Project 70 statements
The deposit 38
Key takeaway. Management reports the deposit consists of deeply weathered oxides (saprolitic mud) extending about 60 meters deep, free-digging with a low strip ratio, and is amenable to heap leach processing.
Read the full summary
The company has defined a resource base of about 1.2 million ounces indicated, with an updated resource estimate modeling six gold deposits due by the end of 2026. Management notes significant exploration upside, citing 50 untested targets with gold in drill holes, trenches, and boulder fields averaging 3 oz a ton, and states that while six deposits are currently being modeled, there could easily be another six deposits.
What was actually said
deposit type
weathered material (saprolitic mud) 60m deep, free digging, low strip ratio
“mining the weathered material here, which is 60 m deep. It's free digging. Um, the very, very low strip ratio. Obviously, there's no drilling and blasting because it's saprolitic mud.”
Alan Carter·
15 Jul 2026·
exploration upside
50 untested targets with gold in drill holes, trenches, and boulder fields averaging 3 oz a ton
“there are 50 untested targets uh uh on the property map where we've got gold in drill holes, trenches. We've got some boulder fields here which are running 3 oz a ton average.”
Alan Carter·
15 Jul 2026·
exploration upside
currently modeling six gold deposits, could easily be another six deposits
“we're currently modeling six deposits. And there could easily be another six deposits on this on this within this district that we control.”
Alan Carter·
15 Jul 2026·
Show the other 35 statements
resource size
updated resource estimate modeling six gold deposits due by end of 2026
“We are currently modeling six gold deposits in terms of an updated resource estimate. We hope to have that updated resource estimate out by the end of this year, 2026.”
Alan Carter·
15 Jul 2026·
deposit type
heap leach operation
“we put out had an update on our progress regarding the construction of this phase one operation which is a heat leach operation.”
Alan Carter·
18 Jun 2026·
exploration upside
more confident about presence of additional golden oxide neurization, identified more oxide material since PFS
“since then we've identified a lot more confident about the presence of additional golden oxide mineralization”
Alan Carter·
18 Jun 2026·
exploration upside
likely to extend mine life and expand throughput from next year onwards
“So there's a lot more of this oxide material. So that's in all likelihood going to allow us to extend the mine life and most likely expand the throughput here um from next year onwards.”
Alan Carter·
18 Jun 2026·
exploration upside
infill drilling results show grades well above reserve grade
“infill drilling results and obviously they some of the grades are well above reserve grade.”
Alan Carter·
18 Jun 2026·
exploration upside
one infill hole touched 25 m at 7.5 g per ton from surface
“Last week we put out an infill hole which touched 25 m at 7.5 g per ton from surface.”
Alan Carter·
18 Jun 2026·
exploration upside
about 160 infill holes drilled in MG deposit
“I think we've done about 160 holes something like that.”
Alan Carter·
18 Jun 2026·
grade
overall life of mine grade about 0.7 grams a ton
“the actual life of mine grade is about 0.7 or so grams a ton”
Alan Carter·
18 Jun 2026·
grade
initial grade will be higher than overall life of mine grade, well above one gram for the first 12 months
“we think the initial grade will be higher than the overall life of mine grade as per the PFS. So we be well above one gram for the first 12 months or so.”
Alan Carter·
18 Jun 2026·
resource size
107.6 m at 2.5 g with 17.8 m section averaging 13 grams
“couple of weeks ago we put out 107.6 m at 2.5 g within that there was a 17.8 m section averaging 13 grams”
Alan Carter·
18 Jun 2026·
resource size
drill hole at Jeremy Senior of 9 mters at 87.4 g
“Back in March, we put out a a drill hole at Jeremy Senior, which is one of these new deposits that's come up since 2022, and he drilled 9 meters at 87.4 g, not silver.”
Alan Carter·
18 Jun 2026·
deposit type
oxide and hard rock gold deposits in a district
“we are developing we have a very large district in northern Brazil. Uh we have several gold deposits here.”
Alan Carter·
01 Apr 2026·
exploration upside
placer gold field: 2 million ounces recovered at Kuyukuyu vs 200,000 ounces at Token Zenia
“The amount of pla gold that was recovered from Kuyukuyu was 2 million ounces. The amount of pla gold that was covered at Token Zinia was 200,000 ounces.”
Alan Carter·
01 Apr 2026·
exploration upside
soil anomaly 7 km across and open at Kuyukuyu vs 1 km at Tokotanzeno
“While the equivalent soil anomaly at Kuyu Kuyu is 7 km across and open.”
Alan Carter·
01 Apr 2026·
exploration upside
9 and a half meters at 87.4 four grams at Jeremma, over 50 peripheral targets
“we just found another one called Jeremma where we recently drilled 9 and a half meters at 87.4 four grams. there are over 50 peripheral targets here where we found gold.”
Alan Carter·
01 Apr 2026·
resource size
1.2 2 million ounce resource base
“It is new deposit outside the current 1.2 2 million ounce resource base.”
