Cabral Gold (CBR) Mining Forum Americas 2026 summary

Resource growth and exploration highlights

• Resource base last updated in 2022 at 1.2 million oz, now being expanded to include six gold deposits with significant new discoveries and high-grade drill results, including 9.5 m at 87 g/ton and several other high-grade targets in the district.

• Over 50,000 m of drilling completed since last update, with six rigs currently operating and plans to maintain or increase this pace through 2027.

• New discoveries such as Jerimum Cima, Machichie North East, and PDM are being modeled for maiden resources, with updates expected by year-end.

• The district contains multiple high-potential targets, including boulder fields averaging up to 91.7 g/ton, and the company is targeting a long-term resource of 5–10 million oz.

• Exploration budget for next year is projected at $20–25 million, with ongoing drilling and follow-up on numerous targets.

Operational and financial developments

• Commercial production began in September 2026, with first gold pour achieved and ramp-up ongoing; commercial production declaration expected in November.

• Phase 1 mining focuses on saprolite material, targeting 25,000 oz in the first full year at an all-in sustaining cost of $1,200/oz.

• Expansion plans will double processing capacity from 1 million to 2 million tons per year by late 2027, with updated resource estimates and production guidance due by year-end.

• Current cash position is approximately CAD 70 million, expected to rise to CAD 80–85 million by year-end due to ongoing gold sales.

• No additional capital or dilution is anticipated for ongoing operations and exploration.

Project economics and future outlook

• Pre-feasibility study (PFS) based on $2,500/oz gold price shows a 78% after-tax IRR and 10-month payback; upside case at $3,500/oz gold yields 151% IRR and 6-month payback.

• Heap leach operation is simple and efficient, with doré production underway and about 80–90 kg produced in the first three weeks.

• Phase 2 hard rock project is planned, targeting 150,000 oz/year, with a PEA scheduled for next year.

• The district is considered to have major company scale potential, with ongoing resource growth and significant exploration upside.

• Management and technical team have deep experience in Brazil and global mining, with significant insider ownership and institutional support.