Meridian Mining plc has announced successful laboratory smelting tests for copper concentrates from its Cabaçal Copper-Gold-Silver Project in Mato Grosso, Brazil. The trials produced high-quality blister copper containing 98.9% copper, along with significant precious metal values of 95.2 g/t gold and 387.6 g/t silver, highlighting the premium quality of the project's concentrate. The tests were conducted at Kingston Process Metallurgy (KPM) in Ontario, Canada, as part of the Definitive Feasibility Study (DFS) program.
The smelting results demonstrated that Cabaçal concentrates contain exceptionally low impurity levels, outperforming conventional anode copper while maintaining the desired sulphur content required for commercial smelting operations. High recovery rates for copper, gold, and silver further confirmed that the concentrate can be efficiently converted into premium blister copper, supporting its suitability for large-scale industrial processing.
Meridian Mining CEO Gilbert Clark stated that the results significantly improve the commercial value and marketability of the Cabaçal project. According to him, the project is progressing toward completion of its DFS while financing preparations continue. The combination of high copper grades, valuable gold and silver credits, low impurity content, and appropriate sulphur levels positions Cabaçal as an attractive long-term source of premium smelter feed. These qualities are expected to strengthen Meridian's position during ongoing off-take negotiations for a mine expected to operate for more than a decade, with further regional development potential extending production for decades.
The laboratory program aimed to evaluate whether copper sulphide concentrates from run-of-mine ore could produce high-grade blister copper under conditions similar to commercial smelting. Results met all technical expectations, confirming excellent smelting characteristics and the potential to manufacture high-purity copper anodes. In commercial applications, the concentrate could also serve as a premium blending material, improving lower-grade third-party concentrates by increasing copper content, reducing impurity levels, and enhancing overall furnace efficiency.
Market conditions also support the project's outlook. Global demand for copper concentrates continues to exceed supply, driving treatment and refining charges (TC/RCs) to historically low levels while deductions for contained gold and silver have declined. Meridian believes these trends will increase interest among smelters and trading companies seeking secure, long-term supplies of premium concentrates. Discussions with potential off-take partners are already underway.
During 2025, approximately 1.6 tonnes of Cabaçal run-of-mine drill core were processed through SGS's pilot facility in Ontario, producing copper concentrate enriched with gold and silver alongside a separate gravity gold concentrate. The concentrate then underwent smelting at KPM through multiple stages designed to replicate commercial operations, ultimately validating the project's ability to consistently produce high-quality blister copper.
Impact of the Product and Chemical Commodity Prices
The successful production of high-purity blister copper significantly enhances the commercial value of Meridian's Cabaçal concentrates, increasing their attractiveness to global smelters and improving the likelihood of favorable long-term off-take agreements. As the project advances toward production, it could strengthen regional copper concentrate supply while providing valuable gold and silver by-products. For chemical commodities tracked by ChemAnalyst, the development is expected to have a slightly bearish-to-stable impact on copper concentrate and blister copper premiums over the long term as additional premium-grade supply enters the market. Sulphuric acid producers may also benefit from concentrates with suitable sulphur content, supporting stable acid production economics without causing immediate price volatility.
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