Cabral Gold (CBR) investor relations material

Project overview and discoveries

• District-scale gold project in Brazil with four new discoveries in the last three years and multiple deposits, aiming for a resource of 5–10 million ounces.

• Current resource is 1.2 million ounces, with 20,000 m of drilling completed since the last estimate and ongoing drilling expected to yield more results.

• Notable high-grade drill results include 11 m at 33 g/t and 12 m at 27 g/t, with several new zones identified outside existing deposits.

• Over 50 additional targets identified, with surface and trench samples showing significant gold grades.

• Boulder fields in the district show exceptionally high gold grades, indicating further exploration potential.

Development strategy and financials

• Two-stage development: initial focus on mining saprolite (weathered) material, which is 60 m thick and free-digging, to generate cash flow.

• Construction decision for the starter operation expected within weeks, targeting $75 million annual profit at current gold prices.

• Heap leach processing chosen for simplicity and high recovery rates (92–93%), with the plant already ordered and under construction.

• PFS models a 3,000 tpd operation with a $37–38 million capex, NPV of $78 million at $2,500 gold, and post-tax IRR of 78%.

• All-in sustaining cost is $1,200/oz, with initial production of 25,000 oz/year; financing is being finalized.

Management, team, and differentiation

• Management has deep experience in Brazil, with a strong local team and a track record of multiple gold discoveries.

• CEO has personally invested $2 million, emphasizing management's financial commitment and alignment with shareholders.

• Company is listed on TSX Venture Exchange, with a $120 million market cap and $10 million cash on hand.

• Differentiators include management's personal investment, district-scale opportunity, and proximity to Brazil's third largest gold mine.

• Ongoing drilling and news flow expected to drive further interest and potential re-rating upon securing project financing.