Mr. Alan Carter reports

CABRAL GOLD ANNOUNCES CLOSING OF UPSIZED FINANCING FOR $14.9 MILLION IN PROCEEDS

Cabral Gold Inc. has closed its previously announced best effort public offering of units. Pursuant to the offering, the company issued 39,291,146 units at a price of 38 cents per unit for gross proceeds of $14,930,635, which included 5,079,146 units issued pursuant to the exercise of the agent's overallotment option. Paradigm Capital Inc. acted as sole agent in the offering.

Each unit is be composed of one common share in the capital of the company and one-half of one common share purchase warrant of the company. Each warrant entitles the holder thereof to acquire one common share of the company at a price of 56 cents until May 6, 2027.

The company expects to use the net proceeds of the offering for exploration and development of its Cuiu Cuiu project, as well as for working capital and general corporate purposes.

In connection with the offering, the company paid the agent a cash commission of $895,838, being 6.0 per cent of the gross proceeds of the offering, and issued the agents 2,357,468 compensation warrants, being 6.0 per cent of the number of units issued in the offering. Each compensation warrant entitles the agent to acquire one common share of the company at 38 cents until May 6, 2027.

The units were offered in Canada by way of a prospectus supplement of the company dated April 25, 2025, to the company's existing short form base shelf prospectus dated April 4, 2025. The units were also offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended. Copies of the prospectus supplement, base shelf prospectus and documents incorporated by reference therein are available electronically on SEDAR+ under the company's issuer profile.

One officer of the company participated in the offering to purchase 131,579 units for an aggregate price of $50,000. Pursuant to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions), the company advises that this officer's participation in the offering is considered to be a related-party transaction for purposes of MI 61-101 and TSX Venture Exchange Policy 5.9 (Protection of Minority Security Holders in Special Transactions). The company is relying on the exemptions from the formal valuation requirements contained in Section 5.5(b) of MI 61-101 and the minority shareholder approval requirements contained in Section 5.7(1)(a) of MI 61-101, as the company is not listed on specified markets and the fair market value of the officer's participation in the offering does not exceed 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101. The company did not file a material change report in respect of the related-party transaction at least 21 days before the closing of the offering, which the company deems reasonable in the circumstances to complete the offering in an expeditious manner.

The offering remains subject to final approval of the TSX Venture Exchange.

About Cabral Gold Inc.

The company is a junior resource company engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil. The company has a 100-per-cent interest in the Cuiu Cuiu gold district located in the Tapajos region, within the state of Para in northern Brazil. Three main gold deposits have so far been defined at the Cuiu Cuiu project, which contain National Instrument 43-101 indicated resources of 12.29 million tonnes of 1.14 grams per tonne gold (450,200 ounces) in fresh basement material and 11.11 Mt of 0.48 g/t gold (171,883 oz) in oxide material. The project also contains inferred resources of 13.63 Mt of 1.04 g/t gold (455,100 oz) in fresh basement material and 12.22 Mt of 0.39 g/t gold (151,608 oz) in oxide material. The resource estimate for the primary material is based on the NI 43-101 technical report dated Oct. 12, 2022. The resource estimate for the oxide material is based on the NI 43-101 estimate released on Oct. 21, 2024.

The Tapajos gold province is the site of the largest gold rush in Brazil's history, which, according to the ANM (Agencia Nacional de Mineracao or National Mining Agency of Brazil), produced an estimated 30 million to 50 million ounces of placer gold between 1978 and 1995. Cuiu Cuiu was the largest area of placer gold workings in the Tapajos and produced an estimated two million ounces of placer gold historically.

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