# 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-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99

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: 2026-09-22T07:04:54.458Z

Atlas analysis updated: 2026-09-22T07:04:54.458Z

- Company: Meridian Mining Plc

- Ticker: MNO

- Exchange: Unavailable

- Region: Mato Grosso, Brazil

- Primary commodity: Gold

- Secondary commodities: Copper, Silver

- Document categories: Resource update, Metallurgy, Other

- Extracted: 2026-09-22 07:04:55 UTC

Narrative sentiment: 0.90 · Bullish

## Minestarters Atlas summary

Meridian Mining's Definitive Feasibility Study \(DFS\) for its Cabaçal gold-copper-silver project in Brazil reveals compelling economics, including an after-tax NPV5 of USD 2.09 billion, an IRR of 108%, and a payback period of 0.9 years. The study outlines an optimized open-pit mine plan, an updated and larger Mineral Reserve, and improved metallurgy, positioning Cabaçal as a potential near-term VMS mine. The company is actively advancing pre-construction investments and financing efforts.

Reasoning: Meridian Mining's Definitive Feasibility Study for the Cabaçal project demonstrates robust economics with a high NPV, IRR, and rapid payback, supported by updated reserves and optimized mine planning, indicating a strong path to development. The project benefits from comprehensive metallurgical testwork and a clean concentrate.

- Positive factor: Exceptional project economics with high NPV and IRR

- Positive factor: Rapid payback period of less than one year

- Positive factor: Updated and larger Mineral Reserve statement

- Positive factor: Optimized mine plan and improved metallurgy

- Positive factor: Clean, high-grade concentrate amenable to standard processing

- Positive factor: Pre-construction investments and financing activities are well underway

- Positive factor: Comprehensive metallurgical testwork completed, including pilot plant scale

- Negative factor: Initial capital and operating costs increased compared to prior PFS

- Negative factor: Potential need to amend Preliminary Licence for increased mined material volumes

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 115

## Classification and evidence

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: The DFS includes an "updated and larger Mineral Reserve statement" compared to the prior PFS, indicating an improvement in resource confidence and size.

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.

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) 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, indicating an increase in tonnage.

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.

**Grade Improvement**

Polarity: positive

Definition: Average resource grade improved vs prior estimate — better deposit economics.

Why it applies: The DFS reports "improved metallurgy" compared to the prior PFS, suggesting better grades or recoveries.

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.

**Contained Metal Growth**

Polarity: positive

Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: The DFS includes an "updated and larger Mineral Reserve statement" compared to the prior PFS, implying an increase in contained metal.

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.

**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: The DFS Study was authored by independent Qualified Persons and reviewed by several QPs in their areas of expertise, including Leonardo Soares and Porfirio Cabaleiro Rodriguez.

Evidence · text

> The following Qualified Persons \("QPs"\) are responsible for the DFS Study and have reviewed the information in this news release that is summarised from the DFS Study in their areas of expertise: Tommaso Roberto Raponi \(P. Eng\), Principal Metallurgist with Ausenco Engineering Canada ULC, is responsible for process related infrastructure, recovery methods, capital and operating costs relating to processing, and economic analysis. Scott Elfen \(P. E. & P.Eng.\), SME & Global Technical Leader, Mine Waste Solutions with Ausenco Engineering Canada ULC, is responsible for tailings, waste rock storage, low-grade ore facilities infrastructure, capital and operating costs relating to tailings, waste rock, and low-grade ore infrastructure and the environment. Porfirio Cabaleiro Rodriguez \(Engineer Geologist FAIG, FAusIMM\), of GE21 Consultoria Mineral, is responsible for Mineral Reserves estimation, mining method, capital and operating costs related to the mine. Leonardo Soares \(PGeo, MAIG\), Senior Geological Consultant of GE21 Consultoria Mineral, is responsible for the data verification, geological setting, deposit type, exploration, drilling, sample preparation and Mineral Resource estimation. Norman Lotter \(Mineral Processing Engineer; P.Eng.\), of Flowsheets Metallurgical Consulting Inc., is responsible for the project laboratory testing methodology and interpretation.

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The resource cut-off grade of 0.117 g/t AuEq and the mining schedule cut-off grade of 0.138 g/t AuEq are explicitly stated.

Evidence · text

> The resource cut-off grade applied for Measured and Indicated resources was 0.117 g/t AuEq.

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The mineral resource and reserve estimates were prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum \(CIM\) Definition Standards and Guidelines, and the DFS Study is prepared in accordance with National Instrument 43-101.

Evidence · text

> The mineral resource for Cabaçal \(Table 8\) was classified and prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum \(CIM\) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014, as amended \(the "CIM Standards"\), and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by the CIM Council on November 29, 2019, as amended \(the "CIM Guidelines"\) by Mr. Leonardo Moraes Soares, MAIG. Mr. Soares is an independent Qualified Person, as such term is defined under NI 43-101.

**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, 92.8% for copper, and 74.3% for silver, which are strong to exceptional for the 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 and provide samples for further DFS data.

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.

**Free Milling**

Polarity: positive

Definition: Simple, clean ore amenable to standard processing without oxidation.

Why it applies: The beneficiation process is described as simple due to 'clean mineralised material, with low impurities and an absence of organic material'.

Evidence · text

> The beneficiation process is simple due to a clean mineralised material, with low impurities and an absence of organic material.

**Multi-Domain Tested**

Polarity: positive

Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed.

Why it applies: Metallurgical testwork included 23 variability samples covering 'oxidised, transition and sulphide zones' across the deposit.

Evidence · text

> In 2023, 23 variability samples from across the deposit \(including nine through the vertical profile of drill hole CD-228\) were collected, covering oxidised, transition and sulphide zones.

