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Meridian Mining plc has applied for admission of its ordinary shares to the equity shares (commercial companies) category of the Official List of the UK Financial Conduct Authority (FCA) and for trading on the London Stock Exchange’s Main Market for listed securities, following its announcement of 17 February 2026.
The company also announced a proposed equity offering of new ordinary shares to raise gross proceeds of up to GBP25.0 million (approximately USD33.8 million / CAD46.2 million) at an issue price of 92.0 pence per new ordinary share. The fundraising will be conducted via an institutional placing and a separate retail offer.
The FCA has approved the prospectus, which has been published by the company. A copy has been submitted to the National Storage Mechanism and will be available for inspection at the FCA’s official sites and on SEDAR+.
The issue price represents a discount of about 5.6% to the closing price of CAD1.80 per share on 24 April 2026 on the TSX. The placing will be conducted through an accelerated bookbuild launched immediately following the announcement, with the timing of closing, number of shares to be placed and allocations to be announced as practicable.
Meridian intends to use net proceeds to fund development activities at the Cabaçal project, including deposits for long-lead items, infrastructure, civil works, working capital and corporate costs. Proceeds from the retail offer will support corporate costs. Lock-up arrangements of 90 days from admission apply.
Admission and dealings are expected to occur at 8:00 a.m. BST on 01 May 2026 under ticker MNO. After admission, the company expects to be eligible for FTSE UK Index Series inclusion, subject to FTSE Russell review.
Meridian has engaged Stifel Nicolaus Europe Limited as Sponsor and Joint Bookrunner, and Joh. Berenberg, Gossler & Co. KG, London Branch and Peel Hunt LLP as Joint Bookrunners.
Meridian is focused on the development of gold-copper projects in Brazil, including its advanced stage Cabaçal gold-copper project.
The 2025 Pre-feasibility Study (2025 PFS) described a project with low technical complexity and attractive economics, including an open pit operation with a low All-in-Sustaining-Cost and a production profile of 141,000-ounce gold equivalent over an initial 10-year mine life. The study cited high metallurgical recovery, a low life-of-mine strip ratio of 2.3:1, and a competitive operating cost environment in Brazil.
Subject to the qualifications and assumptions in the 2025 PFS, Cabaçal is projected to deliver a post-tax IRR of 61.2% and an NPV of USD 984 million at a 5% discount rate, based on pre-production capex of USD 248 million. The assumptions include metal prices of USD 2,119/oz for gold, USD 4.16/lb for copper and USD 26.89/oz for silver.
The company said the mineral reserve is relatively shallow, with medium-soft ore and a high-grade gold-copper zone close to surface, supporting open pit mining and processing that it describes as technically simple, fast and profitable. Construction is expected to last 2 years, with the initial capital repaid in about 17 months of operation under base-case assumptions. The base-case post-tax NPV/capex is described as around 4.0x versus peers.
Meridian is preparing for development of the Cabaçal mine subject to a positive final investment decision. The company has ordered long-lead items and is planning pre-construction civil works, with the DFS publication targeted for Q4 2026.
Since 2021, Meridian has conducted ongoing district-scale exploration and resource development along the Cabaçal VMS Belt. Within the wider 50 km-long belt, the company is pursuing a hub-and-spoke strategy, with the Santa Helena Central project next for drilling, development studies and near-mine exploration. Regional geophysical and geochemical surveys are continuing to generate additional targets.
Under TSX rules, the placing is conditional on TSX approval. Meridian will apply for conditional approval for the fundraising prior to admission.
The 2025 PFS was prepared for the company by a team of professionals applying CIM Code standards for reporting. Mr. Erich Marques and other named professionals reviewed and approved the technical information in the release.
On behalf of the Board of Directors of Meridian Mining plc, Mr. Gilbert Clark, CEO and Director.
Meridian Mining plc, 8th Floor, 4 More London Riverside, London SE1 2AU, United Kingdom.
Email: info@meridianmining.co | Ph: +44 (0) 203 930 3145
Media enquiries: Gareth Tredway / Saskia Sizen, Tel: +44 (0) 207 920 3150, Email: meridianmining@tavistock.co.uk
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