Cabral Gold talks work progress at Cuiu Cuiu

Executive Summary

• Cabral Gold Inc. provided a construction update on its Phase 1 gold-in-oxide heap-leach project at the Cuiu Cuiu district in Brazil, confirming the project remains on track and on budget for commercial production in Q4 2026.
• Detailed engineering is 26% complete, and procurement of capital items is 65% complete by value, with remaining equipment to be finalized in Q1 2026.
• The company simultaneously announced it has upgraded its listing from the OTCQB to the OTCQX market in the United States, effective immediately, under the symbol CBGZF.

Key Details

• Project Status: Phase 1 construction is accelerating; commercial production targeted for Q4 2026.
• Engineering: Detailed engineering by Ausenco Brazil is 26% complete. Infrastructure drawings are complete, and main mechanical arrangements have been issued. Utilities, pipework, electrical, and instrumentation designs are proceeding on schedule.
• Procurement: 65% complete by value. Long-lead items currently being manufactured include the adsorption, desorption, and recovery (ADR) plant and the mineral sizer. Remaining procurement to be finalized in Q1 2026.
• Construction Milestones:
  • Earthworks for the permanent mine camp are 90% complete.
  • 20% of earthworks for the processing plant and heap-leach pads are complete.
  • Concrete batch plant construction is complete.
  • 10 bridges completed on the main access road; all access road upgrade work is complete.
• Infrastructure: Permanent mine camp area cleared and leveled; construction expected to commence in early January 2026. Camp capacity is 136 employees/contractors, expected to be complete by end of March 2026.
• Workforce: 143 employees and contractors currently on site (100% Brazilian, 80 from the state of Para). Excludes off-site engineering, owners' team, and exploration teams.
• Exploration: Three rigs currently on site for infill drilling aimed at expanding hard-rock resources.
• Timeline & Next Steps:
  • Q1 2026: Infill drilling at MG pit, completion of detailed engineering, procurement of remaining equipment.
  • Q2 2026: Plant construction.
  • Q3 2026: Plant commissioning.
  • Q4 2026: Commercial production and ramp-up.
• Listing Update: Upgraded from OTCQB to OTCQX effective immediately. Ticker symbol CBGZF. Common shares continue to trade on TSX Venture Exchange under symbol CBR.
• Resource Estimates (from "About" section):
  • Indicated Resources: 12.29M tonnes at 1.14 g/t Au (450,200 oz) in fresh basement; 13.56M tonnes at 0.50 g/t Au (216,182 oz) in oxide material.
  • Inferred Resources: 13.63M tonnes at 1.04 g/t Au (455,100 oz) in fresh basement; 6.4M tonnes at 0.34 g/t Au (70,569 oz) in oxide material.

Notable Quotes

• "Since making the formal construction decision in mid-October, we have made good progress on the construction of our phase 1 gold-in-oxide heap-leach project at Cuiu Cuiu. The execution of the project plan is going as planned in terms of both schedule and budget, and we continue to target commercial production at Cuiu Cuiu in the fourth quarter of 2026." — Alan Carter, President and CEO