Meridian Mining plc
MNO · Main Market · Basic Resources · mcap £602m · 119.5p
Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value
Source: results 13 Aug 26 ↗
Going-concern uncertainty
- Market cap
- £582.5m
- Owner’s net cash
- £72.4m
- Net cash / market cap
- 12%
- EV ex leases
- £510.1m
- Price / tangible book
- 7.56×
Share price × shares in issue (from the company’s voting-rights notices)
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since£72.4m − £0.0m − £0.0m − £0.0m = £72.4m
Owner’s net cash ÷ Market cap£72.4m ÷ £582.5m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£582.5m + £0.0m − £72.4m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £510.1m
Market cap ÷ Tangible book£582.5m ÷ £77.1m
Market value
- Market cap
- £582.5m
Share price × shares in issue (from the company’s voting-rights notices)
Cash and debt · balance sheet 2026-06-30
- Cash
- £72.4m
- Borrowings
- £0.0m
- Net cash / (debt) ex leases
- £72.4m
- Lease liabilities
- £0.0m
- Owner’s net cash
- £72.4m
- Net cash / market cap
- 12%
- Cash − total liabilities
- £70.3m
Balance sheet 2026-06-30
Borrowings, current + Borrowings, non-current£0.0m + £0.0m
Cash − Borrowings£72.4m − £0.0m = £72.4m
Lease liabilities, current + non-current (left out of net cash and EV ex leases)£0.0m + £0.0m
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since£72.4m − £0.0m − £0.0m − £0.0m = £72.4m
Owner’s net cash ÷ Market cap£72.4m ÷ £582.5m
Cash − Total liabilities (the strictest view: cash covers everything owed)£72.4m − £2.1m = £70.3m
Last twelve months · missing
- Revenue
- –
- Operating profit
- –
- EBITDA (pre-IFRS 16)
- –
- Net income (owners)
- –
- Cash from operations
- –
- Free cash flow after leases
- –
Revenue, last twelve monthsmissing
Operating profit, last twelve monthsmissing
Operating profit + Depreciation (owned assets) + Amortisation
Net income (owners), last twelve monthsmissing
Cash from operations, last twelve monthsLTM incomplete
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid
Enterprise value
- EV ex leases
- £510.1m
- EV incl. leases
- £510.1m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£582.5m + £0.0m − £72.4m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £510.1m
EV ex leases + Lease liabilities£510.1m + £0.0m
Valuation at today’s market cap
- EV / EBIT
- –
- EV / EBITDA
- –
- FCF yield
- –
- Price / book
- 7.56×
- Tangible book
- £77.1m
- Price / tangible book
- 7.56×
- NCAV (net current asset value)
- £70.8m
- Price / NCAV
- 8.23×
- Net-net working capital
- £70.3m
EV ex leases ÷ Operating profit (LTM)£510.1m ÷ –
EV ex leases ÷ EBITDA (pre-IFRS 16)£510.1m ÷ –
Free cash flow after leases ÷ Market cap– ÷ £582.5m
Market cap ÷ Total equity£582.5m ÷ £77.1m
Total equity − Goodwill − Other intangibles£77.1m − £0.0m − £0.0m
Market cap ÷ Tangible book£582.5m ÷ £77.1m
Current assets − Total liabilities£72.9m − £2.1m
Market cap ÷ NCAV£582.5m ÷ £70.8m
Cash + 75% × Trade receivables + 50% × Inventories − Total liabilities£72.4m + 0.75 × £0.0m + 0.5 × £0.0m − £2.1m
Returns and quality
- ROCE
- –
- ROE
- –
- Current ratio
- –
- Net debt / EBITDA
- net cash
- Accruals ratio
- –
Operating profit (LTM) ÷ (Total assets − Current liabilities)– ÷ (£79.1m − £0.0m) = – ÷ –
Net income (owners, LTM) ÷ Total equity– ÷ £77.1m
Current assets ÷ Current liabilities£72.9m ÷ £0.0m
(Borrowings − Cash) ÷ EBITDA (pre-IFRS 16)
(Net income − Cash from operations) ÷ Total assets – high: profit not backed by cash(– − –) ÷ £79.1m
H1 26 vs H1 25 · results 13 Aug 26 ↗
- Cash from operations
- −£7.0m prior −£5.0m
Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.
