Meridian Mining: Near-Construction Cabaçal Asset and Belt-Scale VMS Upside Support Outperform Rating and $3.00 Target

Andrew Mikitchook, an analyst from BMO Capital, has initiated a new Buy rating on Meridian Mining SE (MNO).

Andrew Mikitchook has given his Buy rating due to a combination of factors including the quality and readiness of Meridian’s flagship Cabaçal gold‑copper project in Brazil. He views Cabaçal as a rare, near‑construction asset with modest upfront capital needs, straightforward open‑pit mining, and a relatively low operating risk profile in a market where few comparable projects are advancing toward development.

He also highlights the upside from additional volcanogenic massive sulphide targets along the Cabaçal belt, such as the nearby Santa Helena project, which could extend mine life and scale. Backed by an experienced management and Brazilian technical team, a clear permitting and engineering roadmap, and upcoming milestones like the DFS, financing decisions, and targeted 2029 production, he believes these catalysts can unlock value supporting his $3.00 target and Outperform recommendation.

In another report released on April 15, Stifel Nicolaus also maintained a Buy rating on the stock with a C$3.00 price target.