Mr. Alan Carter reports

CABRAL GOLD PROVIDES UPDATE ON CONSTRUCTION PROGRESS AT CUIU CUIU; PROJECT ON TRACK FOR Q4 2026 PRODUCTION

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

Highlights:

• Construction activity for the phase 1 gold-in-oxide heap leach construction project is 54 per cent complete, with 71 per cent of project costs committed under contract.
• The project remains on budget and on schedule for plant commissioning in third quarter 2026 and commercial production in fourth quarter 2026.
• Detailed engineering is on track, and procurement of major plant equipment is over 90 per cent complete, with the procurement of the remaining equipment to be finalized later this month.
• The owner team and contractors have so far worked a total of 93,625 hours during 2026 with a lost-time incident rate of zero.
• A total of 283 employees and contractors are currently on site on the construction project (excluding the off-site Ausenco Brazil engineering team and members of the owner team as well as Cabral's exploration team), 100 per cent of employees and contractors are Brazilian, and 70 per cent are from the state of Para.
• Infill drilling of the MG oxide starter pit (first 12 months) is 75 per cent complete and, once completed, will feed into a detailed mine design, which provides the mine plan for the commencement of mining activities in mid-2026.

Alan Carter, Cabral's president and chief executive officer, commented: "Our construction team continues to make excellent progress in executing on the 12-month construction program for our phase 1 gold-in-oxide heap leach project at Cuiu Cuiu. Our team has demonstrated resilience and strong technical capability in successfully dealing with the challenges encountered to date. We have put behind us the uncertainty normally associated with significant earthworks of a construction project, and we are now focused on above ground construction and plant erection, which is less dependent on weather conditions. The execution of the project plan is proceeding on budget and to schedule, targeting commissioning of the plant in the third quarter of 2026, followed by commercial production at Cuiu Cuiu in the fourth quarter of 2026."

Cuiu Cuiu construction update

Detailed engineering

Project engineering and construction execution drawings continue ahead of plan, ensuring these activities are unlikely to impact the critical path.

Major current priorities include:

• P&IDs and detailed design for wet systems (postheap leach pads);
• Geotechnical study and evaluation in support of design of spent ore pile and waste rock facilities;
• Finalize design and execution drawings in preparation for the construction of the heap leach pads (second quarter 2026).

Procurement and delivery

Overall procurement of equipment for all major plant equipment is over 90 per cent complete. Notable long-lead items currently being manufactured include the adsorption, desorption and recovery plant, the mineral sizer, and the various conveyor systems. The ADR plant is in the final assembly stage at Como Engineering in Perth, Australia. After a dry commissioning program in March, the plant will be disassembled and packed in shipping containers for transportation to the site.

Manufacturing of steel structures is progressing with all contracts awarded to local suppliers. The fabrication of the run-of-mine ore bin and related support structures is being prepared for transport to the site, where its delivery is expected by mid-March.

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 "Pre-Feasibility 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 began in January, 2026. The mine camp and project offices will be located within the secured operations area and alongside the new dedicated private airstrip. The new accommodation facilities will have capacity for 136 employees and contractors, and they remain on schedule for completion by the end of March, 2026.

Earthworks on the production plateau are 95 per cent complete as are most of the concrete foundations required to support the process equipment due on site in the coming months. The final water and solution storage ponds are currently nearing completion. This critical phase of the project was completed on time and within the allocated budget.

A nine-metre-high mechanically stabilized earth retaining wall for the ROM ore reception area was recently completed, making room for the ROM ore bin that will receive ore in preparation for processing.

Project development timeline

The project remains on track and on budget for plant commissioning in Q3 2026 and commercial production in Q4 2026.

Safety and human resources

The owner team has worked a total of 37,940 hours so far during 2026, and contractors have worked a total of 55,685 hours for a total of 93,625 hours with a lost-time incident rate of zero.

A total of 283 employees and contractors are currently engaged by the project (excluding the off-site Ausenco Brazil engineering team and the corporate exploration team), with 100 per cent of the work force composed of Brazilians and 70 per cent local residents from the state of Para.

During the coming weeks, the project will see a gradual transition of the work force from earthmoving to plant erection and construction, which are expected to dominate in the coming months.

Timetable and next steps

The project has progressed efficiently through the early construction phase, leveraging the investment in initial works during 2025. Despite more challenging weather conditions in January and February, the project is 54 per cent complete and on schedule for commissioning in Q3 2026. Key development milestones in the coming months include:

• Infill drilling program at MG pit in first quarter 2026;
• Major equipment arrives on site in first quarter and second quarter 2026;
• Plant construction during Q2 2026;
• ADR plant arrives on site in Q3 2026;
• Plant commissioning during Q3 2026;
• Commercial production and ramp-up in Q4 2026.

Video update

The company has included a link on its website to a short video showing its construction progress. It will update this video each month simultaneously with the release of the monthly update.

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 of 1.14 grams per tonne gold (450,200 ounces) in fresh basement material and 13.56 Mt of 0.50 g/t gold (216,182 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 6.4 Mt of 0.34 g/t gold (70,569 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 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 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 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 in geology and MS in 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.

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