Cabral Gold (TSXV:CBR) - Advancing Towards Q4 2026 Production

Dec 11, 2025

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Interview with Alan Carter, President & CEO of Cabral Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-pitch-perfect-november-2025-8486

Recording date: 10th December 2025

Cabral Gold Inc. (TSXV:CBR) has secured $45 million US in gold loan financing to construct its first mine at the Cuiú Cuiú project in northern Brazil, with commercial production targeted for Q4 2026. The financing structure avoids equity dilution during the critical construction phase, preserving shareholder value whilst enabling the company's transition from explorer to cash-generating producer.

Construction activities have accelerated substantially with 143 personnel on site, 50 pieces of heavy equipment operational, and major foundation concrete pours scheduled by year-end. President and CEO Alan Carter confirmed: "We recently raised $45 million US through a gold loan. Projects in construction. We should be producing gold in the fourth quarter of 2026," noting "there was no equity raise as part of that, which I think surprised a lot of people."

The project benefits from unusually deep oxide weathering averaging 60 metres – a geological characteristic Carter describes as "quite unusual from most gold deposits around the world." This creates substantial free-digging material processable through simple metallurgical circuits without conventional crushing and grinding infrastructure, enabling low-capital initial operations.

Cabral's strategic differentiation centres on its two-stage development approach designed to eliminate serial equity dilution. The initial 1,500 tonnes per day oxide operation generates internal cash flow to fund aggressive exploration of much larger hard rock resources beneath the weathered zone, transforming the company from market-dependent explorer into self-funding entity. Carter articulated the rationale: "We think that the best way to fund all that work that needs to be done is not by continually diluting the capital structure and doing private placement after private placement and ending up with a massive number of shares issued and outstanding."

Unlike typical developers focused solely on construction execution, Cabral maintains three drill rigs and 80 exploration personnel operating concurrently with mine building. Recent drone magnetic surveys confirmed clear structural continuity over 2 kilometres between the Central deposit and PDM discovery, with reconnaissance drilling validating gold intersections along the newly identified trend. Carter characterised this as "tremendously exciting," substantially expanding prospective ground between known deposits.

Management describes Cuiú Cuiú as a district-scale gold system with four new discoveries since the 2022 resource estimate and 50 additional peripheral targets with identified gold. Carter positioned the oxide operation within this broader context: "The bigger prize at Cuiú Cuiú is the definition of this very, very large gold district that clearly contains multiple deposits."

The permitting pathway utilises Brazilian trial mining licences for initial operations with full mining licence approval for 3,000 tonnes per day expansion anticipated January 2026. Recent public consultations demonstrated no community opposition, de-risking regulatory progression. The full permit isn't operationally required until mid-2027, providing comfortable scheduling buffer.
Project execution benefits from experienced Brazilian mining personnel including Luis Salaro, who has built multiple coal mines in Brazil, alongside Ausenco engineering support and what Carter describes as "a very impressive group of consultants."

Cabral's investment proposition combines near-term production catalyst, non-dilutive financing preserving equity value, and district-scale exploration potential funded through internal cash generation. The parallel execution of construction and exploration positions the company to enter production with an expanded resource base rather than simply a built mine processing fixed inventory, creating multiple value drivers as Cabral transitions from explorer to cash-generating producer with growth optionality in a strong gold price environment.

View Cabral Gold's company profile:https://www.cruxinvestor.com/companies/cabral-gold