Meridian Mining (TSX: MNO; US-OTC: MRRDF) has raised $57.5 million (US$41.5 million) to advance its Cabaçal copper-gold project in western Brazil.
The February financing is to pay for long-lead equipment, early road and bridge work and a much larger drill program across the wider belt. It follows a March 2025 feasibility study, which gave Cabaçal a post-tax net present value of US$984 million, a 61% internal rate of return and initial capital of US$248 million.
“We’re very focused on production,” CEO Gilbert Clark told The Northern Miner video host Devan Murugan last month in Toronto.
Meridian is to spend first on a semi-autonomous grinding mill, transformers and the gravity circuit before stepping up civil works and lifting exploration spending almost fivefold this year. Its ground runs more than 50 km from Cabaçal toward Santa Helena, while a separate 7-km copper anomaly at Jauru gives it another growth target beyond the first mine.
Watch the full interview below:
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