Episode Details

Interview with Alan Carter, President & CEO of Cabral Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-first-gold-pour-in-cui-cui-beats-expectations-11867

Recording date: 28th September 2026

Cabral Gold Inc. (TSXV:CBR) has become Brazil's newest gold producer. On 30 September 2026 the company announced the completion of its first doré sale from the 100%-owned Cuiú Cuiú Gold District in Pará State. More than 2,400 ounces were sold at an average net realised price above US$4,200 per ounce. The sale confirms that the full operating chain, from mining and processing to doré shipment and sale, is in place.

The Phase 1 operation is a heap leach mine processing near-surface gold-in-oxide material. The ore is free digging and needs no crushing or grinding. The life-of-mine strip ratio is 0.78 and the operation has not yet mined any waste. CEO Alan Carter expects AISC of around US$1,200 per ounce, consistent with the July 2025 PFS estimate of US$1,210 per ounce. The dry plant is now running 24 hours a day on two shifts, and Carter expects commercial production to be declared in November.

The PFS outlined 113,155 ounces over 6.2 years, with about 25,000 ounces per year in the first two years. It produced an after-tax NPV5 of US$73.9 million and an IRR of 78% at US$2,500 per ounce gold. Initial capex was US$37.7 million. The build was funded by a US$45 million gold loan from Precious Metals Yield Fund, with principal repayable in 39 kilograms of gold per quarter from March 2027. Cabral also closed a C$45 million placement with Alpayana in August and held C$55 million in cash in mid-September.

The near-term swing factor is expansion. Carter said drilling since the PFS has outlined considerably more oxide material than the study assumed. Management believes it can double throughput within roughly 12 months, and expects to provide guidance within one to two months. Carter projects 2027 cash flow of about US$75 million to US$80 million, rising to around US$150 million if throughput doubles at current gold prices. These figures are management projections, not formal guidance.

Exploration runs in parallel. Six rigs are drilling, and an updated resource estimate covering six deposits is expected by year-end, against three deposits in the 2022 estimate. Around 50,000 metres have been drilled since then. The current resource includes 666,382 Indicated ounces and 525,669 Inferred ounces across primary and oxide material. More than 50 further targets have returned gold in trenches, boulders or reconnaissance drilling. Jerimum Cima returned 9.5 metres at 87.4 g/t gold earlier this year.

Phase 2 is the larger prize. It would mine the primary hard rock beneath the oxide blankets. A PEA is expected in 2027, and Carter indicated Phase 2 could add 150,000 to 200,000 ounces per year. That range is not yet supported by a technical study.

View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-gold 

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