Meridian Mining (LSE:MNO) is focusing its development strategy on preparing years ahead, as it advances towards a final investment decision (FID) for the Cabaçal Gold-Copper-Silver Project in Brazil.
Speaking to Mining.com.au, CEO Gilbert Clark says the company has invested a lot in its technical, financial, environmental, and social licencing work over the last couple of years.
“When we look at the rollout, we’ve already started benefiting from the results of the Definitive Feasibility Study, [expected in Q4 2026],” Clark tells this news service.
“We started ordering the long-lead items, the transformers, and other bits of equipment.”
Data generation for the Definitive Feasibility Study has been completed and delivered to Ausenco to progress engineering activities. The data includes metallurgy to further de-risk the process flowsheet, and geotechnical studies of all the mine site infrastructure locations have been undertaken.
Being built and managed by Brazilian locals, the Cabaçal Project is an advanced-stage copper-gold-silver volcanogenic massive sulphide system. The project is advancing as a standalone operation, while continuing to explore the broader belt.
A 2025 Prefeasibility Study highlights robust project fundamentals, including a post-tax net present value of US$984 million ($1,379.48 million) and an internal rate of return of 61.2%.
Cabaçal has an average annual production of 141,000 gold-equivalent ounces and a payback period of 17 months.
“We want to build a mid-tier mining company,” Clark notes.
“We’re not looking to rewrite the book for mining — we are an industrial production company.”
More about Meridian
Meridian Mining listed on the London Stock Exchange in early May, following an initial public offering raising £25 million ($46.94 million).
Under the offering, shares were issued £0.92 per share, representing a 5.6% discount to the last closing price per share on the Toronto Stock Exchange on 24 April.
To date, Clark says the company’s market capitalisation is just under C$1 billion.
“The cash we’ve deployed in the ground is £100 million or thereabouts. We’re nearly nine times return on that money we’ve invested,” the CEO says.
“Cash is king.”
Meridian Mining also owns the Espigão exploration and mining licences in Brazil. The area represents an intrusion-related gold-copper opportunity, with numerous geochemical and geophysical targets established along structural corridors extending over 200km2.
Espigão’s project area is dominated by a series of fractionated granitoids. An extensive network of mineralised structures can be found in the core of the licence area, comprising base metal anomalous manganese veins, ferruginous breccias, and tin-bearing greisen.
Write to Aaliyah Rogan at Mining.com.au
Images: Meridian Mining
