Meridian Mining Secures C$50M to Fast-Track Brazilian Gold-Copper Asset

TORONTO, ON – February 04, 2026 – In a powerful display of investor confidence, Meridian Mining plc (TSX: MNO) today announced it has upsized its previously declared bought deal financing to a staggering C$50 million. The move, driven by significant demand, provides a major capital injection intended to accelerate the development of its flagship Cabaçal gold-copper project in Mato Grosso, Brazil, and signals robust market appetite for well-positioned critical minerals assets.

The amended agreement, led by a syndicate of underwriters with Stifel Canada and BMO Capital Markets as joint bookrunners, will see the company issue 31,646,000 common shares at a price of C$1.58 per share. This represents a C$10 million increase from the C$40 million financing initially announced, underscoring the strong interest the project has garnered from the investment community.

Details of the Upsized Offering

The financing's expansion reflects a keen market reception to Meridian's strategy and the economic potential of its Brazilian assets. The offering price of C$1.58 per share is notable, trading near the company's 52-week high of C$1.76 and comfortably above recent analyst price targets, which suggests the underwriters are confident in their ability to place the shares.

In addition to the C$50 million in gross proceeds, the underwriters have been granted an increased over-allotment option. They can now purchase up to an additional 4,746,900 common shares at the offering price for a period of 30 days following the closing. If this option is exercised in full, the total gross proceeds of the offering would climb to approximately C$57.5 million.

The involvement of financial heavyweights Stifel Canada and BMO Capital Markets lends significant credibility to the transaction. Both institutions have a strong track record in the metals and mining sector, having recently collaborated on a similar upsized bought deal for Generation Mining Ltd. in January. Their participation signals a thorough due diligence process and a positive outlook on Meridian's path forward.

The offering is scheduled to close on or about February 12, 2026, subject to customary closing conditions, including all necessary regulatory and stock exchange approvals.

Fueling the Cabaçal Development Engine

Meridian has a clear and ambitious plan for the net proceeds, with the primary focus being the substantial de-risking and advancement of the Cabaçal gold-copper project. A significant portion of the capital is earmarked for completing the Definitive Feasibility Study (DFS), a critical engineering and economic report that serves as the final step before a construction decision can be made. The DFS, expected to be published later in 2026, will build upon an already impressive Pre-feasibility Study (PFS) from March 2025.

The PFS outlined a project with compelling economics, including a base case after-tax Net Present Value (NPV) of USD $984 million and a remarkable Internal Rate of Return (IRR) of 61.2%. It projected a rapid 17-month capital payback period on a pre-production capital cost of USD $248 million, figures that have clearly captured investor attention.

Beyond the DFS, the funds will also be used to advance the nearby Santa Helena area towards an initial mineral resource estimate and to expand regional exploration programs across the wider Cabaçal VMS Belt. This aligns with the company's broader 'Cabaçal Hub' strategy, which aims to identify and develop a series of deposits that can leverage a central processing facility. This progress was recently bolstered by the announcement of updated Mineral Resource Estimates for both Cabaçal and Santa Helena on January 20, 2026, and a major permitting milestone in November 2025, when the project received its preliminary environmental license.

A Broader Vote of Confidence in Brazil

Meridian's successful financing does not exist in a vacuum. It is a prime example of a larger trend that saw global mining mergers and acquisitions reach a 13-year high in 2025, with capital flowing decisively towards projects centered on critical minerals like copper and gold. The global energy transition and the technology boom, including the rise of artificial intelligence, have created sustained and growing demand for these metals.

This C$50 million deal positions Meridian as a significant player in this landscape and highlights Brazil's growing allure as a mining jurisdiction. The financing can be seen as a vote of confidence not only in the company's management and assets but also in the investment climate of the region. It follows a pattern of similar successful capital raises by peer companies, such as Omai Gold Mines' C$40 million private placement in late 2025, indicating a healthy and active market for promising development-stage assets.

With analysts' consensus ratings for Meridian leaning towards a 'Buy' and an average 12-month share price target of C$3.04—a significant premium to the current offering price—the long-term outlook appears bright. This financing provides the necessary runway to execute on the company's strategic objectives and bridge the gap between exploration success and potential production. With capital secured and key milestones in sight, the company is now firmly focused on turning the rich potential of the Cabaçal VMS Belt into a producing reality.