# Meridian’s DFS Delivers NPV5 USD 2.09B & 108% IRR Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d Original source: https://www.londonstockexchange.com/news-article/MNO/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr/17797647 Publisher: lse Original announcement: 2026-09-22T05:00:06.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T07:15:45.165Z Atlas analysis updated: 2026-09-22T07:15:45.165Z - Company: Meridian Mining plc - Ticker: MNO - Exchange: LSE - Region: Mato Grosso, Brazil - Primary commodity: Gold - Secondary commodities: Copper, Silver - Document categories: Resource update, Metallurgy, Other - Extracted: 2026-09-22 07:15:45 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Meridian Mining's Definitive Feasibility Study \(DFS\) for the Cabaçal gold-copper-silver project in Brazil reports strong economics, including an after-tax NPV5 of USD 2.09 billion and an Internal Rate of Return \(IRR\) of 108%, with a rapid payback period of 0.9 years. The study highlights an updated and larger Mineral Reserve statement, high metallurgical recoveries, and significant progress in permitting and pre-construction activities. The company aims to advance the project towards a Financial Investment Decision, leveraging its robust economic potential and clean concentrate production. Reasoning: Meridian Mining's DFS for the Cabaçal project demonstrates compelling economics with a high NPV and IRR, a rapid payback, and an updated Mineral Reserve, positioning it as a strong near-term VMS gold-copper mine. The study is supported by robust metallurgy and significant progress in project development. - Positive factor: The Definitive Feasibility Study \(DFS\) delivers robust economics with a high after-tax NPV5 of USD 2.09 billion and an IRR of 108%. - Positive factor: The project has a very short payback period of 0.9 years. - Positive factor: The DFS includes an updated and larger Mineral Reserve statement, indicating increased confidence and scale. - Positive factor: Metallurgical test work confirms high recoveries for gold \(89.3%\), copper \(92.8%\), and silver \(74.3%\) with a clean concentrate. - Positive factor: Significant progress has been made on permitting, financing activities, and pre-construction investments, de-risking the project. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 48 ## 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 document is a Definitive Feasibility Study \(DFS\) for the Cabaçal project, providing detailed economic and technical assessments. Evidence · text > Meridian Mining’s Definitive Feasibility Study for Cabaçal Delivers After-Tax NPV 5 of USD 2.09 Billion, 108% IRR, and 0.9 Year Payback **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 \(QPs\) and is prepared in accordance with NI 43-101, with specific QPs responsible for different areas. Evidence · text > The DFS Study has an effective date of September 15, 2026. It was authored by independent Qualified Persons and is prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. **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, as well as the overall DFS, are stated to be prepared in accordance with NI 43-101 standards. 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. **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 for Measured and Indicated resources and 0.138 g/t AuEq for reserves is clearly stated. Evidence · text > The resource cut-off grade applied for Measured and Indicated resources was 0.117 g/t AuEq. **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 reported as 89.3% for gold, 92.8% for copper, and 74.3% for silver, which are strong to exceptional for their respective 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 other test work. 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 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 test work included 23 variability samples from across the deposit, covering oxidised, transition, and sulphide zones. 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. **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: Key updates in the DFS include improved metallurgy compared to the prior PFS. 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. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The DFS includes an updated and larger Mineral Reserve statement, and the Mineral Resource estimate is a restatement of a prior announcement. 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. **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource estimate includes a Measured category for gold, silver, and copper, indicating high confidence. Evidence · table > Measured Context: Classification **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource estimate includes an Indicated category for gold, silver, and copper, indicating reasonable geological confidence. Evidence · table > Indicated Context: Classification **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The reserve estimate includes a Proven category for gold, silver, and copper, representing the highest confidence in economic viability. Evidence · table > Proven Context: Reserve Classification **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The reserve estimate includes a Probable category for gold, silver, and copper, representing a high level of confidence in economic viability. Evidence · table > Probable Context: Reserve Classification **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Mineral Resource estimate is a restatement of a prior announcement from January 20, 2026, indicating low novelty for the resource figures themselves. Evidence · text > The mineral resource was previously announced by Meridian on January 20, 2026, and is unchanged. **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 \("gravity"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 48. Some facts used in scoring do not have a stored record. ## Resource Estimates (45) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-3) Cabaçal · gold Historical result Needs review: historical\_restatement #### 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:6f1f6fbdb7ba23eae89b - Deposit or zone: 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Measured resource for saprolite gold is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is relatively low for the deposit type. - Positive factor: Measured category indicates high confidence in the estimate. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.44 g/t Au is weak for a VMS gold deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-4) Cabaçal · silver Historical result Needs review: historical\_restatement #### 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:6f1f6fbdb7ba23eae89b - Deposit or zone: 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Measured resource for saprolite silver is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type. - Positive factor: Measured category indicates high confidence in the estimate. