Cabral Gold: New CFO as Cuiú Cuiú Project Advances for Near-Term Production

• Cabral Gold appoints new CFO with extensive experience in Brazil and mining operations.
• The company has obtained exceptional drill results, including 11m @ 33.0 g/t gold at Machichie NE, and metallurgical tests show promising gold recoveries of up to 82% for oxide material.
• Pre-feasibility study (PFS) is being prepared and at 87% completion for trial mining and heap leach operation.
• CBR advances towards potential near-term production at Cuiú Cuiú gold district.

Cabral Gold Inc. (TSXV:CBR) is a junior resource company focused on the identification, exploration, and development of mineral properties, with a primary emphasis on gold projects in Brazil. The company's flagship asset is the Cuiú Cuiú gold district, located in the Tapajós Region of northern Brazil. Cabral Gold holds a 100% interest in this project, which encompasses two main gold deposits with National Instrument 43-101 compliant Indicated resources of 21.6Mt @ 0.87 g/t gold (604,000 oz) and Inferred resources of 19.8Mt @ 0.84 g/t gold (534,500 oz), as of October 2022.

Strategic Appointment of New CFO

In a move to strengthen its leadership team, Cabral Gold has appointed Samantha Shorter as Chief Financial Officer. Ms. Shorter brings a wealth of experience to the role, including:

• Comprehensive professional services as a CFO and consultant in the resource industry
• Experience with companies operating internationally, including Brazil, and in underground mining operations in Mexico
• Six years with Davidson and Company LLP, managing audit engagements specializing in the mining industry

Alan Carter expressed his enthusiasm for the appointment:

"I am extremely pleased that Samantha has accepted the position of Chief Financial Officer with the Company. Her qualifications and experience in Brazil, and with companies that are in production, make her an ideal fit for the Company as we advance towards completion of the PFS on the initial trial mining and heap leach operation at Cuiú Cuiú."

This strategic appointment positions Cabral Gold well as it moves towards potential production at Cuiú Cuiú.

High-Grade Drill Results Highlight Potential at Machichie

Cabral Gold's recent drilling campaign at the Machichie target area has yielded impressive results, further underscoring the potential of the Cuiú Cuiú project. The company has identified at least three zones of gold mineralization within the Machichie area: Machichie Main, Machichie West, and Machichie NE.

The standout result comes from drill hole RC421 at the Machichie NE target, which intercepted 11m @ 33.0 g/t gold from 50m depth, including a high-grade zone of 4m @ 89.3 g/t gold. This intercept ranks among the top three drill holes ever completed at Cuiú Cuiú and represents the best results drilled to date outside of the known Central and MG gold deposits.

Alan Carter, Cabral Gold's President and CEO, commented on the significance of these results:

"The assay results from RC421 at the Machichie NE target are amongst the top three drill holes ever drilled at Cuiú Cuiú and are the best results drilled to date outside of the known Central and MG gold deposits. These results not only have very positive implications for the presence of additional near surface gold-in-oxide resources at Cuiú Cuiú, but also suggest the presence of significant zones of high-grade mineralization in primary bedrock underlying the weathered material."

Additional drilling at Machichie NE and Machichie Main has also returned encouraging results:

1. RC422 at Machichie NE: 21m @ 1.3 g/t gold from surface, including 3m @ 7.5 g/t gold
2. RC420 at Machichie Main: 25m @ 2.9 g/t gold from surface, including 12m @ 5.5 g/t gold

These results confirm the presence of multiple mineralized structures at Machichie, with the potential to add significant resources to the Cuiú Cuiú project.

Advancing the Pre-Feasibility Study

Cabral Gold is making substantial progress on its Pre-Feasibility Study (PFS) for the Cuiú Cuiú project. The study, focused on the economic viability of mining and heap-leach processing of gold-in-oxide weathered material at the Central and MG gold deposits, is now 87% complete.

Key highlights of the PFS progress include:

• Metallurgical test work: Ongoing tests on oxide gold mineralization samples from MG and Central deposits show encouraging results, with initial indications comparable to previous tests that yielded gold recoveries of 82% at MG after 60 days of column leaching.
• Mine design and planning: Work being undertaken by Deswick Brazil Inc. is 30% complete, utilizing updated resource models for the gold-in-oxide material at both MG and Central deposits.
• Geotechnical drilling: Pronorte Geotecnica Ltda has completed a program consisting of 16 diamond-drill holes and 30 power-auger holes.
• Engineering and optimization: The combined Ausenco-Cabral team is focusing on trade-off studies and detailed design of various project components, including earthworks, leach pad, and process plant, to optimize the project for efficiency and cost-effectiveness.

Market Positioning & Growth Potential

Cabral Gold is strategically positioned to capitalize on the growing demand for gold and the attractive mining jurisdiction of Brazil. The company's key advantages include:

• High-grade potential: Recent drill results, such as the 11m @ 33.0 g/t gold intercept at Machichie NE, demonstrate the potential for high-grade zones within the Cuiú Cuiú project.
• Near-term production potential: The ongoing PFS for trial mining and heap leaching of oxide material could pave the way for early cash flow generation.
• Exploration upside: With multiple targets identified beyond the known deposits, Cabral Gold has significant potential to expand its resource base and extend the project's life.
• Experienced management: The appointment of Samantha Shorter as CFO adds valuable expertise in Brazilian operations and production-stage companies to the leadership team.
• Strategic location: The Cuiú Cuiú project is situated in the prolific Tapajós Gold Province, known for its historical gold production and ongoing exploration potential.

While risks exist, as with any junior mining investment, Cabral Gold's progress to date and clear path forward make it an attractive option for investors seeking exposure to the gold sector. As the company continues to advance the Cuiú Cuiú project, it has the potential to transition from an explorer to a producer, potentially unlocking significant value for shareholders.