{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Company Interviews","title":"Cabral Gold (TSXV:CBR) - First Gold Pour in Cuiú Cuiú Beats Expectations","html":"","width":"100%","height":180,"duration":876,"description":"Interview with Alan Carter, President & CEO of Cabral Gold Inc.\nOur previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-operating-licence-secured-first-gold-targeted-by-september-11515\nRecording date: 11th September 2026\nCabral Gold has crossed the line from developer to producer, confirming the first gold pour at its Phase 1 Cuiú Cuiú heap leach operation in Pará state, Brazil. The pour, approximately 1,130 ounces of doré assaying 93-94% gold, came in well above management's internal expectations, and arrives with construction running roughly two months ahead of schedule. For a company that only secured project financing twelve months ago, the milestone represents a rapid and largely self-executed build.\nThe near-term operational story is about ramp-up discipline. The dry circuit is fully commissioned; the wet circuit, covering leaching and gold recovery, is expected to follow within days. Stacking rates are being increased in stages toward a 3,000 tonne-per-day design target, monitored through a control room tracking belt speeds and throughput. Management has been explicit that no 2026 production guidance will be issued while ramp-up variables remain unresolved, but formal 2027 guidance is expected, potentially as early as January, giving investors a concrete date to watch.\nThe cash flow case, while based on a study CEO Alan Carter himself flagged as roughly eighteen months old, is notable: first-year production of 20,000 to 25,000 ounces at an estimated margin near $3,300 an ounce implies pre-tax cash flow in the order of $80 million before any expansion. Carter framed this against typical gold producer valuation multiples of six to twelve times cash flow, arguing the operation could support meaningful re-rating once production stabilises.\nStrategically, the more interesting thread is how Cabral intends to fund its next phase of growth. A recent $45 million strategic investment from Alpayana, described as Peru's largest private mining...","thumbnail_url":"https://img.transistorcdn.com/1wv-MFlQAgnm-ca64e5kK4984dZB0os8-HJdRVsI74M/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzEzNTcyLzE2MjM5/NTQyMDctYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}