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.69 g/t Ag is very low for a VMS silver deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-5) Cabaçal · copper Historical result Needs review: historical\_restatement #### 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:6f1f6fbdb7ba23eae89b - Deposit or zone: 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Measured resource for saprolite copper is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type. - Positive factor: Measured category indicates high confidence in the estimate. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.12% Cu is weak for a VMS copper deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-6) Cabaçal · gold Historical result Needs review: historical\_restatement #### 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:dce55707d64750e6a69e - Deposit or zone: Transition #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Measured resource for transition gold is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type. - Positive factor: Measured category indicates high confidence in the estimate. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.55 g/t Au is weak for a VMS gold deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-7) Cabaçal · silver Historical result Needs review: historical\_restatement #### 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:dce55707d64750e6a69e - Deposit or zone: Transition #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Measured resource for transition silver is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type. - Positive factor: Measured category indicates high confidence in the estimate. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.63 g/t Ag is very low for a VMS silver deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-8) Cabaçal · copper Historical result Needs review: historical\_restatement #### 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:dce55707d64750e6a69e - Deposit or zone: Transition #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Measured resource for transition copper is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type. - Positive factor: Measured category indicates high confidence in the estimate. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.21% Cu is weak for a VMS copper deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-9) Cabaçal · gold Historical result Needs review: historical\_restatement #### 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:17811b5e4f81ccb9f135 - Deposit or zone: Fresh Rock #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Measured resource for fresh rock gold is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type. - Positive factor: Measured category indicates high confidence in the estimate. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.57 g/t Au is weak for a VMS gold deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-10) Cabaçal · silver Historical result Needs review: historical\_restatement #### 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:17811b5e4f81ccb9f135 - Deposit or zone: Fresh Rock #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Measured resource for fresh rock silver is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type. - Positive factor: Measured category indicates high confidence in the estimate. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 1.36 g/t Ag is very low for a VMS silver deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-11) Cabaçal · copper Historical result Needs review: historical\_restatement #### 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:17811b5e4f81ccb9f135 - Deposit or zone: Fresh Rock #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Measured resource for fresh rock copper is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is moderate for the deposit type. - Positive factor: Measured category indicates high confidence in the estimate. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.35% Cu is moderate for a VMS copper deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-12) Cabaçal · gold Historical result Needs review: historical\_restatement #### 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:b3e04ddc572dc0fa0625 - Deposit or zone: 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total Measured resource for gold is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type. - Positive factor: Measured category indicates high confidence in the estimate. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.57 g/t Au is weak for a VMS gold deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-13) Cabaçal · silver Historical result Needs review: historical\_restatement #### 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:b3e04ddc572dc0fa0625 - Deposit or zone: 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total Measured resource for silver is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type. - Positive factor: Measured category indicates high confidence in the estimate. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 1.34 g/t Ag is very low for a VMS silver deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-14) Cabaçal · copper Historical result Needs review: historical\_restatement #### 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:b3e04ddc572dc0fa0625 - Deposit or zone: 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total Measured resource for copper is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is moderate for the deposit type. - Positive factor: Measured category indicates high confidence in the estimate. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.34% Cu is moderate for a VMS copper deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-15) Cabaçal · gold Historical result Needs review: historical\_restatement #### 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:becc154e85db06d375f2 - Deposit or zone: 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Indicated resource for saprolite gold is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.30 g/t Au is weak for a VMS gold deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-16) Cabaçal · silver Historical result Needs review: historical\_restatement #### 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:becc154e85db06d375f2 - Deposit or zone: 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Indicated resource for saprolite silver is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.99 g/t Ag is very low for a VMS silver deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-17) Cabaçal · copper Historical result Needs review: historical\_restatement #### 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:becc154e85db06d375f2 - Deposit or zone: 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Indicated resource for saprolite copper is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.16% Cu is weak for a VMS copper deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-18) Cabaçal · gold Historical result Needs review: historical\_restatement #### 