Alan Carter·
01 Apr 2026·
exploration upside
50 plus targets at Quyu
“we've got 50 plus targets that we've got at Qupu”
Alan Carter·
16 Mar 2026·
grade
9.5 m at 84.7 g/t gold
“That drill hole that you mentioned that we put out yesterday on on on the 12th of March, which cut 9.5 m at 84.7 g of t gold”
Alan Carter·
16 Mar 2026·
resource size
about 1.2 million ounces indicated
“the current resource base that we've got at QQ is about 1.2 million ounces indicated in third”
Alan Carter·
16 Mar 2026·
deposit type
deeply weathered oxides
“the gold deposits that we have so far found in in at Kuyu Cuyu are very deeply weathered and they're weathered down to about 60 mters on average.”
Alan Carter·
11 Dec 2025·
exploration upside
connection between Central and PDM deposits 2 km apart identified via drone mag survey
“we did a drone survey recently and the structure just pops out as clear as a bell.”
Alan Carter·
11 Dec 2025·
exploration upside
four new discoveries since 2022, 50 other peripheral targets with gold
“We've made four new discoveries since we last updated the uh resource estimate in 2022.”
Alan Carter·
11 Dec 2025·
deposit type
weathered rock (saprolite) surface material overlying hard rock deposits
“we're going to be mining the surface weathered material”
Alan Carter·
13 Nov 2025·
exploration upside
four new hard rock gold discoveries since the 2022 resource estimate
“we've made four new hard rock gold discoveries since then. PDM Mashishi Maine and Mashishi Northeast and uh Jerem Sema”
Alan Carter·
13 Nov 2025·
resource size
1.2 million ounces
“We currently have 1.2 2 million ounces which is spread across uh two main gold deposits.”
Alan Carter·
13 Nov 2025·
exploration upside
Previous discovery at Token Zenya led to over 2 million ounces and third largest open pit gold mine in Brazil; Kuyuku project expected to be significantly larger
“That initial drill program led to the discovery of over 2 million ounces and what is now the third largest open pit gold mine in Brazil. I think Cababril's Cabral's Kukuyu project, which is next door, will be significantly larger”
Alan Carter·
27 Oct 2025·
exploration upside
If 1:10 ratio of placer to hard rock holds, project could contain 20 million ounces
“If that 1:10 ratio holds for Kuyuku, our project could contain 20 million ounces.”
Alan Carter·
27 Oct 2025·
grade
Boulder field average grades of 91 g/ton and 75 g/ton, located 5 km apart
“For example, 91 g average grade, 75 gram a ton average grade. These are just two separate boulder fields which are 5 km apart.”
Alan Carter·
27 Oct 2025·
resource size
Four new discoveries in addition to two existing gold deposits
“we have not just one new discovery, but we have four uh discoveries here. And that's in addition to the two existing gold deposits.”
Alan Carter·
27 Oct 2025·
deposit type
oxide and hard rock material, stage one is near surface heat leach starter project
“stage one heat leech starter project”
Alan Carter·
16 Oct 2025·
deposit type
hard rock project is stage two, most of the gold at Kuyu Kuyu is in hard rock material
“most of the gold at Kuyuku is in the hard rock material. That material will not be mined during stage one.”
Alan Carter·
16 Oct 2025·
exploration upside
drill results: 11m at 33 g/t and 12m at 27.7 g/t outside current resource envelopes
“11 m at 33 g that's well outside the current resource envelopes uh 12 m at 27.7 g”
Alan Carter·
16 Oct 2025·
exploration upside
multi-million ounce district potential, placer gold production 10 times greater than Token Tanzinho, gold soil anomaly 7 times larger
“I think Kuyu Kuyu is going to be a multi-million ounce district”
Alan Carter·
16 Oct 2025·
exploration upside
four new gold discoveries in last 3 years, multiple oxide blankets not in prefeasibility study, hard rock resource to be grown
“We've made four new gold discoveries Matt in the last 3 years.”
Alan Carter·
16 Oct 2025·
exploration upside
Region has produced in excess of 30 million ounces of gold with only three operating mines; similar district in Canada or Australia would have 50-70 mines operating
“we're in a region which has produced in excess of 30 million ounces of gold. There's only two operating minds, three, sorry... In a similar district in Canada or Australia, you'd have 50 or 60 or 70 mines operating in this region.”
Ruari McKnight·
03 Oct 2025·
Jurisdiction 17
Key takeaway. Cabral Gold's management positions the company as a Brazil-based developer, with project locations described as the Tapajos region of northern Brazil (October 2025) and the Kuyukuyu district (April 2026).
Read the full summary
On permitting, the company reports an advanced licensing position: as of October 2025, it had upgraded trial mining licenses to 200,000 tons per year on its central tenement and 300,000 tons per year on its eastern tenement, with a key installation license renewed and vegetation suppression and fauna rescue licenses updated. Management stated in December 2025 that it was developing under trial mining licenses for 1,500 tons a day and expected a full mining license in January. By March and April 2026, the company reports that an LP (Licença Prévia) has been granted for the full mining license.
What was actually said
country
Brazil
“We're building our first mine in Brazil”
Alan Carter·
15 Jul 2026·
country
Brazil
“We control an entire gold risk district in northern Brazil, Kukuyuku Kuyu.”
