Gold Project Nears Key Milestone as Construction Hits 70%

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Cabral Gold Inc. (CBR:TSX.V; CBGZF:OTCMKTS) reported that construction of its phase 1 gold-in-oxide heap leach project at the Cuiu Cuiu gold district in Brazil is approximately 70% complete, with 85% of project costs committed under contract. The company stated the project remains on budget and on schedule for plant commissioning in the third quarter of 2026 and commercial production in the fourth quarter of 2026.

The company indicated that critical equipment, including the adsorption, desorption, and recovery plant and the mineral sizer, is currently in maritime transit and is expected to arrive ahead of schedule. Construction teams have worked a total of 255,960 hours during 2026 with a lost-time incident rate of zero. A total of 324 employees and contractors are currently on site, all of whom are Brazilian, with approximately 42% from the state of Para.

Cabral reported that major earthworks and civil foundations, including plant foundations, pad layout, and pond excavations, have been completed. This marks the transition from ground preparation to plant erection and equipment installation. Construction of the ore processing section and dry circuit is underway, while lining of solution collection ponds and construction of the carbon-in-column circuit have also commenced.

The company also noted that the new mine camp and project offices were commissioned in early April, with accommodation capacity for 160 personnel and office space for 40 staff. Infill drilling at the MG oxide starter pit has been completed, with results supporting earlier prefeasibility study assumptions.

Alan Carter, president and chief executive officer, said in a company news release: "Construction of our phase 1 gold-in-oxide heap leach project at Cuiu Cuiu continues to progress, and remains on budget and on schedule for commercial gold production during the fourth quarter of this year." He added that "the erection of both the dry and wet plant processing facilities are now in progress" and that commissioning is now planned to begin in June 2026.

The company stated that the adsorption, desorption, and recovery plant was dry commissioned in Perth, Australia, before being disassembled and shipped, with arrival expected in Brazil in late May. Components of the mineral sizer sourced from Germany are expected to arrive by early May.

Cabral also reported that it has engaged Strategic Metallurgy Pty. Ltd. to oversee plant commissioning, while Como Engineering will retain responsibility for final on-site commissioning of the adsorption, desorption, and recovery plant. The commissioning program is expected to occur in two phases, beginning with the dry circuit and ore leaching, followed by processing of pregnant solution and gold recovery.

Construction Progress and Development Milestones Support Ongoing Project Execution

According to an April 29 report from Dallas MoneyShow, Senior Analyst Jeff Valks wrote that "Cabral Gold's Cuiú Cuiú heap-leach build just crossed a threshold that development stories can't fake," noting that "construction is now approximately 70% complete, with 85% of project costs committed under contract, and the project remains on schedule for plant commissioning in Q3 2026 and commercial production in Q4 2026." He added that "this marks the third construction update in roughly eight weeks as the company moves steadily toward first gold pour."

Valks stated that "management has been clear: 2026 is an execution year. And that execution is matching the script." He also wrote that "all major earthworks and civil foundations now complete," that the "permanent mine camp expanded to capacity for 160 personnel," and that "overall procurement of major plant equipment [is] complete," with the "ADR plant commissioned in Perth and now shipping to Brazil."

He further noted that "commissioning of the dry circuit has been pulled forward to June 2026 as construction advances ahead of plan," adding that "earlier commissioning creates flexibility on the timeline" and "widens the runway toward first gold."

In the same April 29 report, Valks wrote that the company "is preparing to double the number of drill rigs on site from three to six," with "most of this work [targeting] expansion of the larger hard-rock resource base across the district." He added, "This isn't just a startup oxide story—it's still a district-scale growth story unfolding at the same time."

Valks concluded in the report: "Yes — this continues to look like a Buy," and noted, "I hold a long position; Jeff Clark maintains full weighting with no plans to sell."

Advancing Construction, Commissioning, and Operational Readiness

The company outlined several upcoming milestones and operational steps tied to the project timeline. Major equipment, including the adsorption, desorption, and recovery plant, is scheduled to arrive on site during the second quarter of 2026. Plant construction activities are continuing through the same period as structural assembly and installation progress.

Plant commissioning is planned for the third quarter of 2026, beginning with a first phase focused on the dry circuit, ore leaching on pads, and the build-up of gold inventory. This phase is expected to commence in June 2026, earlier than previously anticipated, to allow additional time for commissioning activities. A second phase is planned for later in the third quarter of 2026, involving processing of pregnant solution, gold extraction through carbon columns, and dore production from the adsorption, desorption, and recovery plant.

Preparation for mining activities is also progressing, with mobilization of the mining fleet planned in the coming weeks. Infill drilling results from the MG deposit are expected to support a revised reserve estimate and updated mine plan. 

According to the investor presentation, the project is targeting near-term production from the phase 1 starter operation in the fourth quarter of 2026, with construction funded by a previously closed gold loan facility.