Cabral Gold Inc. (TSXV: CBR) has announced that construction at its Phase 1 gold-in-oxide heap leach project in the Cuiú Cuiú Gold District, Brazil, is now 54% complete. This milestone keeps the company firmly on track for plant commissioning in the third quarter of 2026, followed by commercial production in the fourth quarter.
The project has successfully moved past the primary earthworks stage and is now transitioning into above-ground plant erection. Management confirmed that 71% of project costs are already committed under contract, ensuring the development remains on budget.
Procurement of major plant equipment has surpassed the 90% mark, with the adsorption, desorption, and recovery plant currently in its final assembly stage in Australia before being shipped to the site in Brazil.
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Infrastructure improvements are also advancing rapidly. Earthworks on the production plateau are 95% complete, and a new 136-person mine camp is scheduled for completion by the end of March 2026.
In a recent investor presentation, CEO Alan Carter highlighted the strategic scale of the project, noting that the Cuiú Cuiú area was the site of a historic gold rush ten times larger than California’s. Carter emphasized the financial potential of the current build, stating that at contemporary gold prices, the operation is designed to be “an extremely profitable starter operation” with a payback period potentially as short as four to five months.
Carter further underscored the company’s commitment to self-funded growth, explaining that the goal of this initial phase is to “stop that dilution” from equity financings and use internal cash flow to fund the much larger hard rock stage of the project. With infill drilling at the MG oxide starter pit nearing completion, the company is preparing for the commencement of mining activities in mid-2026.
Initial production under the phase 1 operation is anticipated to be 25,000 ounces of gold per year, at all in sustaining costs of US$1,210 an ounce as per a pre-feasibility study completed by Cabral in 2025.
Cabral Gold last traded at $0.82 on the TSX Venture.
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