Mr. Alan Carter reports

CABRAL GOLD RECEIVES OPERATING licence FOR THE CUIÚ CUIÚ PHASE I GOLD MINE. CONSTRUCTION OF ADR LEACH PROCESSING PLANT COMPLETED. FIRST GOLD PRODUCTION ANTICIPATED AHEAD OF SCHEDULE

Cabral Gold Inc. has provided an update on construction and commissioning activities at its phase 1 gold-in-oxide heap leach project at the Cuiu Cuiu gold district, Brazil.

Highlights

• Construction of the wet processing circuit at Cuiu Cuiu is more than 90 per cent complete. The ADR leach processing plant has arrived on site and mechanical assembly has been completed. Electrical installation is over 90 per cent complete. Commissioning is in progress.
• Cabral has received the operating licence from SEMAS/PA and the mining of gold-in-oxide ore and stacking on the first pad is in process. Irrigation is expected to commence in the next few days.
• First gold production is now targeting September, an estimated six weeks ahead of schedule. Commissioning is expected to be completed during late September with ramp up to full production planned during Q4 2026.
• The project experienced its first lost-time incident, resulting in a non-critical injury to a contractor. The project's owners' team and contractors have so far worked a total of 592,380 hours with a lost-time injury rate of 0.34.
• A total of 312 employees and contractors are currently on site on the construction project (excluding the off-site engineering team and Cabral's in-country exploration and administrative team), of which 100 per cent of employees and contractors are Brazilian and approximately 67 per cent are from the state of Para.

Alan Carter, Cabral's president and chief executive officer, commented: "We have continued to make excellent progress on the construction of our phase 1 gold-in-oxide heap leach project at Cuiu Cuiu during the last few weeks. I am particularly pleased that we have received our operating licence together with the cyanide permit. Mechanical assembly of the ADR plant is also now complete which represents another major milestone. The focus regarding commissioning has now moved from the dry to the wet processing circuit and we now expect to produce our first gold six weeks ahead of schedule with commercial gold production expected during the fourth quarter of this year. Whilst we did record our first LTI on site during 2026, it was a non-critical injury and the individual is making a good recovery. Our commitment to the safety of our staff remains of the utmost importance despite the challenges that come with a rapid development timeline, difficult weather conditions at times and a new construction work force."

Granting of operating licence (LO)

The recent granting of the operating licence (LO) from the Para state environmental authority SEMAS/PA is a major milestone and will be the foundation of future licensing initiatives to migrate to the full mining licence at Cuiu Cuiu during the 2026 calendar year, building upon the successful granting of the preliminary licence (LP) from SEMAS/PA in early 2026. The LO provides all necessary regulatory consent for use of cyanide in the leaching process. The Cabral environmental team is growing, bolstering the company's commitment to a sustainable production facility.

Final regulatory approval for the use of cyanide was received from the Brazilian military authorities allowing for the purchase and transport of cyanide required for the leaching process.

Cuiu Cuiu construction update

Procurement and delivery

The adsorption, desorption and recovery leach processing plant (ADR) arrived on site in late July. Como Engineering has been engaged to manage plant assembly, electrical installation, implementation of process controls, plant commissioning and operator training. Mechanical assembly of the plant is now complete, with electrical installation and testing over 90 per cent complete.

The construction of heap leach pad No. 2 is due to be completed by end August. Subsurface solution collection systems for heap leach pads 3 and 4 are complete, with the final step, which involves applying a layer of crushed rock on top of the collection pipes, planned for September and October, as per schedule.

During the past month, significant volumes of processing reagents (cement and cyanide) and diesel fuel were delivered to site in support of the commissioning activities, demonstrating that these supply chains are capable of supporting the ongoing operations of the project.

Expenditures and schedule continue to track 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.").

Commissioning activities

The commissioning of the project was separated into two phases. The first phase focused on preparing the mined ore in the dry circuit (mineral sizer, agglomerator and stacker) and placing it on the preprepared heap leach pads. This work has now been completed.

The commissioning of the wet circuit is continuing and will begin with the Carbon Adsorption columns followed by the desorption, and ultimately the production of gold dore at Cuiu Cuiu. This phase will be managed jointly by Cabral, Como Engineering and Strategic Metallurgy (Australia-based metallurgical commissioning consultants) with the focus on opportunities to increase production ramp-up effectiveness, improve process efficiency and operator training and education to support full production.

Mining, processing and stacking of ore is in progress as part of this commissioning process. Irrigation of the first zone of the first pad is expected to commence in the next few days.

Safety and human resources

The owner's team has worked a total of 217,047 hours so far during 2026, while contractors have worked a total of 375,333 hours, resulting in a combined total of 592,380 hours worked. The project has recorded one lost-time incident (LTI) during the year, resulting in a lost-time injury rate (LTIR) of 0.34. The LTIR is defined as lost time incidents incurred for every 200,000 hours worked.

The project recorded its first LTI during the past month when a member of the owner's team suffered a non-critical injury to his left knee while using a chainsaw. The worker was immediately evacuated to Itaituba for medical assessment and subsequently underwent further evaluation and treatment. The injury has resulted in lost workdays, and the employee remains off work while continuing his recovery and medical follow-up.

A total of 312 employees and contractors are currently engaged by the project, comprising 107 owner's team personnel and 205 contractor personnel.

Project development timeline

The project is progressing diligently through the critical commissioning phase of the project, with a focus on completing plant assembly in preparation for ore leaching and the production of first gold. The operating priorities for the company in the fourth quarter remain the assembly of a strong operating team, the safe transition into operations, and the ramp-up of production. The actual production of preproduction gold will be dependent on the commissioning program priorities and its success in progressing through its various milestones.

The project is on track with plant commissioning and expects first gold production six weeks ahead of schedule in September with a ramp up of commercial production in Q4 2026.

Video update

The company has included a link on its YouTube channel to a short video showing the company's 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 Mt (million tonnes) at 1.14 g/t gold (450,200 ounces) in fresh basement material and 13.56 Mt at 0.50 g/t gold (216,182 oz) in oxide material. The project also contains inferred resources of 13.63 Mt at 1.04 g/t gold (455,100 oz) in fresh basement material and 6.4 Mt at 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 a NI 43-101 technical report dated Oct. 21, 2024. The resource estimate for the oxide material at Central and Machichie is based on a NI 43-101 technical report (updated PFS) dated July 29, 2025. The company is currently engaged in the construction of a phase 1 gold-in-oxide heap leach operation based on the NI 43-101 technical report PFS and expects to achieve commercial gold production in Q4 2026.

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 Moz (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, and 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.