Highlights – LSE:MNO

• Meridian appoints AFRY as EPCM contractor as its Cabaçal project in Brazil moves towards a final Investment decision.

• The company has committed US$30.9m to pre-construction items, including power transformers, a SAG mill and IsaMill.

• Meridian receives more than 20 indicative finance proposals, including several fully funded US$400m packages covering Debt and overruns.

• Meridian holds roughly US$90m in treasury, set against a definitive study pre-production Capital cost estimate of US$322m.

Engineers chosen, equipment ordered, lenders lining up. On Monday, 9 November 2026, Meridian Mining (LSE: MNO) gave the clearest sign yet that its Cabaçal copper-gold-silver project in Mato Grosso, Brazil, is moving from paper to build. The update covers a new engineering partner, early spending commitments and a stack of financing proposals as the company works towards a final investment decision (FID).

What Meridian announced

Meridian has appointed AFRY as engineering, procurement and construction management (EPCM) contractor. AFRY has operated in Brazil since 1969, has about 1,450 professionals in the country, and its build team will work from Belo Horizonte. AFRY belongs to a global group of roughly 18,000 people and acquired Belo Horizonte-based Reta Engenharia in 2025.

The company has committed US$30.9m to pre-construction items. These include the EPCM contract, power transformers, off-site bridge and road upgrades, a SAG mill, Jameson Cells and an IsaMill. Further commitments are planned before year-end, and the owner's team has grown to 13 professionals.

Chief executive Gilbert Clark said: "We are advancing towards Cabaçal's FID and welcome AFRY as our EPCM contractor."

Power, permits and people

A 24.3 km, 138 kV power line will connect the Araputanga substation to the site. Its public-utility declaration and installation licence are secured, and an EPC contractor for the line is being chosen through competitive bidding. Off-site access upgrades are on track for 2026.

Meridian is also setting up a technical college with FIEMT and SENAI in São José dos Quatro Marcos. The company projects peak construction will need more than 1,300 people, with mining operations requiring over 600.

The financing picture

Meridian has received more than 20 indicative proposals, including several debt offers above US$300m. Several fully funded indicative packages of US$400m would cover project debt, cost overruns, any required equity, and offtake and Marketing services. The proposals are being assessed to build a shortlist of preferred bidders.

"I am not surprised by the strength of the project finance indicative proposals received," Clark said, adding: "Having a strong treasury of ~USD 90 million puts Meridian in a healthy position".

The study numbers underpinning Cabaçal

The definitive feasibility study, filed as a technical report on 2 November, shows an after-tax NPV5 of US$2.1bn, an IRR of 108% and capital repayment in 0.9 years. Pre-production capital is estimated at US$322m.

Those figures assume gold at US$3,570/oz, copper at US$5.03/lb and silver at US$50.17/oz. All-in sustaining costs are put at US$1,056 per gold-equivalent ounce, with average output of 183,526 gold-equivalent ounces a year over the first five years. Proven and Probable Reserves stand at 56.04Mt grading 0.61 g/t gold, 0.35% copper and 1.33 g/t silver, with a life-of-mine strip ratio of 1.4:1.

Risks on the road to a decision

The finance proposals are indicative, not binding, and no FID has been taken. The study Economics rely on metal price assumptions that could move, while construction of this scale carries the usual cost, schedule and permitting risks. Any Equity component in a final package could also affect existing shareholders.

Next markers for the FTSE 250 miner

Investors may watch for a shortlist of financing bidders, further equipment orders before year-end, selection of the power line contractor and a firm FID date. Meridian joined the FTSE 250 on 1 October 2026 and is also listed on the Toronto Stock Exchange.

From blueprint to build

Monday's update shows Cabaçal gathering the pieces needed for a construction call. Among London-listed mining stocks, Meridian now has an engineering partner, a funded start on long-lead items and a crowded field of potential lenders.