# Meridian Mining's Definitive Feasibility Study for Caba&\#xE7;al Delivers After-Tax NPV5 of USD 2.09 Billion, 108% IRR, and 0.9 Year Payback Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--9b79e4c1-79a6-4a1c-97fb-cac690429c1b Original source: https://orestocks.com/company/MNO.TO/press-releases/6145129669928240 Publisher: orestocks Original announcement: 2026-09-22T06:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Meridian Mining plc - Ticker: MNO.TO - Exchange: Unavailable - Region: Mato Grosso, Brazil - Primary commodity: Gold - Secondary commodities: Copper, Silver - Document categories: Resource update, Economic study, Metallurgy - Extracted: 2026-09-22 07:04:05 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Meridian Mining's Definitive Feasibility Study for the Cabaçal project in Brazil reports exceptional economics, including a post-tax NPV5 of USD 2.09 billion, an IRR of 108%, and a payback period of 0.9 years. The study is based on an updated Mineral Reserve estimate and improved metallurgy, with average LOM recoveries of 89.3% for gold and 92.8% for copper. While initial capital and operating costs have increased from the prior PFS, the project is advancing with pre-construction activities and financing efforts underway, supported by granted permits for its initial development footprint. Reasoning: Meridian Mining's DFS for Cabaçal delivers outstanding economics with a post-tax NPV5 of USD 2.09 billion and an IRR of 108%, indicating a highly robust project. The study is based on an updated and larger Mineral Reserve, improved metallurgy, and is supported by ongoing pre-construction and financing activities. While capital and operating costs have increased from the PFS, the overall economic potential remains exceptional, positioning Cabaçal as a compelling near-term VMS gold-copper mine. - Positive factor: Exceptional economic metrics \(NPV, IRR, payback\) - Positive factor: DFS level study with strong engineering maturity - Positive factor: Significant increase in Mineral Reserve statement - Positive factor: Clean, high-grade concentrate with low impurities - Positive factor: Fully permitted for initial development footprint - Positive factor: Pre-construction activities underway and financing progressing - Negative factor: Capital costs increased compared to prior PFS - Negative factor: Operating costs increased compared to prior PFS - Negative factor: Inferred resources not included in open-pit constraints - Negative factor: Potential for future permitting amendments for expansion Facts used in scoring: 8 ## Classification and evidence **DFS Bankable** Polarity: positive Definition: AACE Class 2-1 study complete and within the staleness window. Why it applies: The document is a Definitive Feasibility Study \(DFS\) for the Cabaçal project, indicating a high level of engineering maturity. Evidence · text > Meridian Mining's Definitive Feasibility Study for Cabaçal Delivers After-Tax NPV5 of USD 2.09 Billion, 108% IRR, and 0.9 Year Payback **High IRR** Polarity: positive Definition: Post-tax real unlevered IRR in the strong tier or better. Why it applies: The Base Case IRR is 107.6%, which is well above the strong tier threshold for economic studies. Evidence · table > 107.6.% Context: Internal Rate of Return **Fast Payback** Polarity: positive Definition: Payback in the strong tier or better, on the required basis. Why it applies: The Base Case payback period is 0.9 years, which is within the exceptional tier for economic studies. Evidence · table > 0.9 Year Context: Payback Period **Conservative Pricing** Polarity: positive Definition: Conservative on the worst of the spot, 3-year and consensus comparisons. Why it applies: The study uses long-term TC/RCs rather than more favourable forward curves, indicating a conservative approach to pricing assumptions. Evidence · text > For the DFS, Meridian elected to use the long-term TC/RCs supplied by Ocean Partners rather than the more favourable forward curve. **Fully Permitted** Polarity: positive Definition: Key permits granted with no unresolved challenge. Why it applies: The Preliminary Licence for the development footprint is approved, and the Installation Licence for the power line has been granted. Evidence · text > SEMA granted Meridian the Cabaçal Preliminary Licence \(LP\) in October 2025. In May 2026, Meridian lodged the documents for the Cabaçal Installation Licence. This documentation is currently being reviewed by SEMA. **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: The DFS includes an updated and larger Mineral Reserve statement compared to the prior PFS. Evidence · text > Key updates reported in the Study include stronger economics, an updated and larger Mineral Reserve statement, an optimised mine plan, and improved metallurgy. **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Average metallurgical recoveries are 89.3% for gold and 92.8% for copper, which are strong to exceptional for their respective processing routes. Evidence · table > 89.3% Context: Average metallurgical recovery - Gold **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The fourth phase of test work included a mini pilot plant run to demonstrate scale. Evidence · text > Test work included variability flotation of samples from each six-month period of the first 5 years of the mine plan, and a mini pilot plant run of mineralised feed from the first 5 years of the mine plan, to demonstrate scale and provide samples for other test work to fill gaps in the data for the DFS. **Refractory Ore** Polarity: negative Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. Why it applies: The test work identified significant amounts of chlorite that interfere with sulphide flotation, requiring adjusted reagent dosing and a re-cleaner circuit. Evidence · text > This sample material contained significant amounts of chlorite, in the range of 14.2 to 27.0%, an amount that would interfere with sulphide flotation by absorbing flotation reagent and destabilising the froth bed. