Meridian’s Cabaçal value doubles on higher prices
Original announcement by northernminer on
- Company
- Meridian Mining
- Ticker
- MNO
- Exchange
- Unavailable
- Region
- Brazil
- Primary commodity
- Gold
- Secondary commodities
- Copper, Silver
- Document categories
- Resource update, Production
- Extracted
- 2026-09-22 16:49:54 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Meridian Mining has released a feasibility study for its Cabaçal gold-copper project in Brazil, reporting an after-tax NPV of $2.09 billion. The study shows a 34% increase in reserve tonnage compared to the previous prefeasibility study, though the valuation is significantly bolstered by higher metal price assumptions.
Reasoning: The feasibility study shows substantial growth in project value and reserves, though much of the NPV uplift is driven by higher commodity price assumptions.
Positive factors
- Significant NPV increase to $2.09B
- High IRR of 108%
- Reserve tonnage growth of 34% vs prior study
- Robust gold-equivalent annual production
Negative factors
- Value increase heavily reliant on higher metal-price assumptions
- Increased initial capital expenditure compared to PFS
Facts used in scoring: 3
Classification and evidence
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Reserve tonnage is 34% higher than the 41.7 million tonnes used in last year’s study.
Evidence · text
“Reserve tonnage is 34% higher than the 41.7 million tonnes used in last year’s study.”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document reports a new feasibility study update for the Cabaçal project.
Evidence · text
“in a new feasibility study”
Extracted facts
Stored fact records: 3. Some facts used in scoring do not have a stored record.
Resource Estimates (3)
probableCabaçal · goldTonnes: 56040000Grade: 0.61Grade Unit: g/tContained Metal: 1110000Contained Unit: ozView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- gold
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- MNO
Resource scope
- Estimate type
- reserve
- Resource group id
- resource:c4c5e6d52935b53dd19d
- Deposit or zone
- Cabaçal
- Mining method
- open_pit
- Material type
- vms
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 56040000
- Grade
- 0.61
- Grade Unit
- g/t
- Contained Metal
- 1110000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Strong reserve grade and tonnage for a VMS deposit.
Positive factors
- Significant contained gold of 1.11 Moz
Evidence · text
“56.04 million proven and probable tonnes grading 0.61 gram gold per tonne, 0.35% copper and 1.33 grams silver”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
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
PFS-Supportingneutral
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-Supportingneutral
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
probableCabaçal · copperTonnes: 56040000Grade: 0.35Grade Unit: %Contained Metal: 430000000Contained Unit: lbView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- copper
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- MNO
Resource scope
- Estimate type
- reserve
- Resource group id
- resource:c4c5e6d52935b53dd19d
- Deposit or zone
- Cabaçal
- Mining method
- open_pit
- Material type
- vms
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 56040000
- Grade
- 0.35
- Grade Unit
- %
- Contained Metal
- 430000000
- Contained Unit
- lb
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Solid copper grade for a polymetallic VMS reserve.
Positive factors
- Significant copper content
Evidence · text
“56.04 million proven and probable tonnes grading 0.61 gram gold per tonne, 0.35% copper and 1.33 grams silver”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
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
PFS-Supportingneutral
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-Supportingneutral
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
probableCabaçal · silverTonnes: 56040000Grade: 1.33Grade Unit: g/tContained Metal: 2390000Contained Unit: ozView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- silver
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- MNO
Resource scope
- Estimate type
- reserve
- Resource group id
- resource:c4c5e6d52935b53dd19d
- Deposit or zone
- Cabaçal
- Mining method
- open_pit
- Material type
- vms
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 56040000
- Grade
- 1.33
- Grade Unit
- g/t
- Contained Metal
- 2390000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Valuable silver credits included in the reserve.
Positive factors
- Significant silver byproduct
Evidence · text
“56.04 million proven and probable tonnes grading 0.61 gram gold per tonne, 0.35% copper and 1.33 grams silver”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
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
PFS-Supportingneutral
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-Supportingneutral
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.