Cabral Gold's Cuiu Cuiu construction 54% complete

Executive Summary

• Cabral Gold Inc. reports that construction of its Phase 1 gold-in-oxide heap leach project at Cuiu Cuiu, Brazil, is 54% complete, with 71% of project costs committed under contract.
• The project remains on budget and on schedule for plant commissioning in Q3 2026 and commercial production in Q4 2026.
• Key operational milestones include 90%+ completion of major plant equipment procurement, 95% completion of earthworks on the production plateau, and 75% completion of infill drilling for the MG oxide starter pit.

Key Details

• Construction Status: Phase 1 construction is 54% complete; 71% of project costs are committed under contract.
• Schedule & Budget: Project is on budget and on schedule. Target dates are plant commissioning in Q3 2026 and commercial production in Q4 2026.
• Engineering & Procurement:
  • Detailed engineering is on track.
  • Procurement of major plant equipment is over 90% complete.
  • Notable long-lead items being manufactured include the adsorption, desorption, and recovery (ADR) plant, mineral sizer, and conveyor systems.
  • The ADR plant is in final assembly at Como Engineering in Perth, Australia, with dry commissioning scheduled for March, followed by disassembly and shipping.
  • Steel structure fabrication is progressing with local suppliers; the run-of-mine (ROM) ore bin is expected to arrive mid-March.
• Earthworks & Infrastructure:
  • Earthworks on the production plateau are 95% complete.
  • Most concrete foundations for process equipment are complete.
  • Final water and solution storage ponds are nearing completion.
  • A nine-metre-high mechanically stabilized earth retaining wall for the ROM ore reception area has been completed.
  • Permanent mine camp construction began in January 2026, with capacity for 136 employees/contractors, scheduled for completion by end of March 2026.
• Drilling: Infill drilling of the MG oxide starter pit (first 12 months) is 75% complete. Completion will feed into a detailed mine design for mining commencement in mid-2026.
• Safety & Workforce:
  • Total hours worked in 2026: 93,625 (Owner team: 37,940; Contractors: 55,685).
  • Lost-time incident rate: Zero.
  • Current workforce: 283 employees and contractors on site (excluding off-site engineering and corporate exploration teams).
  • Workforce composition: 100% Brazilian, 70% from the state of Para.
• Upcoming Milestones:
  • Q1 2026: Completion of infill drilling program at MG pit.
  • Q1-Q2 2026: Arrival of major equipment on site.
  • Q2 2026: Plant construction.
  • Q3 2026: ADR plant arrival and plant commissioning.
  • Q4 2026: Commercial production and ramp-up.

Notable Quotes

• "Our construction team continues to make excellent progress in executing on the 12-month construction program for our phase 1 gold-in-oxide heap leach project at Cuiu Cuiu. Our team has demonstrated resilience and strong technical capability in successfully dealing with the challenges encountered to date. We have put behind us the uncertainty normally associated with significant earthworks of a construction project, and we are now focused on above ground construction and plant erection, which is less dependent on weather conditions. The execution of the project plan is proceeding on budget and to schedule, targeting commissioning of the plant in the third quarter of 2026, followed by commercial production at Cuiu Cuiu in the fourth quarter of 2026." — Alan Carter, President and CEO