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:acfe3ab488b1d806ecd3 - Deposit or zone: Transition #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Indicated resource for transition gold is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.13 g/t Au is weak for a VMS gold deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-19) Cabaçal · silver Historical result Needs review: historical\_restatement #### 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:acfe3ab488b1d806ecd3 - Deposit or zone: Transition #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Indicated resource for transition silver is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.59 g/t Ag is very low for a VMS silver deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-20) Cabaçal · copper Historical result Needs review: historical\_restatement #### 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:acfe3ab488b1d806ecd3 - Deposit or zone: Transition #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Indicated resource for transition copper is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.22% Cu is weak for a VMS copper deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-21) Cabaçal · gold Historical result Needs review: historical\_restatement #### 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:aa6891f7bd823610d57a - Deposit or zone: Fresh Rock #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Indicated resource for fresh rock gold is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.49 g/t Au is weak for a VMS gold deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-22) Cabaçal · silver Historical result Needs review: historical\_restatement #### 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:aa6891f7bd823610d57a - Deposit or zone: Fresh Rock #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Indicated resource for fresh rock silver is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 1.00 g/t Ag is very low for a VMS silver deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-23) Cabaçal · copper Historical result Needs review: historical\_restatement #### 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:aa6891f7bd823610d57a - Deposit or zone: Fresh Rock #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Indicated resource for fresh rock copper is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.22% Cu is weak for a VMS copper deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-24) Cabaçal · gold Historical result Needs review: historical\_restatement #### 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:1bc0208ca063bf1747ff - Deposit or zone: 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total Indicated resource for gold is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.48 g/t Au is weak for a VMS gold deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-25) Cabaçal · silver Historical result Needs review: historical\_restatement #### 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:1bc0208ca063bf1747ff - Deposit or zone: 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total Indicated resource for silver is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.99 g/t Ag is very low for a VMS silver deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-26) Cabaçal · copper Historical result Needs review: historical\_restatement #### 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:1bc0208ca063bf1747ff - Deposit or zone: 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total Indicated resource for copper is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.22% Cu is weak for a VMS copper deposit. 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 ### Saprolite [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-27) Cabaçal · gold Historical result Needs review: historical\_restatement #### 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:c5aac1f06d3988707285 - Deposit or zone: Saprolite #### Resource Data - 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total saprolite resource for gold is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is weak for the deposit type. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.43 g/t Au is weak for a VMS gold deposit. Evidence · table > 0.43 Context: 0.34 #### 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 **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 ### Saprolite [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-28) Cabaçal · silver Historical result Needs review: historical\_restatement #### 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:c5aac1f06d3988707285 - Deposit or zone: Saprolite #### Resource Data - 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total saprolite resource for silver is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is very low for the deposit type. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.70 g/t Ag is very low for a VMS silver deposit. Evidence · table > 0.70 Context: 0.34 #### 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 **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 ### Saprolite [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-29) Cabaçal · copper Historical result Needs review: historical\_restatement #### 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:c5aac1f06d3988707285 - Deposit or zone: Saprolite #### Resource Data - 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total saprolite resource for copper is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is weak for the deposit type. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.12% Cu is weak for a VMS copper deposit. Evidence · table > 0.12 Context: 0.34 #### 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 **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 ### Transition [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-30) Cabaçal · gold Historical result Needs review: historical\_restatement #### 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:7e57a9db1da6466a2547 - Deposit or zone: Transition #### Resource Data - 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total transition resource for gold is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is weak for the deposit type. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.54 g/t Au is weak for a VMS gold deposit. Evidence · table > 0.54 Context: 1.90 #### 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 **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 ### Transition [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-31) Cabaçal · silver Historical result Needs review: historical\_restatement #### 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:7e57a9db1da6466a2547 - Deposit or zone: Transition #### Resource Data - 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total transition resource for silver is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is very low for the deposit type. