Meridian Mining plc
Meridian Mining plc (renamed from 'Meridian Mining UK Societas' effective Dec 10 2025, same ticker MNO, ISIN/CUSIP changed) is advancing the Cabaçal gold-copper-silver project in Mato Grosso, Brazil -- markets itself as 'Sustainable Copper & Gold' (headline 141,000 AuEq oz/yr), a judgment call on primacy. PFS is complete (US$984 million NPV5%, 61.2% IRR) with the DFS ~50% done (targeted Q4 2026); classified FEASIBILITY here as the stricter reading, though a Preliminary Licence has already been granted and an Installation Licence submitted -- permitting is running ahead of the DFS milestone. Cash of US$74.37 million (Mar 31 2026, post a C$57.5 million Feb 2026 raise, reported directly in USD); debt is minimal (~US$2.33 million liabilities, no dedicated debt instrument).
Notable vs. Peers
- Financials score of 7.7/10 is stronger than the peer average of 5.3/10.
Lifecycle Milestones
Not in place: mill, tailings facility, grid power.
Jurisdiction (40%)7/10
Mato Grosso, Brazil carries real permitting-timeline and infrastructure risk typical of the region, offset by an established, large-scale national mining sector and real permitting progress already made at Cabaçal specifically.
Infrastructure (40%)2.9/10
No confirmed mill, confirmed road access, no confirmed grid power, and no confirmed tailings facility at Cabaçal Project, Mato Grosso, Brazil.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Chapada (Lundin Mining Corporation), 926 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Chapada (Lundin Mining Corporation), 926 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:10/10
Stage: Feasibility Study
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:7/10
Brazil: jurisdiction score 7/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer and Director of Meridian Mining plc.
Chief Development Officer of Meridian Mining plc, responsible for development initiatives and project advancement.
Chief Financial Officer of Meridian Mining plc.
Senior Vice-President, Strategy & Projects at Meridian Mining plc.
Senior Vice-President, Corporate Development at Meridian Mining plc.
Corporate Secretary of Meridian Mining plc.
Chief Geologist and Qualified Person for Meridian Mining plc's Brazilian projects.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Franklin Gold and Precious Metals Fund and VanEck's actively-managed International Investors Gold Fund, both real specialist gold funds, hold small stakes. No producer or strategic corporate backer is on record, and no insider made a genuine open-market purchase in the past two years -- only option exercises and two real but limited disposals.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Meridian Mining is advancing the 100%-owned Cabaçal gold-copper-silver project in Mato Grosso, Brazil, where a preliminary licence has been granted and an installation licence application submitted. Cabaçal's open-pit resource (effective 31 December 2025) is 1,259,220 oz of gold in measured and indicated resources (1,175,680 oz measured, 83,540 oz indicated), with no inferred material inside the pit constraint. The definitive feasibility study published in September 2026 (effective 15 September 2026) shows an after-tax NPV5% of US$2.09B and a 107.6% IRR at US$3,570/oz gold and US$5.03/lb copper, with initial capital of US$343M (US$322M net of tax credits), a 13.9-year mine life and an all-in sustaining cost of US$1,056 per gold-equivalent ounce. Gold accounts for about 62.7% of the study's life-of-mine recovered metal value, with copper and silver making up the rest.