# Meridian Mining's Definitive Feasibility Study for Cabaçal 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-cabac-al-delivers-after-tax-n--5e12a9a3-1784-42cc-a64f-c02f891912e8 Original source: https://www.newsfilecorp.com/release/315328/Meridian-Minings-Definitive-Feasibility-Study-for-Cabaal-Delivers-AfterTax-NPV5-of-USD-2.09-Billion-108-IRR-and-0.9-Year-Payback Publisher: newsfile 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 - Exchange: Unavailable - Region: Mato Grosso, Brazil - Primary commodity: Gold - Secondary commodities: Copper, Silver - Document categories: Resource update, Economic study, Metallurgy - Extracted: 2026-09-22 06:50:41 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Meridian Mining has released a Definitive Feasibility Study \(DFS\) for its Cabaçal gold-copper-silver project in Brazil, reporting a post-tax NPV5% of USD 2.09 billion and an Internal Rate of Return \(IRR\) of 108% in the base case, with a rapid payback period of 0.9 years. The study outlines a 13.9-year mine life with initial capital expenditure of USD 322 million and life-of-mine All-in Sustaining Costs \(AISC\) of USD 1,056/oz AuEq. The DFS is supported by updated mineral reserves and comprehensive metallurgical testwork, showing high recoveries for all three metals. The company is advancing financing and permitting activities, with an installation license lodged and pre-construction investments underway. Reasoning: Meridian Mining's DFS for Cabaçal demonstrates exceptional economics with a high NPV, IRR, and rapid payback, supported by robust reserves and strong metallurgical recoveries. While capital and operating costs have increased, the project remains highly attractive. The main constraint is the current permit limiting immediate expansion, but future upside from underground targets and expanded pit is noted. - Positive factor: Exceptional post-tax NPV and IRR for both base and spot cases, indicating robust project economics. - Positive factor: Very fast payback period of less than one year, suggesting rapid capital recovery. - Positive factor: Low life-of-mine AISC for gold equivalent, placing the project in a competitive cost position. - Positive factor: DFS study class provides high confidence in the economic assessment. - Positive factor: Significant proven and probable reserves underpin the mine plan. - Positive factor: High metallurgical recoveries for gold, copper, and silver are projected. - Positive factor: Comprehensive metallurgical testwork completed through four phases, including a mini pilot plant. - Positive factor: Permitting for the power line construction has been granted, and the installation license for the project has been lodged. - Positive factor: Project is located in a mining-friendly jurisdiction with existing infrastructure. - Negative factor: Initial capital cost has increased compared to the prior PFS, attributed to inflation and exchange rate movements. - Negative factor: Operating costs have also increased due to higher energy costs and reagent usage. - Negative factor: The current mine plan is constrained by the existing Preliminary Licence, limiting immediate expansion of mined material volumes. - Negative factor: The resource estimate does not classify Inferred resources within the open-pit constraints, which could limit future reserve conversion without further work. Facts used in scoring: 8 ## Classification and evidence **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 \("gravity"\) ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--5e12a9a3-1784-42cc-a64f-c02f891912e8#fact-resource-facts-2) Cabaçal · gold #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO #### 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:84636e3d1a3ae0e7abe1 - Mining method: combined #### Resource Data - Category: probable - 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: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: A substantial total Proven and Probable reserve for gold, providing a strong foundation for the project's economic viability. The estimate is NI 43-101 compliant and QP-signed, ensuring high confidence. - Positive factor: Large total Proven and Probable reserve, indicating high confidence for economic viability. - Positive factor: QP signed off on the estimate, adhering to NI 43-101 standards. - Positive factor: Reserve estimate is recent and supports the DFS. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The reserve is classified as Probable, indicating good confidence for economic viability. Evidence · table > Probable Context: Probable **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Mineral Reserves estimates were prepared in accordance with the CIM Standards \(May 2014\). Evidence · text > Mineral Reserves estimates were prepared in accordance with the CIM Standards \(May 2014\). **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: Porfírio Cabaleiro, BSc \(Mining Engineering\), FAIG, FAusIMM, a Qualified Person as defined by NI 43-101, is responsible for the Mineral Reserves estimation. Evidence · text > The estimate was prepared by Porfírio Cabaleiro, BSc \(Mining Engineering\), FAIG, FAusIMM, a Qualified Person as defined by NI 43-101 **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 **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--5e12a9a3-1784-42cc-a64f-c02f891912e8#fact-resource-facts-3) Cabaçal · silver #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO #### 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:84636e3d1a3ae0e7abe1 - Mining method: combined #### Resource Data - Category: probable - 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: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: A substantial total Proven and Probable reserve for silver, providing a strong foundation for the project's economic viability. The estimate is NI 43-101 compliant and QP-signed, ensuring high confidence. - Positive factor: Large total Proven and Probable reserve, indicating high confidence for economic viability. - Positive factor: QP signed off on the estimate, adhering to NI 43-101 standards. - Positive factor: Reserve estimate is recent and supports the DFS. