Merida Minerals

Merida Minerals

An Experienced Miner Capitalizing on Spain’s Zinc-Copper Deposits

This Merida Minerals profile is part of a paid investor education campaign.*



Mining jurisdictions are nearly as important as the target mineral. Companies are more likely to succeed in a mining-friendly jurisdiction with clear policies, a stable political landscape, and a robust mining infrastructure. For example, Spain is a prime mining jurisdiction with a clear legal framework and trained local workforce. Additionally, Spain is considered the most mineral-rich country in Western Europe, making it attractive to mining companies.

Zinc outperformed expectations by hitting a 14-year high in 2021. As the fourth most widely consumed metal, it has applications , such as creating anti-corrosive alloys, pioneering new battery technology, and creating strong galvanized steel. Demand for the multipurpose metal is expected to continue its upward trend as clean technology takes the main stage. The copper market, another multipurpose metal, is expected to grow by a compound annual growth rate . Mining companies targeting these increasingly-important metals are setting themselves up for long-term success.

Merida Minerals (TSXV:ESPN) is an exploration and development mining company, focused on zinc-copper-lead deposits in Spain. A strong management team leads the company with a combined 80 years of experience leading mining operations in multiple countries, including Spain. Its flagship project contains promising mineralizations that the experienced managers believe are ideal for repeating past successes. Merida Minerals’ focus is growth via new acquisitions and identifying additional assets with potential.
Merida Minerals Major Components of Iberian Geology

The company’s flagship project, Puebla de la Reina, covers nearly 9,000 hectares and has two promising mineralization areas with encouraging historical exploration results. In addition, the asset has a robust local infrastructure and is only five kilometers away from the nearest city. Promising copper-zinc-lead mineralizations and encouraging historical results make Puebla de la Reina a solid project, forming the backbone of the company’s portfolio.

Multiple management team members were responsible for founding Iberian Minerals, the most significant base metals project in Europe and the largest employer in Southern Spain. Iberian Minerals went public in 1997, and Trafigura became a primary investor, eventually acquiring 52.2 percent of the company for a total evaluation of C$995 million. Managers that were instrumental in the impressive growth of Iberian Minerals are now focusing on repeating their success with Merida Minerals.

CEO of Merida Minerals, and former Iberian executive chairman, Norman Brewster , “My team and I are very pleased to be returning to a prolific mining jurisdiction, where we have enjoyed both great success and government support. And we look forward to replicating our previous endeavors.”

The company’s experienced management team is one of its biggest strengths. Norman Brewster, CEO, has over 30 years of experience leading mining operations and holds a bachelor’s of science degree. Kyle Appleby, CFO, brings 18 years of experience managing corporate finances for multiple industries, including cannabis and natural resources. Brian H. Newton, chief geologist, has 35 years of experience ranging from business development to program management and has been active in Spain, Mexico, and Columbia.

Company Highlights

  • Merida Minerals is an exploration and development mining company, led by a management team with directly relevant experience in building one of the most significant mining operations in Europe.
  • The company's flagship project, Puebla de la Reina, has received historical exploration but minimal development. It contains two encouraging mineralizations that will receive additional exploration and potential development.
  • One of Merida Minerals’ biggest strengths is its management team, having led previous companies to impressive success, such as Iberian Minerals, which reached a total evaluation of C$995 million.
  • New asset acquisition of promising assets is at the core of the company’s growth strategy and exploring its current flagship project.

Key Projects

Puebla de la Reina Zinc-Copper-Lead Projec

Merida Minerals Puebla de la Reina Zinc-Copper-Lead Project

The project covers nearly 9,000 hectares and contains two significant mineralizations that warrant additional exploration. Merida Minerals is now seeking to fully develop the property by leveraging the directly relevant experience of its management team. As COVID-19 restrictions ease, and metals found within the asset reach new highs, the company is optimistic about the future of Puebla de la Reina.

Project Highlights:

  • Historical Exploration but No Significant Development: The project has received attention from two previous entities dating back 40 years. The Geological Society of Spain first examined the property roughly 40 years ago, followed by Outokumpu (OTCMKTS:OUTKY) conducting further exploration ten years later.
  • Encouraging Historical Resource Estimate: Outokumpu created a provisional resource estimate of 500,000 tons at 1.6 percent copper, 11 percent zinc, 1.2 percent lead, and 32 g/t silver.
  • Ideal Location and Strong Infrastructure: The project is only five kilometers from the nearest city, 20 kilometers from the mining ministry office, 100 kilometers from the metropolis Seville, and 80 kilometers from the nearest concentrator. Additionally, the asset has roads, highway access, power, and water access.
  • Future Exploration Campaigns Planned: The company plans to conduct modern exploration programs, including geophysical and magnetic surveys. This exploration, and any necessary follow-up survey programs, will help identify a future diamond drilling program.

