# Meridian Mining shares jump 10% as Cabaçal study points to $2bn value Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/meridian-mining-shares-jump-10-as-cabac-al-study-points-to-2bn-value--5aba4e06-cade-489d-b3b1-c8166653cd15 Original source: https://www.proactiveinvestors.com/companies/news/1098875/meridian-mining-shares-jump-10-as-cabacal-study-points-to-2bn-value-1098875.html Publisher: proactiveinvestors Original announcement: 2026-09-22T11:15:45.589Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T11:17:25.408Z Atlas analysis updated: 2026-09-22T11:17:25.408Z - Company: Meridian Mining Plc - Ticker: MNO - Exchange: Unavailable - Region: Brazil - Primary commodity: Gold - Secondary commodities: Copper, Silver - Document categories: Resource update - Extracted: 2026-09-22 11:17:26 UTC Narrative sentiment: 1.00 · Bullish ## Minestarters Atlas summary Meridian Mining has released a definitive feasibility study for its Cabaçal gold-copper-silver project in Brazil, valuing it at an after-tax NPV of $2.09 billion. The study reports an impressive 108% IRR and a payback period of just 0.9 years, superseding a previous 2025 assessment with improved economics and reserves. Reasoning: The definitive feasibility study \(DFS\) shows exceptional economic metrics including a very high IRR and rapid payback, significantly improving upon the previous assessment. - Positive factor: High NPV of $2.09 billion - Positive factor: Exceptional IRR of 108% - Positive factor: Rapid payback period of 0.9 years - Positive factor: Strong value-to-cost ratio - Positive factor: Significant revenue generation of $5.4 billion Facts used in scoring: 7 ## Classification and evidence **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The announcement details the results of a definitive feasibility study \(DFS\) for the Cabaçal project. Evidence · text > definitive feasibility study valued its Cabaçal gold-copper-silver project **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The DFS supersedes an earlier assessment from March 2025 with improved economics and reserves. Evidence · text > The definitive study supersedes an earlier assessment from March 2025 ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Resource Estimates (7) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-shares-jump-10-as-cabac-al-study-points-to-2bn-value--5aba4e06-cade-489d-b3b1-c8166653cd15#fact-resource-facts-0) #### Identity - Region: brazil - Reported Region: Brazil - Ticker: MNO #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The DFS reports a very high net present value for the project. - Positive factor: High NPV Evidence · text > after-tax net present value at $2.09 billion #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 2 [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-shares-jump-10-as-cabac-al-study-points-to-2bn-value--5aba4e06-cade-489d-b3b1-c8166653cd15#fact-resource-facts-1) #### Identity - Region: brazil - Reported Region: Brazil - Ticker: MNO #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: An IRR of 108% is exceptionally high for a mining development. - Positive factor: Exceptional IRR Evidence · text > internal rate of return of 108% #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 3 [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-shares-jump-10-as-cabac-al-study-points-to-2bn-value--5aba4e06-cade-489d-b3b1-c8166653cd15#fact-resource-facts-2) #### Identity - Region: brazil - Reported Region: Brazil - Ticker: MNO #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: A payback period under one year is extremely attractive. - Positive factor: Rapid payback Evidence · text > initial outlay would be recovered in 0.9 years #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 4 [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-shares-jump-10-as-cabac-al-study-points-to-2bn-value--5aba4e06-cade-489d-b3b1-c8166653cd15#fact-resource-facts-3) #### Identity - Region: brazil - Reported Region: Brazil - Ticker: MNO #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Reported initial capital expenditure for the project. Evidence · text > Initial capital spending was pegged at $322 million #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 5 [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-shares-jump-10-as-cabac-al-study-points-to-2bn-value--5aba4e06-cade-489d-b3b1-c8166653cd15#fact-resource-facts-4) #### Identity - Region: brazil - Reported Region: Brazil - Ticker: MNO #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Projected lifetime revenue is substantial. - Positive factor: High total revenue Evidence · text > generate revenue of $5.4 billion #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 6 [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-shares-jump-10-as-cabac-al-study-points-to-2bn-value--5aba4e06-cade-489d-b3b1-c8166653cd15#fact-resource-facts-5) #### Identity - Region: brazil - Reported Region: Brazil - Ticker: MNO #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: AISC of $1,056/oz gold is competitive. - Positive factor: Low AISC Evidence · text > All-in sustaining costs... were put at $1,056 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 7 [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-shares-jump-10-as-cabac-al-study-points-to-2bn-value--5aba4e06-cade-489d-b3b1-c8166653cd15#fact-resource-facts-6) #### Identity - Region: brazil - Reported Region: Brazil - Ticker: MNO #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The study uses a conservative gold price assumption relative to spot. Evidence · text > assumed a gold price of $3,570 an ounce #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ## 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.