Swiss Mining Conference
Another day another mining conference, this one in Zurich, one of my favourites on the circuit.
I spoke with a CEO today whose company looks set to enter production late 2026, and feel it’s time to make an investment.
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Swiss Mining Conference
Another day another mining conference, this one in Zurich, one of my favourites on the circuit.
I spoke with a CEO today whose company looks set to enter production late 2026, and feel it’s time to make an investment. That CEO is Alan Carter of Cabral Gold.
Alan is British, has invested a large amount of his personal money into Cabral, supporting the company when rising finance was really tough, and the company are now preparing for trial production commencing at the end of next year.
Cabral has arranged a gold swap, with a rate of 10% interest, to finance the building of the plant. This is a novel approach and sets Cabral apart from the crowd. One wonders whether this may be emulated by other miners in the future?
So, Cabral plan a new Mineral Resource Estimate during mid 2026, and then to enter trial production by year end. For me this is the sweet spot, as the company climbs the final hill on the Lassonde curve towards production and cashflow.
The amount of gold permitted to be mined under a Brazilian trial production licence is quite generous, and will allow Cabral to generate some meaningful cash, plus expand its exploration projects, which will ensure plenty of newsflow and no stock dilution moving forwards.
Cabral’s project is only 12 miles from G Mining Ventures’ newly opened producing TZ mine, and they look an obvious predator at some point, given the close proximity.
I am planning to personally invest in Cabral in the near future.
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Equinox Gold is a company I have not met for some time, so I was pleased to catchup with its IR guy today for the first time since the acquisition of Calibre mining to produce a solid mid-tier gold mining company with producing mines in five countries.
Equinox are running two large gold mines in Canada that are both starting up, with Valentine now up to commercial production, and Greenstone nearly there, but with a few teething troubles.
They are both throwing off cash, as are the former Calibre producing mines in Nicaragua.
The company has around $1.2 – $1.4 billion in debt, and the primary objective is to reduce that as fast as possible. The Pan gold mine in Nevada has been sold to Minera Alamos for around $115 million as a starter, and I feel the Nicaraguan mines may be next.
If the gold price remains at current levels, I feel the bulk of the debt will be gone by this time next year.
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One other mining company I met today that has a project I like is Cerro de Pasco Resources, with a polymetallic tailings project in Peru.
I like tailings projects because the hard work has already been done, the ore is sitting at surface so doesn’t have to be mined, reducing both costs and time.
The tailings in question are high-grade, and contain galium, a critical metal used to make microchips, and one on the USA’s critical list.
Still a bit early stage , but the forthcoming catalysts are the acquisition of the remaining tailings, with a high copper content, and the acquisition of the Vulcan owned mining plant close by.
Mining is critical to the town of Cerro de Pasco, high up in the Andes with no other large employer, and was built to provide labour for the mine.
This is a story I will follow closely for now.
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