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    Meridian raises $34M in London debut: Cabacal project economics for engineers

    May 2, 2026|

    Reviewed by Tom Sullivan

    Meridian raises $34M in London debut: Cabacal project economics for engineers

    First reported on MINING.com

    30 Second Briefing

    Meridian Mining has raised £25 million in its London Stock Exchange debut, issuing 2.7 million shares at 92p and closing at 94.70p, giving a market capitalisation of about C$802 million (£434 million) across its listings. The funds will advance the Cabacal gold-copper project in Mato Grosso, an advanced-stage VMS deposit with pre-feasibility work outlining a 10-year mine life, 141,000 gold-equivalent ounces per year and a post-tax IRR of about 61%. Management is targeting FTSE All-Share inclusion at the next rebalance and FTSE 250 entry within 12 months.

    Technical Brief

    • Equity raise combined a £25 million institutional placing with a £2.5 million retail offer.
    • 2.7 million new shares were issued at 92p, trading up to 94.70p on debut.
    • Dual-listed structure now spans Toronto (TSX), London Main Market and OTC/Frankfurt venues.
    • London listing sits in the Equity Shares (Commercial Companies) category, relevant for index eligibility.
    • Cabacal is described as an advanced-stage volcanogenic massive sulphide system in Mato Grosso, Brazil.
    • Project is positioned as the cornerstone of a scalable gold–copper platform in Brazil for Meridian.

    Our Take

    Meridian Mining is one of only a few copper–gold developers in our recent coverage targeting a FTSE 250 slot within 12 months, signalling an ambition to tap deeper UK institutional capital than typical TSX-only peers such as American Eagle Gold in the March 2026 financing piece.

    The implied C$802 million market capitalisation for Cabacal places Meridian at the upper end of single-asset South American copper–gold developers in our database, which may raise expectations for rapid de-risking of mine-life and IRR assumptions in Mato Grosso.

    With Ausenco named alongside Cabacal and a 10-year mine life outlined, the project is following a similar engineering-led de-risking path to other copper projects in our mining corpus, where early engagement of tier-one designers has often been a prerequisite for offtake-linked funding or index inclusion ambitions.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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