Mr. Alan Carter reports

CABRAL GOLD ANNOUNCES CLOSING OF $45 MILLION PRIVATE PLACEMENT WITH STRATEGIC INVESTOR

Cabral Gold Inc. has closed a non-brokered private placement of 34,582,754 units of the company at a price of $1.30 per unit for gross proceeds of $44,957,580. Alpayana S.A.C. purchased all of the units as a strategic investment.

Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of $1.70 per warrant share until Feb. 24, 2028.

Alan Carter, Cabral's president and chief executive officer, commented: "We are extremely pleased to welcome Alpayana as a strategic investor, with a 9.99-per-cent undiluted interest in our company. Alpayana's investment represents a strong endorsement of our Cuiu Cuiu project, our team and our two-phase development strategy as we move towards our first gold pour in September of this year. This strategic investment allows us to accelerate the expansion of our phase 1 mine in the coming months, as well as the development of what we expect will be a much larger phase 2 hard rock mining operation at Cuiu Cuiu. With six mines currently in operation in Peru and Mexico, Alpayana brings considerable expertise and experience that will assist us with unlocking the untapped value within the broader Cuiu Cuiu district. We believe this strategic investment further strengthens our ability to execute on our growth strategy and create long-term value for our shareholders."

Alejandro Gubbins, chairman of Alpayana, noted: "This investment reflects Alpayana's confidence in Cabral's team and in the geological potential of the Cuiu Cuiu district and the larger Tapajos region in Brazil. As a private group with four decades of continuous operations in Latin America, we are proud to extend our long-term, responsible approach to mining into Brazil's newest and most exciting gold district. We are very pleased to support Cabral in expanding its phase 1 gold-in-oxide heap leach mine and advancing the much larger and underlying hard-rock resources towards development."

The company intends to use the net proceeds from the private placement for the exploration and development of its mineral properties, and for general working capital purposes.

In connection with the private placement, the company and Alpayana entered into an investor rights agreement, pursuant to which Alpayana is entitled to certain rights provided that it maintains certain ownership thresholds in the company, including: (a) for so long as Alpayana holds at least 9.00 per cent of the issued and outstanding common shares of the company, the right to participate in future equity financings and to top up its holdings following dilutive issuances, in each case in order to maintain its then-current pro rata ownership interest; and (b) for so long as Alpayana holds at least 9.99 per cent of the issued and outstanding common shares of the company, the right to nominate one director to the board of directors of the company, or to appoint a board observer where no nominee is then serving on the board. a copy of the investor rights agreement will be available on the company's SEDAR+ profile.

All securities issued in connection with the private placement are subject to a statutory hold period expiring on Dec. 25, 2026, in accordance with applicable securities legislation. The private placement is subject to final TSX Venture Exchange acceptance.

Early warning disclosure

Immediately prior to the private placement, Alpayana did not beneficially own or control any common shares or other securities of the company. After giving effect to the private placement, Alpayana beneficially owns an aggregate of 34,582,754 common shares and 17,291,377 warrants, representing 9.99 per cent of the issued and outstanding common shares of Cabral on a non-diluted basis and 14.27 per cent of the issued and outstanding common shares of Cabral on a partially diluted basis (assuming the exercise in full of the warrants held by Alpayana, in accordance with their terms). The company and Alpayana also entered into the investor rights agreement in connection with the private placement (discussed above).

Alpayana is acquiring the Units for investment purposes and will continue to monitor the business, prospects, financial condition and potential capital requirements of the company. Depending on its evaluation of these and other factors, and subject to any standstill restrictions, Alpayana may from time to time in the future decrease or increase its direct or indirect ownership, control or direction over securities of the company through market transactions, private agreements, subscriptions from treasury or otherwise, or may in the future develop plans or intentions relating to any of the other actions listed in (a) through (k) of Form 62-103F1, Required Disclosure Under the Early Warning Requirements. Alpayana may also in the future exercise the board rights granted to it pursuant to the investor rights agreement in order to nominate a director to Cabral's board of directors.

Cabral's head office is located at Suite 1500, 409 Granville St., Vancouver, B.C., V6C 1T2, Canada. Alpayana's address is Jr. Contralmirante Montero 429, Lima, Magdalena del Mar, 15076, Peru. Alpayana is a corporation existing under the laws of Peru.

For the purposes of this news release and the early warning disclosure, the number and percentages of outstanding common shares owned and controlled by Alpayana is based on 346,173,703 common shares outstanding immediately following completion of the private placement.

This portion of this news release is being issued pursuant to National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. An early warning report in respect of the private placement will be filed under Cabral's profile on SEDAR+. Persons who wish to obtain a copy of the early warning report to be filed by Alpayana in connection with this transaction may obtain a copy of such report from SEDAR+ or by contacting Alpayana at 51-1-610-1200.

About Cabral Gold Inc.

The company is a junior resource company engaged in the exploration, development and near-term production from gold properties located in Brazil. The company has a 100-per-cent interest in the Cuiu Cuiu gold district, located in the Tapajos region, within the state of Para in northern Brazil. Three main gold deposits have so far been defined at the Cuiu Cuiu project, which contain National Instrument 43-101-compliant indicated resources of 12.29 million tonnes (t) at 1.14 grams per tonne (g/t) gold (450,200 ounces (oz)) in fresh basement material and 13.56 million t at 0.50 g/t gold (216,182 oz) in oxide material. The project also contains inferred resources of 13.63 million t at 1.04 g/t gold (455,100 oz) in fresh basement material and 6.4 million t at 0.34 g/t gold (70,569 oz) in oxide material. The resource estimate for the primary material is based on the NI 43-101 technical report dated Oct. 12, 2022. The resource estimate for the oxide material at PDM and MG is based on an NI 43-101 technical report dated Oct. 21, 2024. The resource estimate for the oxide material at Central and Machichie is based on an NI 43-101 technical report dated July 29, 2025. The company is currently engaged in the construction of a phase 1 gold-in-oxide heap leach operation based on the NI 43-101 technical report PFS (prefeasibility report) and expects to enter commercial gold production in Q4 (fourth quarter) 2026.

The Tapajos gold province is the site of the largest gold rush in Brazil's history, which, according to the ANM (Agencia Nacional de Mineracao or National Mining Agency of Brazil), produced an estimated 30 million to 50 million ounces of placer gold between 1978 and 1995. Cuiu Cuiu was the largest area of placer workings in the Tapajos and produced an estimated two million oz of placer gold historically.

About Alpayana S.A.C.

Alpayana is a private mining group with four decades of continuous operations in Peru and Mexico, currently operating multiple mines in both countries, combining operational expertise with disciplined project development. It describes a commitment to sustainable and responsible mining, with a long-term vision prioritizing employee well-being and development of the indigenous communities around its operations.

Qualified person

Technical information included in this release was supervised and approved by Brian Arkell, BS, geology, and MS, 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.

We seek Safe Harbor.