Meridian Mining plc Announces Application for Listing on the Main Market of the London Stock Exchange, Publication of Prospectus and Proposed Fundraising to Raise Up to GBP25 million

Meridian Mining plc has applied for admission to the Main Market of the London Stock Exchange (LSE) with ticker "MNO". The company announced a proposed equity offering to raise gross proceeds of up to GBP 25.0 million (approximately CAD 46.2 million). - The fundraising consists of an institutional placing (~GBP 22.5M) and a retail offer (~GBP 2.5M). - The issue price is set at 92.0 pence per share, translating to approximately CAD $1.70 per Ordinary Share. - This issue price represents a ~5.6% discount to the TSX closing price on April 24, 2026 (CAD $1.80). - Proceeds are designated for development at the Cabaçal gold-copper project in Brazil, including long lead items, infrastructure, and working capital. - Expected trading commencement on LSE is May 1, 2026. - Shares will be fully fungible between LSE and TSX.

The news confirms a strategic initiative (LSE listing) that was previously flagged as "under evaluation" in February 2026 announcements. - Positive Aspects: Secures additional capital (~CAD 46M) to fund development milestones, specifically long lead items and civil works ahead of the Definitive Feasibility Study (DFS) publication targeted for Q4 2026. The offering price (CAD $1.70) is higher than the previous financing round in February 2026 (CAD $1.58), indicating improved market valuation perception since the last capital raise. - Negative/Risk Aspects: The offering is dilutive to existing shareholders. Raising capital at a discount (5.6%) to the current trading price ($1.80) suggests management prioritizes certainty of execution over maximizing immediate share price value. Given the February 2026 announcement stated cash on hand was "over $100 million," raising an additional ~$46 million so soon raises questions about burn rate or capital requirements for the accelerated development plan. - Context: This is a follow-up to the February 2026 financing and LSE evaluation news. It does not introduce new geological discoveries or M&A activity that would fundamentally alter the project economics beyond what was already priced in during the Q1 2026 rally.

Meridian Mining plc is a gold and copper exploration and development company focused on Brazil. - Flagship Project: Cabaçal Gold-Copper-Silver Project (Mato Grosso, Brazil). - Status: Development stage; Preliminary Licence granted November 2025. - Economics (PFS): Post-tax NPV USD $984 million, IRR 61.2%, Pre-production Capex USD $248 million. - Production Profile: 141,000 oz gold equivalent over 10 years. - Secondary Projects: Santa Helena (Copper-Silver-Zinc), Jauru, Araputanga belts. - Development Timeline: DFS targeted Q4 2026; Construction start potentially H1 2027 pending Installation Licence.