Meridian Provides Corporate and Cabaçal Update
Meridian Mining (OTCQX: MRRDF) announced key management changes and project updates. The company appointed David Halkyard as Interim CFO, replacing Soraia Morais, and promoted Vitor Hugo de Sousa Belo to Chief Development Officer (CDO) to oversee the Cabaçal project development.
The company has completed its Definitive Feasibility Study (DFS) drill program at Cabaçal, executing 591 holes for 66,487m of diamond drilling. Additionally, Meridian achieved a significant milestone with the transfer of mining titles for the Cabaçal and Santa Helena projects to its Brazilian subsidiary, Rio Cabaçal Mineração Ltda (RCM). The company is progressing toward a decision to mine in 2027, with metallurgical testing underway at SGS Lakefield in Canada.
Meridian Mining (OTCQX: MRRDF) ha annunciato cambiamenti chiave nella dirigenza e aggiornamenti sui progetti. La società ha nominato David Halkyard come CFO ad interim, in sostituzione di Soraia Morais, e ha promosso Vitor Hugo de Sousa Belo a Chief Development Officer (CDO) per sovrintendere lo sviluppo del progetto Cabaçal.
La società ha completato il suo programma di perforazione dello Studio di Fattibilità Definitivo (DFS) a Cabaçal, eseguendo 591 fori per un totale di 66.487 m di perforazione diamantata. Inoltre, Meridian ha raggiunto un traguardo importante con il trasferimento dei titoli minerari dei progetti Cabaçal e Santa Helena alla sua controllata brasiliana, Rio Cabaçal Mineração Ltda (RCM). L’azienda procede verso una decisione di apertura del sito minerario nel 2027, con test metallurgici in corso presso SGS Lakefield in Canada.
Meridian Mining (OTCQX: MRRDF) anunció cambios clave en la dirección y actualizaciones de proyectos. La compañía nombró a David Halkyard como CFO interino, en reemplazo de Soraia Morais, y ascendió a Vitor Hugo de Sousa Belo a Chief Development Officer (CDO) para supervisar el desarrollo del proyecto Cabaçal.
La empresa ha completado su programa de perforación del Estudio de Factibilidad Definitiva (DFS) en Cabaçal, ejecutando 591 taladros para un total de 66.487 m de perforación diamantina. Además, Meridian alcanzó un hito importante con la transferencia de las concesiones mineras de los proyectos Cabaçal y Santa Helena a su subsidiaria brasileña, Rio Cabaçal Mineração Ltda (RCM). La compañía avanza hacia una decisión de explotación en 2027, con ensayos metalúrgicos en curso en SGS Lakefield, Canadá.
Meridian Mining (OTCQX: MRRDF)는 주요 경영진 변경 및 프로젝트 업데이트를 발표했습니다. 회사는 David Halkyard를 임시 CFO로 임명하여 Soraia Morais를 대체했고, Cabaçal 프로젝트 개발을 총괄하기 위해 Vitor Hugo de Sousa Belo를 최고 개발 책임자(CDO)로 승진시켰습니다.
회사는 Cabaçal에서의 확정 타당성 조사(DFS) 시추 프로그램을 완료했으며, 다이아몬드 시추 591공에 총 66,487m를 수행했습니다. 또한 Meridian은 Cabaçal 및 Santa Helena 프로젝트의 광업권 양도를 브라질 자회사 Rio Cabaçal Mineração Ltda(RCM)로 이전하는 중요한 이정표를 달성했습니다. 회사는 2027년 채굴 결정을 목표로 진행 중이며, 캐나다 SGS Lakefield에서의 금속학적 시험이 진행되고 있습니다.
Meridian Mining (OTCQX: MRRDF) a annoncé des changements importants au sein de la direction et des mises à jour de ses projets. La société a nommé David Halkyard au poste de CFO par intérim, en remplacement de Soraia Morais, et a promu Vitor Hugo de Sousa Belo au poste de Chief Development Officer (CDO) pour superviser le développement du projet Cabaçal.
La société a achevé son programme de forage pour l’étude de faisabilité définitive (DFS) à Cabaçal, réalisant 591 forages pour un total de 66 487 m de forage diamanté. De plus, Meridian a franchi une étape importante avec le transfert des titres miniers des projets Cabaçal et Santa Helena à sa filiale brésilienne Rio Cabaçal Mineração Ltda (RCM). L’entreprise progresse vers une décision d’exploitation en 2027, des tests métallurgiques étant en cours chez SGS Lakefield au Canada.
Meridian Mining (OTCQX: MRRDF) hat wichtige Managementänderungen und Projektupdates bekannt gegeben. Das Unternehmen ernannte David Halkyard zum Interim-CFO und ersetzte damit Soraia Morais, sowie Vitor Hugo de Sousa Belo zum Chief Development Officer (CDO), der die Entwicklung des Cabaçal-Projekts leiten wird.
