Cabral Gold Expands the Central Gold Deposit, Cuiu Cuiu Gold District, Brazil

Cabral Gold Inc. (CBR) released results from five diamond drill holes—DDH391, DDH395, DDH397, DDH400, and DDH404—testing the northern end of the Central gold deposit and the adjacent Central North target, located 400 meters NNW of Central within the Cuiú Cuiú district. The company characterized this as a reconnaissance and extension program rather than an infill drill program.

Key reported intercepts, exactly as stated (core length, no cutoff given): - DDH391 (Central, north end): 8.2 m @ 2.50 g/t Au from 149.7 m, including 0.5 m @ 21.27 g/t; plus 16.3 m @ 0.36 g/t from 86.3 m, plus 2.0 m @ 1.64 g/t, 0.7 m @ 3.40 g/t, 4.8 m @ 0.14 g/t, 4.9 m @ 0.22 g/t, 0.7 m @ 2.25 g/t, 0.5 m @ 0.89 g/t. EOH 234.4 m. - DDH395 (Central): 10.4 m @ 0.45 g/t from 173.0 m, incl 2.7 m @ 1.20 g/t; 3.9 m @ 1.10 g/t from 189.6 m; 8.0 m @ 0.42 g/t, 8.4 m @ 0.27 g/t, 8.0 m @ 0.28 g/t, 15.0 m @ 0.27 g/t. EOH 304.85 m. - DDH397 (Central): 13.0 m @ 0.41 g/t from 96.0 m, incl 2.5 m @ 1.62 g/t; 18.9 m @ 0.24 g/t; 18.7 m @ 0.24 g/t; 4.1 m @ 0.54 g/t; 2.1 m @ 0.84 g/t. EOH 262.0 m. - DDH400 (Central North): 18.0 m @ 0.72 g/t from 145.9 m, incl 1.9 m @ 3.11 g/t and 0.7 m @ 5.73 g/t. - DDH404 (Central North): 3.0 m @ 0.30 g/t and 1.0 m @ 1.32 g/t. EOH 214.65 m.

Drilling is currently in progress at Jerimum Cima, Machichie, and Mutum. The company noted that progress has been slower than expected due to rig maintenance and laboratory turnaround issues. Assays are pending for 28 diamond holes and 69 RC holes. Cabral Gold targets a NI 43-101 resource update for Central, MG, JB, Machichie Main, PDM, and Jerimum Cima by year-end 2026. Additionally, the company granted 500,000 RSUs to an officer.

A drafting error was noted in the release: the body text refers to the third hole as "DDH384," while the headline list and results table identify it as DDH397. DDH384 was a Jerimum Cima hole reported in June 2026.

Cabral Gold Inc. (TSXV: CBR, OTCQX: CBGZF) holds a 100% interest in the Cuiú Cuiú gold district in the Tapajós region of Pará, northern Brazil. Historically, Cuiú Cuiú was the largest placer-gold producer in the Tapajós rush, yielding an estimated 2 moz within a province that produced 30-50 moz of placer gold between 1978 and 1995. The district spans roughly 10 x 15 km, contains six known deposits and 50+ peripheral targets, and sits adjacent to GMining's Tocantinzinho mine.

Resource estimates disclosed in the company’s NI 43-101 release and presentation include: - Indicated: 26.05 Mt @ 0.80 g/t Au = 670,480 oz. - Inferred: 20.16 Mt @ 0.81 g/t Au = 527,320 oz. - Combined: ~46.2 Mt @ 0.80 g/t ≈ 1.2 moz. - By category: fresh basement Indicated 12.29 Mt @ 1.14 g/t (450,200 oz) and Inferred 13.63 Mt @ 1.04 g/t (455,100 oz); oxide Indicated 13.56 Mt @ 0.50 g/t (216,182 oz) and Inferred 6.4 Mt @ 0.34 g/t (70,569 oz). - Probable reserve: 6,178 kt @ 0.65 g/t = 128,903 oz (MG 82,912 oz, Central 29,959 oz, Machichie 16,032 oz), at a 0.1 g/t cutoff.

Phase 1 development focuses on a 1 Mtpa gold-in-oxide heap leach. An updated Preliminary Feasibility Study (PFS) dated July 29, 2025, prepared by Ausenco Brazil, outlines project economics at US$2,500/oz with an after-tax IRR of 78%, NPV5 of US$73.9M, initial capex of US$37.7M, and a 10-month payback period. Life-of-mine production is projected at 113,155 oz with an AISC of US$1,210/oz and a recovery rate of 87.8%. At a gold price of US$3,500/oz, the IRR rises to 151% and NPV5 to US$150M. Construction timelines have shifted from 54% completion in March 2026 to a dry circuit completion in July 2026, with the first gold pour scheduled for September 10, 2026, and the first doré sale on September 30, 2026. Commercial production is targeted for Q4 2026. A Phase 2 hard-rock PEA is expected in 2027.

Financing activities include a US$45.1 million gold loan from the Precious Metals Yield Fund, closed in November 2025. The principal is repayable in 39 kg of gold per quarter beginning March 31, 2027, accompanied by 10 million lender warrants at C$0.71. A C$20.0 million bought deal at C$0.95 closed in April 2026, issuing 21,055,000 shares with a 6% underwriting fee. Additionally, a C$44.96 million non-brokered placement at C$1.30 with Alpayana S.A.C. closed on August 24, 2026. Alpayana holds a 9.99% undiluted and 14.27% partially diluted stake, with one board nomination right.

As of September 12, 2026, Cabral Gold’s capital structure comprised 346,173,703 basic shares and 415,024,289 fully diluted shares. The company held 17,515,000 options at an average C$0.46 and 48,898,993 warrants at an average C$0.97. The shareholder mix consisted of 57% institutions, 35% retail, and 8% insiders.

Prior-period financial data from the provided statement and MD&A, not disclosed in today’s release, shows no revenue and a net loss of CAD$23.8 million for the six months to March 31, 2026. Earnings per share were -CAD$0.09, with cash holdings of CAD$31.9 million at March 31, 2026. Total debt stood at CAD$73.8 million against total equity of -CAD$5.2 million. Operating cash flow was -CAD$10.5 million for the six-month period. The MD&A carries an explicit going-concern flag, though the company states current proceeds should fund operations through commercial production.

Management includes President, CEO, and Director Alan Carter, who co-discovered Tocantinzinho and co-founded Peregrine Metals. VP Exploration and Technical Services Brian Arkell brings 23 years with Newmont, while VP Exploration Elton Pereira was quoted in the release. Samantha Shorter serves as CFO, John Sestan as VP Project Development, Ruari McKnight as President Brazil, and Luiz Celaro as VP Operations. The board is chaired by Jon Gilligan.