Meet the Team: Alan Carter, President & CEO, Cabral Gold

In mining exploration, discovering world-class deposits requires more than geological expertise - it demands pattern recognition across districts, patience through market cycles, and the ability to commit capital and reputation when others remain skeptical. For investors evaluating junior exploration companies, understanding how leadership translates past discovery success into systematic exploration methodology can be as important as understanding the asset itself. This profile examines Alan Carter's approach to building Cabral Gold through the lens of what separates discoverers from explorers in the Brazilian Amazon.

From Major to Junior: The Foundation Years

Alan Carter brings a unique combination of major company discipline and junior company entrepreneurialism to his role as Founder and CEO of Cabral Gold. With a BSc in Geology and PhD in Structural Geology and Gold Geochemistry, he spent 13 years working for Rio Tinto, Billiton, and BHP, with most of that time spent living and working in South America. This experience left him fluent in both Spanish and Portuguese, an often underestimated advantage in Brazilian mining.

His last major company role was as Business Development Manager for BHP based in Vancouver, where his mandate involved identifying junior companies with projects of potential interest to BHP and securing deals. "After four years of working in that role, I realized that my personality, skills and experience were better suited to being on the other side of the table and building and developing junior resource companies," Alan reflects.

This realization led him to co-found Peregrine Metals, which proved to be a defining success. The company was sold to Stillwater Mining in 2011 for almost $500 million Canadian dollars, validating Alan's transition from evaluating projects for majors to creating value in the junior space.

The Tocantinzinho Discovery: Proof of Concept

Following Peregrine's success, Alan's work in Chile sparked interest in the origin of placer gold in the Tapajós region of northern Brazil. "Together with a friend of mine we started to look at the many abandoned placer gold camps in the Tapajós region and one of the first areas we looked at was called Tocantinzinho," Alan explains.

The exploration approach was methodical: acquire the area, conduct initial exploration work including soil sampling programs, and organize a drill program. That initial drilling led to the discovery of over 2 million ounces in what is now the third largest open pit gold mine in Brazil, producing 200,000 ounces annually.

This discovery provided crucial validation of Alan's exploration thesis about the Tapajós region and established a geological framework for understanding the relationship between placer gold and underlying hard rock sources. The discovery would prove instrumental in guiding his approach to Cabral's Cuiú Cuiú project next door.

Leading by Example: Skin in the Game

Alan's philosophy centers on management alignment and long-term commitment.

"What I learned from my previous successes in the mining exploration industry is that a long-term commitment by management is key. It's not merely good enough to invest in a team that has a discovery track record. That team needs to be able to raise money in good times and bad, and should have a considerable amount of their own money at stake."

This isn't theoretical positioning. As the founder and CEO of Cabral Gold, Alan has invested $2 million of his own money in the company.

"I do not expect anyone to contemplate an investment in Cabral unless I'm leading by example. That means I'm aligned with Cabral shareholders," he emphasizes.

This alignment extends to board composition. Cabral recently added Vinícius Resende Domingues as a director, notably, the head of permitting and regulatory affairs for Vale, Brazil's largest mining company with a market cap over $65 billion US. "We think that the fact that we have been able to attract somebody like Vinícius to our board speaks volumes about our commitment and our ability to attract the very best people," Alan notes.

The ability to attract high-caliber talent like Vinícius demonstrates that experienced professionals see genuine potential in Cabral's assets and approach, providing third-party validation of the project's quality and the team's capabilities.

The Cuiú Cuiú Thesis: Following the Gold

Alan's conviction about Cuiú Cuiú stems from systematic analysis of the region's placer gold production history.

"The Tapajós district really is unique. Cuiú Cuiú was the largest placer camp during the Tapajós gold rush. And the Tapajós gold rush was not only the largest gold rush in Brazil ever recorded, but also the largest gold rush in the world," he explains.

The numbers are compelling. The mining agency of Brazil estimates that 2 million ounces were extracted from the streams at Cuiú Cuiú during the rush, ten times more placer gold than was recovered from streams at the Tocantinzinho deposit immediately to the southeast. "For every ounce of placer gold that was recovered during the 1980s at Tocantinzinho, there's 10 ounces in the underlying hard rock, which is being mined right now as we speak," Alan notes.

If that one-to-ten ratio holds for Cuiú Cuiú, the project could contain 20 million ounces. While Alan acknowledges that considerable drilling is required to prove this thesis, the scale of the opportunity justifies the systematic exploration approach Cabral is pursuing.