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: The document is a Definitive Feasibility Study, which is the highest level of study for project development.

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

**Open Pit Mining**

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The DFS is based on a 'conventional open-pit mine' and the mine plan was developed using open-pit methods.

Evidence · text

> The Study findings show that Cabaçal has industry-leading economics for a conventional open-pit mine, mill, and process plant.

**Deleterious Elements Present**

Polarity: negative

Story-specific tag

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: The testwork identified 'significant amounts of chlorite' which would interfere with sulphide flotation, requiring adjusted reagents.

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.

**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: 115. Some facts used in scoring do not have a stored record.

## Resource Estimates (112)

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-0)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:5338eaebe83f65761e8e
- Deposit or zone: Saprolite
- Mining method: combined
- Material type: Saprolite

#### Resource Data

- Category: measured
- Tonnes: 330000
- Grade: 0.44
- Grade Unit: g/t
- Contained Metal: 4.56
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Measured resource in saprolite zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: High confidence Measured category

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.44

Context: 0.33

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-1)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:5338eaebe83f65761e8e
- Deposit or zone: Saprolite
- Mining method: combined
- Material type: Saprolite

#### Resource Data

- Category: measured
- Tonnes: 330000
- Grade: 0.69
- Grade Unit: g/t
- Contained Metal: 7.22
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Measured resource in saprolite zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: High confidence Measured category

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.69

Context: 0.33

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-2)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:5338eaebe83f65761e8e
- Deposit or zone: Saprolite
- Mining method: combined
- Material type: Saprolite

#### Resource Data

- Category: measured
- Tonnes: 330000
- Grade: 0.12
- Grade Unit: %
- Contained Metal: 0.38
- Contained Unit: kt
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Measured resource in saprolite zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: High confidence Measured category

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.12

Context: 0.33

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-3)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:da72f9aedb7fc9431536
- Deposit or zone: Transition
- Mining method: combined
- Material type: transitional

#### Resource Data

- Category: measured
- Tonnes: 1830000
- Grade: 0.55
- Grade Unit: g/t
- Contained Metal: 32.6
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Measured resource in transition zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: High confidence Measured category

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.55

Context: 1.83

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-4)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:da72f9aedb7fc9431536
- Deposit or zone: Transition
- Mining method: combined
- Material type: transitional

#### Resource Data

- Category: measured
- Tonnes: 1830000
- Grade: 0.63
- Grade Unit: g/t
- Contained Metal: 37.25
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Measured resource in transition zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: High confidence Measured category

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.63

Context: 1.83

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-5)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:da72f9aedb7fc9431536
- Deposit or zone: Transition
- Mining method: combined
- Material type: transitional

#### Resource Data

- Category: measured
- Tonnes: 1830000
- Grade: 0.21
- Grade Unit: %
- Contained Metal: 3.81
- Contained Unit: kt
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Measured resource in transition zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: High confidence Measured category

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.21

Context: 1.83

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-6)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:cc246041b447ef29fb0e
- Deposit or zone: Fresh Rock
- Mining method: combined
- Material type: fresh

#### Resource Data

- Category: measured
- Tonnes: 62530000
- Grade: 0.57
- Grade Unit: g/t
- Contained Metal: 1138.52
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Large Measured resource in fresh rock zone with significant contained gold, disclosed cut-off and metal equivalent assumptions.

- Positive factor: High confidence Measured category

- Positive factor: Significant contained metal

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.57

Context: 62.53

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-7)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:cc246041b447ef29fb0e
- Deposit or zone: Fresh Rock
- Mining method: combined
- Material type: fresh

#### Resource Data

- Category: measured
- Tonnes: 62530000
- Grade: 1.36
- Grade Unit: g/t
- Contained Metal: 2743.29
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Large Measured resource in fresh rock zone with significant contained silver, disclosed cut-off and metal equivalent assumptions.

- Positive factor: High confidence Measured category

- Positive factor: Significant contained metal

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 1.36

Context: 62.53

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-8)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:cc246041b447ef29fb0e
- Deposit or zone: Fresh Rock
- Mining method: combined
- Material type: fresh

#### Resource Data

- Category: measured
- Tonnes: 62530000
- Grade: 0.35
- Grade Unit: %
- Contained Metal: 217.43
- Contained Unit: kt
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Large Measured resource in fresh rock zone with significant contained copper, disclosed cut-off and metal equivalent assumptions.

- Positive factor: High confidence Measured category

- Positive factor: Significant contained metal

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.35

Context: 62.53

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-9)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:39cd2e4e5e4a98684e05
- Deposit or zone: Total
- Mining method: combined
- Material type: Total

#### Resource Data

- Category: measured
- Tonnes: 64690000
- Grade: 0.57
- Grade Unit: g/t
- Contained Metal: 1175.68
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total Measured resource with significant contained gold, disclosed cut-off and metal equivalent assumptions.

- Positive factor: High confidence Measured category

- Positive factor: Significant total contained metal

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.57

Context: 64.69

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-10)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:39cd2e4e5e4a98684e05
- Deposit or zone: Total
- Mining method: combined
- Material type: Total

#### Resource Data

- Category: measured
- Tonnes: 64690000
- Grade: 1.34
- Grade Unit: g/t
- Contained Metal: 2787.77
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total Measured resource with significant contained silver, disclosed cut-off and metal equivalent assumptions.

