Cuiú Cuiú Gold District PFS: $74M NPV, 78% IRR
Cabral Gold Inc.'s Cuiú Cuiú Gold District in Brazil, Tapajos Gold Province, Pará has a Pre-Feasibility Study (PFS) outlining an after-tax NPV of $74M, an after-tax IRR of 78%, and initial capital of $38M. The mine plan runs 6.2 years at about 18500 oz Au per year.
Cabral Gold Inc.'s Cuiú Cuiú Gold District has reported Pre-Feasibility Study (PFS) results for the gold project in Brazil, Tapajos Gold Province, Pará. The study headlines an after-tax net present value of $74M at a 5% discount rate. It reflects Cabral Gold Inc.'s (CBR.V) latest disclosed economics for the asset.
Economics. The after-tax NPV is $74M using a 5% discount rate. After-tax IRR is 78%. Initial capital expenditure is estimated at $38M, with life-of-mine sustaining capital of $8M. The study models a payback period of 0.833 years. All-in sustaining costs are pegged at 1210 USD/oz. Economics are based on $2,500/oz gold (base case).
Production and mine plan. The project envisions an open-pit operation. Life of mine is 6.2 years. Average annual production is approximately 18500 oz Au. Average head grade is 0.65 g/t Au. Metallurgical recovery averages 87.8%. The open-pit strip ratio is 0.78:1.
These figures are extracted from Cabral Gold Inc.'s technical disclosures and reflect the most recent PFS on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Probable | 6,178,000 t | 0.65 g/t Au | 128,903 oz Au |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Indicated | 13,557,164 t | 0.50 g/t Au | 216,182 oz Au |
| Indicated | 12.29 Mt | 1.14 g/t Au | 450,200 oz Au |
| Inferred | 6,398,745 t | 0.343 g/t Au | 70,569 oz Au |
| Inferred | 13.63 Mt | 1.04 g/t Au | 455,100 oz Au |
| Measured & Indicated | — | — | — |
Our Analysis
The 78% after-tax IRR is a standout, ranking in the top quartile of the 96 gold projects we track and far exceeding the ~15% hurdle typical for project finance. The 0.8-year payback and $38M initial capex—at 51% of NPV—are unusually low, reducing funding risk for a developer. However, the 5% discount rate used to calculate the $74M NPV is at the low end of convention, which inflates the headline figure; a more standard rate would compress that value materially.
The NPV sits at roughly 0.3x market cap, which can signal the market has not fully priced the asset—or that it discounts risks like the short 6.2-year mine life, permitting in Brazil’s Tapajos region, or execution challenges for a single-asset junior. The study’s $2,500/oz gold price is well below the current $4,034.70/oz spot, implying significant upside to returns if prices hold, but the narrow mine life means that benefit is time-limited. The key watch-item is whether the company can convert this fast-payback, high-IRR study into financed construction without dilutive equity, given the modest NPV relative to market cap.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.