Meridian Mining

What Meridian Mining does

Meridian Mining plc is a UK-domiciled, publicly listed mineral development company advancing the Cabaçal gold-copper-silver volcanogenic massive sulphide (VMS) project in Mato Grosso, Brazil, toward first production targeted for Q4 2028. The company controls licences covering 50 km of the 55 km Cabaçal VMS belt, with a flagship Cabaçal asset supported by the Santa Helena Cu-Au-Ag-Zn-Pb deposit (maiden M&I resource January 2026) and the Espigão IOCG gold-copper exploration ground, forming a hub-and-spoke development strategy along a single district. Core technical activity centers on conventional open-pit mining using a SAG mill, gravity circuit, and standard flotation flowsheet to produce gold-copper-silver and zinc-lead concentrates. The PFS-defined project economics — US$984M after-tax NPV (5% discount), 61.2% IRR, USD$248M initial CAPEX, 17-month payback, and 141,000 oz AuEq average annual production — underpin a development-stage business model with no current revenue.

The company is pre-revenue and will sell metal concentrates to global smelters, refineries, and commodity traders once production begins; near-term cash flow is generated through equity financings rather than operations. Capital markets activity has been the primary go-to-market motion, with listings on TSX (MNO), OTCQX (MRRDF), Frankfurt (N2E0), and most recently the London Stock Exchange Main Market (MNO, May 2026), supported by underwriters Stifel Canada and BMO Capital Markets and joint brokers Berenberg and Peel Hunt. Recent equity raises include a C$57.5M bought deal (February 2026) and a £25M placing and retail offer (May 2026), bringing pro-forma cash to over C$100 million. The customer base in the operating sense does not yet exist; the institutional investor base is the de facto capital "customer," with analyst coverage initiated by Berenberg (buy, 168p target) and Scotiabank (strong-buy).

Meridian is led by CEO Gilbert Clark (formerly a Partner at Sentient Equity Partners), President Adrian McArthur, CFO David Halkyard (ex-Resource Capital Funds, BMO, Société Générale), and Chairman Bruce McLeod (former President & CEO of Sabina Gold & Silver, sold to B2Gold for C$1.2B). The Brazilian operations are anchored by Chief Development Officer Vitor Hugo de Souza Belo (30+ years in Brazilian mining) and Project General Manager Thiago Marques. The advisory board notably includes several original BP Minerals geologists who discovered and operated Cabaçal in the 1980s. The board comprises seven directors, five of whom are independent under NI 52-110.

Name

Meridian Mining

Legal name

Meridian Mining plc

Website

https://meridianmining.co

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Meridian Mining plc is a UK-listed mineral development company advancing the Cabaçal gold-copper-silver VMS project in Mato Grosso, Brazil, toward first production in Q4 2028, supported by the Santa Helena and Espigão assets along a 50 km district-scale land position.

Ownership category

akta.pro rank

Product category

Copper-Gold Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Metal Ore Mining (2122), Support Activities for Metal Mining (213114)

SIC

Metal Mining (1000), Gold And Silver Ores (1040), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Copper Exploration & Resource Development (IMAKADAA)

akta.pro secondary industries

Precious Metals Exploration & Project Development (IMAKAEAI), Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA), Copper Ore Mining (Open-Pit & Underground) (IMAKADAB), Mining & Mineral Processing Facility Construction (IMAFADAE)

Keywords

• Gold copper mining
• Volcanogenic massive sulphide
• Polymetallic mineral exploration
• Open pit mining development
• Precious base metals production

Headquarters

HQ city

Brasil

HQ country

Brazil

HQ region

Latin America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Technology or R&D, Personnel, Marketing or Sales, Supply Chain

Revenue model

1. Gold-Copper-Silver Production (Future): Meridian is a pre-revenue development-stage company targeting first production from Cabaçal in Q4 2028. The company will generate revenue through the sale of gold, copper, and silver produced from its VMS deposits. Pre-feasibility study projects average annual production of approximately 141,000 gold-equivalent ounces with low initial CAPEX of USD$248 million and 17-month payback period.
2. Zinc-Lead Production (Future): The Santa Helena deposit also contains significant zinc and lead mineralisation that will contribute to revenue. Historical production from Santa Helena achieved 6.65% Zn, 1.62% Cu, 1.77g/t Au, and 43.02 g/t Ag grades.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Meridian Mining is a pre-revenue, development-stage mining company advancing the Cabaçal gold-copper-silver volcanogenic massive sulphide (VMS) project in Mato Grosso, Brazil, targeting first production in Q4 2028. The company controls 50 km of the 55 km Cabaçal VMS belt and plans to sell gold, copper, silver, zinc, and lead concentrates from open-pit mining operations to global commodity markets. Supporting assets include the Santa Helena Cu-Au-Ag-Zn-Pb deposit (maiden resource January 2026) and the Espigão IOCG exploration property.

