Cabral Gold Announces First Gold Sales from Phase 1 Mine, Cuiu Cuiu Gold District, Brazil
Cabral’s first gold sales validate operations, though revenue remains modest ahead of Q4.
Cabral Gold Inc. announced the completion of its first doré sale from the Phase 1 gold-in-oxide heap leach operation at the Cuiú Cuiú Gold District in Brazil. Over 2,400 ounces of gold were sold to a local refinery at an average net realized price exceeding US$4,200 per ounce.
The company has transitioned the dry plant, which handles ore preparation and stacking, to 24-hour operations with two shifts per day. Both dry and wet circuits are now operating continuously. Mining operations remain primarily on 12-hour shifts, utilizing accumulated run-of-mine (ROM) stockpiles to feed the dry plant during night operations.
Management confirms the project remains on schedule and on budget, with commercial production expected in the fourth quarter of 2026. Health and safety metrics for 2026 year-to-date show 664,800 hours worked with a Lost Time Injury Rate (LTIR) of 0.30 per 200,000 hours.
Cabral Gold Inc. (CBR) has executed its progression from construction milestones to first production precisely on its stated timeline. Historical updates indicate consistent execution, with the project reaching 54% completion in December 2025, 70% in March 2026, 85% in June 2026, and 90%+ completion in August 2026, at which point the operating license was received.
The company’s first gold sale validates the mine-to-market chain, confirming that mining, processing, and sales logistics are operational. The volume sold was 2,400 oz, a figure that serves as a commissioning milestone rather than a commercial production run. This volume is fully in line with previous expectations.
The realized price of >$4,200/oz is favorable but reflects current spot market conditions rather than a structural improvement in project economics. This event represents an expected, incremental operational milestone that confirms management's execution capability without constituting a fundamental shift in the company's trajectory.
Cabral Gold Inc. (CBR) is developing the Cuiú Cuiú Gold District within the Tapajós Gold Province of Brazil. The project employs a two-phase strategy, beginning with Phase 1, a gold-in-oxide heap leach operation targeting near-surface material, followed by Phase 2, which will focus on underlying hard rock resources.
An Updated Pre-Feasibility Study released in July 2025 outlines a 1 Mtpa heap leach plant with a 6.2-year mine life. At a base case gold price of $2,500/oz, the project projects an internal rate of return (IRR) of 78%, a net present value (NPV5) of $74M, initial capital expenditure of $37.7M, a payback period of 10 months, and an all-in sustaining cost (AISC) of $1,210/oz. Cabral Gold holds 100% ownership of the project.