Das Unternehmen hat sein Bohrprogramm für die Definitive Machbarkeitsstudie (DFS) in Cabaçal abgeschlossen und 591 Löcher mit insgesamt 66.487 m Diamantbohrung durchgeführt. Darüber hinaus erzielte Meridian einen wichtigen Meilenstein durch die Übertragung der Bergbaurechte für die Projekte Cabaçal und Santa Helena an seine brasilianische Tochtergesellschaft Rio Cabaçal Mineração Ltda (RCM). Das Unternehmen arbeitet auf eine Entscheidung zur Bergbauaufnahme im Jahr 2027 hin, während metallurgische Tests bei SGS Lakefield in Kanada laufen.
- Completion of extensive DFS drill program with 591 holes and 66,487m of diamond drilling
- Successful transfer of key mining titles for Cabaçal and Santa Helena projects to company subsidiary
- Strategic management appointments strengthening executive team with experienced professionals
- Advancement of metallurgical testing including mini pilot plant scheduling
- CFO resignation could create temporary leadership transition challenges
- Three exploration license transfers still pending completion
- Decision to mine not expected until 2027, indicating extended timeline to production
London, United Kingdom--(Newsfile Corp. - September 2, 2025) - Meridian Mining UK S (TSX: MNO) (OTCQX: MRRDF) (FSE: N2E) ("Meridian" or the "Company") announces the appointment of Mr. David Halkyard as Interim Chief Financial Officer ("CFO"), following the resignation of Ms. Soraia Morais as CFO. The Company is also pleased to announce the transition of Mr. Vitor Hugo de Sousa Belo to the position of Chief Development Officer ("CDO") of the Company to oversee the development and construction of the Cabaçal project.
As part of the progression of the Cabaçal project to decision to mine in 2027, the Company also announces the completion of the Definitive Feasibility Study ("DFS") drill program, and the completion of the title transfer by the Agência Nacional de Mineração ("ANM") for the Cabaçal and Santa Helena projects to Rio Cabaçal Mineração Ltda ("RCM"), the Company's Brazilian subsidiary managing the programs.
Highlights of the news release:
Mr. David Halkyard appointed as Interim Chief Financial Officer;
Mr. Vitor Hugo de Sousa Belo as Chief Development Officer;
Cabaçal DFS drill program completed;
591 holes completed for 66,487m of diamond drilling; and
Cabaçal Purchase Agreement advanced with Cabaçal and Santa Helena titles transferred.
Mr. Gilbert Clark, CEO, commented: "I have been working closely with David since he joined the Company, and his contribution has been exceptional, and I am very confident he will grow quickly into the CFO role. David has been working with Soraia to ensure a smooth CFO transition, as we continue to execute on our growth strategy. On behalf of the Board and management of the Company, I would like to thank Soraia for her dedication and many contributions to the Company. We wish Soraia all the best in her future endeavors.
"I am also very pleased to announce Vitor's increased role as the Company's Chief Development Officer. Vitor has been with the Company since 2019 and has led the Brazilian engineering team's successful completion of Cabaçal's PEA and PFS. Having him now joining Meridian's Executive team is a tremendous boost for the Cabaçal DFS1 roll out and beyond.
"The completion of the Cabaçal DFS drill program and the title transfer of the Cabaçal and Santa Helena projects, are key milestones and de-risking events for Meridian as we progress to a decision to mine in 2027."
Appointment of Chief Financial Officer
The appointment of Mr. David Halkyard as Interim Chief Financial Officer ("CFO"), following the resignation of Ms. Soraia Morais as CFO. Mr Halkyard brings over 20 years' experience in mining-focussed banking and investment management, including senior roles at Resource Capital Funds, Bank of Montreal and Société Générale. David has served as the Company's Senior Vice President – Finance2. Both changes are effective September 1, 2025. Ms. Morais served as the Company's CFO since the reorganization of the Company in 2020 and resigned from her position with the Company to pursue other business opportunities.
Appointment of Chief Development Officer
In his role as CDO, Mr. Belo will be responsible for leading the Company's Cabaçal Mine development strategy, including overseeing the completion of the definitive feasibility study of the Cabaçal VMS gold-copper project and being the principal liaison with the respective Brazilian mining and environmental authorities.
Mr. Belo, who has served as the Company's Principal Mining Consultant in Brazil since 2019, brings over 30 years' experience in the Brazilian mining industry, managing extensive mining operations and leading the engineering and construction of multiple beneficiation plants. Mr. Belo has worked for companies such as Rio Tinto, Kinross and Yamana, Rio Novo, Carpathian Gold and Brio Gold and holds a Bachelor of Mechanical Engineering from the Universidade Católica de Minas Gerais, a postgraduate degree in business management from Fundação Dom Cabral, and project management courses from Ibmec.
