Meridian Mining Announces Cabacal's Preliminary Licence Approval by Mato Grosso's CONSEMA Council Meeting

Executive Summary

• CONSEMA, the Environmental Council of Mato Grosso, unanimously approved the Preliminary Licence (“PL”) for Meridian Mining’s Cabaçal Au‑Cu‑Ag project.
• The PL is the first of three required permits; its approval moves the project toward Installation Licence submission and triggers the Final Investment Decision.
• Meridian’s Definitive Feasibility Study is slated for publication in 2026, reinforcing the project's strong economics (after‑tax NPV₅ ≈ US$984 M, IRR ≈ 61.2%).

Key Details

• Permit Approval: CONSEMA voted unanimously on October 29, 2025 to approve the Cabaçal PL after reviewing SEMA’s positive technical opinion based on the Environmental Impact Assessment (EIA) and Relatório de Impacto Ambiental (RIMA).
• Formal Issuance: The PL will be formally published in the State of Mato Grosso gazette by SEMA; Meridian reports no known risks to this process.
• Permitting Roadmap:
• Preliminary Licence – now approved.
• Installation Licence – next step, enabling construction of beneficiation plant and related structures; will trigger Final Investment Decision.
• Operating Licence – to be granted after mine construction is completed.
• Project Economics (PFS, March 31 2025):
• After‑tax NPV₅: US$984 million
• IRR: 61.2%
• Pre‑production capital cost: US$248 million
• Capital repayment period: ~17 months (based on gold $2,119/oz, copper $4.16/lb, silver $26.89/oz)
• All‑in‑Sustaining Cost: US$742 per ounce gold equivalent
• Life‑of‑mine production: 141,000 oz gold equivalent
• Mineral Reserve Estimate: Proven & Probable reserves of 41.7 Mt at 0.63 g/t Au, 0.44 % Cu, and 1.64 g/t Ag (cut‑off 0.25 g/t Au eq.).
• Qualified Person: Erich Marques, B.Sc., FAIG, Chief Geologist, has reviewed and approved the technical information per NI 43‑101.
• Stakeholder Presentation: Local subsidiary Rio Cabaçal Mineração Ltda together with SETE, GE21, and Ausenco presented technical, environmental, and socio‑economic aspects to CONSEMA prior to approval.

Notable Quotes

• “The unanimous approval of the Preliminary Licence by CONSEMA marks a pivotal step toward making Cabaçal shovel‑ready and delivering long‑term socio‑economic benefits to Mato Grosso and Brazil,” – Gilbert Clark, CEO & Director, Meridian Mining UK S.