Meridian Mining arranges $40-million bought deal

Executive Summary

• Meridian Mining PLC has entered into a bought deal financing agreement to raise gross proceeds of $40 million through the issuance of common shares.
• The offering includes a 15% overallotment option, which, if exercised in full, would increase total gross proceeds to approximately $46 million.
• Net proceeds are designated for advancing the Cabacal Au-Cu project's definitive feasibility study, expanding the Santa Helena resource, regional exploration, and general corporate costs.

Key Details

• Transaction Structure: Bought deal financing via Stifel Canada and BMO Capital Markets as joint bookrunners.
• Share Price: $1.58 per common share.
• Initial Shares Sold: 25,316,500 common shares.
• Initial Gross Proceeds: $40,000,070.
• Overallotment Option: Up to 3,797,475 additional common shares (15% of initial offering).
• Overallotment Value: If exercised in full, an additional $6,000,010.50 in gross proceeds will be raised.
• Total Potential Gross Proceeds: Approximately $46,000,080.
• Use of Proceeds:
  • Advance definitive feasibility study for Cabacal Au-Cu project.
  • Advance Santa Helena to an initial resource.
  • Expand regional exploration programs on the wider Cabacal VMS belt.
  • General corporate and administration costs and working capital.
• Closing Date: Scheduled on or about Feb. 12, 2026.
• Regulatory Filings: Prospectus supplement to be filed in Ontario, British Columbia, and Alberta; private placement in the US and other jurisdictions. Base shelf prospectus dated Jan. 5, 2026.
• Project Metrics (Cabacal Au-Cu):
  • NPV (5% discount rate): $984 million (U.S.).
  • IRR: 61.2%.
  • Pre-production Capital Cost: $248 million (U.S.).
  • Capital Repayment: 17 months.
  • All-in Sustaining Cost: $742 (U.S.) per ounce gold equivalent.
  • Life of Mine Production: 141,000 ounce gold equivalent.
  • Mineral Reserves: 41.7 million tonnes at 0.63 g/t gold, 0.44% copper, and 1.64 g/t silver (0.25 g/t gold equivalent cut-off).
  • Strip Ratio: 2.3:1.
  • Metals Price Assumptions: $2,119/oz Au, $4.16/lb Cu, $26.89/oz Ag.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.