Product overview

Meridian Mining is a gold-copper development company operating a portfolio of mining projects in Brazil's Mato Grosso state. The company's core portfolio consists of the Cabaçal Gold-Copper Project (flagship advanced-stage VMS deposit), the Santa Helena Project (near-mine Cu-Au-Ag-Zn-Pb discovery with maiden resource), and the Espigão Project (IOCG Gold-Copper exploration ground). These projects are unified under the Cabaçal VMS Belt strategy, where the company is developing a hub-and-spoke model integrating multiple deposits into a centralised processing strategy, with the Cabaçal Project serving as the primary development asset and Santa Helena positioned as a potential second production hub along the belt.

Differentiator

Problem solved

Functional benefit

Products and services

• Cabaçal Gold-Copper Project Flagship advanced-stage copper-gold-silver volcanogenic massive sulphide (VMS) project located in Mato Grosso, Brazil, representing the cornerstone of Meridian's development strategy with proven and probable reserves of 41.70 Mt containing approximately 850 koz Au, 2,194 koz Ag, and 184 kt Cu. Targeted for first production in Q4 2028 with projected annual production of approximately 141,000 gold-equivalent ounces.
• Santa Helena Project Cu-Au-Ag and Zn-Pb Volcanic Massive Sulphide (VMS) deposit located approximately 10 km southeast of the Cabaçal Mine area, with a maiden mineral resource containing 95.79 koz Au, 2,629.28 koz Ag, and 22.84 kt Cu in Measured and Indicated categories and open-pit development potential as a second production hub.
• Espigão Project

Quantifiable outcome

• US$984 million after-tax NPV (5% discount rate)
• +6 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered minor and core.

• SETE (Brazilian Environmental Consultancy)minorStrategic or Co-development Partner · 17 February 2026Brazilian consultancy engaged to prepare Environmental Impact Study (EIA) and Environmental Impact Report (RIMA) for Cabaçal project. Reports concluded environmental licensing is feasible.
• SEMA (Mato Grosso State Environmental Secretariat)coreOthersBrazilian regulatory authority responsible for environmental licensing. CONSEMA council approved Cabaçal Preliminary Licence on October 29, 2025. EIA/RIMA reports filed December 2023. Field inspection conducted by multidisciplinary technical team.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Ero Copper: Mid-tier copper producer focused on the Carajás Mineral Province in Brazil. Operates the MCSA Mining Complex (copper-gold) and is developing the Tucumã project — directly comparable as a Brazilian-focused copper-gold developer/producer with similar jurisdictional dynamics to Meridian.
• Aura Minerals: Gold and copper producer operating multiple mines in Brazil (Almas, Aranzazu, Apoena) and elsewhere. Comparable as a mid-tier gold-copper operator with Brazilian operations and active expansion pipeline similar to Meridian's hub-and-spoke ambition.
• Serabi Gold: Gold producer operating in the Tapajós region of Pará state, Brazil. Comparable as a small-cap gold miner focused on Brazilian VMS-style orogenic gold deposits, similar in scale and jurisdiction to Meridian's Mato Grosso operations.
• Atalaya Mining: Copper producer developing and operating the Proyecto Riotinto in Spain, with copper as the primary commodity. A DIRECT_PEER for the copper development-and-production pathway Meridian is pursuing, with comparable project economics and polymetallic upside.
• Hudbay Minerals: Diversified mid-tier copper-gold-silver producer with operations across the Americas (Peru, Canada, USA). Comparable as a copper-gold polymetallic operator with a pipeline of development-stage projects, reflecting the asset class Meridian is targeting.
• Lundin Mining: Diversified base-metals miner producing copper, zinc, gold, and nickel from operations in Chile, Brazil (Caserones), Portugal, and Sweden. Comparable as a mid-tier polymetallic operator with significant copper exposure and a development pipeline.
• Capstone Copper: Pure-play copper producer with operations in Chile, Peru, and Mexico (Mantos Blancos, Mantoverde, Pinto Valley, Cozamin). Comparable as a mid-tier copper-focused operator with both producing and development-stage assets — relevant for Meridian's target commercial profile post-2028.
• Hochschild Mining: Precious-metals miner producing gold and silver from operations in Peru, Argentina, and Brazil. Comparable as a mid-tier Americas-focused gold-silver producer, with similar development-stage asset profile and Brazilian footprint.
• New Gold: Intermediate gold-copper producer operating the Rainy River mine (Canada) and the Cerro San Pedro/Mara project. Comparable as a gold-copper polymetallic operator with development-stage optionality relevant to Meridian's mid-tier copper-gold thesis.

Emerging players

• Solaris Resources: Copper-gold developer advancing the Warintza project in Ecuador. Comparable as an emerging copper developer in Latin America at a similar development stage to Meridian's Cabaçal project, providing a peer reference for valuation and capex benchmarking.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/meridianmining
• YouTubeyoutube.com/channel/UCzVr6ILYF_Ax2hI6oBoCaOw
• LinkedInlinkedin.com/company/meridian-mining

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Funding overview

Funding rounds9 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Meridian Mining