Update as Cabaçal Advances Towards FID
Summary by AI BETAClose X
Meridian Updates on Cabaçal’s Advancement Towards Final Investment Decision
Highlights:
Cabaçal, Brazil’s next copper-gold mine, has entered the pre-construction phase:
— Leading Brazilian and international engineering firm AFRY awarded Cabaçal’s EPCM contract;
— 138 kV power line Installation Licence and access agreements for power easement to site are established;
— Engineering contracts for upgrading “heavy vehicle” road access to site awarded;
Cabaçal’s DFS1 results of USD 2.1B NPV5 and 108% IRR generate strong offers for project finance:
— Fully funded indicative proposals of debt plus equity totalling USD 400M have been received;
— Low CAPEX, rapid repayment, and strong life-of-mine cash flows drive lender interest;
— High-quality, clean Cu+Au-Ag concentrates drive off-take interest from traders and smelters; and
Capital expenditure for pre-construction investment commitments exceed USD 30M with more planned by year’s end.
1 See Meridian press release 22 September 2026.
LONDON, United Kingdom, November 9th, 2026 / Newsfile / Meridian Mining plc (LSE: MNO) (TSX: MNO) (FSE: N2E0) (Tradegate: N2E0) (OTCQX: MRRDF) (“Meridian” or the “Company”) is pleased to report on the advancement towards the Final Investment Decision (“FID”) of the Cabaçal gold, copper and silver project (“Cabaçal”) in Mato Grosso, Brazil. AFRY, an international leader in engineering, project management, and advisory services, has been awarded Cabaçal’s Engineering, Procurement, and Construction Management (“EPCM”) contract. Meridian is also advancing the selection of Cabaçal’s project finance partner(s) after receiving numerous indicative financing proposals which include several fully funded proposals. The Company is also reporting that orders for long-lead items are placed, and off-site access upgrades are on track for 2026.
Mr. Gilbert Clark, CEO, comments: “We are advancing towards Cabaçal’s FID and welcome AFRY as our EPCM contractor. AFRY’s Brazilian team have built and expanded many Brazilian mines over the last 50 years, and we look forward to their input as we bring into production one of South America’s most watched mine developments. To build Cabaçal, we need to arrange project finance, and this has been in planning since 2024. I am not surprised by the strength of the project finance indicative proposals received from the various financial, trading, and industrial groups involved in the process. The project’s economics and the exceptional quality of its Cu+Au-Ag concentrates have created serious interest. Having a strong treasury of ~USD 90 million puts Meridian in a healthy position to move Cabaçal forward and select the right partners as we move from developer to producer while expanding our copper and gold exploration programmes.”
Appointment of EPCM Contractor
The Company has appointed AFRY as the EPCM contractor for Cabaçal, after a thorough assessment process, including extensive technical due diligence. AFRY’s project construction management strength was a key factor in its selection. It continues to be Meridian’s priority to maximise Brazilian content in Cabaçal’s build and AFRY has been operating in Brazil since 1969 and today has approximately 1,450 professionals in-country, supported by a global organisation of around 18,000 professionals with a combined history dating back to 1895.
AFRY’s recent Brazilian clients, for which it has provided various engineering and construction services, include Aura Minerals, Nexa Resources (in Mato Grosso), Hochschild Mining and Ero Copper. AFRY’s active portfolio covers a broad range of industries, including mining and metals, pulp and paper, pharmaceuticals, biofuels, and consumer goods. Brazilian assignments include Arauco, Novo Nordisk, Acelen, Grupo Boticário, CBMM, AngloGold Ashanti, and Vale.
AFRY's current operations in Brazil are the result of various acquisitions over the years and from the combination of its and Poyry’s global business in 2019. The most recent acquisition by AFRY in Brazil was Reta Engenharia, in July 2025. With Reta Engenharia, a Brazilian company specialized in project construction management founded in 1995 in Belo Horizonte, the combined AFRY-Reta business is a major player in the Brazilian mining and metals engineering market. For the EPCM process, Meridian’s build team will be operating out of AFRY’s Belo Horizonte office.
Project Development Update
The Company has committed to contracts totalling USD 30.9 million for pre-construction investments on multiple fronts including the EPCM contract, power transformers, off-site civil infrastructure (bridges and road upgrades), a SAG mill, Jameson Cells, and an IsaMill. To manage these activities, Meridian has expanded its “owner’s team” to thirteen professionals, and additional management, engineering and technical personnel will be recruited in due course.
As outlined in the feasibility study, a 138 kV power line, spanning 24.3 km, will be constructed, originating from the Araputanga substation – the designated connection point to the national grid – to the Cabaçal site. The Declaration of Public Utility, which authorises the installation of structures along the line’s route, has been secured, as has the Installation Licence for these structures. The Company is currently managing a competitive bidding process to select an EPC (Engineering, Procurement, and Construction) contractor for the construction of the power line. The scope of work includes upgrading the connection substation, constructing the power line, and building the receiving substation at the Cabaçal plant.