- Positive factor: High confidence Measured category

- Positive factor: Significant total contained metal

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 1.34

Context: 64.69

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-11)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:39cd2e4e5e4a98684e05
- Deposit or zone: Total
- Mining method: combined
- Material type: Total

#### Resource Data

- Category: measured
- Tonnes: 64690000
- Grade: 0.34
- Grade Unit: %
- Contained Metal: 221.61
- Contained Unit: kt
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total Measured resource with significant contained copper, disclosed cut-off and metal equivalent assumptions.

- Positive factor: High confidence Measured category

- Positive factor: Significant total contained metal

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.34

Context: 64.69

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-12)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:ef654ca476cf43989308
- Deposit or zone: Saprolite
- Mining method: combined
- Material type: Saprolite

#### Resource Data

- Category: indicated
- Tonnes: 10000
- Grade: 0.3
- Grade Unit: g/t
- Contained Metal: 0.14
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Indicated resource in saprolite zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.30

Context: 0.01

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-13)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:ef654ca476cf43989308
- Deposit or zone: Saprolite
- Mining method: combined
- Material type: Saprolite

#### Resource Data

- Category: indicated
- Tonnes: 10000
- Grade: 0.99
- Grade Unit: g/t
- Contained Metal: 0.46
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Indicated resource in saprolite zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.99

Context: 0.01

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-14)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:ef654ca476cf43989308
- Deposit or zone: Saprolite
- Mining method: combined
- Material type: Saprolite

#### Resource Data

- Category: indicated
- Tonnes: 10000
- Grade: 0.16
- Grade Unit: %
- Contained Metal: 0.02
- Contained Unit: kt
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Indicated resource in saprolite zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.16

Context: 0.01

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-15)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:082867e512bca4979ce3
- Deposit or zone: Transition
- Mining method: combined
- Material type: transitional

#### Resource Data

- Category: indicated
- Tonnes: 70000
- Grade: 0.13
- Grade Unit: g/t
- Contained Metal: 0.31
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Indicated resource in transition zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.13

Context: 0.07

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-16)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:082867e512bca4979ce3
- Deposit or zone: Transition
- Mining method: combined
- Material type: transitional

#### Resource Data

- Category: indicated
- Tonnes: 70000
- Grade: 0.59
- Grade Unit: g/t
- Contained Metal: 1.37
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Indicated resource in transition zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.59

Context: 0.07

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-17)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:082867e512bca4979ce3
- Deposit or zone: Transition
- Mining method: combined
- Material type: transitional

#### Resource Data

- Category: indicated
- Tonnes: 70000
- Grade: 0.22
- Grade Unit: %
- Contained Metal: 0.16
- Contained Unit: kt
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Indicated resource in transition zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.22

Context: 0.07

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-18)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:a7d93d94329c4d8ff584
- Deposit or zone: Fresh Rock
- Mining method: combined
- Material type: fresh

#### Resource Data

- Category: indicated
- Tonnes: 5320000
- Grade: 0.49
- Grade Unit: g/t
- Contained Metal: 83.09
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Indicated resource in fresh rock zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.49

Context: 5.32

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-19)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:a7d93d94329c4d8ff584
- Deposit or zone: Fresh Rock
- Mining method: combined
- Material type: fresh

#### Resource Data

- Category: indicated
- Tonnes: 5320000
- Grade: 1
- Grade Unit: g/t
- Contained Metal: 170.77
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Indicated resource in fresh rock zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 1.00

Context: 5.32

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-20)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:a7d93d94329c4d8ff584
- Deposit or zone: Fresh Rock
- Mining method: combined
- Material type: fresh

#### Resource Data

- Category: indicated
- Tonnes: 5320000
- Grade: 0.22
- Grade Unit: %
- Contained Metal: 11.69
- Contained Unit: kt
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Indicated resource in fresh rock zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.22

Context: 5.32

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-21)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:11274d65b53c434eb0cf
- Deposit or zone: Total
- Mining method: combined
- Material type: Total

#### Resource Data

- Category: indicated
- Tonnes: 5410000
- Grade: 0.48
- Grade Unit: g/t
- Contained Metal: 83.54
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total Indicated resource with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.48

Context: 5.41

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-22)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:11274d65b53c434eb0cf
- Deposit or zone: Total
- Mining method: combined
- Material type: Total

#### Resource Data

- Category: indicated
- Tonnes: 5410000
- Grade: 0.99
- Grade Unit: g/t
- Contained Metal: 172.59
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total Indicated resource with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.99

Context: 5.41

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-23)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:11274d65b53c434eb0cf
- Deposit or zone: Total
- Mining method: combined
- Material type: Total

#### Resource Data

- Category: indicated
- Tonnes: 5410000
- Grade: 0.22
- Grade Unit: %
- Contained Metal: 11.87
- Contained Unit: kt
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total Indicated resource with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.22

Context: 5.41

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-24)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:a05f5b4f33d46e942c1d
- Deposit or zone: Saprolite
- Mining method: combined
- Material type: Saprolite

#### Resource Data

- Category: indicated
- Tonnes: 340000
- Grade: 0.43
- Grade Unit: g/t
- Contained Metal: 4.7
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total resource \(Measured + Indicated\) in saprolite zone with disclosed cut-off and metal equivalent assumptions.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.43

Context: 0.34

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-25)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:a05f5b4f33d46e942c1d
- Deposit or zone: Saprolite
- Mining method: combined
- Material type: Saprolite

#### Resource Data

- Category: indicated
- Tonnes: 340000
- Grade: 0.7
- Grade Unit: g/t
- Contained Metal: 7.68
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total resource \(Measured + Indicated\) in saprolite zone with disclosed cut-off and metal equivalent assumptions.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.70

Context: 0.34

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-26)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:a05f5b4f33d46e942c1d
- Deposit or zone: Saprolite
- Mining method: combined
- Material type: Saprolite

