Meridian gets preliminary licence approval for Cabacal

On October 30, 2025, Meridian Mining announced that CONSEMA, the environmental council for the state of Mato Grosso, Brazil, has unanimously approved the Preliminary Licence (PL) for its flagship Cabaçal Au-Cu-Ag project. This approval is based on a positive technical opinion from the state environmental agency (SEMA) following a review of the company's Environmental Impact Assessment. The company states this is the first and most significant of the three permitting stages required for the development of Cabaçal. The formal issuance of the PL by SEMA is now in process.

This news is a material and positive catalyst for Meridian Mining. Securing the Preliminary Licence is arguably the most critical permitting milestone for any mining project in Brazil, as it signifies governmental and environmental approval of the project's concept and its environmental impact study. It substantially de-risks the path to production for the Cabaçal project.

Looking at the progression of news, the company has executed its stated strategy effectively over the past year: - Nov/Dec 2024: Delivered very high-grade drill results from the Santa Helena satellite deposit, highlighting the potential for a larger "hub-and-spoke" operation. - Jan/Feb 2025: Successfully raised C$17.2 million at C$0.39, ensuring funding for near-term objectives. - March 2025: Delivered a robust Pre-Feasibility Study (PFS) for Cabaçal with exceptional economics: an after-tax NPV5 of USD $984 million and an IRR of 61.2%. This study gave the market a tangible valuation anchor. - July/Aug 2025: Completed a very large C$50 million financing at C$0.78, led by major Canadian banks (Stifel, BMO). This fully funded the company to a final investment decision (FID), removing financing overhang for the study phase. - Oct 2025: Continued to release strong drill results from Cabaçal, confirming the resource model ahead of the Definitive Feasibility Study (DFS).

The PL approval is the logical and crucial next step in this sequence. It demonstrates management's ability to navigate the Brazilian regulatory environment and adds significant credibility to their development timeline, which targets a decision to mine in 2026/2027. While this was an expected development, its confirmation removes a major uncertainty that often plagues mining developers. This achievement will be critical for the project financing discussions that will follow the completion of the DFS. The market has anticipated this progress, as reflected in the stock's strong performance from C$0.38 to over C$1.12 in the past year, but this tangible milestone validates that re-rating and provides a solid platform for future appreciation as the project moves toward construction.

Meridian Mining U.K. Societas is a mineral developer focused on its Cabaçal Gold-Copper-Silver VMS project in the state of Mato Grosso, Brazil. The flagship Cabaçal project is an advanced-stage, past-producing mine that was previously operated by BP Minerals/Rio Tinto. The company is advancing the project through feasibility studies towards a construction decision. A March 2025 PFS outlined a 10.6-year mine life with average annual production of 141,000 AuEq ounces at a very low AISC of $742/oz. The company also controls a large, prospective land package and is advancing the nearby Santa Helena deposit as a potential second mining operation.