Meridian Mining’s Cabaçal gold-copper project in Mato Grosso is progressing from feasibility work toward construction readiness after the company secured new funding through London’s equity market. Meridian joined the London Stock Exchange Main Market in May 2026, raising approximately £22.5 million through its first UK institutional placing. The transaction followed an earlier C$57.5 million financing, providing capital for engineering, permitting, drilling and early project commitments.
Cabaçal is situated in a historical mining district in Mato Grosso with existing regional infrastructure. The project’s pre-feasibility study puts initial development capital at approximately US$248 million, with an after-tax net present value of US$984 million and an internal rate of return of 61.2%.
Project economics and planned production
The proposed mine is expected to generate average production of approximately 141,000 gold-equivalent ounces per year over a ten-year period. Its gold and copper output provides exposure to two commodities, with project economics dependent on metallurgical recoveries, concentrate quality and by-product pricing. Meridian’s definitive feasibility study is approximately halfway completed and is scheduled for delivery in the fourth quarter of 2026. The company has also submitted its installation-licence application, placing environmental requirements, final engineering and project financing among the next development-stage requirements.
The project’s reported economics provide the basis for further financing work. The 61.2% IRR and US$984 million NPV were established in the pre-feasibility study, while the definitive study will provide the next detailed assessment of capital requirements and operating economics.
London funding supports development work
The £22.5 million UK institutional placing and earlier C$57.5 million financing give Meridian funding to continue work on Cabaçal, but the equity raised does not cover the project’s estimated US$248 million initial construction capital. The remaining financing requirement could involve a combination of equity and senior debt, alongside potential equipment financing or a precious-metals streaming transaction.
Financing assessments will also test the project’s economics against more conservative assumptions. Potential lenders are expected to consider lower gold and copper prices, reduced recovery assumptions and contingencies for Brazilian inflation and currency movements.
The company’s admission to the London Stock Exchange Main Market expands its potential institutional shareholder base. With the definitive feasibility study targeted for the fourth quarter of 2026, Cabaçal’s next development stage involves aligning the engineering package, installation-licence process and larger construction financing requirement.
