Cuiú Cuiú (Phase 1 / Stage 1 Heap Leach) PFS: $74M NPV, 78% IRR
Cabral Gold Inc.'s Cuiú Cuiú (Phase 1 / Stage 1 Heap Leach) in Brazil, Pará, Tapajós Gold Province 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 25000 oz Au (first 2 years); 18,500 oz/yr average over 6.2-year LOM per year.
Cabral Gold Inc.'s Cuiú Cuiú (Phase 1 / Stage 1 Heap Leach) has reported Pre-Feasibility Study (PFS) results for the gold project in Brazil, Pará, Tapajós Gold Province. 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 0.83 years. All-in sustaining costs are pegged at 1210 USD/oz. Economics are based on US$2,500/oz gold (base case); low case $2,250/oz, high case $3,000/oz, upside $3,500/oz; 2024 PFS used $2,250/oz.
Production and mine plan. The project envisions an open-pit (heap leach) operation. Life of mine is 6.2 years. Average annual production is approximately 25000 oz Au (first 2 years); 18,500 oz/yr average over 6.2-year LOM. Average head grade is 0.65 g/t Au (LOM mined grade). Metallurgical recovery averages 87.8%. The open-pit strip ratio is 0.78.
Resources and ownership. The company holds a 100% interest in the project.
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 |
| Probable (MG) | 4,035,000 t | 0.64 g/t Au | 82,912 oz Au |
| Probable (Central) | 1,511,000 t | 0.62 g/t Au | 29,959 oz Au |
| Probable (Machichie) | 632,000 t | 0.79 g/t Au | 16,032 oz Au |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Indicated (oxide) | 13,557,164 t | 0.500 g/t Au | 216,182 oz Au |
| Inferred (oxide) | 6,398,745 t | 0.343 g/t Au | 70,569 oz Au |
| Indicated (oxide, MG) | 8,857,901 t | 0.477 g/t Au | 135,855 oz Au |
| Inferred (oxide, MG) | 3,142,921 t | 0.223 g/t Au | 22,508 oz Au |
| Indicated (oxide, Central) | 3,364,519 t | 0.520 g/t Au | 56,204 oz Au |
| Inferred (oxide, Central) | 941,636 t | 0.448 g/t Au | 13,558 oz Au |
| Indicated (oxide, Machichie) | 1,334,744 t | 0.562 g/t Au | 24,123 oz Au |
| Inferred (oxide, Machichie) | 714,188 t | 0.540 g/t Au | 12,403 oz Au |
| Inferred (oxide, PDM) | 1,600,000 t | 0.430 g/t Au | 22,100 oz Au |
| Indicated (primary, district) | 12.29 Mt | 1.14 g/t Au | 450,200 oz Au |
| Inferred (primary, district) | 13.63 Mt | 1.04 g/t Au | 455,100 oz Au |
Our Analysis
- IRR after-tax
- 78%
higher than 87% of 113 projects we track
- NPV after-tax
- $74M
higher than 11% of 151 projects we track
- Initial capex
- $38M
51% of NPV
costlier than 16% of 147 projects we track
- Payback
- 0.8yrs
slower than 3% of 93 projects we track
- Mine life
- 6.2yrs
- Discount rate
- 5%
- Study price assumption
- US$2,500/oz gold (base case); low case $2,250/oz, high case $3,000/oz, upside $3,500/oz; 2024 PFS used $2,250/oz
- Spot gold today
- $4,431.80/oz
Against the 113 gold projects we track, this one's 78% after-tax IRR ranks in the top 87%, and its 0.8-year payback sits below 97% of the 93 projects we have payback data for. Those are the numbers that matter most here, and they are strong on both counts. But the NPV tells a different story: at $74M after tax, it ranks higher than only 11% of the 151 projects we track. So the returns are fast and high, but the absolute value is small. That is the shape of a compact, quick-payback operation, not a large-scale mine.
The constraint is scale, not funding. Initial capex of $38M is about 0.1x the company's US$375M market cap, and 51% of NPV, which is moderately capital-intensive on that measure but lower than 84% of the 147 projects we track. The build cost is small relative to the company's equity value, so financing this is not the hard part. The hard part is that a 6.2-year mine life and a $74M NPV do not move a US$375M company much, and this is one of 2 projects we track for it. The PFS stage narrows the estimate to roughly a plus or minus 25% band, but it is not yet a build decision, so the numbers carry that uncertainty.
The study uses US$2,500/oz as its base case, with a low case of $2,250/oz and a high case of $3,000/oz. Against today's live spot of $4,431.80/oz, that base case looks conservative, which leaves room for the returns to hold up if prices stay anywhere near current levels. The jurisdiction, Brazil's Pará and the Tapajós Gold Province, is a well-established gold address. The question that decides this: can a 6.2-year, $74M-NPV asset justify its place in a US$375M portfolio, or does the market need the second project to carry the story?
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.