Management Team

Norman Brewster - Chief Executive Officer & Director

Norman Brewster has been involved in mining internationally for more than 50 years, serving on many public and private company boards over his career in the mineral industry. Norman was the executive chairman, and interim president of Iberian Minerals, successfully financing, developing, and putting into production the Aguas Tenidas Mine in Andalucia, Spain. During his tenure, Brewster led negotiations for the purchase of Condestable Mine by Iberian Minerals. He led a committee in reviewing the successful bid by Trafigura Group, with a 2015 revenue of US$97 billion, to acquire Iberian Minerals. Brewster also sat on a committee as a director of Spider Resources, which reviewed the successful all-cash acquisition of Spider Resources, by Cliffs Natural Resources. Currently, he is the president, director, and CEO of Cadillac Ventures, with a tungsten development project in New Brunswick. Brewster holds bachelor’s of science and education degrees from Acadia University and was approved as a Member of the Association of Geoscientists of Ontario.

Kyle Appleby - Chief Financial Officer

Kyle Appleby is a seasoned CFO with management and board experience working at multiple companies over the past 18 years. Currently, Applyby is the CFO of Renforth Resources, DigiMax, and Spaceify, all of which benefit from his accounting expertise and pedigree. Appleby has also served on the boards of several companies, including URU Metals and Captor Capital, among others. Kyle has a master’s degree from Southern Federal University and earned his chartered accountant designation in 2001. Since that time, has worked on both the audit and the issuer side of the business, concentrating on providing contract CFO services to a number of reporting issuers and private companies. Appleby is active in the resource, agritech, technology, and cannabis spaces with experience in take-overs and amalgamations.

Brian H. Newton - Chief Geologist

Brian Newton has over 35 years of experience in all facets of exploration, from business development and program management to field supervision and program execution. He is a managing partner with Minroc Management, a mining exploration service consulting firm, where he has ample experience in planning, budgeting, and executing mining exploration programs in small and medium-sized mining companies prospecting to the advanced surface and underground programs. Brian is actively involved in projects in Ontario, Quebec, New Brunswick, and Nunavut, and has been active in Spain, Mexico, and Columbia. He has experience in writing technical reports for mining companies, including the NI 43-101 technical report for the PBR Project.

Eduardo Olarte - Director

Eduardo Olarte has been working as an international lawyer focusing on business and corporate law. He has a law degree from the University of Barcelona and a master’s degree in international and comparative business law from London Metropolitan University. His practice focuses on business law, with specific expertise on the inter-jurisdictional transaction in the mining and energy sector. Olarte has been advising companies worldwide, including the UK, Canada, and Australia. He has experience in drafting title and corporate legal opinions for companies to comply with stock exchanges in London, Toronto, and Sydney in raising funds for Spanish exploration and other mining operations.

Rahim Allani - Director

Rahim Allani has been involved in Canadian and international capital markets for over 20 years. He is now a managing dDirector at OCI, a global corporate finance advisory firm, focusing on cross-border mergers and acquisitions, corporate finance, and go-public work. He has extensive experience in working with Canadian and international mining companies for financing and going-public on exchanges in North America and Asia. Allani sits on boards and serves as an advisor for companies in several countries. He holds a master’s of business administration degree from the DeGroote School of Business at McMaster University and a bachelor’s of arts degree, with honours, from the University of Toronto.

Miguel Cabal - Director

Miguel Cabal is a Eurogeologist with more than 20 years of experience in the mining sector. Born and raised in mining environments, he works as a consultant and advisor to national and international mining companies. Cabal provides expertise in mining project management, geology and geotechnics, direction of environmental impact studies, environmental authorizations, and natural resources. He was president of the Scientific Committee of Metallic Mining Hall during its first two editions in 2015 and 2017 — the Spanish equivalent of the PDAC event held in Toronto annually. He is also a member of the editor committee of the Rocks and Minerals Magazine of Fueyo Editores. Cabal has also worked as an advisor for construction companies such as Ferrovial Agromán and Acciona.

*Disclaimer: This profile is sponsored by Merida Minerals ( ESPN:CA ). This profile provides information which was sourced by the Investing News Network (INN) and approved by Merida Minerals in order to help investors learn more about the company. Merida Minerals is a client of INN. The company's campaign fees pay for INN to create and update this profile.

INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Merida Minerals and seek advice from a qualified investment advisor.

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