Cabral Gold Inc. provided an update of the ongoing trial-mining prefeasibility study (PFS) regarding the potential exploitation of near-surface gold-in-oxide mineralization at both the Central and MG gold deposits within the Cuiú Cuiú gold district in northern Brazil. The Company is making good progress on a NI 43-101 compliant PFS regarding the economic viability of mining and heap-leach processing of the gold-in-oxide weathered material at the Central and MG gold deposits at Cuiú Cuiú. Ausenco do Brasil Engenharia Ltda ("Ausenco") has advised that the study is now 87% complete with the main items outstanding being capex estimates.

The combined Ausenco - Cabral team is now focused on trade-off studies and more detailed design of various project components such as earthworks, leach pad and process plant, as well as obtaining more concise cost estimates. These final steps are aimed at optimizing the project to the most efficient, cost-effective design. Metallurgical test work is being conducted by Kappes Cassiday & Associates in Reno, Nevada on six additional representative samples of oxide ore from the MG and Central gold deposits is now 60% complete.

Initial indications are encouraging and indicate results comparable with previous test work which resulted in gold recoveries of 82% at MG after 60 days leaching in columns. Testing confirms the material will require cement agglomeration. Agglomeration and compaction tests indicate cement usage of 10kg/tonne is sufficient to provide the necessary competency for a single-lift (5 metre) heap leach pad.

Higher heap lift heights will likely require higher cement additions, depending on the total lift height. The competency of Central ore is superior to MG ore and will, therefore, likely require a lower cement level to support the required heap conditions. With agglomeration and cement addition, the ore appears competent to be processed in multi-level leach pads, though a single lift, ON-OFF leach may present the best option for early MG higher-grade ore processing.

The team is currently reviewing these options in a trade-off study. Final test results from both MG and Central are expected within the next few weeks. The mine design and planning work being undertaken by Dewick Brazil Inc. ("Deswick") is currently 30% complete using updated resource models for the gold-in-oxide material at both the MG and Central gold deposits.

Pronorte Geotecnica Ltda ("Pronorte") has completed a program of geotechnical drilling at Cuiú Cuiú consisting of an initial 16 diamond-drill holes and 30 power-auger holes. As previously reported, the RC drilling program aimed at identifying additional near-surface oxide resources, has been extended. This additional drilling is currently in progress at the Machichie deposit, and plans are to continue drilling at PDM and other deposits.

The Company expects to release the results of the PFS during mid Third Quarter 2024.