CEO.CA Chairman's Briefing

Vancouver, British Columbia--(Newsfile Corp. - July 17, 2024) - Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) ("Cabral" or the "Company") is pleased to announce drill results from fifteen initial reconnaissance RC holes drilled at the Machichie West target within the Cuiú Cuiú gold district.

Highlights

• RC439 returned 10m @ 3.00 g/t gold from 11m depth in weathered saprolite including 5m @ 5.37 g/t gold from 13m depth

• RC427 returned 13m @ 1.00 g/t gold from 19m depth in weathered saprolite, including 2m @ 4.80 g/t gold

• RC430 returned 8m @ 0.36 g/t gold from surface in blanket sediments followed by 9m @ 0.27 g/t gold in weathered saprolite. The hole also intersected 8m @ 0.60 g/t gold from 26.0m depth including 1m @ 3.78 g/t gold in hard rock

• These RC results from Machichie West suggest the presence of additional mineralized structures which have not been previously recognized which could in the near-term provide additional near surface oxide material for the trial mining and heap leach processing operation which is currently the subject of the ongoing PFS study

Alan Carter, Cabral's President and CEO commented, "The Machichie West target has never been previously tested by drilling, but previous trenching produced encouraging results including 96.5m @ 0.6 g/t gold and 138m @ 0.5 g/t gold. Following the recent success of near-surface drilling at the Machichie NE target where RC421 recently returned 11m @ 33 g/t gold, this maiden reconnaissance drill program at Machichie West was designed to follow up surface trench results and define the near surface potential for additional oxide resources. The results from hole RC439 look particularly encouraging and may indicate the presence of another new zone of gold mineralization which extends to surface. As with recent results from the Machichie Main and Machichie NE zones, these results indicate the presence of additional near surface gold-in-oxide mineralization in close proximity to the MG gold deposit."

Machichie West RC Drill Results

The Machichie area occurs 500m north of the MG gold deposit. To date, Cabral has drilled three mineralized zones at Machichie: Machichie Main, Machichie NE, and Machichie West (Figures 1 and 2). Machichie West is located immediately west of Machichie Main and approximately 800m west southwest of Machichie NE where RC421 recently returned 11m @ 33.0 g/t gold in a new previously unrecognized high-grade zone of bonanza gold mineralization. Machichie West comprises a 500 x 300m area with numerous NE trending veins in intrusive rocks where previous trenching returned long low-grade intervals of gold mineralization including 96.5m @ 0.6 g/t gold and 138m @ 0.5 g/t gold.

Figure 1: Map showing the location of the Machichie West target, the MG and Central gold deposits and other targets / prospects at Cuiú Cuiú

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The Machichie West target has never been previously drill tested but was recently subject to a series of reconnaissance drill holes as part of the Company's ongoing RC drill program aimed at identifying near-surface oxide resources in close proximity to the MG gold deposit that could provide additional feed for the trial mining / heap leach processing of near surface oxide material which is currently subject to an ongoing PFS.

The fifteen holes reported here were drilled in three main traverses oriented N-S to NW-SE (Figure 2) in order to maximise the chances of intersecting what is interpreted from surface trenching to be a series of NE trending mineralized structures.

Figure 2. Detailed map showing Machichie deposits and MG gold (MG) resource. Base map is Total Magnetic Intensity Reduced to Pole. RC drill holes in current program are shown in red dots with specific highlight holes labeled. Black dots are previously existing drill holes. Limit to MG gold-in-oxide blanket is shown in red. Limits to primary zones of mineralization in underlying bedrock are shown in yellow

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The results are shown in Table 1. Notable results include RC439 (Figure 3) which was drilled as one of four holes in the western most traverse. RC439 intersected 10.0m @ 3.0 g/t Au in saprolite from 11m depth including 5m @ 5.37 g/t gold. The intercept remains open at depth and to the west. An adjacent hole, RC440, intersected 1m @ 1.19 g/t gold from surface and 7.0m @ 0.32 g/t Au. As seen in Figure 3, these intercepts lie nearby trench CT0049 which returned 96.5m @ 0.6 g/t gold including 7.7m @ 5.8 g/t gold on surface (see press release dated 4th August 2022). Additional drilling is required to fully test this area.

Figure 3. Cross-section showing drill intercepts in RC0433, RC0439, RC0440 and RC0441 and previous surface trench results from trench CT0049

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RC430, drilled in a parralel section 100 metres to the northeast of RC439, intersected mulitple zones of mineralization in colluvium, the underlying saprolite, and the underlying intrusive bedrock. These intercepts remains open at depth and to the north (Figure 4).

Figure 4. Cross section showing RC0430, RC0432, RC0435, RC0436 and RC0437

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More than 150 metres to the east of RC430 (Figure 2), RC427 intersected several zones of mineralization returning 8m @ 0.2 g/t Au in blanket colluvium (0.0 to 8.0m) and 13m @ 1.00 g/t gold (19.0m to 32.0m) in saprolite, including 2m @ 4.8 g/t gold (Figure 5). This hole was drilled in an area where previous trenching (CT0038A) returned 112m @ 0.4 g/t gold including 11m @ 1.2 g/t gold (see press release dated 4th August 2022). This intercept may be the down dip extension of the +1g/t gold zone intersected in trench CT0038A. The mineralized zone remains open to the east, west, and north, as well as at depth. Hole RC428 was also drilled on the same section 45m SE of RC427 and cut 1m @ 1.30 g/t gold at the very bottom of the hole indicating the presence of a second mineralized zone on this section.

Figure 5 - Cross-section showing RC0427 and RC0428 with drill results and earlier trench results from CT0038A

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Results are currently pending on 5 additional RC holes from Machichie West as well as 5 additional RC drill holes and 2 diamond drill holes from Machichie NE where follow up drilling is aimed at determining the size and continuity of the high-grade bonanza zone recently intersected in RC421.

Brian Arkell, Cabral's Vice President Exploration and Technical Services commented: "The drilling at Machichie is still widely spaced and there some large gaps, but it appears that Machichie West is the westward continuation of the major E-W trending structural zone coming out of Machichie Main zone. Mineralization is still open to the west as well as the east where we have a large gap in drilling between Machichie West and Machichie Main. The overall Machichie trend has now been defined as over 1.5 kilometres long, and given the proximity to MG, Machichie could provide significant upside to the overall gold-in-oxide development project."

Table 1: Drill results from the Machichie West target regarding holes RC427 to RC441, Terms; g/t = grams / tonne, m = metres,

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. Two main gold deposits have so far been defined at the Cuiú Cuiú project which contains National Instrument 43-101 compliant Indicated resources of 21.6Mt @ 0.87 g/t gold (604,000 oz) and Inferred resources of 19.8Mt @ 0.84 g/t gold (534,500 oz) as per the 43-101 technical report dated October 12, 2022.

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.

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.

Notes

Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher grade samples checked by FAA525. Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored under the supervision the Company's exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps are returned to the Company and archived. Drill holes results are quoted as down-hole length weighted intersections.

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