Meridian Mining SE (MNO) AI Stock Analysis

• Market Cap: C$728.42M
• Dividend Yield: N/A
• Average Volume (3M): 649.08K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.93
• Revenue Growth: N/A
• EPS Growth: -23.64%
• Country: CA
• Employees: 73
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.01
• Shares Outstanding: 418,634,770
• 10 Day Avg. Volume: 906,033
• 30 Day Avg. Volume: 649,079
• PEG Ratio: -0.19
• Price to Book (P/B): 8.32
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.96
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$2.75
• Price Target Upside: 58.05% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: C$2.00 ▲(14.94% Upside)

The score is held back primarily by very weak financial performance (no reported revenue, sizeable losses, and ongoing cash burn), partially offset by a debt-free balance sheet with improved equity. Technicals and recent positive project/regulatory milestones support near-term sentiment, but valuation is constrained by negative earnings and the lack of a dividend yield.

Positive Factors

High-Grade Mineral Discoveries

The discovery of high-grade mineral zones at Cabaçal enhances the project's resource potential, positioning Meridian for future growth and strengthening its competitive advantage in the mining industry.

Strong Economic Potential of Cabaçal Project

The Cabaçal project's strong economic metrics indicate high-margin potential, promising substantial returns and positioning it as a significant asset in Brazil's mining sector.

Successful Capital Raise

The successful capital raise provides financial resources to advance the Cabaçal project, supporting exploration and development, and demonstrating strong investor confidence in Meridian's growth potential.

Negative Factors

No Revenue and Persistent Losses

The absence of revenue and ongoing losses highlight operational challenges, undermining financial stability and limiting the company's ability to self-fund its projects.

Negative Cash Flows

Consistently negative cash flows indicate reliance on external financing, which can strain resources and limit flexibility, posing a risk to long-term sustainability.

Weak Financial Health

Weak financial health, despite low leverage, suggests vulnerability to market fluctuations and operational setbacks, potentially impacting long-term strategic initiatives.

Meridian Mining SE Business Overview & Revenue Model

Company Description

Meridian Mining UK Societas, together with its subsidiaries, engages in the acquisition, exploration, and development of mineral properties in Brazil. The company explores for manganese, gold, copper, and tin deposits. It holds interest in the Espigão polymetallic project and the Ariquemes tin project located in Rondônia. The company also has an option to acquire a 100% interest in the Cabaçal copper-gold project located in the state of Mato Grosso; and the Mirante da Serra project located in Rondônia. The company was formerly known as Meridian Mining S.E. Meridian Mining UK Societas was founded in 2013 and is headquartered in London, the United Kingdom.

How the Company Makes Money

Meridian Mining SE generates revenue through the exploration and development of its mineral resource projects, primarily focusing on the Cabaçal copper-gold project in Brazil. The company aims to monetize its assets by advancing these projects towards production, either through direct mining operations or through partnerships and joint ventures with other mining companies. Revenue streams are expected to be generated from the sale of extracted minerals such as copper, gold, and potentially other associated minerals. Additionally, the company may secure funding through equity financing, debt, or strategic partnerships to support its exploration and development activities.

Meridian Mining SE Financial Statement Overview

Summary

Fundamentals are very weak: TTM shows no reported revenue, a large net loss (~-20.4M), and negative operating/free cash flow (~-13.3M/~-13.7M), indicating sustained cash burn. The main offset is a low-risk capital structure with no reported debt and improved equity, but returns remain deeply negative due to ongoing losses.

Income Statement

Operating performance is very weak. In TTM (Trailing-Twelve-Months), the company generated no reported revenue and posted a large net loss (about -20.4M), with losses also reflected at the gross profit and operating levels. Results have generally deteriorated versus 2022 (which showed a brief profit), and profitability remains structurally challenged without a stable revenue base.

Balance Sheet

The balance sheet shows no reported debt across periods, which materially lowers financial risk. Equity has improved significantly (positive and much higher in TTM versus prior annual periods), supporting a stronger capitalization profile. However, returns on equity are deeply negative in TTM due to ongoing losses, and the business is not currently generating returns on the asset base.

Cash Flow

Cash generation is weak, with negative operating cash flow and negative free cash flow in TTM (roughly -13.3M and -13.7M). Free cash flow has also declined versus the last annual period (negative growth), indicating rising cash burn. While free cash flow tracks net income closely (losses are being funded with cash outflows rather than accounting-only charges), the sustained negative cash profile increases funding risk over time.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	241.02K
Gross Profit	-200.00K	-73.92K	-62.45K	-133.00K	-48.02K	-91.37K
EBITDA	-20.23M	-18.00M	-11.75M	1.15M	-9.38M	-2.71M
Net Income	-20.45M	-18.23M	-11.99M	800.11K	-37.58M	-7.53M
Balance Sheet
Total Assets	50.28M	11.23M	17.45M	15.25M	16.19M	10.94M
Cash, Cash Equivalents and Short-Term Investments	45.64M	7.71M	7.10M	6.17M	9.06M	4.52M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	2.94M	2.04M	2.43M	3.63M	19.90M	7.71M
Stockholders Equity	47.34M	9.19M	15.02M	11.62M	-3.72M	3.22M
Cash Flow
Free Cash Flow	-13.74M	-12.83M	-11.87M	-9.30M	-7.45M	-2.22M
Operating Cash Flow	-13.27M	-12.12M	-10.60M	-9.05M	-6.49M	-2.20M
Investing Cash Flow	-446.75K	-704.31K	-1.26M	-173.68K	-941.67K	252.63K
Financing Cash Flow	48.49M	14.06M	12.71M	6.61M	12.00M	5.81M