"The sheer size of the gold anomaly at Cuiú Cuiú is one of the largest I have ever seen in my career," Alan states. "I think that most junior mining CEOs would give their right arm to control a fraction of the Cuiú Cuiú district. And we own that district in its entirety."

Multiple Discovery Strategy

Rather than focusing on a single deposit, Cabral's exploration has identified multiple high-grade zones across the district. "We have not just one new discovery, but we have four discoveries here. And that's in addition to the two existing gold deposits," Alan explains.

One of these new discoveries, Machichie Northeast, recently returned spectacular drill results including 12 meters at 27.7 grams gold and 11 meters at 33 grams gold. Additionally, numerous boulder fields at Cuiú Cuiú show very high grades, including one averaging 91 grams and another averaging 75 grams per ton. These fields are five kilometers apart, and the source of these boulders remains undiscovered.

This multiplicity of targets reduces exploration risk while increasing the probability of discovering additional significant mineralization as systematic drilling continues across the district.

Two-Stage Development: Funding Growth Without Dilution

Cabral's development strategy addresses one of the most significant challenges facing junior mining companies: how to fund growth and exploration without excessive shareholder dilution.

"We are following a two-phase development strategy to fund growth," Alan explains. "Stage one will consist of an initial 3,000 ton a day mining operation to mine and heap leach process the near surface weathered material at Cuiú Cuiú, which is all free digging."

At current gold prices, this starter operation should generate after-tax cash flows of $50-60 million US per year. "The bulk of this cash will go towards the much larger stage two development of a hard rock mining operation," Alan notes.

The target for stage two is a minimum of 200,000 ounces annual production. However, making the construction decision requires expanding the current 1.2 million ounce global resource to above 2 million ounces through additional drilling.

"The cash flow from stage one will more than fund that required drilling and eliminate the need for future dilutive equity financings. It'll essentially mean that we're self-funding," Alan states.

This approach fundamentally changes the risk profile for shareholders. Unlike most junior developers who face continuous dilution through construction and expansion phases, Cabral's model contemplates becoming self-funding after the initial starter operation, allowing the company to aggressively drill and expand resources without issuing additional shares.

Stage One Economics: The Foundation

The economics of the starter operation are compelling at current gold prices. Cabral expects to produce 25,000 ounces of gold per year at an all-in sustaining cost of just $1,210 per ounce.

"At the current gold price, that means we should be making a profit of almost $3,000 per ounce or around $70 million US dollars per year," Alan calculates.

This cash generation capability provides multiple strategic advantages beyond funding exploration. "It will also give us the ability to do other things like expanding our operation or acquiring other projects," Alan notes. The company will have financial flexibility to capitalize on opportunities as they arise, rather than being constrained by equity market conditions.

Importantly, Cabral intends to continue exploration drilling during the construction phase.

"Unlike most other new mining construction builds, we intend to continue our exploration drilling program during the build stage. The reason for this is that the really big prize at Cuiú Cuiú is growing the hard rock resource as fast as possible," Alan explains.

Once cash flow commences from the starter operation, the company expects to significantly expand the exploration program and increase the number of drills operating on site, accelerating resource growth while construction proceeds.

Community Partnership & Creating Lasting Value

Alan's approach to community relations reflects understanding that successful mining operations create value beyond shareholder returns.

"We plan to provide stable, well-paying jobs, offer training programs for local people, and offer support to local suppliers wherever possible. We're committed to contributing to the infrastructure and environmental initiatives that benefit the region in the long-term," he states.

Cabral's track record in the community of Cuiú Cuiú demonstrates this commitment isn't rhetorical. The company has organized rubbish collection service so every house has waste disposal with weekly pickup, built a health clinic with a full-time nurse offering free medical care, renovated the old school and helped fund construction of a new school with one of the most advanced computer labs in the region, funded drilling of water boreholes and installed tanks and pipes so everyone has running water year-round, and brought high-speed internet to the community.

"I'm really proud of the work that we've done in the community of Cuiú Cuiú," Alan reflects. These investments build trust and social license while genuinely improving living standards for local residents.

Alan emphasizes the company's focus on local employment and procurement.

"We're particularly passionate about improving living standards in the community of Cuiú Cuiú and employing as many local people as possible, as well as purchasing as much as we can from the local community," he notes.

This approach aligns with creating sustainable economic benefits that persist beyond any single mining operation, building a foundation for long-term positive relationships between the company and the community.

Trailblazing in the Tapajós

Within the emerging Tapajós gold province, Alan sees Cabral's role as distinctive.

