Cabral Gold’s Doré Sales Open the Path to Commercial Production

• Phase 1 has sold more than 2,400 ounces of doré at an average net realized price above US$4,200 per ounce by September 30, 2026.
• The resource update targeted for the end of 2026 models 6 deposits at Cabral Gold's Cuiú Cuiú district in Brazil, up from 3 in 2022, after about 50,000 meters of drilling.
• More than 50 peripheral targets lie beyond the 6 deposits, and 10 targets outside resources have returned high-grade intercepts.
• Boulder sampling at the Alonso target averaged 91.7 grams per tonne of gold across 24 samples, and the boulders' source is currently unknown.
• Management is targeting at least 6 drill rigs for its exploration program moving forward.

Cabral Gold Inc. (TSXV: CBR | OTCQX: CBGZF) has begun selling gold from Phase 1 at its Cuiú Cuiú district in Pará State, Brazil, while 6 rigs are drilling across the district. The district has more than 50 peripheral targets beyond the 6 deposits being modeled for the resource update targeted for the end of 2026, and management says the exploration program continues into next year.

Phase 1 Gold Sales Start the Cash Flow

By September 30, 2026, Cabral had sold more than 2,400 ounces of doré from Phase 1 to a refinery in Brazil at an average net realized price above US$4,200 per ounce. Commercial production is targeted for the fourth quarter of 2026, and Cabral held C$55 million in cash as of September 12, 2026, before any gold sales.

President and Chief Executive Officer of Cabral Gold, Alan Carter, projected about US$75 million of free cash from Phase 1 in 2027, at gold near US$4,300 per ounce, and the Prefeasibility Study's all-in sustaining cost of US$1,210 per ounce. The projection follows a ramp-up that has not yet reached commercial production. Principal repayments on the US$45 million gold loan that funded construction begin March 31, 2027, at 39 kilograms of gold per quarter, on a 39-month term with 10% interest paid quarterly. Management expects to pay down the loan faster than that schedule.

Resource Update Models 6 Deposits Alongside 50+ Exploration Targets

The 2022 resource estimate modeled 3 deposits. The update targeted for the end of 2026 models 6, following about 50,000 meters of drilling, and management's stated objective is a global resource above 2 million ounces from about 1.2 million ounces today, without dilutive equity financing for the drilling. The more than 50 peripheral targets lie beyond the 6 deposits being modeled, and Carter said they are not geophysical anomalies: gold has been found at each in drill holes, trenches or boulder fields.

Cabral's September 2026 corporate presentation says 10 targets outside resources have returned high-grade intercepts, including 11 meters at 33 grams per tonne (g/t) gold, 3.4 meters at 36.9 g/t, 27 meters at 6.9 g/t and 39 meters at 5.1 g/t. The 27-meter intercept is from reconnaissance drilling at Central SE, 500 meters southeast of the Central deposit.

At Alonso, 3 kilometers southeast of the MG deposit, 24 samples of quartz vein float returned 11.6 to 200.3 g/t gold, averaging 91.7 g/t. The boulders extend over at least 950 meters of strike length west of the initial occurrence, and their source is currently unknown. Boulders at Tracaja, another target, average 74.9 g/t gold. The company lists both among regional targets outside existing deposits.

Carter said he expects the list of targets to grow as the regional program advances:

"We've got a lot of very, very compelling exploration targets, 50 plus, and I'm sure other ones are going to come up the more money and the more effort that we put into that regional exploration program."

Tocantinzinho Comparison

Cuiú Cuiú is adjacent to G Mining Ventures' Tocantinzinho mine, which produced 171,871 ounces of gold in 2025 and ranks as Brazil's third-largest gold mine. Recent discoveries at Cuiú Cuiú include 9.5 meters at 87.4 g/t gold at Jerimum Cima, which the company lists alongside the best drill results outside Tocantinzinho: 20 meters at 1.73 g/t gold from Eldorado over 11 years, and 10 meters at 1.1 g/t gold from G Mining.

Exploration Outlook & Rig Count for 2027

Management has 6 rigs drilling now, and the exploration program continues into next year. Carter outlined where 2027 stands:

"We don't know what the program will be next year. We haven't set the budget yet, but it'll be at least 6 rigs moving forward. It may be more than that."

The catalysts to watch this year are commercial production, the updated global resource estimate, and guidance on how Cabral will expand Phase 1. Cabral will issue a resource statement annually now that it is in production.

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