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.63 g/t Ag is very low for a VMS silver deposit. Evidence · table > 0.63 Context: 1.90 #### 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 **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 ### Transition [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-32) Cabaçal · copper Historical result Needs review: historical\_restatement #### 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:7e57a9db1da6466a2547 - Deposit or zone: Transition #### Resource Data - 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total transition resource for copper is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is weak for the deposit type. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.21% Cu is weak for a VMS copper deposit. Evidence · table > 0.21 Context: 1.90 #### 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 **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 ### Fresh Rock [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-33) Cabaçal · gold Historical result Needs review: historical\_restatement #### 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:c06dd83a9dbfc5888ad1 - Deposit or zone: Fresh Rock #### Resource Data - 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total fresh rock resource for gold is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is weak for the deposit type. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.56 g/t Au is weak for a VMS gold deposit. Evidence · table > 0.56 Context: 67.85 #### 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 **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 ### Fresh Rock [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-34) Cabaçal · silver Historical result Needs review: historical\_restatement #### 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:c06dd83a9dbfc5888ad1 - Deposit or zone: Fresh Rock #### Resource Data - 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total fresh rock resource for silver is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is very low for the deposit type. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 1.34 g/t Ag is very low for a VMS silver deposit. Evidence · table > 1.34 Context: 67.85 #### 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 **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 ### Fresh Rock [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-35) Cabaçal · copper Historical result Needs review: historical\_restatement #### 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:c06dd83a9dbfc5888ad1 - Deposit or zone: Fresh Rock #### Resource Data - 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total fresh rock resource for copper is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is moderate for the deposit type. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.34% Cu is moderate for a VMS copper deposit. Evidence · table > 0.34 Context: 67.85 #### 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 **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 ### Total [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-36) Cabaçal · gold Historical result Needs review: historical\_restatement #### 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:3595155b7c506d7bf291 - Deposit or zone: Total #### Resource Data - 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total resource for gold is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is weak for the deposit type. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.56 g/t Au is weak for a VMS gold deposit. Evidence · table > 0.56 Context: 70.10 #### 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 **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 ### Total [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-37) Cabaçal · silver Historical result Needs review: historical\_restatement #### 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:3595155b7c506d7bf291 - Deposit or zone: Total #### Resource Data - 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total resource for silver is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is very low for the deposit type. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 1.31 g/t Ag is very low for a VMS silver deposit. Evidence · table > 1.31 Context: 70.10 #### 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 **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 ### Total [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-38) Cabaçal · copper Historical result Needs review: historical\_restatement #### 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:3595155b7c506d7bf291 - Deposit or zone: Total #### Resource Data - 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This total resource for copper is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is moderate for the deposit type. - Positive factor: The resource is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The resource estimate is a restatement of a prior announcement, indicating low novelty. - Negative factor: The grade of 0.33% Cu is moderate for a VMS copper deposit. Evidence · table > 0.33 Context: 70.10 #### 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 **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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#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: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 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: The Proven Reserve for gold represents a highly confident and economically viable portion of the resource, significantly de-risking the project. - Positive factor: Proven Reserve indicates the highest level of confidence in economic viability. - Positive factor: The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person. - Positive factor: The grade of 0.62 g/t Au is moderate for an open-pit VMS gold deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#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: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 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: The Proven Reserve for silver represents a highly confident and economically viable portion of the resource, contributing to byproduct credits, though the grade is very low. - Positive factor: Proven Reserve indicates the highest level of confidence in economic viability. - Positive factor: The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The grade of 1.33 g/t Ag is very low for an open-pit VMS silver deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#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: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 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: The Proven Reserve for copper represents a highly confident and economically viable portion of the resource, significantly de-risking the project. - Positive factor: Proven Reserve indicates the highest level of confidence in economic viability. - Positive factor: The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person. - Positive factor: The grade of 0.35% Cu is moderate