#### Resource Data

- Category: indicated
- Tonnes: 340000
- Grade: 0.12
- Grade Unit: %
- Contained Metal: 0.4
- Contained Unit: kt
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total resource \(Measured + Indicated\) in saprolite zone with disclosed cut-off and metal equivalent assumptions.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.12

Context: 0.34

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-27)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:70635c60c8ac1398ec62
- Deposit or zone: Transition
- Mining method: combined
- Material type: transitional

#### Resource Data

- Category: indicated
- Tonnes: 1900000
- Grade: 0.54
- Grade Unit: g/t
- Contained Metal: 32.91
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total resource \(Measured + Indicated\) in transition zone with disclosed cut-off and metal equivalent assumptions.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.54

Context: 1.90

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-28)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:70635c60c8ac1398ec62
- Deposit or zone: Transition
- Mining method: combined
- Material type: transitional

#### Resource Data

- Category: indicated
- Tonnes: 1900000
- Grade: 0.63
- Grade Unit: g/t
- Contained Metal: 38.62
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total resource \(Measured + Indicated\) in transition zone with disclosed cut-off and metal equivalent assumptions.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.63

Context: 1.90

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-29)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:70635c60c8ac1398ec62
- Deposit or zone: Transition
- Mining method: combined
- Material type: transitional

#### Resource Data

- Category: indicated
- Tonnes: 1900000
- Grade: 0.21
- Grade Unit: %
- Contained Metal: 3.96
- Contained Unit: kt
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total resource \(Measured + Indicated\) in transition zone with disclosed cut-off and metal equivalent assumptions.

- Positive factor: Indicated category resource

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.21

Context: 1.90

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-30)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:0f6b5ebd8df6202cfb17
- Deposit or zone: Fresh Rock
- Mining method: combined
- Material type: fresh

#### Resource Data

- Category: indicated
- Tonnes: 67850000
- Grade: 0.56
- Grade Unit: g/t
- Contained Metal: 1221.61
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total resource \(Measured + Indicated\) in fresh rock zone with significant contained gold, disclosed cut-off and metal equivalent assumptions.

- Positive factor: Indicated category resource

- Positive factor: Significant total contained metal

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.56

Context: 67.85

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-31)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:0f6b5ebd8df6202cfb17
- Deposit or zone: Fresh Rock
- Mining method: combined
- Material type: fresh

#### Resource Data

- Category: indicated
- Tonnes: 67850000
- Grade: 1.34
- Grade Unit: g/t
- Contained Metal: 2914.06
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total resource \(Measured + Indicated\) in fresh rock zone with significant contained silver, disclosed cut-off and metal equivalent assumptions.

- Positive factor: Indicated category resource

- Positive factor: Significant total contained metal

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 1.34

Context: 67.85

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-32)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:0f6b5ebd8df6202cfb17
- Deposit or zone: Fresh Rock
- Mining method: combined
- Material type: fresh

#### Resource Data

- Category: indicated
- Tonnes: 67850000
- Grade: 0.34
- Grade Unit: %
- Contained Metal: 229.12
- Contained Unit: kt
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Total resource \(Measured + Indicated\) in fresh rock zone with significant contained copper, disclosed cut-off and metal equivalent assumptions.

- Positive factor: Indicated category resource

- Positive factor: Significant total contained metal

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.34

Context: 67.85

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-33)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:11aee6194688b22ec1fb
- Deposit or zone: Total
- Mining method: combined
- Material type: Total

#### Resource Data

- Category: indicated
- Tonnes: 70100000
- Grade: 0.56
- Grade Unit: g/t
- Contained Metal: 1259.22
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Overall total resource \(Measured + Indicated\) with significant contained gold, disclosed cut-off and metal equivalent assumptions.

- Positive factor: Indicated category resource

- Positive factor: Significant total contained metal

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.56

Context: 70.10

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-34)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:11aee6194688b22ec1fb
- Deposit or zone: Total
- Mining method: combined
- Material type: Total

#### Resource Data

- Category: indicated
- Tonnes: 70100000
- Grade: 1.31
- Grade Unit: g/t
- Contained Metal: 2960.36
- Contained Unit: koz
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Overall total resource \(Measured + Indicated\) with significant contained silver, disclosed cut-off and metal equivalent assumptions.

- Positive factor: Indicated category resource

- Positive factor: Significant total contained metal

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 1.31

Context: 70.10

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-35)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Leonardo Moraes Soares
- Resource group id: resource:11aee6194688b22ec1fb
- Deposit or zone: Total
- Mining method: combined
- Material type: Total

#### Resource Data

- Category: indicated
- Tonnes: 70100000
- Grade: 0.33
- Grade Unit: %
- Contained Metal: 233.48
- Contained Unit: kt
- Cutoff Grade: 0.117
- Cutoff Unit: g/t AuEq

#### 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: Overall total resource \(Measured + Indicated\) with significant contained copper, disclosed cut-off and metal equivalent assumptions.

- Positive factor: Indicated category resource

- Positive factor: Significant total contained metal

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.33

Context: 70.10

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**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-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-36)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Porfirio Cabaleiro Rodriguez
- Resource group id: resource:373dcf9fed005e3b37bf
- Mining method: combined

#### Resource Data

- Category: proven
- Tonnes: 54910000
- Grade: 0.62
- Grade Unit: g/t
- Contained Metal: 1096.3
- 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: Large Proven Reserve for gold, supporting the project's economic viability with high confidence.

