Cabral Gold Appoints Accomplished Exploration Geologist Elton Pereira as Vice President Exploration

Cabral Gold appoints new VP Exploration, but production remains years away and funding undisclosed.

Risk flags

• ●Execution risk is high, as the company is still constructing its Phase 1 heap leach operation and has not disclosed any evidence of project financing, permitting status, or construction milestones. Without these, the Q4 2026 production target is speculative.
• ●Financial transparency is lacking, with no disclosure of capital expenditure requirements, cash balance, or funding sources. This omission makes it impossible to assess whether the company can fund construction through to production.
• ●Operational risk is present due to the early-stage nature of the project and the need to advance over 50 peripheral targets, none of which have reported drill results or prioritization. The scale of exploration required could dilute focus and strain resources.
• ●The appointment of a new Vice President Exploration is framed as a positive, but no objective evidence is provided regarding his track record or ability to materially change project outcomes. Management changes alone do not guarantee operational or financial improvement.

Bottom line

This announcement signals a management change and reiterates the scale of Cabral Gold's resource base in Brazil, but offers no new financial or operational milestones. The company's narrative is aspirational, relying on resource estimates and historical gold production to suggest upside, yet omits critical details on funding, construction progress, and project economics. The Q4 2026 production target is long-dated and unsupported by evidence of capital commitment or permitting. Investors have no visibility into the company's financial position or ability to execute, making this announcement non-actionable from an investment perspective. The most important takeaway is that, despite a credible resource base, Cabral Gold remains at a pre-production stage with material funding and execution risks unresolved.

Announcement summary

(TSXV: CBR) (OTCQX: CBGZF) Cabral Gold Inc. announced the appointment of Mr. Elton Pereira as Vice President Exploration, effective immediately. The Cuiú Cuiú gold district currently contains six separate gold deposits and over 50 peripheral targets which require further exploration. Three main gold deposits at the Cuiú Cuiú project contain NI 43-101 compliant Indicated resources of 12.29Mt @ 1.14 g/t gold (450,200oz) in fresh basement material and 13.56Mt @ 0.50 g/t gold (216,182oz) in oxide material. Inferred resources are 13.63Mt @ 1.04 g/t gold (455,100oz) in fresh basement material and 6.4Mt @ 0.34 g/t gold (70,569oz) in oxide material. The resource estimates are based on NI 43-101 technical reports dated October 12, 2022, October 21, 2024, and July 29, 2025. The Company is currently engaged in the construction of a Phase 1 gold-in-oxide heap leach operation and expects to achieve commercial gold production in Q4 2026. Historically, Cuiú Cuiú produced an estimated 2Moz of placer gold, and the Tapajós Gold Province produced an estimated 30 to 50 million ounces of placer gold between 1978 and 1995.

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