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Cabral Gold Inc. (TSXV: CBR,OTC:CBGZF) (OTCQX: CBGZF) ("Cabral" or the "Company") is pleased to provide a construction and commissioning update regarding its Phase 1 gold-in-oxide heap leach project at the Cuiú Cuiú Gold District, Brazil.
Highlights
- Construction of the dry circuit for the Phase 1 gold-in-oxide heap leach project is now complete, with total project construction and commissioning now approximately 85% complete, and +90% of project costs committed under contract
- Mining of gold-in-oxide ore has commenced, with ore being successfully processed by the sizer, agglomerated, and transported by conveyor systems to the heap leach pads
- The ADR plant has arrived in country and is expected to be on site later this month. The project remains on schedule with commissioning during Q3 and ramp up to full production during Q4 2026
- The Owners' team and Contractors have worked a total of 501,743 hours during 2026 with a Lost Time Incident ("LTI") rate of zero as of July 3, 2026
- A total of 308 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), 100% of project employees and contractors are Brazilian and approximately 61% are from the state of Para
Alan Carter, Cabral's President and CEO, commented, "Our construction team have continued to make excellent progress on the construction of our Phase 1 gold-in-oxide heap leach project at Cuiú Cuiú during the last couple of months. Commissioning is in progress and the project remains on schedule for commercial gold production during the fourth quarter of this year. The commissioning of the dry plant processing facilities is now largely complete, and the ADR plant has arrived in country and is expected to arrive on site later this month. Mining of the MG orebody has commenced and stacking of ore on pad 1 is currently in progress. All of this has been achieved by the owners' team and contractors having worked a total of 501,743 hours with zero lost time incidents during 2026."
Cuiú Cuiú Construction Update
Procurement and Delivery
The adsorption, desorption, and recovery ("ADR") plant was tested and partly commissioned at Como Engineering in Perth, Australia. It has now arrived in Brazil and is expected to arrive on site in late July.
The mineral sizer arrived on site in June and has now been installed and commissioned. Mechanical assembly of the dry plant, including all of the conveyor systems, has been completed.
Key process consumables for the dry plant such as cement, process water and diesel are available on site. The Company has received regulatory approval for the use of cyanide on site.
Expenditures and schedule continue to track in line with the Pre-Feasibility 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.").
Infrastructure Improvements and Construction
Construction of the water management and collection ponds is now complete. Construction of the heap leach pads is well underway, with pad 2 of the four pads to be completed in July.
Construction of the ore preparation dry circuit of the plant has been completed.
Commissioning
Representatives of Strategic Metallurgy Pty Ltd. arrived on site in mid-June to oversee and manage the initial phase of commissioning focusing on the dry circuit (ore processing up to the heap leach pads). The commissioning of the dry circuit is largely complete and recently reached an important milestone with commencement of mining, the successful processing of ore and the creation of the first pile (Figures 1, 2, 3 and 4).
The second phase of the commissioning process will include processing of the pregnant solution, extracting gold through the carbon columns, and producing dore from the ADR plant. The timing of this will be dictated by the progress of the first phase, but is currently planned for later in Q3, 2026.
Figure 1: Mining in process at the MG orebody
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Figure 2: Loading of the ROM ore bin in foreground. Photo also shows sizer and cement silo and
agglomerating drum and conveyors transported agglomerated ore to pad 1
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Figure 3: Agglomerating drum in operation
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Figure 4: Mobile conveyors transporting agglomerated saprolite ore from the agglomerating drum to
the stacker to pad 1 at Cuiu Cuiu. Note crushed rock base to heap leach pad
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Figure 5. Members of Cabral's senior management on site at Cuiu Cuiu during June. From left to right, John Sestan (VP Project Development), Alan Carter (President & CEO), Luiz Celaro (VP Brazil Operations), Jon Gilligan (Board Chair), Mark E. Smith (Heap Leach Consultant and Member of Technical Committee), Vinicius Domingues (Director)
and Martin Errington (Heap Leach Consultant)
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Mining and Resource update
A detailed infill drilling campaign focusing on the first 9 months of production at the MG gold deposit has been completed. Assay results have so far been released on 124 RC holes completed as part of this program and are in line with expectations (see press releases dated April 7, May 7, May 27 and June 11, 2026). Results are currently pending on an additional 41 holes.
The results from these infill drill holes are being used to generate a revised reserve estimate for MG and prepare an updated mine plan.
The mining fleet has been mobilized to site. The initial focus of site preparation and mine development has been replaced by the mining of ore from the MG orebody which commenced earlier this week.
Project Development Timeline and Next Steps
The Project remains on track for plant commissioning during Q3, 2026, and commercial production in Q4 2026 (Table 1).
The project has progressed successfully and is now approximately 85% complete, with activity clearly shifting from construction to commissioning. The project remains on schedule, with Q3 activities focused on commissioning and first gold being planned early in Q4. Key development milestones in the upcoming months include:
- Arrival and installation of the ADR plant, planned to arrive on site in late July 2026
- Commissioning of the wet circuit during Q3 2026
- Commercial production and ramp-up in Q4 2026
Table 1: GANT chart showing construction schedule for Phase 1 operation at Cuiu Cuiu
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Safety & Human Resources
The Owners team has worked a total of 184,406 hours and Contractors have worked a total of 317,337 hours for a total of 501,743 hours with a Lost Time Incident rate ("LTI") of zero as of July 3, 2026.
A total of 308 employees and contractors are currently engaged by the Project (excluding the off-site Ausenco Brazil engineering team and Cabral's exploration team), with 100% of the workforce comprised of Brazilians and approximately 61% local residents from the State of Para.
Video Update
The Company has included a link on its YouTube channel to a short video showing our construction progress. We will update this video each month simultaneously with the release of the monthly update. The link is https://youtu.be/jXrsk4h8Qs4.
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% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in northern Brazil. Three main gold deposits have so far been defined at the Cuiú Cuiú project which contain National Instrument ("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. The project also contains Inferred resources of 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 estimate for the primary material is based on the NI 43-101 technical report dated October 12, 2022. The resource estimate for the oxide material at PDM and MG is based on a NI 43-101 technical report dated October 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 Tapajós Gold Province is the site of the largest gold rush in Brazil's history which according to the ANM (Agência Nacional de Mineração or National Mining Agency of Brazil) produced an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest area of placer workings in the Tapajós and produced an estimated 2Moz of placer gold historically.
FOR FURTHER INFORMATION PLEASE CONTACT:
"Alan Carter"
President and Chief Executive Officer
Cabral Gold Inc.
Tel: 604.676.5660
Qualified Person and Technical Information
Technical information included in this release was supervised and approved by Brian Arkell, B.S. Geology and M.S. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of the words "will", "expected" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.
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