Cabaçal Definitive Feasibility Drill Program
The Company reports that it has concluded the DFS drilling at Cabaçal. In Cabaçal and near mine areas, the Company has drilled 591 holes (66,487m), supplementing an already large database from the prior work of BP Minerals / RTZ. Various samples have been sent to SGS Lakefield in Canada for the final phase of metallurgical testwork which includes variability testwork from the initial phase of planned production, with floatation tests having commenced, and a mini pilot plant test being scheduled. The Company is liaising with its resource and mining consultancy, GE21, in preparation for DFS modelling and mine planning. With the Cabaçal drilling campaign now finished, the rigs that had been allocated to the program will shift their focus to evaluation of regional targets in the extension of the belt to the northwest and southeast. Company staff are also active in expanding access agreements to the newly granted exploration licences where past reconnaissance work highlighted gold and base metal stream anomalies requiring ground follow-up. Geophysical programs remain in vigour to test new frontiers in an expanding campaign of exploration.
Cabaçal Purchase Agreement Update
The Company signed the Cabaçal Purchase Agreement in November 20203 (the "Agreement"). As part of the Agreement's Second Instalment, it included the transfer of certain mining titles to RCM, the Company's Brazilian subsidiary managing the programs. Licences 866.292/2004 (hosting the Cabaçal mine) and 861.956/1980 (hosting the Santa Helena mine), as shown in Figure 1, have now been registered to RCM by the ANM, concluding the transfer of the key titles. Transfers for three exploration licences remain in progress. We look forward to the ongoing engagement with mining and environmental agencies in advancement of the project.
Figure 1. Licence status map, including the recently transferred Cabaçal (866292/2004) and Santa Helena (861956/1980) licence areas.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7354/264684_e5b858d7c4f66961_001full.jpg
ABOUT MERIDIAN
Meridian Mining is focused on:
The development and exploration of the advanced stage Cabaçal VMS gold-copper project;
The initial resource definition at the second higher-grade VMS asset at Santa Helena as the first stage of the Cabaçal Hub development strategy;
Regional scale exploration of the Cabaçal VMS belt to expand the Cabaçal Hub strategy; and
Exploration in the Jaurú & Araputanga Greenstone belts (the above all located in the State of Mato Grosso, Brazil).
The Pre-feasibility Study technical report (the "PFS Technical Report") dated March 31, 2025, entitled: "Cabaçal Gold-Copper Project NI 43-101 Technical Report and Pre-feasibility Study" outlines a base case after-tax NPV5 of USD 984 million and
The Cabaçal Mineral Reserve estimate consists of Proven and Probable reserves of 41.7 million tonnes at 0.63g/t gold,
Readers are encouraged to read the PFS Technical Report in its entirety. The PFS Technical Report may be found under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.meridianmining.co.
The PFS Technical Report was prepared for the Company by Tommaso Roberto Raponi (P. Eng), Principal Metallurgist with Ausenco Engineering Canada ULC; Scott Elfen (P. E.), Global Lead Geotechnical and Civil Services with Ausenco Engineering Canada ULC; John Anthony McCartney, C.Geol., Ausenco Chile Ltda.; Porfirio Cabaleiro Rodriguez (Engineer Geologist FAIG), of GE21 Consultoria Mineral; Leonardo Soares (PGeo, MAIG), Senior Geological Consultant of GE21 Consultoria Mineral; Norman Lotter (Mineral Processing Engineer; P.Eng.), of Flowsheets Metallurgical Consulting Inc.; and, Juliano Felix de Lima (Engineer Geologist MAIG), of GE21 Consultoria Mineral.
Qualified Person
Mr. Erich Marques, B.Sc., FAIG, Chief Geologist of Meridian Mining and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified, and approved the technical information in this news release.
On behalf of the Board of Directors of Meridian Mining UK S,
Mr. Gilbert Clark - CEO and Director
Meridian Mining UK S
8th Floor, 4 More London Riverside
London SE1 2AU
United Kingdom
Email: info@meridianmining.co
Ph: +1 778 715-6410 (BST)
Stay up to date by subscribing for news alerts here: https://meridianmining.co/contact/. Follow Meridian on Twitter: https://twitter.com/MeridianMining
Further information can be found at: www.meridianmining.co.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in Meridian's most recent Annual Information Form filed on www.sedarplus.ca. While these factors and assumptions are considered reasonable by Meridian, in light of management's experience and perception of current conditions and expected developments, Meridian can give no assurance that such expectations will prove to be correct. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Meridian disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise.
1 See Meridian news release dated May 8, 2025
2 See Meridian news release dated March 10, 2025
3 See Meridian news release dated November 9, 2020
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FAQ
Who is the new CFO of Meridian Mining (MRRDF) and what is his background?
What is the status of Meridian Mining's Cabaçal DFS drill program?
When is Meridian Mining (MRRDF) planning to make its mining decision for the Cabaçal project?
What mining titles has Meridian Mining successfully transferred to its Brazilian subsidiary?
Who is Meridian Mining's new Chief Development Officer and what will be his role?
