6% Zn) from 38.3m; and Expansion of drilling into Santa Helena's prospective 2km eastern extension is planned for 2024.