• Cabral Gold reported 5 additional diamond drill holes from the northern end of the Central deposit and the Central North target on October 20, 2026.
• One hole at the north end of Central returned 8.2 meters (m) at 2.50 grams per tonne (g/t) gold, including 0.5 m at 21.27 g/t.
• The other 2 holes at Central returned 10.4 m at 0.45 g/t and 13.0 m at 0.41 g/t, and a hole at Central North returned 18.0 m at 0.72 g/t.
• True widths may be 50% of the reported drill intercepts, and results are pending for 28 diamond and 69 reverse circulation holes.
• The company sold over 2,400 ounces (oz) of doré at an average net realized price above US$4,200/oz on September 30, 2026, and is targeting commercial production in the fourth quarter of 2026.

Cabral Gold (TSXV: CBR | OTCQX: CBGZF) has poured its first gold, sold its first doré, and is reporting drilling again at Cuiú Cuiú. The company announced a first pour of approximately 1,130 ounces (oz) on September 10, 2026. On September 30, it announced the sale of over 2,400 oz of gold to a refinery in Brazil at an average net realized price above US$4,200/oz. The October 20 results come from 5 diamond holes at the northern end of the Central deposit and at the Central North target.

Results From 5 Holes at Central & Central North

Drill results are quoted as a length and a grade. Length is the distance along the hole in meters (m), and grade is grams of gold per tonne of rock (g/t).

Cabral drilled 3 holes at the northern end of the Central deposit to test its down-dip extension (the deposit's downward continuation). One returned 8.2 m at 2.50 g/t gold, including 0.5 m at 21.27 g/t. The other 2 returned 10.4 m at 0.45 g/t and 13.0 m at 0.41 g/t.

Cabral also tested Central North with 2 further holes. The target is 400 m north of Central and offset from the northwest trend that controls the deposit. One hole returned 18.0 m at 0.72 g/t gold, including 1.9 m at 3.11 g/t and 0.7 m at 5.73 g/t. The other intersected 3.00 m at 0.30 g/t and 1.00 m at 1.32 g/t.

Higher-Grade Zones Inside Wider Intercepts

In 4 of the 5 holes, a narrower higher-grade interval is contained within the wider intercept. In the 3 holes whose wider intercepts grade between 0.41 g/t and 0.72 g/t, the higher-grade zones inside them run from 1.20 g/t to 5.73 g/t.

Cabral said true widths may be 50% of the drill intercepts, meaning every length is a drilled length, not the thickness of the mineralized zone itself. Cabral described the Central North hole that returned 18.0 m as confirming the continuation of mineralization at depth. Cabral is working toward an NI 43-101 compliant resource update, targeting year-end 2026, for all gold-in-oxide and primary gold resources at Cuiú Cuiú.

Central North Points Toward Mutum

Central North lies between the Central deposit and the Mutum target, about 1 kilometer (km) southeast of Mutum. At Mutum, a hole returned 20.7 m at 1.57 g/t gold, reported on June 23, 2026. Cabral plans additional drilling to test Central North and the potential for continuity with Mutum.

Vice President of Exploration Elton Pereira said the Central-PDM trend extends for at least 5 km. Cabral said the mineralized system remains open at depth and along strike to the north.

Drilling Pace & Pending Results

Results are pending for 28 diamond and 69 reverse circulation (RC) drill holes. Cabral said exploration drilling progress has been slower than expected because of recent drill rig maintenance issues and laboratory turnaround times that have increased in recent weeks.

Phase 1 Delivery Alongside the Drilling

Cabral said on September 10 that commissioning of the wet circuit was nearing completion well ahead of schedule, and that it is targeting a stacking rate of 3,000 tonnes per day. Once the mine is through ramp-up, the company plans to issue formal production guidance for 2027. Cabral said on September 30 that the project remains on time and on budget for commercial production in the fourth quarter of 2026.

Chief Executive Officer of Cabral Gold, Alan Carter, put the timing at November: 

"We anticipate that we'll be declaring commercial production probably sometime in November."

Cabral held C$55 million in cash as of September 12, 2026, and has a US$45 million gold loan, closed on November 26, 2025, with a 39-month term. Carter said cash balances are rising as Cabral sells its first production, and the company is positioned to pay the loan down faster than the 39-month term.

Next Results & Production Milestones

Cabral is targeting commercial production in the fourth quarter of 2026. Results from the 28 diamond and 69 RC holes are still to be reported, along with further drilling at Central North and Mutum and the resource update targeted for year-end 2026.

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