Cabral Gold Drills New Mineralized Structure Connecting PDM and Central Gold Deposits, Cuiu Cuiu Gold District, Brazil

On December 4, 2025, Cabral Gold announced drill results from 17 shallow reconnaissance Reverse Circulation (RC) holes at the previously untested Mutum target. The drilling identified a new, 1.8 km long, NW-SE trending mineralized structure that appears to connect the Central and PDM gold deposits.

Key intercepts, all in near-surface saprolite material, include: - RC0602: 8m @ 1.32 g/t Au from 43m - RC0591: 3m @ 2.8 g/t Au from 48m - RC0604: 13m @ 0.83 g/t Au from 11m

The CEO, Alan Carter, stated the results "cannot be overstated," as they open up a large prospective area for follow-up drilling. The company also noted it has purchased its own drone magnetic system to better map structures across the entire district.

The news is positive as it confirms the company's thesis of a large, district-scale gold system at Cuiú Cuiú. The discovery of a 1.8 km mineralized trend connecting two known deposits significantly enhances the long-term exploration potential and the prospect of growing the resource base well beyond the initial starter project.

However, in the context of recent events, this news is routine. The company has already achieved its most critical milestones: 1. Updated PFS (July 2025): Established robust economics for a starter project (78% IRR, US$74M NPV5 at $2500/oz gold). 2. Full Construction Financing (Oct/Nov 2025): Secured a US$45.1 million gold loan, completely de-risking the project from a funding perspective and clearing the path to production.

The drill grades announced today (mostly 1-2 g/t Au over moderate widths) are decent for reconnaissance drilling in saprolite but are not "bonanza" grades like those previously hit at Machichie NE (e.g., 12m @ 27.7 g/t Au). The true value of this release is not the grade, but the geological discovery of the connecting structure.

Therefore, this news strengthens the long-term, blue-sky potential but does not materially change the near-term investment case, which is now squarely focused on the successful construction and commissioning of the fully funded heap leach starter project. It confirms the exploration-in-parallel strategy is sound and is likely to add value over time.

Cabral Gold Inc. is a junior mining company transitioning from explorer to developer. Its 100%-owned flagship asset is the Cuiú Cuiú Gold District in the Tapajós region of Pará, Brazil. The project hosts a significant gold resource in both near-surface, weathered oxide material and deeper, primary hard-rock material.

The company is now fully funded and advancing a "starter project" focused on open-pit mining and heap-leaching the oxide material. This starter operation is projected to have a 6.2-year mine life, produce over 113,000 ounces of gold, and features highly attractive economics (78% after-tax IRR). The first gold pour is targeted for Q4 2026. The long-term strategy is to use the cash flow from this starter mine to fund aggressive exploration and development of the much larger underlying primary hard-rock resource.