Meridian Mining closed out the first half of 2026 with USD 95.98 million in cash and cash equivalents, up from USD 41.71 million at the close of December 2025.

The increased liquidity follows a series of capital raisings, including a bought deal offering that generated gross proceeds of CAD 57.5 million and a secondary London Stock Exchange Main Market listing supported by institutional and retail placings. Net assets for the group reached USD 102.13 million at the end of June, compared to USD 42.93 million at the end of the previous financial year. Total comprehensive loss for the six-month period widened to USD 12.71 million from USD 6.67 million, while exploration and evaluation expenses increased to USD 5.67 million.

“The IPO of the Company's shares onto the Main Market of the London Stock Exchange was a key corporate and financial event for the Company. With the funds raised with the IPO and earlier in the year, the Company is well funded through to the FID of Cabaçal. Importantly this has also opened the shares to passive index-related buying.”

— Gilbert Clark, CEO

At the Cabaçal project in Mato Grosso, Brazil, work on the Definitive Feasibility Study is approaching 50% completion and remains on track for filing in the fourth quarter of 2026. Long-lead items have been secured, including technical specifications and pricing for the SAG mill, alongside electrical transformer orders placed with Brazilian suppliers. Pre-construction milestones include surveying access routes and power easements, alongside the submission of the mine installation licence application and the finalisation of life-of-mine power supply commitment letters.

The company also completed the fifth instalment of the Cabaçal Purchase Agreement through a cash payment of USD 1 million and the issuance of 1.5 million ordinary shares valued at USD 1,761,271. Future development steps include issuance of the installation licence for the Cabaçal plant by competent authorities, which triggers the sixth instalment payment under the Cabaçal Agreement.

“We have greatly advanced Cabaçal's Definitive Feasibility Study and to the extent that we have updated the DFS M&I resource statement as part of the required work-streams. Commenced ordering and paying the deposits for long-lead items, such as the SAG mill. The Company has submitted the Installation Licence for the mine and grown our Brazilian mine building management team.”

— Gilbert Clark, CEO

Earlier pre-feasibility study work for Cabaçal outlined a base case after-tax NPV5 of USD 984 million and an IRR of 61.2% from a pre-production capital cost of USD 248 million, underpinned by a Proven and Probable reserve estimate of 41.7 million tonnes grading 0.63g/t gold, 0.44% copper, and 1.64g/t silver.

Alongside its flagship asset development, Meridian Mining reported on the Cabaçal installation licence submission and provided a definitive feasibility study update at its Jauru and Araputanga project within the surrounding district in May 2026.

Read the full announcement: Meridian Reports Unaudited Half-Yearly Financial Results for the Six Months Ended 30 June 2026