Cabral Gold Announces First Gold Pour at Phase 1 Mine, Cuiu Cuiu Gold District, Brazil

Cabral Gold Inc. (CBR) announced on September 10, 2026, that it completed the first gold pour at its 100% owned Phase 1 Cuiú Cuiú heap-leach mine in Brazil. The initial pour produced approximately 1,130 ounces of gold.

Dry circuit commissioning was completed in July 2026. Wet circuit commissioning is now nearing completion and is described as well ahead of schedule. Management is now focused on ramping mining and ore stacking to 3,000 tonnes per day. Commercial production is still targeted by the end of 2026. Formal 2027 production guidance will be issued only after the ramp-up phase.

The release quotes President and CEO Alan Carter and VP Project Development John Sestan. It emphasizes the transition from explorer/developer to producer and discusses Phase 1 expansion opportunities plus a future Phase 2 hard-rock operation.

The release does not provide: - Recovery rates achieved during commissioning. - Head grade of stacked ore. - Operating costs or all-in sustaining costs. - Cash flow or revenue figures. - A formal production forecast.

This is an operational milestone announcement, not an earnings or financial results release.

Cabral Gold Inc. (CBR) achieved its first gold pour on September 10, 2026, a milestone the company had previously guided for September 2026. Announced as early as August 13, 2026, the event occurred approximately six weeks ahead of the original schedule. The company stated that the production timeline was running ahead of plan, confirming execution of a well-telegraphed milestone rather than delivering unexpected market-moving information.

The stock had already seen significant repricing leading up to the announcement. Cabral shares closed at C$0.45 on September 10, 2025, and traded at C$1.48 on September 9, 2026, the day before the release. The 52-week high from the provided data stands at C$1.51, suggesting the market had already priced in first production and commercial ramp-up.

While the first pour demonstrates the plant’s ability to produce gold, it does not yet prove steady-state throughput of 3,000 tonnes per day, commercial recovery rates, unit costs in line with the July 2025 prefeasibility study, or positive free cash flow after debt service.

Prior-period context from the March 31, 2026 financial statements highlights the financial challenges the company faced: revenue was zero, the company carried a going concern warning, net income for the six months ended March 31, 2026, was a loss of C$23.77 million, and total equity was negative C$5.23 million. The first pour reduces operational risk but does not eliminate financial risk, representing an incremental and expected positive impact.

Cabral Gold Inc. is a junior gold company focused on the Cuiú Cuiú Gold District in the Tapajós region of Pará state, northern Brazil, holding a 100% interest in the district. The company’s flagship project is the Cuiú Cuiú Gold District, which is currently in Phase 1 as a gold-in-oxide heap-leach starter operation. The plant capacity is approximately 3,000 tonnes per day or 1,000,000 tonnes per year. The historic Cuiú Cuiú area produced an estimated 2 million ounces of placer gold during the Tapajós gold rush.

Mineral resources and reserves from the provided materials include: - Indicated primary resources: 12.29 Mt at 1.14 g/t Au for 450,200 ounces. - Indicated oxide resources: 13.56 Mt at 0.50 g/t Au for 216,182 ounces. - Inferred primary resources: 13.63 Mt at 1.04 g/t Au for 455,100 ounces. - Inferred oxide resources: 6.4 Mt at 0.34 g/t Au for 70,569 ounces. - Probable reserves: 6.18 Mt at 0.65 g/t Au for 128,903 ounces.

Phase 1 PFS economics from the July 29, 2025 Updated PFS include: - Initial capex: US$37.7 million. - Mine life: 6.2 years. - Life-of-mine gold production: 113,155 ounces. - Average annual production: 18,500 ounces. - AISC: US$1,210/oz. - Cash costs: US$950/oz for the initial two years. - After-tax IRR: 78%. - NPV5: US$74 million. - Payback period: 10 months at US$2,500/oz gold.

The management and board include CEO Alan Carter, VP Exploration and Technical Services Brian Arkell, CFO Samantha Shorter, VP Project Development John Sestan, President Brazil Ruari McKnight, and VP Operations Luiz Celaro. The provided materials do not disclose whether Cuiú Cuiú is subject to royalties, net smelter returns, or similar encumbrances. No analyst price targets or analyst coverage details are provided in the loaded materials.