Cabral Gold Drills 23m @ 4.7 g/t gold at the PDM target, Cuiu Cuiu Gold District, Brazil

On October 22, 2025, Cabral Gold announced drill results from the Pau de Merena (PDM) target at its Cuiú Cuiú Gold District in Brazil. The highlight was from diamond drill hole DDH346, which intersected 18.3 metres grading 4.7 grams per tonne (g/t) gold in fresh rock, part of a broader 23m intercept mentioned in the headline. The release notes the presence of several high-grade structures below the known gold-in-oxide blanket at PDM. According to CEO Alan Carter, these structures remain open along strike and down-dip, and additional drilling is planned to define a hard rock gold resource at PDM, which is located 2.5km from the main Central gold deposit.

The drill results are intrinsically positive, confirming the presence of high-grade primary (hard rock) mineralization beneath the oxide cap at PDM. This supports the company's long-term thesis that the Cuiú Cuiú district hosts a much larger sulphide gold system, for which the heap leach starter project is intended to fund exploration.

However, the impact of this news is routine and incremental. It comes just six days after the truly transformative announcement on October 16, 2025, where Cabral secured a US$45 million Gold Loan, providing a complete funding solution for the construction of its heap leach starter project. That news, coupled with the Board's official construction decision, was a major de-risking event that eliminated financing uncertainty and put the company on a clear path to production. The market reacted strongly to the financing news, with the stock price jumping over 20% on high volume.

In this context, today's exploration results, while encouraging, do not fundamentally change the company's immediate trajectory. They reinforce the exploration potential that underpins the longer-term story but are overshadowed by the certainty of near-term development. Therefore, the news is classified as Routine - Positive. It provides further evidence for the blue-sky potential but is not the primary driver of value at this moment.

Cabral Gold Inc. is a Canadian junior mining company focused on the exploration and development of its 100%-owned Cuiú Cuiú Gold District in the Tapajós region of Pará State, Brazil. The flagship project is a large land package that was the site of the largest placer gold rush in Brazil's history.

The company is advancing a two-stage development strategy. Stage one involves constructing a low-capex heap leach starter operation to process near-surface, gold-in-oxide material. On October 16, 2025, the company announced full funding and a construction decision for this starter project, with first gold production targeted for Q4 2026. The cash flow from this operation is intended to fund stage two: the aggressive exploration and potential development of the much larger underlying primary sulphide (hard rock) gold resource.