The statement exactly as printed in one results announcement – its own columns (the period and its comparatives), lines and headings, in the company's currency and units. Choose the report above; to compare several years, use Key figures.
Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.
Latest report: H1 26 (six months to 30 Jun 26), published 13 Aug 26 · read the results ↗
The income statement could not be read from this announcement – open the announcement ↗ or see Key figures.
| 30 June 2026 $ | 31 December 2025 $ | |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipment | 2,003,167 | 750,927 |
| Intangible assets | 35,036 | 45,585 |
| Exploration and evaluation assets | 6,268,868 | 3,329,764 |
| Total non-current assets | 8,307,071 | 4,126,276 |
| Current assets | ||
| Cash and cash equivalents | 95,975,354 | 41,709,473 |
| Prepaid expenses and other assets | 589,459 | 285,219 |
| Total current assets | 96,564,813 | 41,994,692 |
| Total assets | 104,871,884 | 46,120,968 |
| Current liabilities | ||
| Accounts payables and accrued liabilities | 2,261,972 | 2,665,576 |
| Provisions | 373,128 | 351,967 |
| Taxes and fees payable | 111,339 | 177,940 |
| Total liabilities | 2,746,439 | 3,195,483 |
| Net assets | 102,125,445 | 42,925,485 |
| Equity attributable to equity holders of the parent | ||
| Share capital | 5,491,760 | 4,693,092 |
| Share premium | 106,804,084 | 35,487,829 |
| Other reserves | 70,529,791 | 70,616,063 |
| Deficit attributable to ordinary shareholders | (80,700,190) | (67,871,499) |
| Total equity | 102,125,445 | 42,925,485 |
| 2026 $ | 2025 $ | |
|---|---|---|
| Cash flows from operating activities | ||
| Loss before tax for the period | (12,828,691) | (6,764,829) |
| Adjustments for | ||
| Finance expense | 83,601 | 10,663 |
| Depreciation and amortisation expenses | 130,110 | 89,613 |
| Gain on sale of mineral rights | (19,385) | - |
| Share-based payments | 395,572 | 1,001,584 |
| Foreign exchange loss/(gain) | 3,570,851 | (708,126) |
| Items affecting cash | ||
| Interest paid | - | (6,428) |
| Disbursements related to environmental provision | - | (5,873) |
| Changes in non-cash working capital items | ||
| Decrease prepaid expenses and other assets | (294,514) | 145,078 |
| Increase in trade and other payables | (345,672) | (179,915) |
| Decrease/(increase) in taxes and fees | (68,499) | (15,446) |
| Net cash used in operating activities | (9,376,627) | (6,433,679) |
| Cash flows from investing activities | ||
| Acquisition of exploration and evaluation assets | (1,218,170) | (259,255) |
| Acquisition of the property, plant and equipment and intangibles | (1,329,890) | (52,511) |
| Proceeds from sale of mineral rights | 19,385 | - |
| Net cash used in investing activities | (2,528,675) | (311,766) |
| Cash flows from financing activities | ||
| Proceeds from public offering financing | 76,155,736 | 12,127,300 |
| Share issuance costs related to the public offering financing | (6,653,285) | (80,036) |
| Proceeds from exercise of options and agent's compensation | 288,256 | 829,657 |
| Net cash from financing activities | 69,790,707 | 12,876,921 |
| Net increase in cash and cash equivalents | 54,265,881 | 7,005,580 |
| Cash and cash equivalents at 1 January | 41,709,473 | 7,710,874 |
| Effect of exchange rate fluctuations on cash held | (3,619,524) | 874,104 |
| Cash and cash equivalents at 30 June | 95,975,354 | 14,716,454 |
| Non-cash investing and financing transactions | ||
| Share issuance costs related to the public offering financing $ | 34,813 | - |
The income statement could not be read from this announcement – open the announcement ↗ or see Key figures.
