Cabral Gold Appoints Jon Gilligan as Non-Executive Chair to Support Heap Leach Development

• Cabral Gold has appointed Dr. Jon Gilligan as Non-Executive Chair to strengthen its leadership team as the company advances toward initial gold production.
• The company is actively constructing a Phase 1 heap leach operation at its Cuiú Cuiú gold district in northern Brazil, with initial production targeted for late 2026.
• Gilligan brings more than 40 years of mining industry experience, including extensive expertise in open-pit and heap-leach operations such as the Marigold mine in Nevada.
• After joining the board in August 2023, Gilligan established a technical committee that guides the current phase of project development.

The Current Challenge Facing Cabral Gold

Cabral Gold is currently transitioning from exploration into a cash-flowing producer. The company is focused on developing its 100%-owned Cuiú Cuiú gold district in the Tapajós Region of northern Brazil. The Tapajós Gold Province was the site of the largest gold rush in Brazilian history, producing an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Within this province, the Cuiú Cuiú district was the largest area of placer workings, historically yielding an estimated 2 million ounces of placer gold.

To capitalize on this footprint, the company has defined three main gold deposits containing National Instrument 43-101 compliant indicated resources of 12.29 million tonnes at 1.14 grams per tonne of gold in fresh basement material and 13.56 million tonnes at 0.50 grams per tonne of gold in oxide material. The immediate operational hurdle is the successful construction and commissioning of the Phase 1 heap-leach operation targeting near-surface oxide material. Internal scoping and preliminary feasibility study (PFS) efforts have assessed the economics of a starter heap leach operation, focusing on high-grade oxide zones at the MG and Central deposits.

The Management Background Relevant to the Challenge

Dr. Jon Gilligan, who has been appointed as the Non-Executive Chair, has a track record that aligns directly with the current phase of the Cuiú Cuiú project. He brings more than 40 years of experience in the mining industry and holds a PhD in Economic Geology from the University of Southampton, United Kingdom.

Gilligan currently serves as the President, Chief Executive Officer & Director of Liberty Gold, a company actively developing a large-scale open-pit and heap-leach gold project at Black Pine in Idaho, US. His career includes senior positions with Torex Gold, SSR Mining, and BHP. Crucially for Cabral Gold, Gilligan has extensive global experience in advancing, building, and operating open-pit mines. His direct operational track record includes the Marigold open-pit heap-leach operation in Nevada, US; the Chinchillas open-pit mine in Argentina; and the Escondida Norte copper mine in Chile, where he served as Manager, Mine Operations.

This depth of knowledge in building high-performance operational teams in challenging environments provides the board of directors with the oversight needed to de-risk Phase 1 heap leach construction. 

President and Chief Executive Officer of Cabral Gold, Alan Carter, recently provided an operational update regarding construction progress:

“We recently raised $45 million US through a gold loan. We have 143 people now working on the construction currently. We have a whole bunch of different contractors on site, and we have 50 pieces of heavy equipment moving around."

Transition from Technical Validation to Project Execution

Cabral Gold has spent several years advancing technical studies related to the Cuiú Cuiú project. Under the leadership of CEO Alan Carter, the company has completed metallurgical testing, engineering assessments, and resource expansion drilling. Column leach metallurgical tests have reported recovery rates of approximately 82%, supporting the viability of heap leach processing for oxide material within the deposit.

Since joining the board in 2023, Dr. Gilligan has established a technical committee to provide oversight during the project development phase. The committee is intended to support the transition from engineering studies toward construction and eventual mine commissioning. As construction progresses at the Cuiú Cuiú project, Cabral Gold’s near-term focus remains the completion of the Phase 1 oxide heap leach facility, which is designed to process near-surface oxide mineralization and target initial gold production in late 2026. In parallel, the company continues to pursue longer-term resource growth through ongoing drilling programs aimed at expanding the underlying primary basement mineralization across the broader Cuiú Cuiú district.

The Investment Thesis for Cabral Gold

• Strategic Leadership Alignment: The appointment of Jon Gilligan as Non-Executive Chair aligns Cabral Gold’s leadership with its transition from explorer to producer, leveraging his experience in heap leach and open-pit mining as the company targets initial production in late 2026.
• Technical Risk Mitigation: The creation of a dedicated technical committee provides oversight during the construction of the Phase 1 heap leach operation, supporting the transition from engineering studies to operational execution.
• Regional and Asset Potential: Development of the Cuiú Cuiú Gold District positions the company within one of Brazil’s historically productive gold regions, with a focus on oxide mineralization suitable for heap leach processing.
• Operational Momentum and Readiness: With approximately $45 million in secured financing, more than 140 personnel on site, and metallurgical testing indicating recovery rates of around 82%, the company is progressing through the construction phase of the project.
• Leadership Continuity and Execution: The leadership structure combines CEO Alan Carter’s long-term project involvement with Gilligan’s operational experience in mine development and construction oversight.

The appointment of an experienced mining executive as Non-Executive Chair strengthens board-level oversight as the company advances construction of its Phase 1 heap leach operation. Technical oversight and capital allocation are the primary operational focuses as the project moves toward its initial production. The execution of the Phase 1 heap leach operation serves as the technical catalyst for the further development of the broader gold district and its associated mineral resources.

TL;DR

Cabral Gold has appointed mining industry veteran Dr. Jon Gilligan as Non-Executive Chair as the company advances construction of a Phase 1 heap leach gold project at its Cuiú Cuiú district in northern Brazil. Backed by $45 million in secured financing and ongoing construction activities, the company is targeting initial gold production in late 2026. Gilligan’s experience in open-pit and heap-leach mining operations aligns with the company’s transition from exploration to project development. As construction progresses, project execution, cost management, and operational performance will remain key factors influencing the project’s development timeline.

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