# Meridian’s Cabaçal value doubles on higher prices

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/meridian-s-cabac-al-value-doubles-on-higher-prices--545de0dd-7b68-4515-9b49-38bd465b6d28

Original source: https://www.northernminer.com/news/meridians-cabacal-value-doubles-on-higher-prices/1003895043/

Publisher: northernminer

Original announcement: 2026-09-22T16:34:52.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- 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

Narrative sentiment: 0.60 · Bullish

## Minestarters Atlas 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 factor: Significant NPV increase to $2.09B

- Positive factor: High IRR of 108%

- Positive factor: Reserve tonnage growth of 34%

- Positive factor: Robust gold-equivalent production profile

- Negative factor: Value gain heavily reliant on higher metal-price assumptions

- Negative factor: Increased initial capex compared to previous study

Facts used in scoring: 2

## Classification and evidence

**DFS Complete**

Polarity: positive

Story-specific tag

Definition: 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 Growth**

Polarity: positive

Definition: 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 IRR**

Polarity: positive

Definition: 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.