What Happened to Meridian Mining plc Shares on 13 November 2026?

Meridian Mining plc (LSE:MNO) shares eased 1.16% to 85.2p on 13 November 2026. The Brazil-focused gold-copper developer was in focus following its update on the Cabaçal installation licence submission and feasibility study progress, published on 27 May 2026.

The update reported that the licence application had been lodged, long-lead equipment orders had begun and the feasibility study remained on schedule for the fourth quarter of 2026.

Key Highlights

The Cabaçal definitive feasibility study was nearing 50% completion and remained on schedule for reporting in the fourth quarter of 2026. The company submitted its Installation Licence application to the Mato Grosso State Environmental Secretariat, which is required before any mine-site construction begins.

Chief Executive Gilbert Clark described the submission as a major step towards a near-term final Investment decision.

About Meridian Mining plc

Meridian Mining plc is a resource development and exploration company with projects in Brazil, centred on the Cabaçal gold-copper-silver volcanic massive sulphide belt in Mato Grosso. It also holds the Santa Helena project and licences across the Jauru and Araputanga greenstone belts.

The shares are listed on the London Stock Exchange and the TSX, and the company also has non-core projects in Rondônia, including Espigão.

Licensing Pathway

Brazilian mine licensing generally involves three sequential licences. The Preliminary Licence for Cabaçal was granted in October 2025, and the Installation Licence application is the next step, followed by an operating licence.

The submission followed extensive preparation and consultation with the state environmental agency and local communities.

Long-Lead Items and Civil Works

The company began ordering long-lead items to lock in pricing and shorten the time to construction. The SAG mill specification and pricing were agreed, and electrical transformers were ordered from a Brazilian supplier.

Pre-construction civil engineering studies were fast-tracked, with roads, bridges and power easements surveyed, and commitment letters for life-of-mine power Supply were signed.

Project Economics and Resource

The March 2025 pre-feasibility study outlined a base case after-tax NPV5 of US$984m and an IRR of 60%. In January 2026 the company reported an updated measured and indicated resource for Cabaçal of 70.1Mt at 0.6g/t gold, 0.3% copper and 1.3g/t silver.

Metal in the resource rose by 39.2% for gold, 14.2% for copper and 19.3% for silver, and a maiden open-pit resource was declared at Santa Helena Central.

Financing and Exploration

In February 2026 the company closed a CAD 57.5m financing, which it said funds the Business beyond the final investment decision into early construction works. The 2026 exploration programme includes up to 10,750m of diamond drilling across the Cabaçal, Jauru and Araputanga belts and Espigão.

Management is targeting a restart of production at Cabaçal by the end of 2028, subject to licence approvals.

Understanding a Feasibility Study

A definitive feasibility study is a detailed engineering and economic assessment used to support a final investment decision. It typically covers mine design, processing, costs, infrastructure and environmental matters.

A final investment decision is the point at which a company commits to build.

Why the Update Matters for the Sector

Junior developers are followed for how permitting, study completion and procurement move a project towards construction. Meridian's update shows several workstreams advancing in parallel.

Gold and copper development projects in Brazil are of interest because of the country's mining history.

Key Growth Catalysts

Progress on licensing, a funded Balance Sheet and a resource base that has grown are the main supports. Exploration across the belt adds optionality alongside the Cabaçal build plan.

Advance purchases of long-lead items help protect the construction timetable.

Factors to Monitor

Permitting timelines, metal prices, Capital cost estimates and construction progress influence outcomes for developers. Study results can change as engineering work is completed.

Project finance and licence approvals are required before construction.

What Investors Should Watch Next

Investors may wish to follow the definitive feasibility study due in the fourth quarter of 2026, the Installation Licence decision, drilling results and construction preparation.

Conclusion

Meridian Mining plc (LSE:MNO) eased 1.16% to 85.2p on 13 November 2026. Meridian lodged its Cabaçal Installation Licence application, began long-lead orders and kept its feasibility study on schedule. The fourth-quarter study is the next point of reference.