Cabral Gold Pours First Gold, Charts a Dated Path to Phase 2 Hard Rock - Crux Investor

AI desk brief

Cabral Gold poured first gold on Sept. 10 at its Cuiú Cuiú heap-leach mine in Brazil, producing about 1,130 oz roughly six weeks ahead of schedule. The company is targeting 3,000 tpd, commercial production by end-2026, and expects an Operating License upgrade within two months to lift the current 500,000-ton trial cap toward the 1 mt full-scale plan.

Phase 1 economics look strong on paper, with life-of-mine AISC targeted at about $1,210/oz versus a quoted gold price near $4,300/oz, and initial annual output of roughly 25,000 oz. The bigger medium-term prize remains underground: about three-quarters of the resource sits in hard rock beneath the oxide cap, and Cabral is targeting a Phase 2 PEA in 1H27 after updated resource work by end-2026.