Cabral Gold Provides Update on Construction Progress at Cuiú Cuiú; Project on Track for Q4 2026 Production

Rhea-AI Summary

Cabral Gold (OTCQX: CBGZF) reports Phase 1 construction at the Cuiú Cuiú gold-in-oxide heap leach project is 54% complete with 71% of costs committed. Project remains on budget and on schedule for plant commissioning in Q3 2026 and commercial production in Q4 2026. Key work: detailed engineering, >90% procurement of major equipment, 75% infill drilling of the MG starter pit, and infrastructure including a 136-bed camp.

Safety metrics show 93,625 hours worked in 2026 to date with a zero LTI rate.

Positive

• Construction progress at 54% complete
• 71% of project costs committed under contract
• Procurement of major plant equipment >90% complete
• Infill drilling of MG starter pit 75% complete
• Project on budget and on schedule for Q4 2026 production

Negative

• Remaining long-lead equipment and final procurement to complete this month
• Weather caused challenges in January–February, though now mitigated

Vancouver, British Columbia--(Newsfile Corp. - March 5, 2026) - Cabral Gold Inc. (TSXV: CBR) (OTCQX: CBGZF) ("Cabral" or the "Company") is pleased to provide a construction update regarding its Phase 1 gold-in-oxide heap leach project at the Cuiú Cuiú Gold District, Brazil.

Highlights

• Construction activity for the Phase 1 gold-in-oxide heap leach construction project is now 54% complete, with 71% of project costs committed under contract

• The project remains on budget and on schedule for plant commissioning in Q3, 2026 and commercial production in Q4 2026

• Detailed engineering is on track, and procurement of major plant equipment is now over 90% complete, with the procurement of the remaining equipment to be finalized later this month.

• The Owners team and Contractors have so far worked a total of 93,625 hours during 2026 with a Lost Time Incident ("LTI") rate of zero

• A total of 283 employees and contractors are currently on site on the construction project (excluding the off-site Ausenco Brazil engineering team and members of the owners' team as well as Cabral's exploration team), 100% of employees and contractors are Brazilian and 70% are from the state of Para

• In-fill drilling of the MG oxide starter pit (first 12 months) is 75% complete and once completed will feed into a detailed mine design which provides the mine plan for the commencement of mining activities in mid-2026

Alan Carter, Cabral's President and CEO, commented, "Our Construction team continues to make excellent progress in executing on the 12-month construction program for our Phase 1 gold-in-oxide heap leach project at Cuiú Cuiú. Our team has demonstrated resilience and strong technical capability in successfully dealing with the challenges encountered to date. We have put behind us the uncertainty normally associated with significant earthworks of a construction project, and we are now focused on above-ground construction and plant erection, which is less dependent on weather conditions. The execution of the project plan is proceeding on budget and to schedule, targeting commissioning of the plant in the third quarter of 2026, followed by commercial production at Cuiú Cuiú in the fourth quarter of 2026."

Cuiú Cuiú Construction Update

Detailed Engineering

Project engineering and construction execution drawings continue ahead of plan ensuring these activities are unlikely to impact the critical path.

Major current priorities include;

• P&IDs and detailed design for wet systems (post Heap Leach Pads)
• Geotechnical study and evaluation in support of design of Spent Ore Pile and Waste Rock facilities
• Finalise design and execution drawings in preparation for the construction of the Heap Leach Pads (quarter 2, 2026)

Procurement and Delivery

Overall procurement of equipment for all major plant equipment is over 90% complete. Notable long-lead items currently being manufactured include the adsorption, desorption, and recovery ("ADR") plant, the mineral sizer, and the various conveyor systems. The ADR plant is in the final assembly stage at Como Engineering in Perth, Australia (Figure 1). After a dry commissioning program in March, the plant will be disassembled and packed in shipping containers for transportation to the site.

Figure 1: The Adsorption, Desorption, and Recovery (ADR) plant at Como Engineering in Perth, Australia,nearing completion,  prior to commissioning and shipping to Cuiú Cuiú site

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https://images.newsfilecorp.com/files/3900/286357_4824a8e184ebebe6_002full.jpg

Manufacturing of steel structures is progressing with all contracts awarded to local suppliers. The fabrication of the Run of Mine ("ROM") ore bin and related support structures is being prepared for transport to the site, where its delivery is expected by mid March (Figure 2).