Alan Carter·
18 Jun 2026·
country
Brazil
“We have a gold project in northern Brazil.”
Alan Carter·
01 Apr 2026·
Show the other 14 statements
permit status
LP granted for full mining license
“The granting of the LP for the full mining license is a very very big deal.”
Alan Carter·
01 Apr 2026·
region
northern Brazil, Kuyukuyu district
“We have a gold project in northern Brazil. It's actually consists of an entire gold district.”
Alan Carter·
01 Apr 2026·
country
Brazil
“We control an entire gold district in northern Brazil”
Alan Carter·
16 Mar 2026·
permit status
LP granted for full mining license
“the news that we put out on Tuesday of this week, so that will be 10th of March regarding the granting of the LP for the full mining license is a massive monumental step”
Alan Carter·
16 Mar 2026·
country
Brazil
“We are building our first uh gold mine in northern Brazil.”
Alan Carter·
11 Dec 2025·
permit status
developing under trial mining licenses for 1500 tons a day, expecting full mining license in January
“We're developing this project under what's called trial mining licenses, which will allow us to mine 1500 tons a day.”
Alan Carter·
11 Dec 2025·
country
Brazil
“Cabal Gold has an advanced gold project in northern Brazil called Kuyukuyu.”
Alan Carter·
13 Nov 2025·
country
Brazil
“became interested in the origin of all the Placa gold in the Tapjos region of northern Brazil”
Alan Carter·
27 Oct 2025·
region
Tapajos region of northern Brazil
“became interested in the origin of all the Placa gold in the Tapjos region of northern Brazil”
Alan Carter·
27 Oct 2025·
country
Brazil
“We have an advanced gold project in Brazil”
Alan Carter·
16 Oct 2025·
community agreement
Social model developed since 2006 with local Garimpo community; spent close to 5 million realis (almost a million Canadian dollars) on infrastructure, communication, water, schools, health; provided relocation site for community members
“the company here in Brazil Mellin since 2006 developed a an extremely um new and dynamic uh way of dealing... with a historically active gar community such as Ku... we've already spent close to 5 million realis so that's almost a million Canadian dollars in in in helping the community”
Ruari McKnight·
03 Oct 2025·
country
Brazil
“joined the Cabra team in 2017 basically to uh rebuild the infrastructure... in Brazil.”
Ruari McKnight·
03 Oct 2025·
permit status
Advanced licensing position; upgraded trial mining licenses to 200,000 tons per year on central tenement and 300,000 tons per year on eastern tenement; key installation license renewed; vegetation suppression and fauna rescue licenses updated; federal ICM
“We currently have an advanced uh advanced licensing position... both we have two trial mining licenses... we managed to get both of those licenses increased to 200,000 tons per year capacity trial mining on the central lease and 300,000 tons uh per year on the MG... we've also now have the the key installation license has been renewed... we also received early this year was the consent for the federal ICMBBO uh agency... we're close to 85 95% uh of the way through the licensing process on the full mining license”
Ruari McKnight·
03 Oct 2025·
region
Guajará-Mirim/Tapirapé region, two contiguous tenements totaling 17,000 hectares plus 18,000 hectares in surrounding areas
“we've got some 17,000 hectares within those two tournaments plus another 18,000 odd hectares in the surrounding areas.”
Ruari McKnight·
03 Oct 2025·
Technical risk 15
Key takeaway. Management has described a project based on near-surface, free-digging saprolite and oxide material that requires no drilling, blasting, crushing or grinding, with a weathered cap up to 70 m thick (claims from Mar, Jun, Oct 2025 and Jul…
Read the full summary
2026). They assume a Phase 1 production rate of about 3,000 tons a day of oxide material on on-off pads where ore resides for 60 days before being moved to a waste pile (Jun 2025, Apr 2026). Key technical risks management cites include maintaining permeability in the wet circuit (Jul 2026), an aggressive schedule with weather as the main uncontrollable risk (Dec 2025), and retaining a skilled workforce in a jungle environment with seasonal weather in Brazil (Oct 2025).
What was actually said
key assumption
no crushing and grinding required at plant for saprolitic mud material
“There's no crushing and grinding at the plant, either. You know, you see these great videos of these massive ball mills turning in in most uh mining operations. We haven't got one of those.”
Alan Carter·
15 Jul 2026·
stated risk
maintaining permeability in wet circuit is a key challenge
“key product at a consistently, I guess, um maintaining that permeability, etc. I mean, you need to get through the things that you task”
Alan Carter·
15 Jul 2026·
key assumption
3,000 tons a day
“We're targeting 3,000 tons a day.”
Alan Carter·
18 Jun 2026·
Show the other 12 statements
metallurgy
material is saprolite and soil from surface, free digging material, no drilling and blasting required, no crushing and grinding required
“the material that we're mining, as I said, is is saplite and soil material, which is from surface.”
Alan Carter·
18 Jun 2026·
stated risk
on-off pads, material resides on pad for 60 days then removed to waste pile
“Our pads are going to be onoff pads. So they the material will reside on the pad for for 60 days.”
