Meridian Mining plc Result of Retail Offer

• Financing Completion: Meridian Mining plc confirmed the successful closure of its Retail Offer on April 30, 2026, raising approximately GBP 2.5 million. This completes the broader Fundraising plan announced in late April to raise up to GBP 25.0 million total.
• LSE Admission: The company has applied for admission of Ordinary Shares to the London Stock Exchange (LSE) Main Market and FCA Official List, with trading expected to commence May 1, 2026.
• Share Issuance: Total gross proceeds from the Fundraising are approximately GBP 25.0 million (~CAD $46.3M), involving the issuance of ~27.2 million new Ordinary Shares at an issue price of 92.0 pence per share.
• Capital Structure: Post-admission issued share capital is expected to be 485,513,514 Ordinary Shares with one voting right per share and no treasury shares.

• Confirmation of Capital: The news confirms the execution of the £25M fundraising plan announced on April 27, 2026. While positive for liquidity, the terms (92p/share) were known prior to this release, meaning the market had already priced in the dilution and capital raise by the April 30 close ($1.75).
• LSE Listing: Admission to the LSE Main Market broadens the investor base beyond the TSX, potentially improving liquidity and access to UK institutional capital. This is a strategic milestone but does not immediately alter project economics.
• Use of Proceeds: Funds are earmarked for Cabaçal development (long lead items, infrastructure) and working capital. Given the company already held >$100M CAD cash post-Feb 2026 financing, this adds ~£25M (~CAD $43M), extending the runway to Final Investment Decision (FID).
• Dilution: The issuance of ~27 million shares represents a significant dilution event relative to the pre-offering share count. However, it is necessary to fund the DFS and construction without further equity raises later.
• Verdict: The news validates the capital raise required for project advancement but lacks new fundamental surprises compared to the April 27 announcement. It removes execution risk regarding funding availability.

• Company: Meridian Mining plc is a gold and copper developer focused on Brazil. It has converted to a PLC structure with dual listing on TSX and LSE (ticker MNO).
• Flagship Project: Cabaçal Gold-Copper-Ag Project in Mato Grosso, Brazil.
  • Type: Volcanogenic Massive Sulphide (VMS) deposit.
  • Status: Post-PFS stage; DFS drilling completed; Permitting advanced (Preliminary Licence gazetted).
  • Economics (PFS): After-tax NPV5 of USD $984 million, IRR 61.2%, Pre-production Capex USD $248 million.
• Secondary Project: Santa Helena Central (Au-Cu-Ag-Zn-Pb), currently in resource definition and infill drilling phase to support future expansion.