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Gold and copper explorer Meridian Mining PLC on Monday outlined plans for a Main Market listing in London. The company is focused on the Cabacal project in Brazil. Meridian has applied to list its shares on the Equity Shares (Commercial Companies) category of the London’s Main Market. It is already listed in Toronto, where its shares closed down 0.6% at C$1.80 on Friday, giving it a market capitalisation of C$826.3 million, which is approximately £447.7 million. Meridian is eyeing a spot in the FTSE UK indices, and given its current Canadian market cap, will likely join the FTSE250. The company is also listed in the US on the OTC Market, where its shares were last quoted at $1.32, and in Frankfurt, where it traded 2.2% lower at €1.10 on Monday afternoon. In conjunction with the IPO plan, Meridian has proposed to raise up to £25.0 million through an institutional placing and retail offer priced at 92.0 pence per share. The placing, which launched on Monday via accelerated bookbuild, aims to raise £22.5 million, while the retail offer targets £2.5 million, and will commence shortly, closing April 30. Meridian expects to begin trading in London on May 1. It will share the same ‘MNO’ ticker in London and Toronto, with shares between the two exchanges to be fully fungible. The company estimated that its flagship Capabal project had a post-tax internal rate of return of 61%, and net present value of $984 million, based on a 2025 pre-feasibility study. A definitive study is due in the fourth quarter of 2026, and a final investment decision ‘shortly thereafter’. Meridian currently holds a preliminary licence for the site. It will use fundraise proceeds and its existing £55.1 million cash balance to support activities at Capabal. In 2025, Meridian’s pretax loss was $17.0 million, narrowed from $18.2 million in 2024. The company is pre-revenue. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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