On October 8, gold was transported from the mine site to the refinery and sold, marking the point at which the project began generating revenue.

FPG Markets noted that Cabral announced on September 30 that its Brazilian project had completed its first sale of more than 2,400 ounces of gold, with an average net realized price above US$4,200 per ounce, providing a real operational test of the mine-to-market delivery arrangement.

The company still plans to reach commercial production in the fourth quarter, and dry processing and heap leaching operations have now shifted to round-the-clock operation.

FPG Markets believes that the first sale proves the product can be monetized, but it is not yet sufficient to indicate that stable production capacity has been established. Increasing daily throughput, recovery rates and maintaining continuous operation are the more important steps in the transition from trial runs to normalized production.

Mining operations are currently maintained mainly on a 12-hour schedule, with nighttime processing relying on accumulated ore stockpiles for feed. This linkage helps equipment run continuously, but it also means that when observing output, the pace of ore replenishment needs to be checked at the same time.

Sales volume and one-off realized prices cannot directly replace a complete assessment of long-term unit costs, sustainable output and operating cash flow. Only the accumulation of a stable sales record will help compare operational efficiency and cash collection performance across different stages.

After entering the ramp-up phase, the focus of evaluation will gradually shift from first gold production to stable execution.

FPG Markets analyzed that if processing capacity and ore supply increase in tandem, the continuity of project revenue may strengthen; safety management and the adaptation of personnel as they move from construction into operations should also not be overlooked.

The timing of commercial production remains part of the company's plan and should be verified through actual progress going forward.