Meridian London listing: Cabaçal capex, NPV and schedule explained for mine planners
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Gold-copper explorer Meridian Mining plans to list on the London Stock Exchange’s main market on 1 May under ticker MNO, raising about £25 million at 92 pence per share in a dual listing fully fungible with its TSX stock. Proceeds, combined with existing cash of £55.1 million, will fund long-lead equipment, infrastructure and civil works at the Cabaçal open-pit project in Mato Grosso, which has a 2025 PFS showing a US$984 million NPV (5%), 61% post-tax IRR and 141,000 oz/y gold-equivalent output over 10 years. Permitting is advanced with a preliminary licence granted, and a definitive feasibility study is targeted for Q4 ahead of a construction decision.
Technical Brief
- Initial capex for Cabaçal is estimated at US$248 million, with a projected 17‑month payback.
- Prefeasibility work assumes a shallow open‑pit exploiting favourable strip ratios for rapid, low‑complexity mining.
- All‑in sustaining costs are projected at US$742/oz AuEq over the 10‑year mine life.
- Cabaçal lies ~1,700 km north‑west of Rio de Janeiro, implying long overland logistics for equipment and consumables.
- A key preliminary environmental licence was secured in 2025, de‑risking the subsequent construction permitting pathway.
- Regional exploration covers a 50‑km VMS belt, with Santa Helena prioritised as the next development‑stage satellite deposit.
- Hub‑and‑spoke development across adjacent greenstone belts could leverage shared processing and infrastructure, lowering unit capital intensity.
Our Take
With a post-tax IRR of 61% and a 17‑month payback on the Cabaçal gold‑copper project, Meridian Mining screens as one of the higher‑margin Latin American copper‑gold entries in our Mining database, which is likely to attract UK institutions looking for growth exposure rather than replacement‑grade assets.
The planned London Stock Exchange listing, at a modest discount to the TSX price, positions Meridian alongside a relatively small cohort of Brazil‑focused copper and gold names in Europe, giving UK investors direct leverage to Mato Grosso geology rather than the more common Andean copper stories in our coverage.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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