Meridian Mining's Cabacal licence approval formalized
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The most recent news, dated November 3, 2025, announces the formalization of Meridian Mining's Cabacal project's Preliminary Licence (PL) with its publication in the official gazette of the State of Mato Grosso. This follows the unanimous approval by CONSEMA, the environmental council, on October 29, 2025.
Meridian Mining is now focusing on preparing and submitting the Installation Licence (IL) application for Cabacal in the first half of 2026. Concurrently, the company has submitted the Preliminary Licence application for its Santa Helena copper-silver-zinc project. CEO Gilbert Clark stated that the gazetting of the PL for Cabacal is a significant permitting milestone, representing endorsements and support from local communities and the State of Mato Grosso. He also noted the company is advancing discussions with potential project finance groups to align the IL progression with Cabacal's project financing, final investment decision (FID), and company equities.
The formalization of the Cabacal Preliminary Licence (PL) is a positive, but routine, administrative step following its prior approval on October 29, 2025. The initial announcement of the PL approval was the truly material event, signaling a significant de-risking of the project's permitting pathway. This latest news confirms that the necessary bureaucratic procedures have been completed, maintaining momentum towards development.
The news does not introduce any new, unexpected information that would materially alter the company's valuation or risk profile beyond what was already understood from the prior approval announcement. It reinforces the company's progress and adherence to the stated development timeline, particularly the focus on the Installation Licence (IL) application in H1 2026 and ongoing project finance discussions. The submission of the Santa Helena PL application also indicates continued progress on the company's broader "Cabacal Hub" strategy, though its immediate impact is less significant than Cabacal's main permit.
Overall, the news is a positive confirmation of procedural advancement rather than a new catalyst for substantial value appreciation.
Meridian Mining U.K. Societas is a mineral exploration and development company primarily focused on volcanogenic massive sulphide (VMS) deposits in Brazil. Its flagship project is Cabacal, a gold-copper-silver VMS deposit located in Mato Grosso, Brazil.
Cabacal Project: - Stage: Advanced stage, currently in the Definitive Feasibility Study (DFS) phase. - Pre-Feasibility Study (PFS) Highlights (March 10, 2025): - After-tax NPV5%: US$984 million (C$1.43 billion). - Internal Rate of Return (IRR): 61.2%. - Pre-production Capital Cost: US$248 million (C$359 million). - Capital Repayment Period: 17 months. - Average Annual Production: 141,000 AuEq ounces over a 10-year mine life. - Low Life-of-Mine (LOM) All-In Sustaining Cost (AISC): US$742/AuEq ounce. - Maiden Mineral Reserve: 41.7 million tonnes grading 0.63 g/t Gold, 0.44% Copper, and 1.64 g/t Silver. - Permitting: Preliminary Licence (PL) approved on October 29, 2025, and formalized on November 3, 2025. The company plans to submit the Installation Licence (IL) application in H1 2026, aiming for a Final Investment Decision (FID) in 2026 and a decision to mine in 2027. - DFS Progress: Ausenco do Brasil Engenharia Ltda. is the lead engineer for the DFS, targeting completion before the end of H1 2026.
Santa Helena Project: - Stage: Initial resource definition and exploration. It is considered the second higher-grade VMS asset within Meridian's "Cabacal Hub" development strategy. - Mineralization: Gold-Copper-Silver-Zinc VMS. - Drilling: Ongoing resource delineation drilling has yielded significant high-grade intercepts, extending mineralization (e.g., 58.9m @ 3.6g/t AuEq in December 2024; 11.6m @ 5.9g/t AuEq in June 2025). - Permitting: Preliminary Licence application has been submitted. - Resource Estimate: An initial resource estimate has been pending, with various expected timelines.
Regional Exploration: - Meridian is actively expanding its exploration programs across the wider 50-kilometre Cabacal VMS belt, including new greenfield prospects like Cigarra, Santa Fe, Sucuri South, and Alvorada. New exploration licenses have been acquired in the Cabacal, Jauru, and Araputanga belts.