Alan Carter·
18 Jun 2026·
stated risk
on budget and on schedule
“So, um you know, it's coming up pretty pretty fast. So far we're still on budget and on schedule.”
Alan Carter·
18 Jun 2026·
key assumption
Phase 1 mine about 3,000 tons a day of oxide material
“we are building as I said in the introduction uh an initial golden oxide heat leach project which should mine about 3,000 tons a day.”
Alan Carter·
01 Apr 2026·
key assumption
weathered cap/blanket 60 up to 70 m of weathered material
“our project in Brazil has a very thick weathered cap or I call it a blanket but it's we've got 60 up to 70 m actually of weathered material”
Alan Carter·
16 Mar 2026·
key assumption
schedule is aggressive with weather as main uncontrollable risk
“The main uh risk here is is schedule is keeping to schedule. The the the one thing that we have no control over obviously is the weather.”
Alan Carter·
11 Dec 2025·
key assumption
11 meters at 33 g; 12 m at 27 g
“we've had some really good drilling steps including 11 meters at 33 g 12 m at 27 g.”
Alan Carter·
13 Nov 2025·
key assumption
Mashishi Northeast drill results: 12 m at 27.7 g gold and 11 m at 33 g gold
“One of these new discoveries, Mashishi Northeast, recently returned some spectacular drill results, including 12 m at 27.7 g gold and 11 m at 33 g gold.”
Alan Carter·
27 Oct 2025·
stated risk
Maintaining skilled workforce, managing seasonal weather conditions, ensuring timely delivery of equipment
“we believe the main operational considererations will involve maintaining skilled workforce, managing seasonal weather conditions, and ensuring the timely delivery of equipment.”
Alan Carter·
27 Oct 2025·
key assumption
stage one mines near surface oxide heat leach material, free digging, does not need crushing and grinding
“This is free digging material. It leeches extremely well. the mining and process processing costs here are very low. It doesn't need to be crushed and ground.”
Alan Carter·
16 Oct 2025·
stated risk
14% of life of mine gold production goes to loan repayment
“14% that's uh of the goal will go towards paying down this loan over the life of mine.”
Alan Carter·
16 Oct 2025·
stated risk
Weather is a factor in the jungle; social risks in the region; political risk in South America but Brazil is fairly stable
“we're in the jungle. Um so weather is always a factor... uh obviously uh I mean up until about 2013 2014 there was no road access to Guuyo. Everything was done by plane. So there's a huge cost associated with that.”
Ruari McKnight·
03 Oct 2025·
Economics 37 statements
Economics 24
Key takeaway. Management has described the project's economics across several months, with figures shifting as the price assumption used changes.
Read the full summary
The November 2025 PFS outlined a $37.7 million capex, a 78% IRR and 10-month payback at a $2,500/oz gold price, or a 151% IRR and 6-month payback at $3,500/oz, with an NPV of $74 million at the lower price. By October 2025, the company was citing a 74% IRR at $2,500/oz and an all-in sustaining cost of $1,210/oz for stage one. More recently, in mid-2026, management said AISC is about $1,200/oz, capex remains largely on budget relative to the original PFS scope, and they expect to make about $3,000 per ounce produced based on a gold price assumption of about $4,300/oz.
What was actually said
aisc
about 1,200 US dollars an ounce
“we should be producing gold at an all-in sustaining cost of about 1,200 US dollars an ounce”
Alan Carter·
15 Jul 2026·
capex
still largely on budget in terms of the original original scope of the PFS
“We're still largely on budget in terms of the original original scope of the PFS.”
Alan Carter·
15 Jul 2026·
aisc
expect making about $3,000 US dollars on every ounce that we produce
“You know we still expect making about 3,000 US dollars on every ounce that we produce.”
Alan Carter·
18 Jun 2026·
Show the other 21 statements
operating cost
just over $1,200 US a ton
“Diesel prices in sustaining cost uh that we got out of the study that was authored by Oeno in July is just over $1,200 US a ton.”
Alan Carter·
18 Jun 2026·
price assumption
about $4,300 US dollars a ton for gold
“rail looked this morning but about 4,300 uh US dollars a ton.”
Alan Carter·
18 Jun 2026·
aisc
just over about $1,000 an ounce
“we should be producing gold at just over about $1,000 an ounce”
Alan Carter·
16 Mar 2026·
capex
37.7 million US
“the capital cost for this 3,000 ton a day operation to mine this weathered material came out around 37, I think it was 37.7 million US”
Alan Carter·
16 Mar 2026·
irr
78%
“At $2,500 an ounce, this starter operation, this 3,000 ton a day starter operation to mine the oxided material had a 78% rate of return”
Alan Carter·
16 Mar 2026·
payback
10-month
“At $2,500 an ounce, this starter operation, this 3,000 ton a day starter operation to mine the oxided material had a 78% rate of return and a 10-month payback”
Alan Carter·
16 Mar 2026·
price assumption
$2,500 an ounce
“the rate of return that was generated uh at during the PFS study that we published in uh back in July assumed a gold price of of uh $2,500 an ounce”
Alan Carter·
16 Mar 2026·
operating cost
PFS study targets 3,000 tons a day
“the PFS study that we released in July, commonplace is going to uh 3,000 tons a day.”