Figure 2: Run of Mine (ROM) steel ore bin under fabrication in Itaituba, Brazil

To view an enhanced version of this graphic, please visit:
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Expenditures and schedule are tracking 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

The area for the permanent mine camp has been cleared and leveled, and construction began in January 2026. The mine camp and project offices will be located within the secured operations area and alongside the new dedicated private airstrip. The new accommodation facilities will have capacity for 136 employees and contractors, and they remain on schedule for completion by the end of March 2026 (Figure 3).

Figure 3: New mine camp currently under construction at Cuiu Cuiu.

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Earthworks on the production plateau are now 95% complete, as are most of the concrete foundations required to support the process equipment due on site in the coming months. The final water and solution storage ponds are currently nearing completion (Figure 4). This critical phase of the project was completed on time and within the allocated budget.

Figure 4: Solution storage ponds on the production plateau at Cuiu Cuiu nearing completion

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https://images.newsfilecorp.com/files/3900/286357_4824a8e184ebebe6_005full.jpg

A 9-metre-high Mechanically Stabilized Earth (MSE) retaining wall for the ROM ore reception area was recently completed (Figure 5), making room for the ROM ore bin that will receive ore in preparation for processing.

Figure 5: Run of Mine area of Production Plateau showing recently constructed Mechanically Stabilized Earth (MSE) retaining wall which is 9m high. Cement foundations on left are for mineral sizer and cement bin.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3900/286357_4824a8e184ebebe6_006full.jpg

Project Development Timeline

The Project remains on track and on budget for plant commissioning in Q3, 2026, and commercial production in Q4 2026 (Table 1).

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 37,940 hours so far during 2026 and Contractors have worked a total of 55,685 hours for a total of 93,625 hours with a Lost Time Incident rate ("LTI") of zero.

A total of 283 employees and contractors are currently engaged by the Project (excluding the off-site Ausenco Brazil engineering team and the corporate exploration team), with 100% of the workforce comprised of Brazilians and 70% local residents from the State of Para.

During the coming weeks, the project will see a gradual transition of the workforce from earthmoving to plant erection and construction, which are expected to dominate in the coming months.

Timetable and Next Steps

The project has progressed efficiently through the early construction phase, leveraging the investment in initial works during 2025. Despite more challenging weather conditions in January and February, the project is now 54% complete and on schedule for commissioning in Q3, 2026. Key development milestones in the upcoming months include:

• Infill drilling program at MG pit in Q1 2026
• Major equipment arrives on site Q1 and Q2 2026
• Plant construction during Q2 2026
• ADR plant arrives on site in Q3, 2026
• Plant commissioning during Q3 2026
• Commercial production and ramp-up in Q4 2026

Video Update

The company has included a link on its website to a short video showing of our construction progress. We will update this video each month simultaneously with the release of the monthly update. The link is https://youtu.be/WQ415zAg-2g .

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286357

FAQ

What is Cabral Gold's updated construction completion percentage for Cuiú Cuiú (CBGZF) as of March 5, 2026?

The project is 54% complete as of March 5, 2026. According to the company, key activities now focus on plant erection, with earthworks largely finished and major equipment procurement largely complete.

When does Cabral Gold expect commissioning and commercial production at Cuiú Cuiú (CBGZF)?

Cabral Gold targets plant commissioning in Q3 2026 and commercial production in Q4 2026. According to the company, remaining construction and commissioning steps are scheduled across Q2–Q3 with ramp-up planned in Q4.

How much of Cuiú Cuiú's project costs are committed and what procurement progress has CBGZF reported?

The company reports 71% of project costs committed and >90% of major equipment procurement complete. According to the company, notable long-lead items include the ADR plant and conveyor systems.

What workforce and safety metrics did Cabral Gold report for the Cuiú Cuiú project in March 2026?

There are 283 employees and contractors on site, 100% Brazilian and 70% from Para, with 93,625 hours worked and a zero LTI rate. According to the company, workforce will shift from earthmoving to plant erection.

What are the near-term milestones for Cuiú Cuiú that investors should monitor (CBGZF)?

Near-term milestones include completing MG infill drilling in Q1 2026, major equipment arriving Q1–Q2, plant construction in Q2, ADR arrival in Q3, then commissioning and ramp-up. According to the company, these steps drive the Q3–Q4 2026 timeline.