Cabral Gold (CBR) Corporate presentation summary

Project overview and development strategy

• Cuiú Cuiú gold district in Brazil is advancing toward commercial production, with commissioning of Phase 1 heap leach mine underway and first gold pour of 1,130oz achieved in September 2026, ahead of schedule.

• Phase 1 targets 25,000oz/year from oxide material, with commercial production expected in Q4 2026; Phase 2 will focus on a larger hard rock operation, with a PEA planned for 2027.

• The project is fully funded for Phase 1 via a US$45M gold loan, aiming to self-fund further expansion and exploration from operational cash flow.

• Updated PFS (July 2025) shows an after-tax IRR of 78% and NPV5 of US$73.9M at $2,500/oz gold, with a 10-month payback and AISC of US$1,210/oz.

• Six drill rigs are active, with an updated global resource estimate expected by end of 2026, expanding from three to six deposits.

Resource base and exploration upside

• Current resources total 1.2Moz (0.7Moz Indicated, 0.5Moz Inferred), with 50,000m drilled since the last estimate in 2022 and a resource update due by year-end 2026.

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

• Four new hard rock discoveries since 2022: Machichie Main, Machichie NE, PDM, and Jerimum Cima, with high-grade drill results such as 9.5m @ 87.4g/t Au and 11m @ 33g/t Au.

• Over 50 peripheral targets identified, with high-grade intercepts at multiple prospects, supporting district-scale potential.

• Updated resource estimates for new discoveries and oxide blankets expected by end of 2026.

Economic highlights and operational details

• Phase 1 heap leach operation has a 6.2-year mine life, producing 113,155oz gold, with average annual production of 18,500oz and 25,000oz/year in the first two years.

• Heap leach processing is simple, requiring no crushing or grinding, with average gold recovery of 88% and metallurgical tests showing up to 93% recovery.

• Initial capital expenditure is US$37.7M, with sustaining capital of US$8.02M; payback period is 10 months.

• Sensitivity analysis shows IRR increases to 151% and NPV5 to US$150M at a gold price of $3,500/oz.

• The project aims to avoid dilutive equity financing by generating near-term cash flow from oxide production.