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| (Expressed in United States dollars) | ||
| ASSETS | ||
| Current assets | ||
| Cash $ $ | 74,373,481 | 41,709,473 |
| Prepaid expenses and other assets | 631,048 | 285,219 |
| Total current assets | 75,004,529 | 41,994,692 |
| Non-current assets | ||
| Property, plant and equipment | 957,562 | 750,927 |
| Intangible assets | 63,053 | 45,585 |
| Exploration and evaluation assets | 3,477,297 | 3,329,764 |
| Total assets $ $ | 79,502,441 | 46,120,968 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Current liabilities | ||
| Accounts payable and accrued liabilities $ $ | 1,817,544 | 2,665,576 |
| Taxes and fees payable | 138,801 | 177,940 |
| Provisions | 369,347 | 351,967 |
| Total current liabilities | 2,325,692 | 3,195,483 |
| Equity | ||
| Share capital | 5,152,881 | 4,693,092 |
| Share premium | 75,754,134 | 35,487,829 |
| Reserves | 70,481,960 | 70,616,063 |
| Deficit | (74,212,226) | (67,871,499) |
| Total equity | 77,176,749 | 42,925,485 |
| Total liabilities and equity $ $ | 79,502,441 | 46,120,968 |
| 2026 | 2025 | |
|---|---|---|
| (Expressed in United States dollars) | ||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| L oss for the period $ $ | (6,340,727) | (3,149,205) |
| Items not affecting cash | ||
| Finance expense | 30,302 | 5,560 |
| Depreciation and amortization expenses | 46,505 | 46,258 |
| Share-based payments | 259,595 | - |
| Foreign exchange loss (Note14) | 1,612,420 | 117,297 |
| Items affecting cash | ||
| Interest paid | (2,273) | (3,342) |
| Disbursements related to provisions | - | (4,020) |
| Changes in non-cash working capital items | ||
| Prepaid expenses and other assets | (342,282) | 78,576 |
| Accounts payable and accrued liabilities | (925,915) | 367,632 |
| Taxes and fees payable | (44,433) | (17,407) |
| Net cash used in operating activities | (5,706,808) | (2,558,651) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Acquisition of exploration and evaluation assets | (150,000) | (8,739) |
| Additions to property, plant and equipment and intangible | (213,177) | (45,215) |
| Net cash used in investing activities | (363,177) | (53,954) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from private placement financing | 42,226,562 | 12,127,300 |
| Share issuance costs related to the private placement financing | (2,284,541) | (80,036) |
| Subscription receipts | - | 86,909 |
| Proceeds from the exercise of options | 288,254 | 580,620 |
| Net cash provided by financing activities | 40,230,275 | 12,714,793 |
| Effect of foreign exchange on cash | (1,496,282) | 30,436 |
| Net change in cash | 32,664,008 | 10,132,624 |
| Cash, beginning of the period | 41,709,473 | 7,710,874 |
| Cash, end of the period $ $ | 74,373,481 | 17,843,498 |
| 30 Jun 26 | 31 Dec 25 | |
|---|---|---|
| Non-current assets | ||
| Other intangibles | – | 0.0 |
| Property, plant & equipment | 1.5 | 0.6 |
| Non-current assets | 6.3 | 3.1 |
| Current assets | ||
| Cash | 72.4 | 31.0 |
| Current assets | 72.9 | 31.2 |
| Total assets | 79.1 | 34.2 |
| Current liabilities | ||
| Trade payables | 1.7 | 2.0 |
| Non-current liabilities | ||
| Total liabilities | 2.1 | 2.4 |
| Equity | ||
| Total equity | 77.1 | 31.9 |
| 30 Jun 26 | |
|---|---|
| Non-current assets | |
| Property, plant & equipment | 1.5 |
| Non-current assets | 6.3 |
| Current assets | |
| Cash | 72.4 |
| Current assets | 72.9 |
| Total assets | 79.1 |
| Current liabilities | |
| Trade payables | 1.7 |
| Non-current liabilities | |
| Total liabilities | 2.1 |
| Equity | |
| Total equity | 77.1 |
No annual income statement figures were extracted for this company yet. See the latest results ↗
No annual cash flow figures were extracted for this company yet. See the latest results ↗
Read automatically from each results announcement. Check the source before relying on a figure.
Spotted an error in this income statement? Report it
Company filings. Not investment advice.