Meridian Mining Announces $40 Million Bought Deal Financing

The most recent news release (February 4, 2026) announces a $40 million bought deal financing led by Stifel Canada and BMO Capital Markets. The company will issue 25,316,500 common shares at a price of $1.58 per share. This financing is intended to fund the definitive feasibility study (DFS) for the flagship Cabaçal project, advance the Santa Helena project, and expand regional exploration across the VMS belt. The deal includes a 15% over-allotment option which could bring in an additional $6 million.

This financing is a significant milestone for several reasons: - Cost of Capital Improvement: The $1.58 issuance price represents a 305% increase over the $0.39 financing price from February 2025. This indicates a drastic reduction in the cost of equity capital and high market appetite. - Institutional Endorsement: Moving from non-brokered private placements to a "bought deal" led by major banks like BMO and Stifel signifies that the company has transitioned from a speculative explorer to a legitimate development-stage play. - De-risking the DFS: With the 2025 PFS showing an after-tax NPV5 of $984M and an IRR of 61.2%, this capital ensures the DFS (targeted for Q4 2026) is fully funded without further "nickel-and-dime" raises. - Dilution Management: While adding ~25 million shares, the company is raising double the capital of its previous major raise ($50M in Aug 2025) with significantly less relative dilution to the total share count than earlier stages.

Meridian Mining is focused on the Cabaçal VMS Belt in Mato Grosso, Brazil. - Flagship Project: Cabaçal Gold-Copper Project. - Stage: Definitive Feasibility Study (DFS). - PFS Highlights: NPV5 $984M (USD), 61.2% IRR, 17-month payback, and an average annual production of 141,000 oz AuEq. - Strategic Goal: To become Brazil's next mid-tier copper-gold producer by 2027/2028.