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Meridian Mining PLC on Friday began trading in London, raising £25.0 million through a retail offer and placing. The London-based company is focused on the Cabacal gold-copper project in Brazil, and expects to join the FTSE UK indices. ‘In particular, it is targeting FTSE All-Share inclusion at the next rebalancing and FTSE 250 inclusion within 12 months,’ Meridian noted, subject to approval from FTSE Russell. It is already listed in Toronto, where its shares closed up 2.3% at C$1.75 on Thursday, giving it a market capitalisation of C$801.9 million, which is approximately £434.1 million. As of Friday, Meridian is listed on the Equity Shares (Commercial Companies) category of the London’s Main Market. Its shares were last quoted at 94.70p. The company is also listed in New York on the OTC Market, where its shares were down 0.5% at $1.29 during after-hours trading, and in Frankfurt, where it traded 9.1% higher at €1.14 on Friday morning. In parallel, the company has completed a retail offer of 2.7 million shares at 92.0 pence each, raising £2.5 million. This combines with a placing for gross proceeds of £25.0 million. Meridian stressed that pre-feasibility studies indicate ‘a robust, high margin project for low upfront capital expenditure for the Cabacal project’. Over a 10-year mine life, the company is targeting annual production of 141,000 gold-equivalent ounces. It estimates the post-tax internal rate of return at around 61% and the project’s net present value at $984 million, with a pre-production capital cost of $248 million. The company’s current focus is on completing Cabacal’s definitive feasibility study and construction. It has appointed Stifel Nicolaus Europe Ltd, Joh Berenberg, Gossler & Co KG and Peel Hunt LLP as joint corporate brokers. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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