Mr. Alan Carter reports

CABRAL GOLD REPORTS ON CONSTRUCTION PROGRESS AT CUIU CUIU GOLD PROJECT

Cabral Gold Inc. has provided construction update regarding its phase 1 gold-in-oxide heap-leach project at the Cuiu Cuiu gold district in Brazil.

Highlights:

• Construction activity for the phase 1 gold-in-oxide heap-leach construction project is accelerating and remains on track and on budget for commercial production in Q4 2026.
• Detailed engineering is currently 26 per cent complete and on track. Procurement of capital items is currently 65 per cent complete (by value), with the procurement of the remaining equipment to be finalized during Q1 2026.
• One hundred forty-three employees and contractors are currently employed on site on the construction project (excluding the off-site Ausenco Brazil engineering team and members of the owners' team as well as Cabral's exploration team); 100 per cent of employees and contractors are Brazilian.
• Exploration drilling aimed at expanding the hard-rock resources within the Cuiu Cuiu district continues, with three rigs currently on site.
• Effective immediately, the company has also qualified to trade on the OTCQX market in the United States (under the symbol CBGZF, having upgraded its listing from the OTCQB Venture Market.

Alan Carter, Cabral's president and chief executive officer, commented: "Since making the formal construction decision in mid-October, we have made good progress on the construction of our phase 1 gold-in-oxide heap-leach project at Cuiu Cuiu. The execution of the project plan is going as planned in terms of both schedule and budget, and we continue to target commercial production at Cuiu Cuiu in the fourth quarter of 2026. We are excited to see the major changes occurring on site on a daily basis and we look forward to providing regular construction updates through 2026. Our exploration drilling program aimed at expanding the hard-rock resources will continue during construction and beyond."

Cuiu Cuiu construction update

Detailed engineering

Detailed engineering is being undertaken by Ausenco Brazil and is 26 per cent complete and on track. Notable advancements to date include the completion of all infrastructure drawings and the issuance of the main mechanical arrangements. The detailed design of utilities and pipework and the electrical and instrumentation design are proceeding on schedule.

Procurement and delivery

Overall project procurement of equipment has progressed to 65-per-cent completion. Notable long-lead items currently being manufactured include the adsorption, desorption and recovery (ADR) plant and the mineral sizer. Expenditures and schedule are tracking in line with the prefeasibility study with an effective date of July 29, 2025 (filed under Cabral Gold's profile on SEDAR+, entitled "Prefeasibility Study -- NI 43-101 Technical Report, Cabral Gold Inc.").

Infrastructure improvements and construction

The area for the permanent mine camp has been cleared and levelled, and construction is expected to commence in early January, 2026. The mine camp will have capacity for 136 employees and contractors and is expected to be complete by the end of March, 2026.

The following milestones have been achieved in construction work:

• Earthworks necessary for installation of the permanent camp are 90 per cent complete.
• Twenty per cent of the earthworks has been completed for the processing plant and heap-leach pads have been completed.
• Concrete batch plant construction is complete.
• A total of 10 bridges were completed on the main access road to the project, and all upgrade work on the access road is now complete.

Project development timeline

The project remains on track and on budget for commercial production in Q4 2026.

Human resources

A total of 143 employees and contractors are on site and are currently employed by the project (excluding the off-site Ausenco Brazil engineering team and members of the owners' team as well as the exploration team), with 100 per cent of the work force comprising Brazilians. Of the total work force of 143, a total of 80 are from the state of Para.

Timetable and next steps

Having made the positive construction decision on Oct. 16, 2025, the company will be focused on the following major development milestones:

• Infill drilling program at MG pit in Q1 2026;
• Completion of detailed engineering through Q1 2026;
• Procurement of remaining equipment during Q1 2026;
• Plant construction during Q2 2026;
• Plant commissioning during Q3 2026;
• Commercial production and ramp-up in Q4 2026.

OTCQX listing

The company is pleased to announce that it has upgraded its OTC (over-the-counter) listing from the OTCQB to the OTCQX, effective immediately. The company will trade on the OTCQX marketplace under the symbol CBGZF. The company's common shares will continue to trade on the TSX Venture Exchange under the symbol CBR.

The company expects that the listing on the OTCQX will provide greater visibility and convenience of trading for U.S. investors, resulting in enhanced liquidity and greater reach.

The OTCQX market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best-practice corporate governance and demonstrate compliance with applicable securities laws. Graduating to the OTCQX market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors, who can find current financial disclosure and real-time Level 2 quotes for the company on the OTC Markets website.

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-compliant indicated resources of 12.29 million tonnes at 1.14 grams per tonne gold (450,200 ounces) in fresh basement material and 13.56 million tonnes at 0.50 gram per tonne gold (216,182 ounces) in oxide material. The project also contains inferred resources of 13.63 million tonnes at 1.04 grams per tonne gold (455,100 ounces) in fresh basement material and 6.4 million tonnes at 0.34 gram per tonne gold (70,569 ounces) 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 at PDM and MG is based on an NI 43-101 technical report dated Oct. 21, 2024. The resource estimate for the oxide material at Central and Machichie is based on an NI 43-101 technical report (updated PFS) dated July 29, 2025.

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 workings in the Tapajos region and produced an estimated two million ounces of placer gold historically.

Qualified person and technical information

Technical information included in this release was supervised and approved by Brian Arkell, BS (geology), MS (economic geology), SME (registered member), AusIMM (fellow) and SEG (fellow), Cabral Gold's vice-president, exploration and technical services, and a qualified person under NI 43-101.

We seek Safe Harbor.