Cabral Gold (CBGZF) Stock Price, News & Analysis

Cabral Gold Inc. (OTCQX: CBGZF; TSXV: CBR) is a junior resource company focused on the identification, exploration, and development of mineral properties in the gold sector. The company’s primary asset is a 100% interest in the Cuiú Cuiú gold district, located in the Tapajós Region within the state of Pará in northern Brazil. Cabral operates in the gold ore mining industry within the broader mining, quarrying, and oil and gas extraction sector.

The Cuiú Cuiú district hosts multiple gold deposits and targets. According to the company’s disclosures, three main gold deposits have been defined at Cuiú Cuiú and contain National Instrument 43-101 compliant Indicated and Inferred mineral resources in both fresh basement (primary) material and near-surface oxide material. The primary (fresh rock) resources are supported by an NI 43-101 technical report dated October 12, 2022, while the oxide resources at the PDM and MG deposits are supported by a technical report dated October 21, 2024. Oxide resources at the Central and Machichie areas are supported by an Updated Pre-Feasibility Study (PFS) NI 43-101 technical report dated July 29, 2025.

Core project: Cuiú Cuiú gold district

Cuiú Cuiú lies within the Tapajós Gold Province, which the Brazilian National Mining Agency (ANM) has identified as the site of the largest gold rush in Brazil’s history. The ANM estimates that between 1978 and 1995, the Tapajós region produced an estimated 30 to 50 million ounces of placer gold. Within this context, Cuiú Cuiú was the largest area of placer workings in the Tapajós and is estimated to have produced about 2 million ounces of placer gold historically. Cabral’s work in the district is focused on defining and expanding hard-rock and oxide gold resources associated with this historic placer field.

Within the Cuiú Cuiú project, Cabral has outlined several key deposits and discoveries. The main deposits with NI 43-101 compliant Indicated and Inferred resources are referred to as Central, MG and JB. In addition, the company has reported discoveries and targets including PDM (Pau de Merenda), Machichie Main, Machichie NE, Jerimum Cima, Mutum, Mutum West, Machichie West, Central SE, Central North, and other early-stage targets. These areas are characterized by gold mineralization hosted in intrusive rocks and overlying weathered material, including saprolite and near-surface sediments that form gold-in-oxide blankets.

Gold-in-oxide and primary (hard-rock) mineralization

Cabral distinguishes between near-surface gold-in-oxide material and deeper primary (fresh rock) mineralization. At several deposits, including MG, Central, PDM and Machichie Main, gold-in-oxide blankets overlie primary gold zones in intrusive rocks. The company has reported NI 43-101 compliant Indicated resources in fresh basement material and oxide material, as well as Inferred resources in both material types, across the Cuiú Cuiú district. The oxide resources at PDM and MG are based on an NI 43-101 technical report dated October 21, 2024, while oxide resources at Central and Machichie are based on the Updated PFS dated July 29, 2025.

Exploration drilling has confirmed that many of the primary gold zones exhibit along-strike and down-dip continuity. For example, at the Machichie Main gold deposit, drilling and trenching have outlined a mineralized zone over approximately 900 metres of strike length, and the zone remains open down-dip on every section. At the Machichie NE target, drilling has defined a high-grade mineralized structure trending northwest–southeast that has been traced for at least 250 metres along strike and remains open along strike and at depth. At the PDM target, Cabral has identified multiple northwest-trending mineralized zones in intrusive rocks beneath the oxide blanket, and drilling indicates that these zones remain open along strike and down-dip.

Phase 1 gold-in-oxide heap leach project

Cabral is advancing a Phase 1 gold-in-oxide heap leach starter project at Cuiú Cuiú. The company has disclosed that this project is based on processing near-surface gold-in-oxide material from deposits including MG, Central and Machichie Main. An Updated Pre-Feasibility Study released on July 29, 2025, describes a heap leach operation designed to treat oxide material at a rate of 1 million tonnes per annum, with a defined mine life and associated operating and capital cost metrics. The study indicates an opportunity to monetize oxide resources at Cuiú Cuiú through heap leach processing.

Cabral has reported that construction activities for the Phase 1 gold-in-oxide heap leach project at Cuiú Cuiú are underway. The company has described progress on detailed engineering, procurement of key capital items, earthworks for the processing plant and heap leach pads, mine camp construction, and infrastructure such as access road upgrades and bridges. Cabral has also disclosed that it has secured project financing through a gold loan agreement intended to fully fund the initial capital costs for the heap leach starter project, as outlined in the Updated PFS.