- Positive factor: Highest confidence Proven Reserve category

- Positive factor: Significant contained gold

- Positive factor: Open-pit mining method

Evidence · table

> 0.62

Context: 54.91

#### 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-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-37)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Porfirio Cabaleiro Rodriguez
- Resource group id: resource:373dcf9fed005e3b37bf
- Mining method: combined

#### Resource Data

- Category: proven
- Tonnes: 54910000
- Grade: 1.33
- Grade Unit: g/t
- Contained Metal: 2351.5
- 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: Large Proven Reserve for silver, supporting the project's economic viability with high confidence.

- Positive factor: Highest confidence Proven Reserve category

- Positive factor: Significant contained silver

- Positive factor: Open-pit mining method

Evidence · table

> 1.33

Context: 54.91

#### 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-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-38)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Porfirio Cabaleiro Rodriguez
- Resource group id: resource:373dcf9fed005e3b37bf
- Mining method: combined

#### Resource Data

- Category: proven
- Tonnes: 54910000
- Grade: 0.35
- Grade Unit: %
- Contained Metal: 423.7
- 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: Large Proven Reserve for copper, supporting the project's economic viability with high confidence.

- Positive factor: Highest confidence Proven Reserve category

- Positive factor: Significant contained copper

- Positive factor: Open-pit mining method

Evidence · table

> 0.35

Context: 54.91

#### 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

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-39)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Porfirio Cabaleiro Rodriguez
- Resource group id: resource:5af1f53d80653f37e9b2
- Mining method: combined

#### Resource Data

- Category: probable
- Tonnes: 1130000
- Grade: 0.28
- Grade Unit: g/t
- Contained Metal: 10.2
- 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: Probable Reserve for gold, contributing to the project's economic viability.

- Positive factor: Probable Reserve category

- Positive factor: Open-pit mining method

Evidence · table

> 0.28

Context: 1.13

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**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

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-40)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Porfirio Cabaleiro Rodriguez
- Resource group id: resource:5af1f53d80653f37e9b2
- Mining method: combined

#### Resource Data

- Category: probable
- Tonnes: 1130000
- Grade: 1
- Grade Unit: g/t
- Contained Metal: 36.3
- 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: Probable Reserve for silver, contributing to the project's economic viability.

- Positive factor: Probable Reserve category

- Positive factor: Open-pit mining method

Evidence · table

> 1.00

Context: 1.13

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**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

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-41)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Porfirio Cabaleiro Rodriguez
- Resource group id: resource:5af1f53d80653f37e9b2
- Mining method: combined

#### Resource Data

- Category: probable
- Tonnes: 1130000
- Grade: 0.25
- Grade Unit: %
- Contained Metal: 6.23
- 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: Probable Reserve for copper, contributing to the project's economic viability.

- Positive factor: Probable Reserve category

- Positive factor: Open-pit mining method

Evidence · table

> 0.25

Context: 1.13

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**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-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-42)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Porfirio Cabaleiro Rodriguez
- Resource group id: resource:6663a0b012dee6e173be
- Mining method: combined

#### 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: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Total Proven and Probable Reserve for gold, demonstrating strong economic viability for the project.

- Positive factor: High confidence total Reserve category

- Positive factor: Significant contained gold

- Positive factor: Open-pit mining method

Evidence · table

> 0.61

Context: 56.04

#### 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-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-43)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Porfirio Cabaleiro Rodriguez
- Resource group id: resource:6663a0b012dee6e173be
- Mining method: combined

#### 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: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Total Proven and Probable Reserve for silver, demonstrating strong economic viability for the project.

- Positive factor: High confidence total Reserve category

- Positive factor: Significant contained silver

- Positive factor: Open-pit mining method

Evidence · table

> 1.33

Context: 56.04

#### 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-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-44)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Porfirio Cabaleiro Rodriguez
- Resource group id: resource:6663a0b012dee6e173be
- Mining method: combined

#### 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: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Total Proven and Probable Reserve for copper, demonstrating strong economic viability for the project.

- Positive factor: High confidence total Reserve category

- Positive factor: Significant contained copper

- Positive factor: Open-pit mining method

Evidence · table

> 0.35

Context: 56.04

#### 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

### Fact 46

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-48)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Contained Metal: 983537
- Contained Unit: oz
- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project is expected to produce a substantial amount of gold over its life of mine, contributing significantly to revenue.

- Positive factor: Significant total gold production over LOM

Evidence · table

> 983,537

Context: Total gold production

#### Tags used in scoring

**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

**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

### Fact 47

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-49)

Cabaçal · copper

#### Identity

- Project: Cabaçal
- Commodity: copper
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Contained Metal: 180634
- Contained Unit: t
- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project is expected to produce a substantial amount of copper over its life of mine, contributing significantly to revenue.

- Positive factor: Significant total copper production over LOM

Evidence · table

> 180,634

Context: Total copper production

#### Tags used in scoring

**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

**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

### Fact 48

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-50)

Cabaçal · silver

#### Identity

- Project: Cabaçal
- Commodity: silver
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Contained Metal: 1779720
- Contained Unit: oz
- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project is expected to produce a substantial amount of silver over its life of mine, contributing significantly to revenue.

- Positive factor: Significant total silver production over LOM

Evidence · table

> 1,779,720

Context: Total silver production

#### Tags used in scoring

**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

**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

### Fact 49

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-51)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Contained Metal: 112.9
- Contained Unit: 000 ounces
- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project is projected to have strong average annual gold equivalent production, indicating robust operational output.

- Positive factor: Strong average annual gold equivalent production

Evidence · table

> 112.9

Context: Average annual gold production \(AuEq\)

#### Tags used in scoring

**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

**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

### Fact 50

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-52)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Contained Metal: 1569.6
- Contained Unit: 000 ounces
- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project is expected to recover a substantial amount of gold equivalent over its life of mine, contributing significantly to revenue.

