How much bigger could the second project become?

Uh, we think there's tremendous exploration and resource upside at, at Santa Helena, and that's actually why, uh, we went for the initial, uh, wh- which we call the preliminary license.

Um, we've actually permitting that as a second hub.

So we don't see it just as a satellite open pit operation.

We see that resource potential at Santa Helena, which is really not yet factored into our share price, as a second producing hub.

Now, overall, that could ...

If we get that PL granted and then go on to build a second, uh, producing hub there, that would take our throughput from 4.5 up to 5.7 million tons.

How, how much bigger could your Brazilian platform become if you look beyond Cabasal?

right.

All those very important things when you're a young man of, you know, barely 30 years old.

So I came in at that point, and for me, it was a little bit different because...

You know, I had been in bands before, made major label records that weren't successful, so I was very appreciative of, you know, my opportunity there.

So I was game for everything.

You know, it's like they said, hey, we're getting... gold records tonight or radio station is giving an award.

I was like, I'll do it.

What was Randy Castillo like? And I'll ask the same to you, Galen.

Once again, Gilbert, what the is blister copper? Talk to me like I'm five.

Well, I drove good to be on the, on the show as always.

I'm happy to continue to be part of it.

I think before we say what it is, you've got to ask yourself, why do you do it? And that's your first question to the investor.

Why did you do this? Well, I would say 99.99% of the junior market retail, even some of the institutional guys, have never seen a PR like this.

And the reason you do it is everyone's got a copper mine.

And as I've said many times across the years, if you don't have good metallurgy, you don't have good cash flow.

um,

How significant is this? And how does it change your thinking about the overall scale of the system?

Yeah, Trev, look, it was, it was actually quite a significant evolution, the St Helena.

So what we've done, we've done a whole range of surface geophysics and surface geochem over the St Helena target.

And so we've got the resource of St Helena Central, and to the north of that is actually an IP anointing, which we've called St Helena North.

um we drilled an earlier hole there it had some anomalous values so we thought okay look let's drill down deep of it so we essentially we drilled through collared the hole i think 150 200 meters to the south of it and of the inner surface of normal And we drilled down and it was, we could see the, in the upper part of the hole, there was a bit of mineralization that we associated with the central and we continued down, uh, to about 108 meters.

Uh, I know it wasn't 108 meters.

It was, um, oh gosh, what was the depth? 170 meters, I think that, 170 centimeters.

So let's maybe talk about those next key milestones of what investors should expect over the next six, 12 months as the project really does move closer to a construction decision.

So with that, Gilbert, thanks for joining us.

Thank you, Luke, and thank you, everyone, for joining the call this afternoon.

I'm based in France.

I'm the CEO of the company.

I joined the company in 2018.

We had to go through a structure, restructure, which was completed in 2020, and in 2020, August 2020, acquired the rights to develop the Cabasao copper gold mine.

This is an historical greenstone belt that's effectively slid under the public capital markets since when it was closed in 1991.

Was that, so was that a gold mineralization? Was that kind of an overprint of gold similar to what occurred at Cabasol then? A secondary event?

What specifically does the London listing give you? I think

to explain that, we have to sort of look back over the last sort of two or 18 months where we had a good reset with the publication of the DFS in March of last year.

PFS, I should say.

And the stock reacted well, but I just felt that there was...

There was something missing that I was missing.

The company and our shareholders weren't benefiting from on the TSX.

And we looked at maybe we could get this answer to it on the ASX.

Are you going to have a sufficient number of shares for trading on exchange, and is there going to be any effect to existing shareholders?

Can you talk about... you know why the timing with getting some of the store the stuff ordered what is being ordered and how is this kind of like you know you're balancing a lot of things here in 2026. i

wouldn't actually say that we're doing it quickly i would say this is the normal speed to develop a mining project in Brazil, um, integrated legislation, supportive, um, governments, both at federal and state level and local level.

So that's very important.

But, um, I guess this is, you know, we just, we take a step back here, Trev, we know we picked up the project.

November 2020, we had grounds on the ground and by the end of March 2021, first resource September 22, PEA March 23, then the DFS March last year.

Oh, the PFS, and now we're into the definitive feasibility study.

We did a lot of counter-cycle studies.

This is unique because it's just the London Stock Exchange just kind of I don't know, it's not a whole lot of activity, not a whole lot of From what I'm hearing from peers here, Gilbert, why not consider the TSX and uplisting on the TSX or the NYSE or, you know, AmeriShift?

We've been

very conservative in how we've gone about this great estimation.

which we've had an effect of subduing the grades to ensure a higher certainty.

We've also looked at the metallurgy, which is the difference between sort of disseminated lower grade material that forms into the open pit and the higher grade massive sulphide.

And also, what we've always liked is to have strict geological control over your ore bodies, your mineralised deposits.

So what we have is In-field drilling, we had a lot of control on the extent of the massive sulphide.

We could see where it swirled, where it pinched.

But what is the general theme with some of the blue sky potential that you laid out in the news release this morning?

As we kind of look back on the year before we look ahead in 2026, you know, give us a sense of everything that the company was able to accomplish with that Cabasol VMS belt down in Brazil.

Well, thanks, Jim.

Well, we'll be back on the podcast, the last one for the year.

2026 was a pretty robust year, 2025, so it was a very robust year.

For the company and its shareholders, we saw some revaluation of the equities through execution, which is what we always like to see.

We had good, like the DFS came out.

Sorry, DFS, no, PFS came out.

Like, is the team prepared or like, is that option A? For this Meridian mining, be the operator.

What does it all mean?

What does it all mean? What it means is this is the validation of decisions that we had to make on behalf of the shareholder back towards the end of 2021.

So we had already seen the results of the drilling program.

We could see the metallurgy looked very promising.

We could see that the environmental mining agencies in Mato Grosso were very positive towards us.

So we made the decision that we would in great, I mean really in advance of how you normally do it, but we had enough data to be able to achieve that, we started the process of collating all of the information, the environmental information, the mining information, metallurgical, conceptual diagrams, diagrams, consultation with the communities.

Starting in 2021, two years of that work just in the data gathering, 12 months of consultation, and then sort of follow-up questions in this year that we actually achieved, which is very much it's essentially your – It says the Kosima Council have looked at the project and they've said this has economic merits.

But what else do we need to be covering here in this conversation while we have you?

of Meridian Mining here moving forward in the next few months?

In the next few months, really, for Q4 this year, we want to see that, you know, fingers crossed we get the preliminary license grant.

We're pretty confident on that.

We've done a lot of really first-class data preparation, community consultation, and going to the vote and the review.

We've got the resource of St. Helena coming out in December.

We're quite happy with the progression of that.

And we've also started doing some exploration along the belt.

Are you getting much valuation for Santolina right now in your mind?