for an open-pit VMS copper deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#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: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 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: The Probable Reserve for gold represents an economically viable portion of the resource, contributing to the overall project, though the grade is weak. - Positive factor: Probable Reserve indicates a high level of confidence in economic viability. - Positive factor: The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The grade of 0.28 g/t Au is weak for an open-pit VMS gold deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#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: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 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: The Probable Reserve for silver represents an economically viable portion of the resource, contributing to byproduct credits, though the grade is very low. - Positive factor: Probable Reserve indicates a high level of confidence in economic viability. - Positive factor: The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The grade of 1.00 g/t Ag is very low for an open-pit VMS silver deposit. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#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: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 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: The Probable Reserve for copper represents an economically viable portion of the resource, contributing to the overall project, though the grade is weak. - Positive factor: Probable Reserve indicates a high level of confidence in economic viability. - Positive factor: The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The grade of 0.25% Cu is weak for an open-pit VMS copper deposit. 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 ### Fact 43 [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-45) 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:d9c4351c28f47913cdc0 - Mining method: combined #### Resource Data - Tonnes: 56040000 - Grade: 0.61 - Grade Unit: g/t - Contained Metal: 1106.5 - Contained Unit: koz - Cutoff Grade: 0.138 - 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: The total gold reserve confirms a substantial and economically viable component for the project, with high confidence and NI 43-101 compliance. - Positive factor: The total reserve for gold indicates a significant and economically viable portion of the resource. - Positive factor: The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person. - Positive factor: The grade of 0.61 g/t Au is moderate for an open-pit VMS gold deposit. Evidence · table > 0.61 Context: 56.04 #### 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 **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 44 [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-46) 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:d9c4351c28f47913cdc0 - Mining method: combined #### Resource Data - Tonnes: 56040000 - Grade: 1.33 - Grade Unit: g/t - Contained Metal: 2388 - Contained Unit: koz - Cutoff Grade: 0.138 - 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: The total silver reserve confirms a substantial and economically viable component for the project, contributing to byproduct credits, though the grade is very low. - Positive factor: The total reserve for silver indicates a significant and economically viable portion of the resource. - Positive factor: The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: The grade of 1.33 g/t Ag is very low for an open-pit VMS silver deposit. Evidence · table > 1.33 Context: 56.04 #### 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 **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 45 [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-resource-facts-47) 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:d9c4351c28f47913cdc0 - Mining method: combined #### Resource Data - Tonnes: 56040000 - Grade: 0.35 - Grade Unit: % - Contained Metal: 429.9 - Contained Unit: mlb - Cutoff Grade: 0.138 - 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: The total copper reserve confirms a substantial and economically viable component for the project, with high confidence and NI 43-101 compliance. - Positive factor: The total reserve for copper indicates a significant and economically viable portion of the resource. - Positive factor: The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person. - Positive factor: The grade of 0.35% Cu is moderate for an open-pit VMS copper deposit. Evidence · table > 0.35 Context: 56.04 #### 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 **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 ## Metallurgical Results (3) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-metallurgical-facts-0) Cabaçal · gold #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO #### Test Work - Test Type: flotation - Processing Route: gravity circuit concentrator and flotation with the copper - Sample: LOM average #### 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: The average metallurgical recovery for gold is high, contributing positively to the project's economics and de-risking the processing aspect. - Positive factor: Gold recovery of 89.3% is strong for a mill-CIL processing route, indicating efficient extraction. - Positive factor: The recovery is based on actual test work, providing high confidence in the estimate. 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 mill\_cil 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-metallurgical-facts-1) Cabaçal · copper #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO #### Test Work - Test Type: flotation - Processing Route: flotation techniques - Sample: LOM average #### 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: The average metallurgical recovery for copper is exceptionally high, significantly enhancing the project's economic viability. - Positive factor: Copper recovery of 92.8% is exceptional for a flotation processing route, indicating highly efficient extraction. - Positive factor: The recovery is based on actual test work, providing high confidence in the estimate. 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-s-dfs-delivers-npv5-usd-2-09b-108-irr--0fae5538-4edd-47c7-9dd3-f04594c0ec8d#fact-metallurgical-facts-2) Cabaçal · silver #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO #### Test Work - Test Type: flotation - Processing Route: flotation with the copper - Sample: LOM average #### 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: The average metallurgical recovery for silver is moderate, adding value as a byproduct credit to the project. - Positive factor: Silver recovery of 74.3% is moderate for a flotation processing route, contributing to overall project economics. - Positive factor: The recovery is based on actual test work, providing high confidence in the estimate. 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.