Alan Carter·
11 Dec 2025·
capex
$37.7 million
“The capital cost for the starter operation which is under construction it's fully funded is 37.7 million”
Alan Carter·
13 Nov 2025·
irr
78% IRR at $2,500 gold price; 151% IRR at $3,500 gold price
“We have a 78% IRRa at $2,500 an ounce and a $74 million NPV with a 10-month payback. At a gold price of $3,500 an ounce, it has a 151% IRR and a six-month payback.”
Alan Carter·
13 Nov 2025·
npv
$74 million at $2,500 gold price
“We have a 78% IRRa at $2,500 an ounce and a $74 million NPV with a 10-month payback.”
Alan Carter·
13 Nov 2025·
operating cost
$1,200 per ounce
“that operation should be producing around 20,000 ounces a year nor in cash cost of $1,200 an ounce”
Alan Carter·
13 Nov 2025·
payback
10-month payback at $2,500; 6-month payback at $3,500
“We have a 78% IRRa at $2,500 an ounce and a $74 million NPV with a 10-month payback. At a gold price of $3,500 an ounce, it has a 151% IRR and a six-month payback.”
Alan Carter·
13 Nov 2025·
price assumption
$2,500 an ounce for PFS; also modeled at $3,500
“The PFS study was done at a gold price assumed gold price of $2,500 an ounce.”
Alan Carter·
13 Nov 2025·
operating cost
Expected annual profit of almost $3,000 per ounce or around 70 million US per year at stage one
“At the current coal price, this makes this means we should be making a profit of almost $3,000 per ounce or around about $70 million US per year.”
Alan Carter·
27 Oct 2025·
operating cost
All-in sustaining cost of $1,210 per ounce for stage one starter operation
“we should be producing 25,000 ounces of gold per year at an all- in sustaining cost of just $1,210 per ounce.”
Alan Carter·
27 Oct 2025·
price assumption
Current gold price with expected after tax cash flows of 50 to 60 million US per year from stage one
“This should result in significant after tax cash flows at current gold prices most likely in the order of 50 to 60 million US a year”
Alan Carter·
27 Oct 2025·
aisc
$1,210 an ounce
“the all-in sustaining costs from our, uh, prefeasibility study are $1,210 an ounce.”
Alan Carter·
16 Oct 2025·
irr
74%
“the IRRa on this project is uh 74%.”
Alan Carter·
16 Oct 2025·
operating cost
25,000 ounces a year from stage one
“25,000 ounces a year with a $3,000 margin.”
Alan Carter·
16 Oct 2025·
price assumption
$2,500 an ounce
“the economics look very very strong at $2,500 an ounce.”
Alan Carter·
16 Oct 2025·
Financing 13
Key takeaway. Cabral Gold management has described a shifting financing picture over several months.
Read the full summary
In October 2025 the company reported it needed $45 million and had secured a gold loan package with an affiliate of Phoenix Gold Fund (39-month term, no equity dilution), while outlining a two-phase development strategy where stage one cash flow would self-fund stage two and eliminate dilutive equity financing. By December 2025 the required capital was still cited as $45 million US, and a gold loan was said to have closed that month. The following March management again stated the gold loan had closed (in November), and in April 2026 the company reported it had borrowed the equivalent of $45 million US in gold from shareholders and announced a $20 million board deal financing directed to exploration drilling. By June 2026 the company said it was fully funded.
What was actually said
financing status
fully funded
“So that's fully funded.”
Alan Carter·
18 Jun 2026·
capital needed
borrowed the equivalent of $45 million US in gold from shareholders
“we went and and borrowed the equivalent of $45 million US in gold uh from our largest institutional shareholders.”
Alan Carter·
01 Apr 2026·
financing status
$20 million board deal financing announced, directed to exploration drilling
“this money is going to be directed to expiration with $20 million.”
Alan Carter·
01 Apr 2026·
Show the other 10 statements
financing status
gold loan closed in November
“We went out and raised that money through a gold loan with our largest institutional shareholder. Um so we closed that financing in November”
Alan Carter·
16 Mar 2026·
capital needed
$45 million US
“We recently raised $45 million US through a gold loan.”
Alan Carter·
11 Dec 2025·
financing status
gold loan closed
“um we uh borrowed $45 million US in gold and we'll have to repay that with interest.”
Alan Carter·
11 Dec 2025·
financing status
fully funded
“We have a fully funded starter operation that is under construction.”
Alan Carter·
13 Nov 2025·
capital strategy
Two-phase development strategy: stage one generates cash flow to self-fund stage two and eliminate dilutive equity financing
“Our strategy to fund growth at Kuq while minimizing shareholder dilution consists of a two-phase development strategy.”
Alan Carter·
27 Oct 2025·
burn rate
about $75 million a year US pre-tax free cash flow
“provides us with cash flow moving forward to the tune of about $75 million a year US pre-tax.”
Alan Carter·
16 Oct 2025·
capital needed
37.7 million
“The actual capex is only 37.7 million here.”
