Meridian Mining Stock Price, News & Analysis

Meridian Mining Plc (OTCQX: MRRDF), historically referenced as Meridian Mining UK Societas, is a mining company whose activities are focused on the development and exploration of volcanogenic massive sulphide (VMS) and related precious and base metal projects. According to multiple company news releases, Meridian’s principal assets are located in the State of Mato Grosso, Brazil, and centre on the Cabaçal gold‑copper‑silver project, the Santa Helena Au‑Cu‑Ag & Zn project, and regional targets across the Cabaçal VMS belt and the Jaurú and Araputanga greenstone belts.

The company trades on the TSX under the symbol MNO, on the Frankfurt exchange under N2E (or 2MM/Tradegate in some releases), and on the OTCQX market in the United States under the symbol MRRDF. Corporate news states that Meridian is based in London, United Kingdom, and that in 2025 it completed a conversion from Meridian Mining UK Societas to Meridian Mining Plc, with the name change effective for trading purposes in December 2025. The company notes that this conversion reflects its United Kingdom base and finalizes administrative changes related to Brexit.

Core focus: Cabaçal VMS gold‑copper project

Across its news releases, Meridian consistently describes itself as being focused on the advanced stage Cabaçal VMS gold‑copper project in Mato Grosso. Cabaçal is characterized as an Au‑Cu‑Ag VMS deposit, with historical underground mining and extensive modern drilling. The company reports that a Pre‑Feasibility Study ("PFS Technical Report") titled "Cabaçal Gold‑Copper Project NI 43‑101 Technical Report and Pre‑feasibility Study" was completed with an effective date in March 2025. This technical report outlines a mineral reserve estimate consisting of Proven and Probable reserves of 41.7 million tonnes at 0.63 g/t gold, 0.44% copper and 1.64 g/t silver at a 0.25 g/t gold‑equivalent cut‑off grade.

Meridian’s news disclosures state that the PFS Technical Report presents a base‑case economic evaluation for Cabaçal, including an after‑tax NPV5, internal rate of return, pre‑production capital cost, and an all‑in sustaining cost per ounce of gold equivalent. The company also notes that Cabaçal’s projected production profile is expressed in gold‑equivalent ounces over the life of mine, and that the project benefits, according to the PFS, from high metallurgical recoveries, a low life‑of‑mine strip ratio and the operating cost environment in Brazil. These quantitative details are repeatedly referenced in the company’s news releases as key elements of the Cabaçal project description.

Meridian reports that it has completed an extensive diamond drilling program at Cabaçal in support of a Definitive Feasibility Study (DFS). One corporate update notes that 591 holes totaling 66,487 metres of diamond drilling were completed in Cabaçal and near‑mine areas, supplementing historical work by BP Minerals/RTZ. Additional releases highlight numerous drill intersections of gold‑copper‑silver mineralization from Central Copper Zone, Southern Copper Zone and Eastern Copper Zone positions within the Cabaçal deposit, as well as infill drilling to refine grade distribution and density modelling for the DFS.

Cabaçal DFS and engineering partnerships

In a May 2025 news release, Meridian states that it has engaged Ausenco do Brasil Engenharia Ltda. as lead engineer for the Cabaçal Definitive Feasibility Study. Ausenco is described as having extensive experience with projects similar in scale to Cabaçal. Meridian indicates that the DFS is planned to build on the PFS, with an updated resource and mine plan incorporating drilling completed after the PFS database cut‑off. The company notes that Ausenco has developed a schedule targeting completion of the DFS before the end of the first half of 2026, and that the Cabaçal process flowsheet is expected to remain broadly similar to that used in the PFS, with adjustments such as a finer primary grind.

Meridian also reports that it has shipped bulk core samples from Cabaçal to SGS Canada for DFS‑stage metallurgical testwork, including variability testing and mini pilot plant work, and that the resulting concentrate samples are intended to support marketing discussions with smelter and trading groups. In parallel, the company has announced a non‑binding Letter of Intent with Aurubis AG, described as a globally leading non‑ferrous metals group. Under this LOI, Meridian and Aurubis plan to conduct technical exchanges to optimize Cabaçal’s copper‑gold‑silver sulphide concentrates for flash smelter performance and to advance Meridian’s preparations for compliance with European supply chain due diligence requirements for future concentrate exports.