A key part of Meridian’s ramp-up towards FID, construction and then operation is sourcing future employees from Cabaçal’s local communities. With our partner FIEMT (Federação das Indústrias no Estado de Mato Grosso), through SENAI (Serviços Nacional de Aprendizagem Industrial), a technical college, is being established in São José dos Quatro Marcos that will be used to train future employees. During peak construction, it is projected that over one thousand three hundred people will be required, and during mining operations, more than six hundred people will be needed.
Project Finance Update
The Company has completed an initial outreach programme to various debt providers, banks, funds, commodity traders and export credit agencies. The Company has received over twenty indicative proposals with multiple proposals over USD 300 million in debt financing. Several parties have provided fully financed indicative proposals of USD 400 million, covering project debt, cost overrun funding, and any required equity contribution and off-take and marketing services.
Based on Cabaçal’s DFS Technical Report (as defined below), the indicative proposals received from these groups provide Cabaçal with a strong selection of financing options. The Company is currently assessing the proposals to generate a short list of preferred bidders for detailed negotiations.
Qualified Person
Mr. Erich Marques, B.Sc., FAIG, Chief Geologist of Meridian and a non-independent Qualified Person as defined by National Instrument 43-101 (“NI 43-101”), has approved the technical disclosure contained in this news release.
About Meridian
Meridian is focused on:
• The development and exploration of the advanced-stage Cabaçal VMS gold‐copper project;
• Expanding the initial resource inventory at the Santa Helena area through extension of Santa Helena Central and new discoveries;
• Regional-scale exploration of the Cabaçal VMS Belt to expand the Cabaçal Hub strategy; and
• Exploration in the Jauru & Araputanga Greenstone Belts (the above all located in the State of Mato Grosso, Brazil).
The Definitive Feasibility Study technical report (the "DFS Technical Report") dated October 28, 2026 (Effective date: September 15, 2026) entitled: "Cabaçal Project NI 43-101 Technical Report & Definitive Feasibility Study, Mato Grosso, Brazil", outlines a base case after-tax NPV5 of USD 2.1 billion and an IRR of 108% from a pre-production capital cost of USD 322 million, leading to capital repayment in 0.9 years (assuming metal prices of USD 3,570 per ounce of gold, USD 5.03 per pound of copper, and USD 50.17 per ounce of silver). Cabaçal has a low All-in-Sustaining-Cost of USD 1,056 per ounce gold equivalent and an average annual production profile of 183,526 ounces gold equivalent for mining years 1-5, driven by high metallurgical recovery, a low life-of-mine strip ratio of 1.4:1, and the low operating cost environment of Brazil.
The Cabaçal Mineral Reserve estimate consists of Proven and Probable reserves of 56.04 million tonnes at 0.61g/t gold, 0.35% copper and 1.33g/t silver (at a 0.138 g/t gold equivalent cut-off grade).
Readers are encouraged to read the DFS Technical Report in its entirety, including all qualifications, assumptions, exclusions, and risks that relate to the Mineral Resource, Mineral Reserves, and life-of-mine plan. The DFS Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.
The DFS Technical Report has been filed on the Company’s website at www.meridianmining.co and on SEDAR+ at www.sedarplus.ca in accordance with NI 43-101.
The DFS Technical Report was prepared for the Company by Tommaso Roberto Raponi (P.Eng.), Principal Metallurgist with Ausenco Engineering Canada ULC, Scott C. Elfen (P.E. & P.Eng.), Global Lead Geotechnical and Civil Services with Ausenco Engineering Canada ULC, Porfirio Cabaleiro Rodriguez (FAIG), Senior Mining Engineer with GE21 Consultoria Mineral, Leonardo Soares (B.Sc. (Geo), MAIG), Senior Geologist of GE21 Consultoria Mineral, and Norman Lotter (P.Eng., PrEng., C.Eng.), President and Consulting Engineer with Flowsheets Metallurgical Consulting Inc.
On behalf of the Board of Directors of Meridian Mining plc
Mr. Gilbert Clark - CEO and Director
Meridian Mining plc
8th Floor, 4 More London Riverside
London SE1 2AU
United Kingdom
Email: info@meridianmining.co
Ph: +44 (0) 203 930 3145 (GMT)
Media Enquiries:
Gareth Tredway / Saskia Sizen
Tel: +44 (0) 207 920 3150
Email: meridianmining@tavistock.co.uk
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Further information can be found at: www.meridianmining.co
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Cautionary Statement on Forward-Looking Information
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, such as uncertainties related to estimates of expected or anticipated costs, expenditures, and economic returns from a mining project; uncertainties related to expected production rates, timing of production and the cash and total costs of production and milling. See additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company as disclosed under the heading "Risk Factors" in Meridian's most recent Annual Information Form filed on www.sedarplus.ca. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Meridian in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be correct. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Meridian disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise, unless required by applicable law.
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