Meridian Mining's Listing Plans#
Meridian Mining plc has announced its application for admission to the Main Market of the London Stock Exchange. The company also published a prospectus for a proposed equity offering, aiming to raise up to £25 million.
Fundraising Breakdown#
The planned fundraising consists of two parts: an institutional placing of approximately £22.5 million and a retail offer of about £2.5 million. The shares will be offered at 92 pence each, which is a 5.6% discount compared to the recent closing price of CAD1.80 on the Toronto Stock Exchange.
Company Overview#
Meridian Mining focuses on developing gold-copper projects in Brazil, with its main asset being the Cabaçal gold-copper project located in Mato Grosso. A pre-feasibility study released in March 2025 indicated a strong potential return on investment, projecting a post-tax internal rate of return of 61.2% and a net present value of $984 million at a 5% discount rate, based on pre-production capital costs of $248 million.
Use of Funds#
The funds raised will be utilized for various development activities at the Cabaçal project. This includes making deposits for long lead items, infrastructure development, civil works, working capital, and covering administrative costs. The company currently has £55.1 million in cash to support these efforts.
Trading Details#
Meridian Mining's shares are expected to begin trading on the London Stock Exchange at 8:00 a.m. on Thursday under the ticker symbol MNO. The shares will be fully fungible, meaning they can be traded interchangeably between the London Stock Exchange and the Toronto Stock Exchange. The institutional placing is being conducted through an accelerated bookbuild process, which started today, while the retail offer will close at 11:59 p.m. on Wednesday. The fundraising is subject to approval from the Toronto Stock Exchange, and the company has committed to a 90-day lock-up period following admission.