London, United Kingdom — February 17, 2026 — Leads & Copy —
Meridian Mining plc (TSX: MNO) (FSEL N2E) (Tradegate: N2E) (OTCQX: MRRDF) has announced it will advance the Cabaçal Definitive Feasibility Study (DFS) with a delivery schedule for Q4 2026. The company is also planning an expansion of exploration programs in 2026, including testing Cabaçal mine-corridor targets and field programs on the Jauru & Araputanga Greenstone Belts, as well as testing Espigão IOCG targets.
The company is also reporting further drill results from the Santa Helena Central area, with highlights from recent drilling that included CD-806 returning 2.6m @ 2.4g/t Au, 1.7% Cu, 93.2g/t Ag, 15.7% Zn & 2.6% Pb; CD-796 returning 5.7m @ 1.0g/t Au, 1.0% Cu, 27.6g/t Ag, 5.2% Zn & 0.9% Pb; CD-792 returning 4.6m @ 2.5g/t Au, 0.5% Cu, 47.3g/t Ag, 4.6% Zn & 1.1% Pb; CD-786 returning 2.0m @ 2.4g/t Au, 4.1% Cu, 73.7g/t Ag, 6.3% Zn & 0.8% Pb.
According to Meridian, a CAD 57.5M financing allows for acceleration of time sensitive programs, including ordering long lead items in Q1 2026 and initiating civil works brought forward to the 2026 dry season.
Mr. Gilbert Clark, CEO, said that working off a strong financial base, Meridian is now financed beyond Cabaçal’s final investment decision into early construction works, and they are accelerating the necessary programs to ensure they meet their timeline for the restart of Au-Cu-Ag production at Cabaçal by the end of 2028 (subject to licence approvals). He added that the company has the funds available to expand the dual track strategy of mine development and Cu-Au-Ag exploration and an extensive suite of exciting copper and gold prospects to test across their expanded exploration portfolio.
Meridian is also reviewing a dual listing on the London Stock Exchange Main Market under the Equity Share – Commercial Company designation to target exposure to both FTSE index inclusion, and the UK investment market, according to the release.
The company continues to advance Cabaçal’s Definitive Feasibility Study (the “DFS”), alongside its engineering contractors to complete the multiple work streams and studies required. With the finalization of the specifications certain long-lead item’s (such as the SAG mill, electrical transformers and gravity circuit), tendering and ordering procedures are expected to be completed before the end of Q1 2026. To take advantage of the 2026 dry season, initial civil works including road upgrades are planned, to have the access ready for a potential construction start in H1 2027 (pending the successful granting of the Installation License). Meridian is also advancing the smelter performance tests of Cabaçal’s copper concentrates (that include high contents of gold and silver) which are being tested by Kingston Process Metallurgy Inc. Kingston, Ontario. The initial smelter tests indicate that Cabaçal’s concentrate is easy to smelt, produces a clean matte and an acceptable slag.
Further geochemical reconnaissance work has progressed in parallel with recent drilling programmes, with results including a new gold-in-soil response of 244.9 Au ppm. Further evaluation of this gold anomalous contact zone is underway at prospect-scale to belt-scale. The Company continues to evaluate the potential of the strike extensions to the Aguapei Group’s “Fortuna Formation” sandstone unit to represent a gold host, following the recognition of the gold potential in the formation in the south-east sector of the belt.
The Company will be pursuing its programmes in 2026 with an expanded array of geophysical equipment. Orders have been placed for drone-based magnetic, radiometric, and Lidar sensors to facilitate improved prospect-scale interpretation of structure and VMS stratigraphy, in areas of poor exposure which characterize much of the belt.
The Company continues with the compilation of historical data over the Jauru and Araputanga Greenstone Belts, in parallel with the landholder liaison activities. The initial focus of digitization of historical soil data will be on licences 866752/2021 and 866754/2021, over the BP Minerals “A1” target area, and data assessment over the northern Jauru Belt licences (866262/2024, 866744/2021, 866749/2021), covering the Jauru copper anomaly and J9 gold anomaly.
Processing by the Company’s geophysical consultancy Core Geophysics has highlighted a broad gravity feature developed in the southeastern sector of Espigão displaying a regional response, terrain corrected, up to 15mgal above background. A 1,200m drill programme is planned, with target depth of between 200 and 300m below surface.
The Company has continued to conduct an infill drilling campaign at the Santa Helena Central area, following the database cut-off date for the recent Mineral Resource update. Follow up drilling is planned to test historical grade control drilling areas to help validate this data and reassess the statistical levelling that is currently applied in Santa Helena’s mineral resource estimate.
The Company is reviewing dual listing its common shares on the London Stock Exchange Main Market under the Equity Share – Commercial Company designation to target exposure to both FTSE index inclusion, and the UK investment market.
Source: Meridian Mining
