Meridian Mining (LSE:MNO) has begun trading on the London Stock Exchange, following completing a substantial exploration and development program at the Cabaçal Project in Brazil.
Last week, the company proposed to list on the LSE, amid the launch of an equity offering to raise £25 million ($47.17 million).
Under the offering, shares were issued at £0.92 per share, representing a 5.6% discount to the last closing price per share on the Toronto Stock Exchange on 24 April.
Meridian is focused on completing a Definitive Feasibility Study (DFS) and subsequently the construction of the Cabaçal Project. This will be the company’s first and core production hub of the wider Cabaçal volcanic massive sulphide belt.
A 2025 Prefeasibility Study at Cabaçal highlights the project will produce 141,000 ounces of gold annually over a 10-year mine life. The study also forecasts a net present value of US$984 million, with an internal rate of return of 61.2%, from a pre-production capital cost of US$248 million.
At the company’s Santa Helena Central Project, further drilling, development studies, and near-mine exploration will be undertaken. These activities are designed to test expansion potential.
Regional geophysical and geochemical surveys will continue across the wider 50km-long Cabaçal Greenstone Belt, with the aim of generating additional targets.
Meridian Mining is a resources developer and explorer focused on gold-copper projects in Brazil. The company is headquartered in London, UK.
Write to Aaliyah Rogan at Mining.com.au
Images: Meridian Mining
