# Meridian’s Cabaçal value doubles on higher prices Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/meridian-s-cabac-al-value-doubles-on-higher-prices--0ed5bc1e-a91b-47ed-b924-7c179d03e41b Original source: https://www.northernminer.com/news/meridians-cabacal-value-doubles-on-higher-prices/1003895043/ Publisher: northernminer Original announcement: 2026-09-22T16:34:52.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T16:49:54.192Z Atlas analysis updated: 2026-09-22T16:49:54.192Z - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Significant NPV increase to $2.09B - Positive factor: High IRR of 108% - Positive factor: Reserve tonnage growth of 34% vs prior study - Positive factor: Robust gold-equivalent annual production - Negative factor: Value increase heavily reliant on higher metal-price assumptions - Negative factor: Increased initial capital expenditure compared to PFS Facts used in scoring: 3 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: 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) ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-cabac-al-value-doubles-on-higher-prices--0ed5bc1e-a91b-47ed-b924-7c179d03e41b#fact-resource-facts-0) Cabaçal · gold #### 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 factor: 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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 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 **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-s-cabac-al-value-doubles-on-higher-prices--0ed5bc1e-a91b-47ed-b924-7c179d03e41b#fact-resource-facts-1) Cabaçal · copper #### 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 factor: 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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 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 **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-s-cabac-al-value-doubles-on-higher-prices--0ed5bc1e-a91b-47ed-b924-7c179d03e41b#fact-resource-facts-2) Cabaçal · silver #### 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 factor: 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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 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 **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 ## 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.