London, United Kingdom — February 12, 2026 — Leads & Copy —
Meridian Mining plc has completed a bought deal offering, raising C$57,500,782. The offering involved issuing 36,392,900 common shares at C$1.58 per share. Stifel Canada and BMO Capital Markets acted as joint bookrunners, with Beacon Securities Limited as co-lead underwriter.
ATB Cormark Capital Markets, Scotia Capital Inc., SCP Resource Finance LP, and Raymond James Ltd. were also underwriters for the deal. The offering included the full exercise of the over-allotment option by the Underwriters, resulting in 4,746,900 shares being issued.
According to CEO Gilbert Clark, the company appreciates the support from shareholders and the work of the underwriters. Following the closing, Meridian’s balance sheet will exceed C$100M in cash and equivalents, positioning it to execute its plan at Cabaçal and for long-term value creation through its exploration programs. Clark added that the company can now move into a growth period as it continues to develop what it views as the pre-eminent VMS Au-Cu-Ag project in South America.
The company plans to use the net proceeds to advance the Cabaçal Au-Cu-Ag DFS program, including deposits for long lead items, advanced infrastructure and civil works, increased exploration activity within the Cabaçal, Jauru and Araputanga belts, exploration of the Esipgão IOCG belt in Rondônia, working capital and for general corporate purposes.
The shares were qualified for distribution via a prospectus supplement dated February 6, 2026, to the company’s base shelf prospectus dated January 5, 2026, filed in British Columbia, Alberta, and Ontario. The shares were offered and sold to eligible purchasers through available prospectus exemptions in certain jurisdictions outside of Canada. The Base Shelf Prospectus, the Prospectus Supplement and the Underwriting Agreement are available on SEDAR+.
An insider of the company participated in the offering, purchasing 5,719,936 shares. This constituted a “related party transaction” under Multilateral Instrument 61-101, but was exempt from formal valuation and minority shareholder approval requirements. None of the company’s directors expressed any contrary views or disagreements with respect to the foregoing. The company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of the insider of the Company had not been confirmed at that time.
The Offering is subject to final approval from the Toronto Stock Exchange (TSX).
Meridian Mining plc focuses on the development and exploration of the Cabaçal VMS gold‐copper project. They plan to expand the resource inventory in the Santa Helena area by extending Santa Helena Central and targeting new discoveries, as well as conducting regional scale exploration of the Cabaçal VMS Belt to expand the Cabaçal Hub strategy, and exploration in the Jauru & Araputanga Greenstone Belts, all located in Mato Grosso, Brazil.
A Pre-feasibility Study technical report, dated March 31, 2025, outlines a base case after-tax NPV5 of USD 984 million and 61.2% IRR from a pre-production capital cost of USD 248 million, leading to capital repayment in 17 months (assuming metals price scenario of USD 2,119 per ounces of gold, USD 4.16 per pound of copper, and USD 26.89 per ounce of silver). Cabaçal has a low All-in-Sustaining-Cost of USD 742 per ounce gold equivalent & production profile of 141,000-ounce gold equivalent life of mine, driven by high metallurgical recovery, a low life-of-mine strip ratio of 2.3:1, and the low operating cost environment of Brazil.
The Cabaçal Mineral Reserve estimate consists of Proven and Probable reserves of 41.7 million tonnes at 0.63g/t gold, 0.44% copper and 1.64g/t silver (at a 0.25 g/t gold equivalent cut-off grade).
Source: Meridian Mining plc
