Update On Espigao Copper-Gold Exploration Program

LONDON - Meridian Mining SE reported that programs have continued at Espigao in parallel with its acquisition of the Cabaçal Copper-Gold project. Geochemical results have been received for all 779 soil samples on license 886303/2009 in the NW quadrant of the Project area. Positive results continued to be delivered, with the footprint of key pathfinder elements greatly expanded, and further bedrock conductors modeled from the Company's 2015 HeliTEM® survey.

Highlights of results to date are: Expanded and "open" polymetallic soil anomalies defined at Espigao over 4km by 8 km survey corridor; 11 new Electromagnetic Magnetic ("EM") conductive plates modeled; EM Conductors are co-incident to soils anomalies and copper DDH intersections; Including DDH_EM_012: 19.50m @, 0.16% Cu 1.05% Pb & 19.9% MnO2, from 47.65m. EM clusters align to structural trends/extensions of surface hydrothermal vein systems; Eight of the EM conductors have strike lengths extending past 750m in length; EM plates can have depth extents exceeding past 600m; and Latest geochemical and geophysical results strengthen IOCG prospectivity.

Results reported are from the initial survey lines in the Eduardo Mendes prospect area. Sampling has been conducted on 800m spaced north-south lines, with samples spaced at ~50m intervals, collected from the B-soil horizon. The purpose of the sampling and modeling has been to trace the structural extensions to the known prospects, to develop geochemical exploration vectors to rank targets, and to refine and prioritize targets based on bedrock geophysical signatures. The results of the soil sampling have exceeded the Company's expectations, as it was expected that the soil anomaly would be restricted to within, known, narrow structural/conductive corridors, 100 to 200m in width. The survey results expanded this to extend over 8km along strike by ~4km across strike, while remaining open in all directions.

The Company has received the first results of modeling the 2015 EM data for the California, Calça Frouxa and Eduardo Mendes prospects. 11 EM clusters have been defined with significant individual Maxwell plates modeled that are now known to underly extensive surface and open polymetallic and pathfinder soil anomalies.

License 886303/2009 hosts the California, Calça Frouxa and Eduardo Mendes prospects, part of a system of structures associated with hydrothermal cupriferous, manganesiferous and ferruginous vein, stockwork and breccias within the project area (Figure 1a, b). The principal ENE-orientated structural corridor at Eduardo Mendes aligns with a corridor of recessive weathering, where the land surface has been incised below a broader lateritic plateau. Prominent NE-trending valleys may represent cross-structures and are known to carry traces of detrital gold1. Internal zones of depressed results are interpreted to be related to the thick surface lateritic layers present on the plateau's top.

The Company considers the Espigao hydrothermal system to have intrusive-related / IOCG characteristics based on geophysical data, and geochemical responses from historical shallow drilling, and indicator minerals detected in stream surveys1. The current geochemical program is using an expanded multi-element suite (ALS Minerals scheme AuME-TL43), to develop better targeting tools for this zoned hydrothermal system.

Results from the soil survey program continue to exceed expectations, with broad signatures of multiple elements aligned with the principal structures, subsurface EM conductivity clusters and forming a broader halo, confirming the dynamic nature of the hydrothermal system. The wide scale of the multi-element signature is evident in Figure 2. The ENE structural trend corresponds to peaks in various key elements, particularly Copper (Cu), Lanthanum (La), Manganese (Mn), Lead (Pb), Zinc (Zn). Elements extending more broadly into a halo around the corridor (beyond the limit of historical drilling) include Silver (Ag), Cadmium (Cd), Cerium (Ce), Cobalt (Co), Barium (Ba) and Cesium (Cs).

A series of geophysical targets have new been are defined which show variation in the overlying trace element signatures consistent with partitioning in a dynamic hydrothermal system. Adrian McArthur, CEO, said, "With its advanced Copper-Gold resource delineation project at Cabaçal combining with these exciting results at our project in Espigao, Meridian, is now well on its way to become the focus of investors looking for exposure to both stable resource development and the excitement of discovery via exploration in the Copper-Gold space. Released today, these defined soil anomalies coupled with the newly modeled EM conductors have added extremely valuable context to the prospectivity for exploration and discovery at Espigao. The Company will now complete its assessment of the geochemical and geophysical responses at the other Espigao targets to order and rank all targets for the subsequent gravity survey and drill program in 2021."