Meridian Mining UK Societas (MRRDF: OTCQX International) | Meridian Announces Fully Subscribed CAD 10m Non-Brokered Private Placement Financing & Outlines 2025 Programs
Meridian Mining UK S has announced its strategic plans for 2025, focusing on developing its copper-gold mining operations in Brazil. Here are the key highlights:
Financing and Investment
- The company has completed a fully subscribed non-brokered private placement of 25,641,025 common shares at CAD 0.39 per share, raising CAD 10 million.
- A single European investor has increased their stake from 4.6% to approximately 12.1% of the company.
- The proceeds will be used to advance project development, exploration, and corporate activities1.
Cabaal Project Outlook
- The company is positioning 2025 as potentially transformational, with the Cabaal Au-Cu-Ag project as the flagship.
- The Pre-Feasibility Study (PFS) is on schedule to be reported by the end of Q1 2025, expected to build on previous confidence with additional data and studies.
Key Project Developments
- Meridian has:
- Added 37,000 meters of drilling and 53,000 assays to its database
- Completed civil engineering, geotechnical, and hydrological studies
- Concluded metallurgical repeatability tests
- Plans an infill drill program of up to 4,700 meters in 2025
Santa Helena Project
- The Santa Helena Au-Cu-Ag & Zn deposit shows promising potential:
- A high-grade gold-silver VMS system was discovered in the western sector in 2024
- The company will complete additional metallurgical test work
- The initial resource is scheduled for Q2 2025
- Plans include up to 11,700m of drilling in 2025
Project Potential
- The Preliminary Economic Assessment indicates:
- Base case after-tax NPV of USD 573 million
- 58.4% Internal Rate of Return
- Pre-production capital cost of USD 180 million
- Low All-in-Sustaining-Cost of USD 671 per ounce gold equivalent
- Current mineral resources include 52.9 million tonnes of indicated resources and 10.3 million tonnes of inferred resources
Community and Future Outlook
Meridian is committed to working professionally and safely, actively engaging with local communities and supporting the local economy through direct and indirect investments.
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