- Positive factor: Significant total recovered gold equivalent over LOM

Evidence · table

> 1,569.6

Context: Recovered Gold \(AuEq\)

#### Tags used in scoring

**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

**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

### Fact 51

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-53)

Cabaçal · gold

#### Identity

- Project: Cabaçal
- Commodity: gold
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project boasts very competitive All-in Sustaining Costs, indicating strong profitability and operational efficiency.

- Positive factor: Very low All-in Sustaining Costs \(AISC\) for gold equivalent

Evidence · table

> 1,056.0

Context: All in Sustaining Costs \("AISC"\)

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 52

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-54)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Definitive Feasibility Study delivers an exceptional after-tax NPV5 for the base case, indicating strong project economics.

- Positive factor: Exceptional after-tax NPV5 for the base case

- Positive factor: High confidence in economic assessment from DFS

Evidence · table

> 2,092

Context: NPV 5

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 53

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-55)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Definitive Feasibility Study delivers an exceptional after-tax IRR for the base case, indicating strong project economics.

- Positive factor: Exceptional after-tax IRR for the base case

- Positive factor: High confidence in economic assessment from DFS

Evidence · table

> 108%

Context: IRR

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 54

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-56)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Definitive Feasibility Study projects a very rapid payback period for the base case, indicating quick capital recovery.

- Positive factor: Very rapid payback period for the base case

- Positive factor: High confidence in economic assessment from DFS

Evidence · table

> 0.9

Context: Payback

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 55

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-57)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Definitive Feasibility Study delivers an even more exceptional after-tax NPV5 under spot price conditions, indicating significant upside potential.

- Positive factor: Exceptional after-tax NPV5 for the spot case

- Positive factor: High confidence in economic assessment from DFS

Evidence · table

> 2,902

Context: NPV 5

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 56

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-58)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Definitive Feasibility Study delivers an even more exceptional after-tax IRR under spot price conditions, indicating significant upside potential.

- Positive factor: Exceptional after-tax IRR for the spot case

- Positive factor: High confidence in economic assessment from DFS

Evidence · table

> 135%

Context: IRR

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 57

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-59)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Definitive Feasibility Study projects an even more rapid payback period under spot price conditions, indicating very quick capital recovery.

- Positive factor: Very rapid payback period for the spot case

- Positive factor: High confidence in economic assessment from DFS

Evidence · table

> 0.7

Context: Payback

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 58

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-60)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The initial capital expenditure is a key component of the DFS, reflecting the cost to build the mine, though it has increased from prior estimates.

- Positive factor: Initial capital expenditure includes contingency and pre-investment for expansion

- Negative factor: Initial capital expenditure increased compared to PFS

Evidence · table

> 322

Context: Initial Capital Expenditure\*

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 59

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-61)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Expansion capital is planned to increase mill capacity, indicating future growth and scalability of the project.

- Positive factor: Planned expansion capital indicates future growth potential

Evidence · table

> 56

Context: Expansion Capital Expenditure\*

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 60

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-62)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Sustaining capital expenditure is a standard and necessary cost for maintaining operations over the life of mine.

- Positive factor: Sustaining capital is a necessary component for long-term operation

Evidence · table

> 74

Context: Sustaining Capital Expenditure

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 61

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-63)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project is projected to generate substantial total revenue over its life of mine, underpinning its strong economics.

- Positive factor: High total LOM revenue for the base case

Evidence · table

> 5,358

Context: Total LOM

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 62

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-64)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project is projected to generate substantial after-tax free cash flow over its life of mine, indicating strong profitability.

- Positive factor: Significant LOM after-tax free cash flow for the base case

Evidence · text

> LOM After-Tax Free Cash flow of USD 2.9 billion

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 63

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-65)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Total operating costs are a key economic parameter, though they have increased from prior estimates.

- Negative factor: Operating costs increased compared to PFS

Evidence · table

> 1,256

Context: Operating Costs

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 64

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-66)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The gold price assumption for the base case is clearly stated, providing transparency for economic evaluation.

- Positive factor: Clear pricing assumptions for economic evaluation

Evidence · table

> 3,570

Context: Gold Price

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 65

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-67)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The copper price assumption for the base case is clearly stated, providing transparency for economic evaluation.

- Positive factor: Clear pricing assumptions for economic evaluation

Evidence · table

> 5.03

Context: Copper Price

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 66

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-68)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The silver price assumption for the base case is clearly stated, providing transparency for economic evaluation.

- Positive factor: Clear pricing assumptions for economic evaluation

Evidence · table

> 50.17

Context: Silver Price

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 67

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-69)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The gold price assumption for the spot case is clearly stated, providing transparency for economic evaluation.

- Positive factor: Clear pricing assumptions for economic evaluation

Evidence · table

> 4,394

Context: Gold Price

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 68

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-70)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The copper price assumption for the spot case is clearly stated, providing transparency for economic evaluation.

- Positive factor: Clear pricing assumptions for economic evaluation

Evidence · table

> 6.53

Context: Copper Price

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 69

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-71)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The silver price assumption for the spot case is clearly stated, providing transparency for economic evaluation.

- Positive factor: Clear pricing assumptions for economic evaluation

Evidence · table

> 64.14

Context: Silver Price

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 70

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-72)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The exchange rate assumption is clearly stated, providing transparency for economic evaluation.

- Positive factor: Clear exchange rate assumption for economic evaluation

Evidence · table

> 5.40

Context: Exchange Rate

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 71

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-73)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The corporate tax rate assumption is clearly stated, providing transparency for economic evaluation.