Santa Helena and the Cabaçal Hub strategy

Meridian’s news releases repeatedly refer to Santa Helena as a second, higher‑grade VMS asset forming part of a broader Cabaçal Hub development strategy. Santa Helena is described as an Au‑Cu‑Ag & Zn project, also located in Mato Grosso, where the company is conducting an expanded resource delineation drill program. Multiple releases detail shallow, high‑grade intersections of gold‑copper‑silver‑zinc mineralization from both eastern and western sectors of the historical Santa Helena mine area.

The company states that drilling at Santa Helena is being used to increase confidence in the geometry and grade continuity of the mineralization, including areas where historical holes were not fully sampled and where past underground mining did not fully extract material at historical cut‑off grades. Some corporate commentary characterizes Santa Helena as having the potential to support a second open pit and to act as a future second processing hub within the Cabaçal belt, although these statements are presented as management views within news releases rather than as completed project outcomes.

Regional exploration: Cabaçal belt, Santa Fé, Cigarra and other targets

Beyond Cabaçal and Santa Helena, Meridian describes an active regional exploration program across the Cabaçal VMS belt and adjacent greenstone belts. The company lists several key exploration areas:

• Santa Fé – identified as approximately 5 km south of Santa Helena, where induced polarization and geochemical surveys have outlined anomalies. News releases report reconnaissance drilling and channel sampling, including gold mineralization hosted in basal quartz conglomerates of the Aguapei Formation, and describe Santa Fé as opening a new frontier for gold exploration in the southeastern part of the Cabaçal project.
• Cigarra – described as a Cu‑Au‑Zn prospect located about 10 km along strike from Cabaçal to the northwest. The company reports mapping of a 2 km‑long chargeability trend with associated soil anomalies and initial drilling that intercepted VMS‑style precious and base metal mineralization, with ongoing drilling to refine vectors toward potential hydrothermal centres.
• Jaurú and Araputanga greenstone belts – repeatedly cited as broader regional exploration areas where Meridian is conducting programs to identify additional gold and base metal targets.
• Alvorada – described as a historical copper anomaly within newly granted exploration licences in the southern sector of the Cabaçal belt, where historical stream geochemistry recorded a peak copper‑in‑stream value higher than those that originally highlighted Cabaçal and Santa Helena.
• Other named targets such as Sucuri South, Santa Helena North, and Chiquito, where reconnaissance drilling and geophysical surveys have indicated sulphide mineralization, chargeability anomalies, or gold‑silver mineralization consistent with hydrothermal systems related to the broader belt.

In its "About Meridian" sections, the company summarizes its focus as:

• Development and exploration of the advanced stage Cabaçal VMS gold‑copper project;
• Initial resource definition at Santa Helena as the first stage of the Cabaçal Hub development strategy;
• Regional‑scale exploration of the Cabaçal VMS belt to expand the hub strategy; and
• Exploration in the Jaurú and Araputanga greenstone belts, all in Mato Grosso, Brazil.

Corporate structure and governance developments

Several news releases provide insight into Meridian’s corporate structure and governance. The company reports that its Brazilian operations are managed through a subsidiary, Rio Cabaçal Mineração Ltda. (RCM). A September 2025 release notes that the Agência Nacional de Mineração (ANM) in Brazil completed the transfer of key mining titles hosting the Cabaçal and Santa Helena mines to RCM under a Cabaçal Purchase Agreement originally signed in 2020.

Meridian also discloses outcomes from its Annual and Special Meeting of shareholders held in June 2025, including approval of directors, re‑appointment of auditors in Canada and the United Kingdom, approval of UK annual accounts, adoption of a new omnibus incentive plan, and shareholder authorization for steps required to convert the company to a public limited company and change its name to Meridian Mining Plc. Subsequent releases confirm that the PLC conversion and name change process was completed, with the new name effective for trading purposes in December 2025, and that the company’s ISIN and CUSIP were updated accordingly while trading symbols remained unchanged.

Management and technical oversight

Meridian’s news releases identify a technical governance framework aligned with National Instrument 43‑101 standards. The company states that Mr. Erich Marques, B.Sc., FAIG, Chief Geologist of Meridian Mining, acts as a Qualified Person responsible for reviewing, verifying and approving technical information in its news releases. The PFS Technical Report for Cabaçal is attributed to a team of external consultants from Ausenco Engineering Canada ULC, Ausenco Chile Ltda., GE21 Consultoria Mineral, Flowsheets Metallurgical Consulting Inc., and other geological consultants, whose names and professional designations are listed in the releases.

Corporate updates also report changes in senior roles, including the appointment of a Chief Development Officer to oversee development and construction of the Cabaçal project, and the appointment of a Chief Financial Officer, with transitions described in the context of the company’s progression toward feasibility studies and potential project financing.

