Meridian Reports on Cabacal Installation Licence Submission and Provides DFS Update
Cabaçal steps toward construction with IL submission and DFS on track, but the market already priced in this progress; the real catalyst remains the feasibility study itself.
Meridian Mining has submitted the Installation Licence (IL) application for its Cabaçal gold-copper-silver project to the Mato Grosso state environmental agency (SEMA). The definitive feasibility study (DFS) is approximately 50% complete and remains on schedule for delivery in Q4 2026. The company is already ordering long‑lead equipment – a SAG mill, main power transformer, and components for the gravity and regrind circuits – and has issued tenders for road/civil works. A power supply commitment from ENERGISA is in place for both the initial 2.5 Mtpa and expanded 4.5 Mtpa phases.
The IL submission is a necessary permitting step and was explicitly guided for H1 2026. It follows the Preliminary Licence gazetted in October 2025, and the market was already aware the IL would be filed in this window. The 50% DFS progress and early procurement of long‑lead items also align with the timelines outlined after the CAD 57.5 M financing in February 2026 and the London listing in May. None of these developments represent a surprise; they are execution‑level milestones that confirm the project is advancing as previously communicated.
Because the information is fully expected and does not alter the risk‑reward profile or project timeline, it carries no material new information that would re‑rate the stock. The share price had already rallied from CAD 1.50 in March to a high of CAD 2.13 on the back of earlier permitting and financing events, and today’s release does not add a step‑change catalyst beyond what was priced in. I classify the news as Routine – Positive.
Meridian Mining is a precious and base metals developer focused on its 100%‑owned Cabaçal volcanogenic massive sulphide (VMS) deposit in the Mato Grosso state, Brazil. The flagship Cabaçal project is an advanced‑stage Au‑Cu‑Ag open‑pit mine that benefits from existing infrastructure and a proven production history. The 2025 pre‑feasibility study outlined a post‑tax NPV₅ of US$984 M, an IRR of 61.2%, pre‑production capex of US$248 M, and an all‑in sustaining cost of US$742/oz AuEq. A Definitive Feasibility Study is due in Q4 2026.
A second VMS deposit, Santa Helena Central, has returned high‑grade Au‑Cu‑Ag‑Zn intercepts and is being advanced toward a maiden resource. The company also holds a large exploration land package (over 104,000 ha) across the Cabaçal, Jauru, and Araputanga greenstone belts, providing belt‑scale discovery potential.