- Positive factor: Clear corporate tax rate assumption for economic evaluation

Evidence · table

> 25.0%

Context: Corporate Tax Rate

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 72

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-74)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The social tax assumption is clearly stated, providing transparency for economic evaluation.

- Positive factor: Clear social tax assumption for economic evaluation

Evidence · table

> 9.0%

Context: Social Tax

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 73

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-75)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project benefits from a significant SUDAM tax reduction for a substantial period, enhancing profitability.

- Positive factor: Significant tax reduction from SUDAM for 10 years

Evidence · table

> 75.0%

Context: SUDAM Tax Reduction

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 74

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-76)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The gold royalty rate is clearly stated, providing transparency for economic evaluation.

- Positive factor: Clear royalty rate assumption for gold

Evidence · table

> 1.5%

Context: Gold Royalty Rate

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 75

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-77)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The copper royalty rate is clearly stated, providing transparency for economic evaluation.

- Positive factor: Clear royalty rate assumption for copper

Evidence · table

> 2.0%

Context: Copper Royalty Rate

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 76

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-78)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The silver royalty rate is clearly stated, providing transparency for economic evaluation.

- Positive factor: Clear royalty rate assumption for silver

Evidence · table

> 2.0%

Context: Silver Royalty Rate

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 77

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-79)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The initial capital cost for the mine component is clearly broken down, providing transparency.

- Positive factor: Detailed breakdown of initial capital costs

Evidence · table

> 31

Context: Mine

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 78

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-80)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The initial capital cost for the process plant component is clearly broken down, providing transparency.

- Positive factor: Detailed breakdown of initial capital costs

Evidence · table

> 156

Context: Process

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 79

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-81)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The initial capital cost for piles is clearly broken down, providing transparency.

- Positive factor: Detailed breakdown of initial capital costs

Evidence · table

> 52

Context: Piles

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 80

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-82)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The initial capital cost for offsite infrastructure is clearly broken down, providing transparency.

- Positive factor: Detailed breakdown of initial capital costs

Evidence · table

> 21

Context: Offsite Infrastructure

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 81

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-83)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The initial capital cost for indirect costs is clearly broken down, providing transparency.

- Positive factor: Detailed breakdown of initial capital costs

Evidence · table

> 52

Context: Indirect Costs \(including Owner costs\)

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 82

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-84)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A contingency is included in the initial capital, reflecting prudent financial planning.

- Positive factor: Contingency included in initial capital, indicating robust planning

Evidence · table

> 31

Context: Contingency

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 83

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-85)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A tax credit reduces the total initial capital, improving project economics.

- Positive factor: Tax credit reduces initial capital outlay

Evidence · table

> \(21\)

Context: Tax Credit

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 84

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-86)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Mine closure costs are included in the capital breakdown, indicating comprehensive financial planning.

- Positive factor: Mine closure costs are accounted for in the DFS

Evidence · table

> 59

Context: Mine Closure Costs

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 85

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-87)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Salvage value provides a credit, reducing the overall capital expenditure.

- Positive factor: Salvage value provides a credit to capital costs

Evidence · table

> \(23\)

Context: Salvage Value

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 86

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-88)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Mining costs are a significant component of operating expenses, providing transparency on operational expenditure.

- Negative factor: Mining costs increased compared to PFS

Evidence · table

> 9.93

Context: Mining Costs

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 87

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-89)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Labour costs are a component of operating expenses, providing transparency on operational expenditure.

Evidence · table

> 1.48

Context: Labour

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 88

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-90)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Power costs are a component of operating expenses, providing transparency on operational expenditure.

- Negative factor: Power costs increased compared to PFS

Evidence · table

> 2.69

Context: Power

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 89

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-91)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Reagents & Consumables costs are a component of operating expenses, providing transparency on operational expenditure.

- Negative factor: Reagents & Consumables costs increased compared to PFS

Evidence · table

> 4.06

Context: Reagents & Consumables

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 90

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-92)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Maintenance costs are a component of operating expenses, providing transparency on operational expenditure.

Evidence · table

> 1.05

Context: Maintenance

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 91

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-93)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Water/sewage costs are a component of operating expenses, providing transparency on operational expenditure.

Evidence · table

> 0.11

Context: Water/sewage

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 92

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-94)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Road maintenance costs are a component of operating expenses, providing transparency on operational expenditure.

Evidence · table

> 0.10

Context: Road maintenance

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 93

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-95)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Laboratory costs are a component of operating expenses, providing transparency on operational expenditure.

Evidence · table

> 0.35

Context: Laboratory

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 94

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-96)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Concentrate Logistics costs are a component of operating expenses, providing transparency on operational expenditure.

Evidence · table

> 2.20

Context: Concentrate Logistics

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 95

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-97)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A tax credit reduces the total operating costs, improving project economics.

- Positive factor: Tax credit reduces operating costs

Evidence · table

> \(1.88\)

Context: Tax Credit

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 96

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-98)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: G&A costs are a component of operating expenses, providing transparency on operational expenditure.

Evidence · table

> 2.32

Context: G&A

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 97

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-99)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Total operating costs are a key economic parameter, providing transparency on overall operational expenditure.

- Negative factor: Total operating costs increased compared to PFS

Evidence · table

> 22.41

Context: Total Operating Costs

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 98

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-100)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The mining cost assumption is clearly stated, providing transparency for reserve estimation.

- Positive factor: Clear mining cost assumption for reserve estimation

Evidence · text

> Mining cost: USD 2.95/t mined

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 99

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-101)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The processing cost assumption is clearly stated, providing transparency for reserve estimation.

- Positive factor: Clear processing cost assumption for reserve estimation

Evidence · text

> Processing cost: USD 7.82/t milled

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 100

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-102)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The G&A cost assumption is clearly stated, providing transparency for reserve estimation.

