Meridian Mining appoints Halkyard as interim CFO
Executive Summary
- Meridian Mining appointed David Halkyard as interim CFO and Vitor Hugo de Sousa Belo as Chief Development Officer.
- Completed the Cabacal definitive feasibility study drill program: 591 holes totaling 66,487 m of diamond drilling.
- Title transfer for Cabacal and Santa Helena projects to Rio Cabacal Mineração Ltda. finalized, advancing the purchase agreement and derisking the path to a 2027 mine decision.
Key Details
- Executive Changes (effective Sept. 1 2025):
- David Halkyard – interim Chief Financial Officer (20+ years mining‑focused banking experience).
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Vitor Hugo de Sousa Belo – Chief Development Officer, responsible for Cabacal development strategy and liaison with Brazilian authorities.
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Cabacal DFS Drill Program:
- Total holes drilled: 591.
- Total depth drilled: 66,487 m.
- Samples sent to SGS Lakefield (Canada) for final metallurgical testwork; flotation tests underway; mini‑pilot plant test scheduled.
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GE21 engaged for DFS modelling and mine planning.
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Title Transfer:
- Licences 866.292/2004 (Cabacal) and 861.956/1980 (Santa Helena) registered to Rio Cabacal Mineração Ltda. by ANM, completing the key title transfer under the Cabacal Purchase Agreement (signed Nov 2020).
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Transfer of three exploration licences remains in progress.
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Project Economics (from PFS Technical Report, March 31 2025):
- After‑tax NPV₅%: US$984 million.
- IRR: 61.2 %.
- Pre‑production capital cost: US$248 million; capital repayment in ~17 months (gold $2,119/oz, copper $4.16/lb, silver $26.89/oz).
- All‑in sustaining cost: US$742/oz AuEq.
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Reserve estimate: 41.7 Mt at 0.63 g/t Au, 0.44 % Cu, 1.64 g/t Ag (0.25 g/t AuEq cut‑off).
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Future Work:
- Drilling rigs to shift focus to regional target evaluation (NW/SE extensions of the belt).
- Ongoing expansion of access agreements for newly granted exploration licences; continued geophysical programs.
Notable Quotes
“I have been working closely with David since he joined the company, and his contribution has been exceptional… I am also very pleased to announce Vitor's increased role as the company's chief development officer.” – Gilbert Clark, CEO
“The completion of the Cabacal DFS drill program and the title transfer … are key milestones and derisking events for Meridian as we progress to a decision to mine in 2027.” – Gilbert Clark, CEO