Alan Carter·
16 Oct 2025·
capital needed
$45 million
“this is $45 million, as I said, the actual capex is a little bit less than 38”
Alan Carter·
16 Oct 2025·
dilution
no equity dilution
“There is no dilution to the capital structure here.”
Alan Carter·
16 Oct 2025·
financing status
gold loan package with Precious Metals Yield Fund (affiliate of Phoenix Gold Fund), 39-month term, no dilution
“this is a gold loan. It has a 39-month term.”
Alan Carter·
16 Oct 2025·
Timeline 31 statements
Timeline 29
Key takeaway. Management has consistently targeted first production in the fourth quarter of 2026, with statements to that effect dating from October 2025 through July 2026.
Read the full summary
Construction has progressed from 54% complete in March 2026 to 60% in April and 70% as of end of April, the company reported in June. By July 2026, management said the dry circuit commissioning was underway, the ADR plant was expected on site by end of month, and mining and stacking ore as part of commissioning was scheduled for that same month.
What was actually said
first production
Q4 of this year
“commercial gold production is scheduled for Q4, Matt. I think we'll be producing gold probably prior to that. In terms of commercial it's Q4 of this year.”
Alan Carter·
15 Jul 2026·
milestone
ADR plant expected on site by end of month, to assemble within few weeks
“we expect to have that ADR plant uh on site uh by the end of the month. Uh it should only take us a few weeks to assemble it.”
Alan Carter·
15 Jul 2026·
milestone
mining and stacking ore as part of the commissioning process
“we've recently announced that we've just started mining and stacking ore as part of the commissioning process.”
Alan Carter·
15 Jul 2026·
Show the other 26 statements
milestone
dry circuit commissioning underway, wet circuit still to come
“We have been commissioning the the dry circuit. So, what that means, everything from the the mining of the ore body to the leaching of the material is currently in process. We've still got the commissioning of the wet circuit”
Alan Carter·
15 Jul 2026·
first production
Q4 2026
“In fact, it's targeted for Q4 2026.”
Alan Carter·
18 Jun 2026·
milestone
leaching to start in July
“And then we'll start lynching pretty quickly after that in July.”
Alan Carter·
18 Jun 2026·
milestone
commissioning scheduled for Q3
“commissioning is scheduled for Q3.”
Alan Carter·
18 Jun 2026·
milestone
mining scheduled to start at the end of June
“mining is scheduled to start at the end of this month the end of June.”
Alan Carter·
18 Jun 2026·
milestone
ADR plant scheduled to arrive on site next month
“So um that's scheduled to arrive on site next month.”
Alan Carter·
18 Jun 2026·
milestone
70% complete as of end of April
“I think the last update we put out was at the end of April. We were 70 70% complete of that.”
Alan Carter·
18 Jun 2026·
construction start
Stage one is in construction now, about 60% complete
“Stage one is in construction now and commissioning is planned for Q3 and commercial production for Q4. We're about 60% complete.”
Alan Carter·
01 Apr 2026·
first production
Q4 of this year, commercial production at the end of this year
“we should be commissioning that uh initial project and and in commercial gold production in Q4 of this year.”
Alan Carter·
01 Apr 2026·
milestone
commissioning planned for Q3
“commissioning is planned for Q3 and commercial production for Q4.”
Alan Carter·
01 Apr 2026·
construction start
November
“we closed that financing in November and we made a construction decision in November. It's a 12-month bill.”
Alan Carter·
16 Mar 2026·
first production
fourth quarter of 2026
“We expect to be pouring gold um in the fourth quarter of 2026 this year”
Alan Carter·
16 Mar 2026·
milestone
Construction 54% complete
“Um so that's now 54% complete.”
Alan Carter·
16 Mar 2026·
first production
fourth quarter of 2026
“We should be producing gold in the fourth quarter of 2026.”
Alan Carter·
11 Dec 2025·
milestone
143 people working on construction, 50 pieces of heavy equipment on site
“We have 143 people now uh working on the construction currently um uh building this thing”
Alan Carter·
11 Dec 2025·
milestone
commissioning in Q3 2026, commercial production in Q4 2026
“We're anticipating commissioning in Q3 of 2026 and uh commercial production in Q4.”
Alan Carter·
11 Dec 2025·
first production
fourth quarter of 2026
“operation should be producing around 20,000 ounces a year nor in cash cost of $1,200 an ounce from the fourth quarter of next year 2026.”
Alan Carter·
13 Nov 2025·
study due
towards the end of 2026
“The objective is to update the resource estimate towards the end of 2026.”
Alan Carter·
13 Nov 2025·
milestone
Stage one: 3,000 ton a day oxide starter operation to mine and heap leach near surface weathered material
“Stage one will consist of an initial 3,000 ton a day mining operation to mine and heat leech process the near surface weathered material at Kuyuku”
Alan Carter·
27 Oct 2025·
construction start
already underway with long lead items ordered, site cleared
“construction has been approved by the board. Um so that's underway. We we've already started that ordering long lead items, clearing the site”
Alan Carter·
16 Oct 2025·
first production
Q4 2026
“we expect to be in in production in the fourth quarter of 2026.”
