Meridian Mining

Cabaçal

Asset type:

Open pit

Stage:

Feasibility study due Q4 2026

Product:

Gold & Copper

Location:

Mato Grosso, Brazil

2025 pre-feasibility study:

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An advanced Gold-Copper project with district-scale potential

The Cabaçal  Project represents the cornerstone of Meridian’s strategy to establish a scalable gold-copper platform in Brazil.

The Project is an advanced-stage copper-gold-silver volcanogenic massive sulphide (VMS) system located in Mato Grosso, Brazil. Defined by multiple thick, shallow-dipping mineralised zones, the deposit supports a conventional open-pit development approach and benefits from a strong existing resource base. Cabaçal is advancing as an standalone operation whilst continuing to explore the broader belt, positioning the project as both a near-term development opportunity and a platform for long-term growth.

The 2025 pre-feasibility study highlights robust project fundamentals, including an after-tax NPV of USD$984 million and an IRR of 61.2% alongside average annual production of approximately 141,000 gold-equivalent ounces. With a relatively low initial capital requirement of USD$248 million and a payback period of approx. 17 months, Cabaçal demonstrates strong economic potential. The project has also received Preliminary Licence approval and is progressing toward further development stages, including definitive feasibility work.

Following recent financing, key workstreams are accelerating, including the ordering of long-lead items and the advancement of pre-construction civil works. These initiatives position Cabaçal to move efficiently through the next stage of development and toward a potential construction decision.

Santa Helena

Final Pit Design

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Plant Layout

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Final Pit Overall Site Layout

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Study
stage:

Pre-Feasibility Study

After-Tax
NPV (5%):

USD$984 million

Internal Rate
of Return

61.2%

Initial
CAPEX:

USD$248 million

Payback Period: Approx.

17 months

Average Annual Production:

C.141,000 oz AuEq

Base case
pricing:

USD$2,119/oz Au, USD$4.16/lb Cu

Effective Date – December 31, 2025

Classification Weathering Average Value Material Content
Mass (Mt) Au (g/t) Ag (g/t) Cu (%) Au (koz) Ag (koz) Cu (kt)
Measured Saprolite 0.33 0.44 0.69 0.12 4.56 7.22 0.38
Transition 1.83 0.55 0.63 0.21 32.60 37.25 3.81
Fresh Rock 62.53 0.57 1.36 0.35 1,138.52 2,743.29 217.43
Total 64.69 0.57 1.34 0.34 1,175.68 2,787.77 221.61
Indicated Saprolite 0.01 0.30 0.99 0.16 0.14 0.46 0.02
Transition 0.07 0.13 0.59 0.22 0.31 1.37 0.16
Fresh Rock 5.32 0.49 1.00 0.22 83.09 170.77 11.69
Total 5.41 0.48 0.99 0.22 83.54 172.59 11.87
Total Saprolite 0.34 0.43 0.70 0.12 4.70 7.68 0.40
Transition 1.90 0.54 0.63 0.21 32.91 38.62 3.96
Fresh Rock 67.85 0.56 1.34 0.34 1,221.61 2,914.06 229.12
Total 70.10 0.56 1.31 0.33 1,259.22 2,960.36 233.48

Table 1: Cabaçal deposit mineral resource table.

The mineral resource for Cabaçal was classified and prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014, as amended (the “CIM Standards”), and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 29, 2019, as amended (the “CIM Guidelines”) by Mr. Leonardo Moraes Soares, MAIG. Mr. Soares is an independent Qualified Person as such term is defined under NI 43-101. Mineral resource estimates defined within this 2025 MRE for Cabaçal will feed into the pending DFS, on track for filing in Q4 2026.