Regulatory and reporting framework

Meridian’s technical and economic disclosures for Cabaçal and Santa Helena are framed within the Canadian NI 43‑101 standard, with repeated references directing readers to the full PFS Technical Report available on SEDAR+ under the company’s profile. The company emphasizes that its technical statements, including mineral reserve estimates and economic projections, are derived from this report and from ongoing drilling and metallurgical testwork. In multiple releases, Meridian includes cautionary statements on forward‑looking information, underscoring that project development timelines, financing plans and future production scenarios are subject to risks and uncertainties.

Position within the mining sector

Based on the information in its public news releases, Meridian Mining Plc can be characterized as a precious and base metals exploration and development company operating within the mining and quarrying sector. While the initial classification provided describes the company under "Dimension Stone Mining and Quarrying" within "Mining, Quarrying, and Oil and Gas Extraction", Meridian’s own disclosures focus on gold, copper, silver and zinc VMS systems and greenstone‑hosted mineralization in Brazil’s Mato Grosso State. Its activities span advanced project evaluation at Cabaçal, resource delineation at Santa Helena, and belt‑scale exploration across multiple prospects.

FAQs about Meridian Mining Plc (MRRDF)

• What does Meridian Mining Plc do?
  According to its news releases, Meridian Mining focuses on the development and exploration of the advanced stage Cabaçal VMS gold‑copper project, the initial resource definition at the Santa Helena Au‑Cu‑Ag & Zn project, and regional exploration across the Cabaçal VMS belt and the Jaurú and Araputanga greenstone belts in Mato Grosso, Brazil.
• Where are Meridian Mining’s main projects located?
  The company states that its principal projects, including Cabaçal and Santa Helena, as well as regional targets such as Santa Fé and Cigarra, are located in the State of Mato Grosso, Brazil.
• What commodities is Meridian Mining primarily focused on?
  Meridian’s disclosures emphasize gold, copper and silver at the Cabaçal VMS project, and gold, copper, silver and zinc at the Santa Helena project. Regional exploration also targets precious and base metals consistent with VMS and greenstone belt settings.
• What is the Cabaçal project?
  Cabaçal is described by the company as an advanced stage Au‑Cu‑Ag VMS project in Mato Grosso, Brazil. It has a NI 43‑101 Pre‑Feasibility Study Technical Report that includes a mineral reserve estimate of Proven and Probable reserves totaling 41.7 million tonnes at 0.63 g/t gold, 0.44% copper and 1.64 g/t silver at a 0.25 g/t gold‑equivalent cut‑off grade.
• What is the Cabaçal Hub development strategy?
  In its "About Meridian" sections, the company explains that the Cabaçal Hub development strategy is based on the advanced Cabaçal VMS gold‑copper project and the initial resource definition at the higher‑grade VMS asset at Santa Helena, combined with regional‑scale exploration of the broader Cabaçal VMS belt.
• What is the status of the Cabaçal Definitive Feasibility Study?
  Meridian reports that it has appointed Ausenco do Brasil Engenharia Ltda. to lead the Cabaçal DFS and that the study is intended to build on the existing PFS. The company indicates that extensive DFS‑support drilling has been completed and that metallurgical testwork is underway, with a targeted DFS completion timeline before the end of the first half of 2026 as outlined in a May 2025 release.
• What is the Santa Helena project?
  Santa Helena is described as an Au‑Cu‑Ag & Zn project in Mato Grosso, Brazil, and as a second, higher‑grade VMS asset within the Cabaçal belt. Meridian is conducting an expanded resource delineation drill program there, reporting multiple shallow high‑grade intersections and using the data to refine the geometry and grade continuity of the mineralization.
• How does Meridian describe its regional exploration programs?
  The company states that it is advancing regional‑scale exploration of the Cabaçal VMS belt, including targets such as Santa Fé, Cigarra, Sucuri South, Santa Helena North and Alvorada, as well as exploration in the Jaurú and Araputanga greenstone belts. These programs involve geophysical surveys, geochemical sampling and reconnaissance drilling.
• Where is Meridian Mining headquartered?
  Meridian’s news releases list its corporate office in London, United Kingdom, and explain that the company converted from Meridian Mining UK Societas to Meridian Mining Plc as a United Kingdom public limited company.
• On which exchanges does Meridian Mining trade?
  Company news identifies Meridian’s listings as TSX: MNO, Frankfurt (including N2E or 2MM/Tradegate) and OTCQX: MRRDF. The company notes that its trading symbols remained unchanged through the 2025 PLC conversion and name change process.