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The reserve is classified as Probable, indicating good confidence for economic viability. Evidence · table > Probable Context: Probable **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Mineral Reserves estimates were prepared in accordance with the CIM Standards \(May 2014\). Evidence · text > Mineral Reserves estimates were prepared in accordance with the CIM Standards \(May 2014\). **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: Porfírio Cabaleiro, BSc \(Mining Engineering\), FAIG, FAusIMM, a Qualified Person as defined by NI 43-101, is responsible for the Mineral Reserves estimation. Evidence · text > The estimate was prepared by Porfírio Cabaleiro, BSc \(Mining Engineering\), FAIG, FAusIMM, a Qualified Person as defined by NI 43-101 **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 **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--5e12a9a3-1784-42cc-a64f-c02f891912e8#fact-resource-facts-4) Cabaçal · copper #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO #### 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:84636e3d1a3ae0e7abe1 - Mining method: combined #### Resource Data - Category: probable - 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: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: A substantial total Proven and Probable reserve for copper, providing a strong foundation for the project's economic viability. The estimate is NI 43-101 compliant and QP-signed, ensuring high confidence. - Positive factor: Large total Proven and Probable reserve, indicating high confidence for economic viability. - Positive factor: QP signed off on the estimate, adhering to NI 43-101 standards. - Positive factor: Reserve estimate is recent and supports the DFS. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The reserve is classified as Probable, indicating good confidence for economic viability. Evidence · table > Probable Context: Probable **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Mineral Reserves estimates were prepared in accordance with the CIM Standards \(May 2014\). Evidence · text > Mineral Reserves estimates were prepared in accordance with the CIM Standards \(May 2014\). **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: Porfírio Cabaleiro, BSc \(Mining Engineering\), FAIG, FAusIMM, a Qualified Person as defined by NI 43-101, is responsible for the Mineral Reserves estimation. Evidence · text > The estimate was prepared by Porfírio Cabaleiro, BSc \(Mining Engineering\), FAIG, FAusIMM, a Qualified Person as defined by NI 43-101 **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 **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-cabac-al-delivers-after-tax-n--5e12a9a3-1784-42cc-a64f-c02f891912e8#fact-metallurgical-facts-5) Cabaçal · gold #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: gravity, flotation #### Recovery - Recovery: 89.3 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Lakefield - Consultant: Flowsheets Metallurgical Consulting Inc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The DFS projects a strong average gold recovery of 89.3%, which is a positive indicator for the project's economic viability. This is supported by detailed test work. - Positive factor: High gold recovery achieved through flotation and gravity circuits. - Positive factor: Detailed test program status indicates advanced metallurgical understanding. - Positive factor: Test work conducted by reputable laboratories and consultants. #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The average metallurgical recovery for gold is 89.3%, which is within the strong band for mill/CIL processing. Evidence · table > 89.3% Context: Average metallurgical recovery - Gold **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-cabac-al-delivers-after-tax-n--5e12a9a3-1784-42cc-a64f-c02f891912e8#fact-metallurgical-facts-6) Cabaçal · copper #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation #### Recovery - Recovery: 92.8 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Lakefield - Consultant: Flowsheets Metallurgical Consulting Inc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The DFS projects an excellent average copper recovery of 92.8%, which is a very strong indicator for the project's economic viability. This is supported by detailed test work. - Positive factor: Very high copper recovery achieved through flotation. - Positive factor: Detailed test program status indicates advanced metallurgical understanding. - Positive factor: Test work conducted by reputable laboratories and consultants. #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The average metallurgical recovery for copper is 92.8%, which is within the exceptional band for flotation processing. Evidence · table > 92.8% Context: Average metallurgical recovery - Copper **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--5e12a9a3-1784-42cc-a64f-c02f891912e8#fact-metallurgical-facts-7) Cabaçal · silver #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: gravity, flotation #### Recovery - Recovery: 74.3 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Lakefield - Consultant: Flowsheets Metallurgical Consulting Inc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The DFS projects a good average silver recovery of 74.3%, which is a positive indicator for the project's economic viability, especially as a byproduct. This is supported by detailed test work. - Positive factor: Good silver recovery achieved through flotation and gravity circuits. - Positive factor: Detailed test program status indicates advanced metallurgical understanding. - Positive factor: Test work conducted by reputable laboratories and consultants. #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: Silver is mentioned as a byproduct credit alongside gold and copper, indicating it is not the primary economic driver. Evidence · text > Cabaçal gold-copper-silver deposit **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.