- Positive factor: Clear G&A cost assumption for reserve estimation

Evidence · text

> G&A: USD 2.19/t milled

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 101

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-103)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The logistics cost assumption is clearly stated, providing transparency for reserve estimation.

- Positive factor: Clear logistics cost assumption for reserve estimation

Evidence · text

> Logistics: USD 2.36/t milled

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 102

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-104)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The mining recovery assumption is clearly stated, providing transparency for reserve estimation.

- Positive factor: Clear mining recovery assumption for reserve estimation

Evidence · text

> Mining recovery: 97%

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 103

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-105)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The dilution assumption is clearly stated, providing transparency for reserve estimation.

- Positive factor: Clear dilution assumption for reserve estimation

Evidence · text

> Dilution: 3%

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 104

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-106)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: A low strip ratio indicates efficient mining operations, contributing positively to project economics.

- Positive factor: Low life-of-mine strip ratio indicates efficient mining

Evidence · text

> Low life-of-mine strip ratio of 1.42.

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 105

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-107)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The initial mill throughput capacity is clearly stated, providing insight into early production scale.

- Positive factor: Clear mill throughput capacity for initial years

Evidence · text

> nominal processing capacity of 1.93 Mtpa in Year 1, increasing to 2.50 Mtpa in Years 2 and 3

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 106

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-108)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The planned increase in mill throughput capacity from Year 4 onwards indicates scalability and potential for higher production.

- Positive factor: Planned increase in mill throughput capacity indicates scalability

Evidence · text

> increasing to 2.50 Mtpa in Years 2 and 3, and to 4.50 Mtpa from Year 4 onwards.

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 107

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-109)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The primary grind size is specified, providing a key parameter for the processing flowsheet.

- Positive factor: Primary grind size is specified for processing

Evidence · text

> Primary grind size of 150 microns

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 108

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-110)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The regrind size for the copper rougher concentrate is specified, indicating optimized processing for concentrate quality.

- Positive factor: Regrind size is specified for concentrate cleaning

Evidence · text

> regrind of the copper rougher concentrate to 30 microns

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 109

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-111)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: SGS Lakefield is a well-regarded metallurgical laboratory, adding credibility to the testwork results.

- Positive factor: Metallurgical testwork conducted by reputable laboratories and consultants

Evidence · text

> SGS Lakefield Canada \(metallurgy\)

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 110

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-112)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Flowsheets Metallurgical Consulting Inc. is a reputable consultant, adding credibility to the metallurgical interpretation.

- Positive factor: Metallurgical testwork conducted by reputable laboratories and consultants

Evidence · text

> Flowsheets Metallurgical Consulting Inc \(metallurgy and mineral processing\)

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 111

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-113)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Ausenco is a reputable engineering firm, adding credibility to the DFS and process design.

- Positive factor: Metallurgical testwork conducted by reputable laboratories and consultants

Evidence · text

> Ausenco do Brasil Engenharia Ltda and Ausenco Engineering Canada ULC \(together "Ausenco"\)

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

### Fact 112

[Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-resource-facts-114)

Cabaçal

#### Identity

- Project: Cabaçal
- Region: brazil
- Reported Region: Mato Grosso, Brazil
- Ticker: MNO

#### Resource scope

- Reporting standards: ni\_43\_101
- Resource group id: resource:6f7f1c0ade84420a5be0
- Mining method: combined

#### Resource Data

- Cutoff Grade: 0.138
- Cutoff Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: GE21 Consultoria Mineral Ltd is a reputable consultant, adding credibility to the resource and reserve estimation.

- Positive factor: Metallurgical testwork conducted by reputable laboratories and consultants

Evidence · text

> GE21 Consultoria Mineral Ltd \("GE21"\)

#### Tags used in scoring

**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

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-metallurgical-facts-45)

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, Canada
- Consultant: Ausenco and Flowsheets Metallurgical Consulting Inc

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Average metallurgical recovery for gold is high, supported by detailed testwork including pilot plant scale, indicating robust processing characteristics.

- Positive factor: High recovery for gold

- Positive factor: Pilot scale testwork completed

- Positive factor: Multi-domain variability tested

- Positive factor: Clean ore with low impurities

Evidence · table

> 89.3%

Context: Average metallurgical recovery - Gold

#### 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-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-metallurgical-facts-46)

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, Canada
- Consultant: Ausenco and Flowsheets Metallurgical Consulting Inc

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Average metallurgical recovery for copper is exceptional, supported by detailed testwork including pilot plant scale, indicating robust processing characteristics.

- Positive factor: Exceptional recovery for copper

- Positive factor: Pilot scale testwork completed

- Positive factor: Multi-domain variability tested

- Positive factor: Clean ore with low impurities

Evidence · table

> 92.8%

Context: Average metallurgical recovery - Copper

#### 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-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-cabac-al-delivers-after-tax-n--d632ac9a-6199-49a8-b4cb-43fbe08fbc99#fact-metallurgical-facts-47)

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: flotation

#### Recovery

- Recovery: 74.3 %
- Recovery Basis: actual\_test

#### Lab

- Laboratory: SGS Lakefield, Canada
- Consultant: Ausenco and Flowsheets Metallurgical Consulting Inc

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Average metallurgical recovery for silver is strong, supported by detailed testwork including pilot plant scale, indicating robust processing characteristics.

- Positive factor: Strong recovery for silver

- Positive factor: Pilot scale testwork completed

- Positive factor: Multi-domain variability tested

- Positive factor: Clean ore with low impurities

Evidence · table

> 74.3%

Context: Average metallurgical recovery - Silver

#### 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

**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.