Meridian Mining SE Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.74
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MNO, the sentiment is Positive. The current price of 1.74 is above the 20-day moving average (MA) of 1.57, above the 50-day MA of 1.57, and above the 200-day MA of 1.09, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 60.88 is Neutral, neither overbought nor oversold. The STOCH value of 64.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MNO.

Meridian Mining SE Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ALDE	60 Neutral	C$558.81M	-59.62	-6.72%	―	―	-572.97%
NICU	55 Neutral	C$864.35M	111.20	6.21%	―	―	―
MNO	52 Neutral	C$728.42M	-18.66	-62.98%	―	―	-23.64%
WRN	52 Neutral	C$903.19M	-217.02	-1.92%	―	―	41.98%
FWZ	52 Neutral	C$778.13M	-14.87	-106.96%	―	―	0.74%
NCX	51 Neutral	C$887.09M	-85.71	-31.51%	―	―	11.83%

Meridian Mining SE Corporate Events

Meridian Mining Upsizes Bought Deal Financing to C$50 Million to Advance Brazilian Gold-Copper Projects

Meridian Mining has upsized its previously announced bought deal equity financing to C$50 million following strong investor demand, with underwriters Stifel Canada and BMO Capital Markets now agreeing to purchase 31.6 million common shares at C$1.58 each, plus an over-allotment option that could lift total gross proceeds to approximately C$57.5 million. The company plans to use the funds primarily to advance a definitive feasibility study for its flagship Cabaçal gold-copper project, progress Santa Helena to an initial resource, expand regional exploration across the Cabaçal VMS belt, and support general corporate and working capital needs, reinforcing its growth strategy and funding runway for key Brazilian exploration and development assets.

The most recent analyst rating on (TSE:MNO) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Meridian Mining SE stock, see the TSE:MNO Stock Forecast page.

Meridian Mining Locks in C$40 Million Bought Deal for Brazilian Projects

Meridian Mining plans to raise roughly C$40 million through a bought-deal sale of 25.3 million shares at C$1.58, with underwriters holding a 15% over-allotment option that could lift proceeds to about C$46 million and closing expected around February 12 pending customary approvals. Net proceeds are earmarked for the Cabaçal definitive feasibility study, Santa Helena resource work, wider belt exploration, and general corporate needs, bolstering Meridian’s push toward project development and strengthening liquidity for its Brazilian growth pipeline.

The most recent analyst rating on (TSE:MNO) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Meridian Mining SE stock, see the TSE:MNO Stock Forecast page.

Meridian Mining Expands Cabaçal Resources and Declares Maiden Santa Helena Central Estimate

Meridian Mining has updated the measured and indicated mineral resource estimate for its Cabaçal gold-copper-silver project, expanding the open-pittable resource to 70.1 million tonnes grading 0.6 g/t gold, 0.3% copper and 1.3 g/t silver, representing significant increases in contained metal and leaving mineralization open at depth. The company also declared a maiden open-pittable resource at the nearby Santa Helena Central deposit, totalling 5.3 million tonnes with gold, copper, silver, zinc and lead, and reported that its granted exploration rights across the Cabaçal, Jauru and Araputanga greenstone belts have more than doubled, reinforcing the potential for the Cabaçal VMS Belt to emerge as a multi-hub mining district and supporting the ongoing definitive feasibility and exploration programs in Brazil.

The most recent analyst rating on (TSE:MNO) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Meridian Mining SE stock, see the TSE:MNO Stock Forecast page.

Meridian Mining Announces Leadership Changes and Name Update

Meridian Mining has announced key corporate updates, including the appointment of David Halkyard as Chief Financial Officer and Catherine Apthorpe as Corporate Secretary. The company has also completed its name change to Meridian Mining Plc, aligning with its conversion to a public limited company in the UK. These changes reflect Meridian’s strategic focus on advancing the Cabaçal project and its broader exploration initiatives, which are expected to enhance its market positioning and operational capabilities.

The most recent analyst rating on (TSE:MNO) stock is a Buy with a C$2.00 price target. To see the full list of analyst forecasts on Meridian Mining SE stock, see the TSE:MNO Stock Forecast page.