Vancouver, British Columbia--(Newsfile Corp. - November 23, 2023) - Cabral Gold Inc. (TSXV: CBR) (OTC PINK: CBGZF) ("Cabral" or the "Company") is pleased to provide an update of the ongoing trial-mining pre-feasibility study regarding 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.

Highlights

• The RC drilling program at Cuiú Cuiú continues to make excellent progress with a total of 69 holes completed to date. Results are currently pending on 31 RC holes from Central, 12 RC holes and nine power auger holes from MG, and 12 RC holes from Machichie where previous drilling indicates the potential for a new zone of gold-in-oxide mineralization

• Drilling results to date support the strategic direction of developing a high grade / high margin project based on the gold-in-oxide blanket above the primary sulphide-hosted orebody at Cuiú Cuiú. Early indications from the drilling point to the potential for an increase in high grade inventory, closer to the surface

• Additional metallurgical test work including column-leach tests are planned to better understand the gold recoveries of both the high-grade and low-grade gold-in-oxide ore at Central and MG. Additional metallurgical samples are currently being collected

• Pronorte Geotecnica Ltda ("Pronorte") has been contracted to complete a program of geotechnical drilling at Cuiú Cuiú consisting of an initial 16 diamond-drill holes and 30 power-auger holes. The drill rig has arrived on site and drilling has commenced

• A LIDAR topographic survey was recently completed on site and will be used to accurately design the construction of the mine and associated infrastructure

• Dewick Brazil Inc. ("Deswick") has been contracted to complete a mine plan as part of the trial-mining pre-feasibility study ("PFS"). This work will be undertaken following the completion of both the current drill program and a revised resource estimate for the gold-in-oxide material

Alan Carter, Cabral's President and CEO commented, "The ongoing PFS at Cuiú Cuiú continues to make excellent progress on a range of different fronts. The commencement of the geotechnical drilling program and the arrival of a second rig on site is an important step forward, as is the completion of the LIDAR topographic survey which will provide critical input into the design of the mine and the layout of the associated processing infrastructure. In addition, the excellent initial drill results from the program of RC drilling at the MG and Central gold deposits has provided further confirmation that high grades occur within the near surface oxide blanket and underlying saprolite mineralized material, both of which are expected to be free digging. We look forward to receiving additional metallurgical results from the ongoing studies which are designed to better understand the scalability, optimal cement-ore ratios, agglomeration and compaction-permeability tests on samples to determine potential stack heights."

Update regarding Pre-feasibility Study

The Company is making good progress on a 43-101 compliant PFS regarding the economic viability of mining and heap leach processing of the gold-in-oxide material at the Central and MG gold deposits at Cuiú Cuiú. The Company has contracted Ausenco do Brasil Engenharia Ltda ("Ausenco") to complete the study.

The Company is currently conducting a program of RC drilling at both the MG and Central deposits as part of the PFS. A total of 69 holes have been completed thus far and results have been released on the initial 14 holes (six holes from MG and eight holes from Central). Initial results have been highly encouraging and include 27m @ 1.9 g/t from surface at MG (see press release dated October 12, 2023) and 16m @ 5.2 g/t gold from 7m depth at Central (see press released dated November 2, 2023).

In addition, results are pending on 12 holes which have been completed at the Machichie target, where previous drilling suggests the presence of a significant gold discovery (see press release dated January 7, 2021). Previous drilling in the weathered oxide material returned values up to 34m @ 5.4 g/t gold from 0 to 34m depth including 13m @ 13.4 g/t gold from 18 to 31m depth.

Results are currently pending on 31 RC holes from Central, 12 RC holes and nine power-auger holes from MG and 12 RC holes from Machichie.

Ausenco and Cabral have also elected to undertake additional metallurgical testwork to better understand the ore characteristics and optimize the processing envelopes (throughput rates, recovery rates, leaching times, pad heights etc.). These studies are designed to better understand the leaching characteristics of the entire resource base as well as the scalability, optimal cement-ore ratios, agglomeration and compaction-permeability tests on samples for various potential stack heights.

Pronorte has been contracted to complete a program of geotechnical drilling aimed at understanding the overall ground conditions at Cuiú Cuiú prior to the erection of the heap leach pads, the agglomeration and ADR plants and associated infrastructure. A total of 16 diamond-drill holes and 30 power-auger holes are planned. Drilling is in progress.

The Company recently completed a LIDAR topographic survey as part of the PFS. LIDAR is an acronym which stands for Light Detection and Ranging and uses infra-red light in the form of lasers to precisely measure distances. The LIDAR instrument consists of a laser, a scanner and a GPS receiver mounted on a drone platform, and will be used to accurately design the construction of the mine and associated infrastructure.

The Company has hired Deswick to complete a mine plan as part of the PFS. This work will be completed from December 2023 to February 2024 in conjunction with Ausenco who are supervising the PFS. Deswick is a provider of various mine planning software and consulting services to the mining industry and has a global reach. The work will be completed following an update of the near-surface high-grade oxide resources which will include the recent drill results from the current RC drilling program.

The ongoing PFS continues to evolve and is generating opportunities to optimize the value of the project. These opportunities include the potential to increase the amount of material mined and processed, which may allow for reduced unit operating costs through greater economies of scale, the potential to optimize gold recoveries, and potential capex savings. In order to capture these opportunities within the 43-101 compliant PFS additional time has been allowed which will mean that the PFS results are now expected in Q2 2024.

Completion of debt settlement

Cabral also announces that further to its press release of November 2, 2023, the Company has settled an aggregate of C$186,352 of debt (the "Debt Settlement") owed to certain creditors by issuing an aggregate of 1,620,446 common shares (the "Shares") of the Company at a deemed price of C$0.115 per Share.

A total of 358,762 of the Shares have been issued pursuant to the Debt Settlement to an arm's-length creditor in settlement of C$41,258 for geological consulting services rendered up to February 28, 2023. An additional, 1,261,684 of the Shares have been issued pursuant to the Debt Settlement to Dr. Alan Carter, a director and CEO and President of the Company, as payment for accrued interest of $145,094 through September 30, 2023, on a loan provided to the Company by Dr. Carter. For further information regarding the loan with Dr. Carter please see the Company's news release dated March 7, 2023.

The securities to be issued pursuant to the Debt Settlement are subject to a four-month hold period in accordance with applicable securities laws.

The issuance of 1,261,684 Shares pursuant to the Debt Settlement to Dr. Carter constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 for related party transactions in connection with the Debt Settlement contained in section 5.5(b) and section 5.7(1)(a) of MI 61-101, on the basis that the Company is not listed on specified markets and the fair market value of the securities of the Company to be issued to related parties does not exceed 25% of its market capitalization, as determined in accordance with MI 61-101.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

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.

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 hole results are quoted as down-hole length weighted intersections.

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