Exploration and resource growth strategy

In parallel with development of the heap leach starter operation, Cabral continues to conduct exploration drilling aimed at expanding the hard-rock resource base and defining new mineralized zones within the Cuiú Cuiú district. Recent drilling results reported by the company include:

• At Machichie Main, diamond and reverse circulation drilling that infills and extends the mineralized zone at depth, confirms continuity between drill fences, and identifies a new mineralized structure located approximately 100 metres south of the main zone.
• At Machichie NE, diamond drilling that extends a high-grade mineralized zone down-dip and confirms that the structure remains open along strike and at depth.
• At PDM, drilling that expands the surface area of the gold-in-oxide blanket by about 50% and increases the number of identified northwest-trending primary mineralized zones in intrusive rocks from two to four, all of which remain open along strike.
• At the Mutum target, reconnaissance drilling that intersects gold mineralization in saprolite and supports the interpretation of a northwest-trending mineralized structure extending for approximately 1.8 kilometres and connecting the Central gold deposit with the PDM discovery.

The company has also reported the use of drone-based magnetic surveys to improve structural interpretation and target generation. A drone magnetic test survey at Mutum revealed a clear northwest-trending structural corridor that was not evident in earlier fixed-wing airborne data. Cabral has subsequently acquired its own drone magnetic system and has indicated plans to survey the entire Cuiú Cuiú district to refine exploration priorities across more than 50 identified targets.

Location and geological context

Cuiú Cuiú is situated in northern Brazil’s Tapajós Region, an area known for extensive historic artisanal mining of placer gold. The district includes numerous historic placer workings, which Cabral maps alongside its hard-rock targets and deposits. The company’s exploration has focused on intrusive-hosted gold systems and associated weathered profiles that form oxide blankets. Targets such as Central, MG, JB, PDM, Machichie Main, Machichie NE, Jerimum Cima and Mutum are located within structural corridors defined by gold-in-soil anomalies, auger sampling, trenching and geophysical data.

For example, the PDM target lies about 2.5 kilometres northwest of the Central deposit within a prominent northwest-trending gold-in-soil anomaly that has been traced for more than 5 kilometres along strike. Central, Central SE, Central North, PDM and Mutum all lie within this trend. Similarly, Machichie Main is located approximately 500 metres north of the MG deposit and about 3.5 kilometres southeast of the Central deposit, while Machichie NE lies roughly 150 metres northeast of Machichie Main and about 650 metres north of MG.

Capital markets and trading

Cabral Gold Inc. is listed on the TSX Venture Exchange under the symbol CBR and trades in the United States on the OTCQX market under the symbol CBGZF. The company has disclosed that it upgraded its U.S. listing from the OTCQB Venture Market to the OTCQX Market, which is described as a market for established U.S. and international companies that meet specified financial and governance standards.

Project development and financing

To support the development of the Phase 1 heap leach project at Cuiú Cuiú, Cabral has entered into a gold loan agreement with Precious Metals Yield Fund. The company has reported that the principal amount of the gold loan is approximately US$45 million, with terms including a fixed term length, an annual interest rate, and principal and interest payments denominated in gold. Cabral has stated that the proceeds of the gold loan are expected to fully fund the initial capital costs for the heap leach starter project as outlined in the Updated PFS. The company has also disclosed that it issued non-transferable common share purchase warrants to the lender in connection with the gold loan, subject to applicable securities law hold periods and stock exchange approvals.

Cabral has indicated that the financial flexibility provided by the gold loan and prior equity financing allows it to continue its exploration drilling program during the construction of the heap leach project. The company has described a strategy in which early oxide production is intended to support further exploration and potential future stages of development focused on the larger hard-rock resource base at Cuiú Cuiú.

Technical reporting and standards

Cabral’s mineral resource estimates and project studies are prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The company’s news releases state that Qualified Persons, as defined by NI 43-101, have supervised and approved the technical information. Cabral also describes a Quality Assurance / Quality Control (QA/QC) program for its exploration projects, including chain-of-custody procedures, insertion of certified reference materials, blanks and duplicates, and the use of an independent analytical laboratory for gold assays.