First Gold Pour at Brazil's Cuiú Cuiú Gold Mine Produces Approximately 1,130 Ounces of Gold

en.Wedoany.com Reported - On September 10, Cabral Gold announced that the first gold pour had been completed at the Phase 1 oxide gold heap leach project at its 100%-owned Cuiú Cuiú gold mine in Brazil, producing approximately 1,130 ounces of gold. This gold pour was part of the commissioning of the wet processing system. The project's dry processing system was commissioned in July, and commissioning of the wet system is now nearing completion.

Phase 1 at Cuiú Cuiú employs near-surface oxide gold ore mining and heap leaching. Cabral had previously obtained an operating license from Pará state environmental authority SEMAS/PA and received approval from Brazil's military authorities for the purchase and transport of cyanide. In mid-August, the project began mining oxide ore and stacking it on the first heap leach pad. At that time, construction of the wet processing system was over 90% complete, mechanical installation of the adsorption—desorption—recovery (ADR) plant had been completed, and electrical installation was over 90% complete.

The initial capital expenditure for Phase 1 was US$37.7 million. The pre-feasibility study completed in July 2025 estimated a Phase 1 mine life of 6.2 years, cumulative gold production of approximately 113,200 ounces, average annual production of approximately 25,000 ounces over the first two years, and all-in sustaining costs of approximately US$1,210 per ounce. Based on a benchmark gold price of US$2,500 per ounce, the project has an after-tax internal rate of return of 78% and an after-tax net present value at a 5% discount rate of approximately US$73.9 million.

Project construction was funded primarily by a US$45 million gold loan completed by Cabral in 2025. Under the project plan, Phase 1 cash flow will continue to be used for drilling and resource expansion of hard rock resources at the Cuiú Cuiú property. Subsequent development phases will study the larger primary hard rock gold resources beneath the existing oxide orebodies. The company plans to update the mineral resource estimate for the entire property by the end of 2026 and, based on the updated results, study the initiation of a preliminary economic assessment for a Phase 2 hard rock project.

Following the first gold pour, the project remains in the commissioning and ramp-up phase. Cabral plans to declare commercial production in the fourth quarter of 2026, with the commercial production phase corresponding to approximately 60%—70% of design processing capacity. The company had not previously issued formal production guidance for 2026, and 2027 will be the first full production year for the Phase 1 project.