Alan Carter·
16 Oct 2025·
milestone
12-month build process, plant commission Q3 2026, first pour Q4 2026
“It's a 12-month build process.”
Alan Carter·
16 Oct 2025·
milestone
Main road of access became a municipal road in late 2024; partnership with local government to recover and upgrade the road underway
“The main road of access to Greek pu became a municipal road. So basically it's a public road in late 2024. We are in partnership with local government have licenses to do the recovery and upgrade of that road which is underway.”
Ruari McKnight·
03 Oct 2025·
milestone
Two public audiences related to mining permitting completed and both very positive
“So we're close to 85 95% uh of the way through the licensing process on the full mining license and we have a fully licensed trial mining license”
Ruari McKnight·
03 Oct 2025·
milestone
Two PFS completed - one in November late last year, and a second upgraded PFS recently announced
“We've just uh finished two PFS. We did a PFS in November late last year. We've done a second upgraded PFS which is uh which recently announced to the market”
Ruari McKnight·
03 Oct 2025·
milestone
Vegetation suppression on key plateau to start in about 10 days from interview date, then move into earthworks towards end of year
“Um essentially we will start suppression of vegetation on the key plateau the mine where the plant will be the processing plant in about 10 days from today. Um and then move straight into earthworks um working towards the end of the year.”
Ruari McKnight·
03 Oct 2025·
Catalysts 2
Key takeaway. Management reports that drill results are expected every week or two and that guidance on upsizing the phase one operation should come in the coming weeks and months, both as of July 2026.
What was actually said
upcoming decision
guidance on upsizing phase one operation in coming weeks and months
“we have identified some opportunities to upsize uh this initial phase one operation, uh and we'll be giving some guidance on on that in the future weeks and months.”
Alan Carter·
15 Jul 2026·
upcoming result
drill results expected every week or two
“There'll be drill announcements coming out on a on a regular basis. So, um you know, every week or two we should have drill results.”
Alan Carter·
15 Jul 2026·
Corporate 19 statements
Management 13
Key takeaway. Management emphasises both insider commitment and team expertise.
Read the full summary
The company reports that Alan Carter alone has invested almost $2 million Canadian of his own money, and that total insider investment stands at $2 million of own cash (Apr/Oct/Nov 2025 and Apr 2026). On the team side, management points to a construction team of about 350 people and a separate exploration team of members with 10–15 years' experience in the district (Jun/Oct 2025). Key hires include VP Project Development John C, Country Manager Rory McNite, Construction Manager Luis Salaro — who has built several gold and coal mines in Brazil — and Asenko as EPCM contractor (Oct/Dec 2025).
What was actually said
team experience
construction team includes Luis Solano, John Sestan, and Rory McNight as VP Brazil
“Luis Solano and his team uh um supervised by John Sestan, and also with the input of our country uh VP Brazil, uh Rory McNight, have done an amazing job.”
Alan Carter·
15 Jul 2026·
team experience
separate construction team of about 350 people and separate exploration team
“We've got a construction team. We've got a a significant in-house team with a bunch of contractors on site that all working on about 350 people on that right now.”
Alan Carter·
18 Jun 2026·
track record
camp of 160 people built from scratch and up and running
“We've uh we've built from scratch a 160 person uh camp. Um so that's up and running.”
Alan Carter·
18 Jun 2026·
Show the other 10 statements
insider ownership
significant shareholder, $2 million of own cash invested
“I'm a significant shareholder in this company. I got $2 million of my own money, cash money that I've invested into this into this company.”
Alan Carter·
01 Apr 2026·
track record
involved in the discovery of Tokotanzeno 20 years ago
“As you know, I was involved in the discovery of Tokotanzeno 20 years ago.”
Alan Carter·
01 Apr 2026·
track record
Luis Salaro hired as head of owners team, has built several coal mines in Brazil
“Luis Salaro who we hired earlier this year. Luis has built several coal mines in Brazil”
Alan Carter·
11 Dec 2025·
insider ownership
Alan Carter has invested almost 2 million Canadian dollars
“I myself have invested almost 2 million Canadian dollars.”
Alan Carter·
13 Nov 2025·
insider ownership
$2 million of own money invested in the company
“As the founder and CEO of Cabrow Gold, I myself have invested $2 million of my own money in the company”
Alan Carter·
27 Oct 2025·
team experience
13 years working for large mining companies (Rio Tinto, Billiton, BHP); 4 years as business development manager at BHP identifying junior companies; fluent in Spanish and Portuguese
“I spent 13 years of my career working for large mining companies, namely Riotinto, Bilitin and BHP”
Alan Carter·
27 Oct 2025·
track record
Co-founded Peragan Metals, sold to Still Water Mining in 2011 for almost 500 million Canadian dollars
“Peragan Metals was a huge success and was sold to Still Water Mining in 2011 for almost 500 million Canadian dollars.”
Alan Carter·
27 Oct 2025·
team experience
VP Project Development John C, Country Manager Rory McNite, Construction Manager Luis Salaro (responsible for building several gold mines in Brazil), Asenko as EPCM contractor
“our VP pro project development John C has done an excellent job on this as has our country manager Rory Mcnite and particularly Luis Salaro who's our construction manager who recently joined us. Luis has been responsible for building several gold mines in in Brazil.”
