Meridian’s Cabaçal value doubles on higher prices
Original announcement by northernminer on
- Company
- Meridian Mining
- Ticker
- MNO
- Exchange
- Unavailable
- Region
- Brazil
- Primary commodity
- Gold
- Secondary commodities
- Copper, Silver
- Document categories
- Economic study, Resource update
- Extracted
- 2026-09-22 16:48:26 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Meridian Mining has released a new feasibility study for its Cabaçal gold-copper project in Brazil, reporting an after-tax NPV of $2.09 billion and an IRR of 108%. While the project value has more than doubled compared to the 2025 prefeasibility study, the increase is largely driven by higher metal price assumptions and a 34% increase in reserve tonnage.
Reasoning: The feasibility study presents a highly robust economic case with exceptional IRR and significant reserve growth, though the valuation is sensitive to the elevated price deck used.
Positive factors
- Significant NPV increase to $2.09B
- High IRR of 108%
- Reserve tonnage growth of 34%
- Robust gold-equivalent production profile
Negative factors
- Value gain heavily reliant on higher metal-price assumptions
- Increased initial capex compared to previous study
Facts used in scoring: 2
Classification and evidence
DFS Completepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The document reports a new feasibility study with detailed NPV, IRR, and capex figures.
Evidence · text
“in a new feasibility study”
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: Reserve tonnage increased by 34% compared to the previous study.
Evidence · text
“Reserve tonnage is 34% higher than the 41.7 million tonnes used in last year’s study”
High IRRpositive
Post-tax real unlevered IRR in the strong tier or better.
Why it applies: The reported IRR of 108% is well above the exceptional tier.
Evidence · text
“its internal rate of return at 108%”
Extracted facts
Stored fact records: 0. Some facts used in scoring do not have a stored record.
No stored fact records are available for this extraction.
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.