Meridian raises 22.5 million pounds from placing

• Financing Confirmation: Meridian Mining PLC successfully raised gross proceeds of £22.5 million (approximately $30.4 million USD / $41.6 million CAD) through a non-pre-emptive placing of 24,456,521 new ordinary shares at 92.0 pence per share ($1.70 CAD).
• LSE Listing: The company announced the application for admission to the Main Market of the London Stock Exchange (LSE), with trading expected to commence May 1, 2026, under ticker MNO. Shares will be fully fungible between LSE and TSX.
• Retail Offering: A concurrent retail offering for up to £2.5 million remains open until April 30, 2026.
• Use of Proceeds: Funds are designated for Cabaçal project development (long-lead items, infrastructure), working capital, and corporate costs.
• Context: This financing follows a proposed fundraising plan announced earlier on the same day (April 27, 2026) as part of the LSE listing application. It supplements the CAD $57.5 million raised in February 2026.

• Expected Outcome: The financing was explicitly proposed in the morning announcement regarding the LSE listing (NewsId: 1114553). The evening confirmation of the £22.5M raise aligns with expectations, making this routine execution rather than a surprise catalyst.
• Price Premium: The placing price of $1.70 CAD is higher than the February 2026 financing price of $1.58 CAD and trades slightly below the current market close of $1.74 CAD (as per provided data). This indicates investor confidence in the dual-listing strategy without significant dilution discount.
• Liquidity Position: Combined with the February 2026 raise (>CAD $100M cash previously reported), this adds substantial liquidity to fund the Definitive Feasibility Study (DFS) completion and Installation Licence (IL) application costs.
• Dilution Concern: The company has executed three significant financings in less than a year (August 2025, February 2026, April 2026). While necessary for development, this frequency may lead to shareholder fatigue if project milestones are not met immediately.

• Company Profile: Meridian Mining PLC is a gold and copper explorer/developer focused on Brazil. It recently converted from a private limited company to a public limited company (PLC) in June 2025 to facilitate dual-listing.
• Flagship Project: Cabaçal Gold-Copper-Silver VMS Project (Mato Grosso, Brazil).
  • Status: Advanced development stage; Preliminary Licence (PL) approved Oct/Nov 2025. Installation Licence (IL) application targeted H1 2026.
  • Economics (PFS): Post-tax NPV $984M, IRR 61.2%, Pre-production Capex $248M USD.
  • Resource: Updated M&I Resource (Jan 2026) of 70.1 Mt at 0.6 g/t Au, 0.3% Cu, 1.3 g/t Ag.
• Secondary Project: Santa Helena Central (Copper-Silver-Zinc-Gold), with a maiden M&I resource disclosed in Jan 2026.