Alan Carter·
16 Oct 2025·
team experience
Exploration team with many members having 10 or 15 years experience working within the district
“extremely experienced uh exploration team many of which have had 10 or 15 years experience working within the district”
Ruari McKnight·
03 Oct 2025·
track record
One of the founders of Sarabi Mining (now Sarabi Gold, the Pito mine); left in 2008 up to commercial production; set up Deri Mining which was bought out by Eurasian four or five years later
“I was one of the founders of Sarabi Mining at the time, now Sarabi Gold, the Pito mine. uh left Sarabi in 2008 up to commercial production, set up her own company called Deri Mining which was bought out by Eurasian four or five years later”
Ruari McKnight·
03 Oct 2025·
Market 4
Key takeaway. Management highlights Cabral Gold's strategic position next to what it calls the third largest gold mine in Brazil, referring to the operation as both "Tokens and Zeno" (April 2026) and "Token Tanzinho" (October 2025).
Read the full summary
The company points to a potential acquirer in G Mining Ventures, the adjacent Seno mine operator, and notes that its Stage one operation is expected to produce 25,000 ounces per year at $1,210 per ounce AISC (October 2025).
What was actually said
strategic interest
next door to the third largest gold mine in Brazil (Tokens and Zeno)
“It's next door to the third largest gold mine in Brazil.”
Alan Carter·
01 Apr 2026·
potential acquirer
G Mining Ventures (adjacent Seno mine operator, third largest gold mine in Brazil)
“The project next door to us what I just mentioned is being mined by G mining. It is currently the third largest gold mine in Brazil”
Alan Carter·
13 Nov 2025·
cost curve position
Stage one operation expected to produce 25,000 ounces per year at $1,210 per ounce AISC
“we should be producing 25,000 ounces of gold per year at an all- in sustaining cost of just $1,210 per ounce.”
Alan Carter·
27 Oct 2025·
Show the other 1 statement
strategic interest
located next to Token Tanzinho, third largest gold mine in Brazil
“we're right next to the third largest gold mine in um in Brazil. I was involved in the discovery of that, Token Tanzenho.”
Alan Carter·
16 Oct 2025·
Outside views 2 mentions
2 mentions by people who do not speak for the company — 1 constructive, 0 cautious, 1 neutral. These are their views, not the company's.
Mike Hodgson
bullish
Described as nearing commercial production with strong drilling and resource upside.
Crux Investor·
13 Jul 2026·
Justin van der Toorn
neutral
Referenced by the host as an example of a company pursuing oxide near-term production in a similar gold price environment
Crux Investor·
26 Mar 2026·
Sources 10 interviews
Every interview 10
| Date | Channel | Interview | Statements |
|---|---|---|---|
| 15 Jul 2026 | Crux Investor | Cabral Gold (TSXV:CBR) - 85% Built, Q4 Production & District Growth Ahead | 17 |
| 13 Jul 2026 | Crux Investor | The Brazil Premium: What Investor Need to Know about Brazil's Mining Boom | No claims identified |
| 18 Jun 2026 | Crux Investor | Cabral Gold (TSXV:CBR) - Phase One Heap Leach On Schedule, Q4 Production Targeted | 27 |
| 01 Apr 2026 | Crux Investor | Cabral Gold (TSXV:CBR) - 'Undervalued?' Investment Series, with Alan Carter | 17 |
| 16 Mar 2026 | Crux Investor | Cabral Gold (TSXV:CBR) - 87 g/t Gold over 9.5m & Mining Permit Granted | 15 |
| 11 Dec 2025 | Crux Investor | Cabral Gold (TSXV:CBR) - Advancing Towards Q4 2026 Production | 13 |
| 13 Nov 2025 | Crux Investor | Cabral Gold (TSXV:CBR) - Pitch Perfect, November 2025 | 17 |
| 27 Oct 2025 | Crux Investor | Cabral Gold (TSXV:CBR) - Meet The Team, with Alan Carter | 17 |
| 16 Oct 2025 | Crux Investor | Cabral Gold (TSXV:CBR) - Brazil's Next Gold Producer | 22 |
| 03 Oct 2025 | Crux Investor | Cabral Gold (TSXV:CBR) - Meet the Team, with Ruari McKnight | 12 |
What else those interviews covered
Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.
Questions people ask
What is Cabral Gold's project and where is it?
Cabral Gold is a developer gold company, with a project stated to be in Brazil. Everything here is drawn from its executives' own interviews.
Which interviews mention Cabral Gold?
We track 10 interviews mentioning Cabral Gold, across 1 channel (Crux Investor).
What are investors saying about Cabral Gold?
2 independent voices — people who do not speak for the company — are on record discussing it (1 bullish, 1 neutral). Their reasoning is quoted in the outside-view section above.
What do recent interviews with Cabral Gold cover?
The most-discussed topics on record are the deposit, timeline, economics, jurisdiction — each claim quoted and dated in the sections above.