Cabral Gold Inc. announced an updated Mineral Resource Estimate for the Cuiú Cuiú project, Para State, Brazil. Total Indicated Resources are 21.6 M tonnes grading 0.87 g/t gold (604.0 K ounces), while total Inferred Resources are 19.8 M tonnes grading 0.84 g/t gold (534.5 K ounces). All Indicated Resources and 84% of the Inferred Resource (ounces) are contained within the MG and Central/CN deposits.

Indicated Resources increased by 433 K ounces (253%) from the previous estimate: Open-pit Indicated Resources amenable to mill processing are 21.6 M tonnes grading 0.87g/t gold (604.0 K ounces), while open-pit Inferred Resources are 17.2 M tonnes grading 0.68 g/t gold (376.9 K ounces); Open-pit oxide resources amenable to heap-leach processing are reported for Central/CN, MG, and PDM, comprising Indicated Resources of 9.3 M tonnes grading 0.52 g/t gold (153.7 K ounces), and Inferred Resources of 6.1 M tonnes grading 0.40 g/t gold (79.2 K ounces); All of the deposits included in the current Mineral Resource Estimate remain open along strike and down dip of the resource estimate wireframes. The deepest drill holes returned positive results and there are no known geological structures that could interrupt, or constrain the mineralization below the current wireframes & New discoveries at Machichie and MG have not yet been sufficiently drilled for inclusion in a resource estimate. Despite the change in timing, the current Mineral Resource Estimate reflects a significant advancement of the project with drilling undertaken through the Effective Date (July 31, 2022) which was designed primarily to infill previous drilling at MG and Central, as well as to identify and expand newly discovered gold-in-oxide mineralized zones at MG, PDM and Central, and primary basement mineralization at Machichie and PDM.

This drill program was successful in meeting those objectives. Cabral drilling to the Effective Date also clarified historical work, and significantly improved the degree of confidence and understanding of the mineralized zones at MG and Central as illustrated by the 253% increase in Indicated Resources from previous estimates. Planned deeper and step-out drilling that had been designed to expand resources at several deposits, was not completed prior to the database cut-off date for the current Mineral Resource Estimate.

Similarly, additional drilling will be required at the PDM and Machichie discoveries to enable future inclusion in the current resource.