Cabral Gold (CBR) investor relations material

Project overview and development status

• Cuiú Cuiú gold district in Brazil has district-scale potential with near-term production targeted for Q4 2026 from a Phase 1 starter operation focused on gold-in-oxide resources.

• Construction of the Phase 1 heap leach project is 54% complete, with 71% of project costs committed and commissioning scheduled for Q3 2026.

• A US$45M gold loan closed in November 2025 fully funds Stage 1 construction; first gold pour expected Q4 2026.

• Full mining license (LP) granted in March 2026, significantly de-risking both Phase 1 and future Phase 2 hard rock development.

Resource base and exploration upside

• Indicated resources: 12.29Mt @ 1.14 g/t gold (450,200oz) primary, 13.56Mt @ 0.50 g/t gold (216,182oz) oxide; Inferred: 13.63Mt @ 1.04 g/t gold (455,100oz) primary, 6.40Mt @ 0.34 g/t gold (70,569oz) oxide.

• Five gold-in-oxide blankets identified (Central, MG, Machichie, PDM, Jerimum Cima) with 216,182oz Indicated and 70,569oz Inferred resources.

• Four recent hard rock discoveries (PDM, Machichie Main, Jerimum Cima, Machichie NE) show high-grade intercepts, e.g., 9.5m @ 87.4 g/t gold at Jerimum Cima.

• Over 50 peripheral targets identified, with ongoing drilling at MG, Jerimum Cima, and Mutum to expand the global resource.

Economic highlights and operational plan

• July 2025 PFS: after-tax IRR of 78%, NPV5 of US$74M at $2,500/oz gold, capex US$37.7M, payback in 10 months, AISC US$1,210/oz.

• Phase 1 targets 113,155oz gold production over 6.2 years, with 25,000oz/year in the first two years.

• Simple heap leach processing route with average gold recovery of 88%; no crushing or grinding required.

• Cash flow from Stage 1 will fund further drilling and expansion, aiming for a Stage 2 PEA on a larger hard rock resource in 2027.