Vancouver, British Columbia--(Newsfile Corp. - December 12, 2023) - Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) ("Cabral" or the "Company") is pleased to announce that it has established a technical advisory committee (the "Technical Committee").

Highlights

• The primary purpose of the Technical Committee is to review, monitor and make recommendations to the Board of Directors in respect of the technical activities of the Company including those relating to the ongoing pre-feasibility study for trial mining of oxide gold deposits within the Company's Cuiú Cuiú gold district in northern Brazil

• The Technical Committee is comprised of independent directors, Jon Gilligan and Ian Gendall, independent consultant, Mark E. Smith, and Cabral's executive chairman, P. Mark Smith

• Independent director Dr. Jon Gilligan, who is currently President and COO of Liberty Gold Corp., has been appointed Chairman of the Technical Committee

• Mark E. Smith is President of RRD International Corp. and is an internationally recognized expert in heap leach mineral processing with wide experience in South America having worked on projects in Brazil, Peru and Chile

Alan Carter, Cabral's President and CEO, commented, "We are extremely pleased to announce the formation of the Technical Committee, which will assist Management and the Board in providing oversight regarding technical matters and the advancement of the Company's Cuiú Cuiú gold district, specifically with respect to the completion of the ongoing pre-feasibility study. In particular, the recent addition of Jon Gilligan to the Board, his agreement to chair the Technical Committee, and the inclusion of Mark E. Smith on the committee greatly expands the Company's depth of expertise in the development, construction and operation of heap leach projects."

Jon Gilligan

Dr. Jonathan Gilligan is an independent director of Cabral and is currently President and Chief Operating Officer of Liberty Gold Corp., a company developing open pit, heap leach oxide gold projects in Idaho and Utah, USA.

Jon is a senior mining executive with over 35 years of multi-commodity, international experience across technical services, capital projects, open pit mine construction and operations. Prior to joining Liberty Gold Corp., he held senior technical and projects roles with both Torex Gold Resources Inc., SSR Mining Inc., and BHP. Dr. Gilligan has been instrumental in advancing many mining operations around the world including the Marigold open-pit heap leach operation, Nevada, USA; Chinchillas open pit mine, Argentina; Olympic Dam Expansion Project, South Australia; Escondida Mine, Chile and the Escondida Norte open pit copper mine, Chile.

Mark E. Smith

Mark is President of RRD International Corp. and has been working in base and precious metals mining and processing for over 40 years with a focus since the late 1990's on South America. He managed the Vector engineering team in Lima for ten years. His South American heap leach clients have included Brazilian Nickel and Vale in Brazil; Barrick in Peru, Chile and Argentina; BHP in Colombia, Peru, Chile and Guatemala; Minsur in Peru; Milpo in Peru; Glencore in Chile; Goldcorp in Chile; Kinross in Chile; Coldelco in Chile and Peru; Freeport in Peru; Rio Tinto in Peru; Xstrata in Peru and Chile; Group Mexico in Peru; and Anglo American in Chile and Brazil.

Mark's wet climate heap leach experience includes: Piaui nickel (Piaui, Brazil); Area 118 copper (Para, Brazil); Cristalino copper HL (Brazil), Cerro Matoso nickel (Colombia); Trapiche copper (Peru); Newmont gold (Peru); Pierina gold (Peru); La Granja copper (Peru); La Arena gold (Peru); Lagunas Norte gold (Peru); Acoje nickel (Philippines); Hallmark nickel (Indonesia); Merdeka nickel (Indonesia); and Gag Island nickel (Indonesia). In addition, he worked on several non-heap leach projects in the high-rainfall areas of Brazil including Vermelho HPAL nickel, Salobo copper, Coringa gold, Minas Rio iron.

Mark is a registered civil, geotechnical and structural engineer, and has published dozens of papers on heap leaching, tailings management, and mine closure.

Ian Gendall

Ian Gendall is an independent director of Cabral and is currently President and CEO of DLP Resources Inc. Ian is a geologist with over 32 years' experience in South Africa, South America, Canada, Mexico and the USA, and has led and managed exploration teams and evaluated copper and gold projects for previous companies such as Gencor, Billiton, Anglo American, Antofagasta and more recently OceanaGold.

Ian led the Billiton Exploration team which was credited with the major porphyry copper discoveries in south-east Ecuador which were subsequently optioned to Corriente Resources Inc., which was subsequently taken over by CRCC-Tongguan Investment Co., Ltd. for $679 million in 2010.

Ian has extensive experience in Brazil and the Tapajos Gold Province having previously managed programs for Chapleau Resources and Magellan Minerals. During this time he oversaw and managed the resource estimation and preliminary economic assessment study for the Coringa gold project in Brazil which is currently operated by Serabi Gold.

P. Mark Smith

P. Mark Smith is a geologist and is Executive Chairman of Cabral.

Mark has more than 40 years of experience in the industry with expertise ranging from exploration, mining, research, advising, and arranging financings. Mr. Smith started his career as a geologist in the mining and exploration industry and throughout his career became a Senior Mining Analyst and later a Managing Director Investment Banker. He spent 20 years working for several mining companies including Cominco, and the Mineral Deposits Section of the Ontario Geological Survey before transitioning into the brokerage industry in 1997. For the next 11 years he worked as a mining analyst with Marleau-Lemire, C.M. Oliver, First Associates, and Dundee Securities, specializing in gold. Over the next decade Mark was an Investment Banker with Dundee Securities, Stifel Nicolas, and M Partners where he provided financial, technical, marketing, general corporate, and strategic advice as well as arranged financing for private and public companies in the mining and exploration sector.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

"Alan Carter"

President and Chief Executive Officer
Cabral Gold Inc.

Tel: 604.676.5660

Guillermo Hughes, MAusIMM and FAIG., a consultant to the Company as well as a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

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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