Meridian Mining’s Cabaçal Pre-Feasibility Study Delivers USD 984 million NPV 5 &
61.2% IRR (After-Tax), and Annual Average Production 141,000 AuEq Ounces
Cabaçal 2025 Pre-Feasibility Study Highlights:
( A l l a m o u n t s a r e i n U n i t e d S t a t e s D o l l a r s u n l e s s o t h e r w i s e s t a t e d )
Meridian delivers exceptional economics from the Cabaçal Pre-Feasibility Study;
Base case after-tax NPV5 of USD 984 million (CAD1 1.43 billion) and 61.2% IRR;
— (Assuming USD 2,119/oz Au, USD 4.16/lb Cu, and USD 26.89/oz Ag, CAD:USD=1.4533);
Spot case after-tax NPV5 of USD 1.41 billion (CAD 2.04 billion) and 79.5% IRR;
— (Assuming 2 USD 2,917/oz Au, USD 4.54/lb Cu, and USD 32.25/oz Ag (27 February, 2025));
Cabaçal Establishes a Mid-Tier Production Profile:
— Average annual production of 141,000 AuEq ounces over 10 years;
— First 5 years production of 178,000 AuEq ounces annually;
Low LOM All-In-Sustaining-Costs (“AISC”) of USD 742/oz AuEq
Low initial CAPEX of USD 248 million (CAD 359 million) including pre-investment for expansion
to 4.5 Mtpa from year 4;
Strong value proposition: Base case NPV5/Capex is 3.97 times, & initial capital repaid in 17
months; and
Maiden Cabaçal reserve of 41.7Mt at 0.63g/t Au, 0.44% Cu and 1.64g/t Ag declared, including
89% in the proven category.
1 Exchange Rate USD/CAD of 1.45330, 2 Spot prices on London close on 28, February, 2025, See Technical Note for AuE
https://wp-meridianmining-2023.s3.ca-central-1.amazonaws.com/media/2025/03/MNO250310-FINAL-1.pdf
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