Meridian Mining (LSE:MNO) told investors that laboratory smelting tests on concentrates from its Cabaçal copper-gold-silver project in Mato Grosso, Brazil, produced blister copper grading 98.9% copper, 95.2 grams per tonne gold and 387.6 grams per tonne silver.
The London-listed explorer, developing what it calls one of the most prospective copper-gold volcanogenic massive sulphide (VMS) land packages in South America, ran the tests at Kingston Process Metallurgy in Ontario, Canada. The resulting blister copper showed impurity levels better than the industry average for high-quality anode copper, while retaining the sulphur content needed for acid production.
Chief executive Gilbert Clark said the results strengthen the company's negotiating position heading into off-take discussions.
"This is a strong negotiating position as we move into off-take discussions for a copper-gold mine that will go for over ten years," Clark said.
Meridian is in active discussions with a range of potential off-take counterparties, in a market where copper concentrate demand exceeds supply and treatment and refining charges have fallen to historic lows.
The concentrate feedstock was produced from roughly 1.6 tonnes of Cabaçal drill core averaging 0.50% copper, 0.92 g/t gold and 1.60 g/t silver, processed at SGS Lakefield's pilot facility during 2025.
Cabaçal's definitive feasibility study is advancing towards completion, with project finance preparation also under way.
News Intelligence what this means for the company
Laboratory smelting of Cabaçal concentrates produced blister copper at 98.9% purity with strong precious-metal credits, meeting or exceeding industry standards for high-quality anode copper while retaining the sulphur needed for acid production. The result strengthens Meridian's hand in active off-take negotiations at a time when copper concentrate demand exceeds supply and treatment charges have fallen to historic lows—a favourable market backdrop for a seller seeking long-term contracts.
The metallurgical result validates the economic viability of Cabaçal's concentrate product and removes a key technical risk ahead of off-take closure. With the definitive feasibility study advancing toward completion and project finance preparation underway, Meridian is moving from exploration into development-stage execution—though off-take signature and financing remain critical gates before construction.
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