TSX-listed gold and copper-focused Meridian Mining has applied for listing on the main market of the London Stock Exchange (LSE) by May 1.

Meridian aims to offer exposure to its Brazilian gold and copper development for European investors and to enable the potential inclusion of the company’s ordinary shares to the Financial Times Stock Exchange UK Index Series.

Meridian’s ticker symbol on the LSE will be “MNO” as it is on the TSX.

The company has also announced a proposed equity offering of new ordinary shares to raise gross proceeds of up to £25-million, or $33-million, at a price of £0.92 apiece by way of an institutional placing and a separate retail offer.

The institutional placing targets the raise of £22.5-million while the retail investor offering aims to raise £2.5-million.

The net proceeds of the fundraising, together with £55-million of Meridian’s existing cash on hand, will be used to fund development activity at the Cabaçal gold and copper project, in Brazil.

The proceeds will cover deposits for long lead items, advanced infrastructure, civil works, working capital and general corporate costs.

Cabaçal historically operated as a small selective underground mine in the 1980s.

Meridian finds in a 2025 prefeasibility study on the project that it has an after-tax internal rate of return of 61% and net present value of $984-million. It envisions an openpit operation producing 141 000 oz of gold equivalent over an initial ten-year mine life.

The company says the mineral reserve on site is relatively shallow, with medium-sift ore and a high-grade gold/copper zone close to surface, which makes processing technically simple, fast and profitable.

A definitive feasibility study on the project will be published by the fourth quarter.

Meridian confirms the project has advanced well with permitting, with a preliminary licence having been granted last year. The group continues to conduct district-scale exploration for more copper, gold, silver and zinc discoveries.

The company’s Santa Helena Central project is next in line for further drilling, development studies and near-mine exploration to test expansion potential.

Regional geophysical and geochemical surveys continue across the wider 50 km-long Cabaçal Greenstone Belt, generating additional targets, and are planned to extend into the neighbouring Araputanga and Jauru Greenstone Belts.