"We were the first exploration team to systematically look at the Tapajós and thus far we've discovered more ounces than anyone else in this part of the world. We believed in the potential of the Tapajós when no one else did. In my opinion, that makes us one of the best gold exploration teams in Brazil," he states.

This positioning differentiates Cabral from other operators in the region like G Mining, whose strength lies in building and operating mines rather than discovery. "G Mining are builders and operators, but do not have a track record of discovery," Alan notes. "We think our Cuiú Cuiú project will ultimately grow to be one of the biggest gold deposits in the Tapajós, and we're on a mission just to prove that."

The company's first-mover advantage in systematic exploration of the Tapajós region, combined with district-scale land position at Cuiú Cuiú, provides a foundation for discovering and developing multiple deposits rather than being limited to a single mining operation.

Managing Risk While Pursuing Scale

Alan maintains realistic perspective on operational challenges while emphasizing that Cabral can actively manage the main risk factors.

"While every mining project faces challenges, we believe the main operational considerations will involve maintaining skilled workforce, managing seasonal weather conditions and ensuring the timely delivery of equipment. These are all factors that we can plan for and actively manage as we move forward," he explains.

The proximity to G Mining's Tocantinzinho operation provides infrastructure advantages that reduce development risk and cost compared to earlier periods when the region was only accessible by plane. The presence of established mining operations nearby also means availability of experienced mining professionals and service providers.

Cabral's long-term presence in Brazil and relationships at all levels of government provide advantages in navigating regulatory requirements and securing necessary permits and licenses for both the starter operation and eventual full-scale mining.

The Brazilian Advantage

Alan's conviction about Brazil as a mining jurisdiction stems from direct experience across multiple projects. "It's important to know how to get things done in Brazil and that requires a long-term commitment and lots of patience. In my opinion, newcomers underestimate the need to understand the language and to be able to speak Portuguese," he observes.

However, he views the fundamentals as compelling.

"Brazil offers an exceptional combination of opportunity and capability. It has a very deep pool of skilled professionals, a well-established mining culture, and some of the most prospective underexplored geology anywhere in the world. Add to that the ability to drill in Brazil all year round, thanks to the climate. It's easy to see why Brazil stands out as one of the most attractive places to invest in the mining industry," Alan states.

This perspective reflects understanding that jurisdictional challenges create barriers to entry that protect quality projects with experienced management teams from competition, while the underlying fundamentals of geology, infrastructure, and talent availability support long-term value creation.

Leadership Philosophy

Alan's personal philosophy emphasizes long-term commitment, financial alignment, and systematic value creation. His $2 million personal investment in Cabral demonstrates conviction beyond corporate messaging. His track record, from major company business development to Peregrine's $500 million exit to the Tocantinzinho discovery, provides evidence of ability to identify and develop significant gold deposits.

The two-stage development strategy at Cuiú Cuiú reflects understanding that the most valuable aspect of the project isn't the near-term cash flow from the starter operation, but rather the ability to fund aggressive resource expansion drilling without dilution. This approach aligns with patient capital formation focused on maximizing long-term per-share value rather than rushing to production at any cost.

Alan's emphasis on community partnership and environmental responsibility reflects recognition that creating genuine value requires benefiting multiple stakeholders, not just shareholders. His pride in Cabral's community work suggests authentic commitment rather than checking ESG boxes for marketing purposes.

Looking Forward

Alan Carter's combination of major company technical training, track record of significant discoveries, and experience building a junior company from exploration through a $500 million exit provides Cabral Gold with leadership capabilities directly relevant to advancing Cuiú Cuiú from exploration through production.

His systematic approach to the Tapajós region - analyzing placer gold production history to identify the most prospective hard rock targets - mirrors the methodology that led to the Tocantinzinho discovery. The size of the Cuiú Cuiú placer camp relative to Tocantinzinho provides geological justification for expecting a substantially larger hard rock resource, though considerable drilling remains necessary to prove this thesis.

The two-stage development strategy positions Cabral to become self-funding after the starter operation commences, eliminating the need for future dilutive financings while funding an aggressive exploration program to expand the hard rock resource base. This approach addresses one of the most significant risks junior mining investors face: continuous dilution through development and expansion phases.

For investors evaluating Cabral Gold, Alan Carter's track record of discoveries in the Tapajós region, personal financial commitment, ability to attract high-caliber board members like Vinícius Domingos from Vale, and disciplined development strategy represent valuable leadership capabilities for advancing a district-scale gold project in Brazil's Tapajós region. His emphasis on management alignment, patient capital formation, and community partnership reflects understanding that building a successful gold company requires technical competence, financial discipline, and genuine commitment to benefiting all stakeholders over the long term.