Notes related to the Mineral Resource Estimate (“MRE”):

    1. Measured and Indicated Resource estimate reported inside open pit constraints. Inferred category was not classified inside open pit constraints.
    2. The Mineral Resource Estimates were prepared in accordance with the CIM Standards, and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit.
    3. Mineral Resources are not Mineral Reserves and are not demonstrably economically recoverable.
    4. Grades reported using dry density.
    5. The effective date of the MRE was December 31, 2025.
    6. The QP responsible for the Mineral Resources is geologist Leonardo Soares (MAIG #5180).
    7. The MRE numbers provided have been rounded to the estimate relative Values cannot be added due to rounding.
    8. The MRE is delimited by Mining tenement areas.
    9. The MRE was estimated using ordinary kriging in 5m x 5m x 5m blocks with sub-blocks of 2.5m x 1.25m x 0.625m.
    10. The MRE report table was produced in Leapfrog Edge software.
    11. The MRE was restricted by a pit shell defined using metal prices of USD 3,103/oz Au, USD 34/oz Ag, USD2 4.39/lb Cu, Mining cost of USD
      9.11/t mined, processing cost of USD 7.82/t processed, metallurgical recovery calculated block by block based on metallurgical tests, G&A costs of USD 2.19/t processed, and USD 2.36/t processed logistics.
    12. Equivalent Gold grade (“AuEq”) was calculated with the following general formula: AuEq = (Au_grade * %Au_Recovery) + (0.970*(Cu_grade
      * %Cu_Recovery)) + (0.011*(Ag _grade * %Ag_Recovery)).
    13. The QP is not aware of political, environmental, or other risks that could materially affect the potential development of the Mineral Resources other than those typical for mining projects at this stage of development.
  1. The resource cut-off grade applied for Measured and Indicated resources was 0.117 g/t AuEq.
  2. The underground mining void model has been used to deplete the resource.

Beyond the core deposit, Cabaçal sits within a highly prospective ~50 km VMS belt under Meridian’s control. Ongoing exploration and a strong development strategy support the potential for resource expansion, mine life extension, and the development of a broader gold-copper district in the region.

Reserve statement – 89% proven category (Effective Date – February 11th, 2025) 

ClassificationAverage ValueMaterial Content
Mass (Mt)Au (g/t)Ag (g/t)Cu (%)Au (koz)Ag (koz)Cu (kt)
Proven37.110.671.640.457971,963166
Probable4.590.361.570.405323218
Proven & Probable41.700.631.640.448502,194184

Notes:

  1. Mineral Reserves estimates were prepared in accordance with the CIM Standards.
  2. Mineral Reserves are the economic portion of the Measured and Indicated Mineral Resources. 2,194.41 405.38
  3. Mineral Reserves were estimated by Porfírio Cabaleiro BSc (Min Eng), FAIG, a GE21 associate, who meets the requirements of a “Qualified Person” as established by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (May 2014) (“the CIM Standards”).
  4. The Mineral Reserves are reported with an effective date of February 11, 2025.
  5. The reference point at which the Mineral Reserves are defined is the point where the ore is delivered from the open pit to the crushing plant.
  6. Mineral Reserves were estimated using the Geovia Whittle 4.3 software and following the geometric and economic parameters.
  7. Geometric and economic parameters include: Mine recovery of 97% and dilution 3%, Copper, Gold, Silver selling cost of USD$4.16/lb, USD$ 2,119/oz, USD$26.89/oz, respectively, Mining costs of USD$ 2.98 per ton for mineralisation and waste, Processing costs of USD$ 9.83 per ton of ore feed, General and Administrative (G&A) costs of USD$2.11 per ton of process ore, Copper, Gold, Silver selling cost of USD$2.77 per ton of process ore. Exchange rate: USD$1.00 = R$5.50, Specific values for the Deposit: Pit slope angles ranging from 35° to 54°, Metal recoveries are based on the following formulae:
    • Copper 𝑅𝑒𝑐 = 3.906 𝐿𝑛(𝐺𝑟𝑎𝑑𝑒) + 95.27 up to 3% Cu. Above 3% Cu a cap of 97% recovery was applied
    • Gold 𝑅𝑒𝑐 = 5.402 ∗ 𝐿𝑛(𝐺𝑟𝑎𝑑𝑒) + 88.66 up to 4 g/t Au. Above 4 g/t Au a cap of 96% recovery was applied
    • Silver 𝑅𝑒𝑐 = 30.354 ∗ 𝐿𝑛(𝐺𝑟𝑎𝑑𝑒) + 43.691 up to 4 g/t Ag. Above 4 g/t Ag a cap of 87.6% recovery was applied