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("concentrator"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--9b79e4c1-79a6-4a1c-97fb-cac690429c1b#fact-resource-facts-2) Cabaçal · gold #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro - Resource group id: resource:54612a5f7b8d4e2355fc - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 56040000 - Grade: 0.61 - Grade Unit: g/t - Contained Metal: 1106.5 - Contained Unit: koz - Cutoff Grade: 0.138 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z - Positive factor: Highest confidence category \(Proven Reserve\) - Positive factor: Significant contained metal - Positive factor: QP signed off on the estimate - Positive factor: Compliant with NI 43-101 standards - Positive factor: Updated and larger Mineral Reserve statement #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--9b79e4c1-79a6-4a1c-97fb-cac690429c1b#fact-resource-facts-3) Cabaçal · silver #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro - Resource group id: resource:54612a5f7b8d4e2355fc - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 56040000 - Grade: 1.33 - Grade Unit: g/t - Contained Metal: 2388 - Contained Unit: koz - Cutoff Grade: 0.138 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z - Positive factor: Highest confidence category \(Proven Reserve\) - Positive factor: Significant contained metal - Positive factor: QP signed off on the estimate - Positive factor: Compliant with NI 43-101 standards - Positive factor: Updated and larger Mineral Reserve statement #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--9b79e4c1-79a6-4a1c-97fb-cac690429c1b#fact-resource-facts-4) Cabaçal · copper #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro - Resource group id: resource:54612a5f7b8d4e2355fc - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 56040000 - Grade: 0.35 - Grade Unit: % - Contained Metal: 429.9 - Contained Unit: mlb - Cutoff Grade: 0.138 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z - Positive factor: Highest confidence category \(Proven Reserve\) - Positive factor: Significant contained metal - Positive factor: QP signed off on the estimate - Positive factor: Compliant with NI 43-101 standards - Positive factor: Updated and larger Mineral Reserve statement #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (3) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--9b79e4c1-79a6-4a1c-97fb-cac690429c1b#fact-metallurgical-facts-5) Cabaçal · gold #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: gravity and flotation - Sample: LOM average - Grind P80: 150 µm #### Recovery - Recovery: 89.3 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Lakefield Canada - Consultant: Flowsheets Metallurgical Consulting Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The average LOM gold recovery of 89.3% is strong, achieved through a detailed test program including a mini pilot plant. The process produces a clean concentrate, although the presence of chlorite required specific reagent adjustments, indicating some ore complexity. - Positive factor: High recovery for gold - Positive factor: Detailed test program status \(DFS inputs\) - Positive factor: Pilot plant run completed - Positive factor: Clean concentrate with low impurities - Negative factor: Chlorite identified as an interfering mineral, requiring reagent adjustments #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--9b79e4c1-79a6-4a1c-97fb-cac690429c1b#fact-metallurgical-facts-6) Cabaçal · copper #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation - Sample: LOM average - Grind P80: 150 µm #### Recovery - Recovery: 92.8 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Lakefield Canada - Consultant: Flowsheets Metallurgical Consulting Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The average LOM copper recovery of 92.8% is exceptional, supported by detailed test work and pilot plant results. The ore's chalcopyrite exhibits excellent auto-flotation, contributing to high recovery, though chlorite required specific reagent management. - Positive factor: Exceptional recovery for copper - Positive factor: Detailed test program status \(DFS inputs\) - Positive factor: Pilot plant run completed - Positive factor: Clean concentrate with low impurities - Positive factor: Excellent auto-flotation characteristics of chalcopyrite - Negative factor: Chlorite identified as an interfering mineral, requiring reagent adjustments #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 92.8% is at or above the exceptional band \(92%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--9b79e4c1-79a6-4a1c-97fb-cac690429c1b#fact-metallurgical-facts-7) Cabaçal · silver #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: gravity and flotation - Sample: LOM average - Grind P80: 150 µm #### Recovery - Recovery: 74.3 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Lakefield Canada - Consultant: Flowsheets Metallurgical Consulting Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The average LOM silver recovery of 74.3% is moderate, falling below the strong band for silver flotation. While the test program was detailed and included pilot plant work, the recovery suggests some challenges, potentially related to the identified chlorite interference. - Positive factor: Detailed test program status \(DFS inputs\) - Positive factor: Pilot plant run completed - Positive factor: Clean concentrate with low impurities - Negative factor: Recovery is below the strong band for silver flotation - Negative factor: Chlorite identified as an interfering mineral, requiring reagent adjustments #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 74.3% is below the weak band \(75%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.