Cabral Gold Advances Cuiú Cuiú Heap Leach Build to 70% Complete, Targets Commercial Gold Production in Q4 2026

• Construction of the Phase 1 gold-in-oxide heap leach project at Cuiú Cuiú is approximately 70% complete, with 85% of total project costs committed under contract.
• The project remains on budget and on schedule for plant commissioning in the third quarter of 2026 and commercial production in the fourth quarter of 2026; commissioning has been brought forward to commence in June 2026.
• All major plant equipment has been procured, with the adsorption, desorption, and recovery (ADR) plant departed from Fremantle Port on April 25 and targeting arrival in Brazil in late May, on schedule.
• The owners' team and contractors have worked a combined 255,960 hours during 2026, with a lost time incident (LTI) rate of zero, with 324 employees and contractors on site - 100% Brazilian and approximately 42% from the state of Pará.
• Infill drilling of the MG oxide starter pit covering the first 9 months of production is complete, with results consistent with the Updated Pre-Feasibility Study (PFS) based on wider-spaced drilling; a revised reserve estimate and updated mine plan are being prepared.

Company Overview

Cabral Gold Inc. (TSXV: CBR | OTCQX: CBGZF | FRA: C3J) is a junior gold developer with a 100% interest in the Cuiú Cuiú Gold District in the Tapajós Region, Pará State, northern Brazil. Three main deposits at Cuiú Cuiú host National Instrument 43-101 (NI 43-101) compliant Indicated resources of 12.29 million tonnes grading 1.14 grams per tonne gold in fresh basement material and 13.56 million tonnes grading 0.50 grams per tonne gold in oxide material, alongside Inferred resources of 13.63 million tonnes at 1.04 grams per tonne gold in fresh basement material and 6.4 million tonnes at 0.34 grams per tonne gold in oxide material.

Construction Progress: Earthworks Complete, Plant Erection Underway

The Cuiú Cuiú Phase 1 project completed all major earthworks and civil foundations during April 2026, including plant foundations, pad layout, and pond excavations. At this stage, construction is approximately 70% complete, with 85% of total project costs committed under contract. This conclusion of the in-ground construction phase marks a structural transition to the plant erection and equipment installation phase, with construction of the ore processing section and dry circuit now underway.

The new 160-person mine camp and project offices were commissioned successfully in early April and are fully operational. The facility addresses the capacity constraints of the original shared camp while providing a dedicated operational base for the growing project team and, separately, Cabral's exploration team. Construction of the Carbon in Column (CIC) circuit in the wet circuit area has also commenced, alongside the lining of the solution collection ponds. 

Equipment Procurement & Delivery Status

Procurement of all major plant equipment is complete. The adsorption, desorption, and recovery (ADR) plant, dry commissioned in stages at Como Engineering in Perth, Australia, was disassembled, containerised, and loaded at Fremantle Port on April 25. It is targeting arrival in Brazil in late May, on schedule. Mineral Sizer components sourced from Germany are expected to arrive in Brazil by May 5.

All steel structures and components required for the conveyor systems are on site. High-density polyethylene (HDPE) pipes and liners required to commence heap leach pad and water management pond construction are also on-site and available to the construction team. Expenditure and schedule continue to track in line with the Updated Pre-Feasibility Study (PFS), filed under Cabral Gold's SEDAR profile with an effective date of July 29, 2025.

Commissioning Schedule Brought Forward to June 2026

Cabral has engaged Strategic Metallurgy Pty Ltd to oversee commissioning of the processing plant from the run-of-mine (ROM) pad through to the ADR plant. Como Engineering retains responsibility for the final on-site commissioning of the ADR plant. The commissioning program is structured in 2 phases.

Phase 1 targets the dry circuit, ore leaching on the pads, and the build-up of gold inventory in the pregnant solution, and is now planned to commence in June 2026, materially earlier than previously guided. The company has described this acceleration as an "as early as possible” approach, providing additional time and flexibility before targeted commercial production in the early fourth quarter of 2026. Phase 2 will encompass processing of the pregnant solution through the carbon columns and gold production via the ADR plant, and is currently targeted for later in the third quarter of 2026.

President and Chief Executive Officer of Cabral Gold Inc., Alan Carter, addressed the construction status:

"Construction of our Phase 1 gold-in-oxide heap leach project at Cuiú Cuiú continues to progress and remains on budget and on schedule for commercial gold production during the fourth quarter of this year. The erection of both the dry and wet plant processing facilities are now in progress, and the new 160-person mine camp and project offices were commissioned successfully in early April. Overall procurement of equipment for all major plant equipment is now complete, and the adsorption, desorption, and recovery plant is in transit to site."

Infill Drilling Supports Updated PFS; Mine Plan Being Revised

A detailed infill drilling program targeting the first 9 months of production at the MG gold deposit has been completed. Preliminary results are consistent with the updated PFS resource model derived from wider-spaced drilling. Cabral is using the infill results to generate a revised reserve estimate for MG and an updated mine plan, with mobilisation of the mining fleet planned for the coming weeks.

Safety & Workforce

Cabral Gold's own in-house project team has worked 102,219 hours during 2026, and contractors have logged 153,741 hours, for a combined total of 255,960 hours with a lost time incident (LTI) rate of zero. The 324 personnel currently engaged on the construction project exclude the off-site Ausenco Brazil engineering team and Cabral's exploration team. All workers are Brazilian nationals, with approximately 42% sourced from the state of Pará, consistent with local content commitments.

Next Steps

The ADR plant and remaining major equipment are targeting on-site arrival in the second quarter of 2026, with plant construction continuing through the same period. Commissioning is targeting commencement in June 2026 and completion in the third quarter of 2026, followed by commercial production and ramp-up in the fourth quarter of 2026. A monthly video construction update has been published to the company's YouTube channel and will be updated concurrently with each monthly progress release.

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