1. Management is fully aligned with shareholders and owns 7% of the issued and outstanding shares of the Company. The CEO has so far invested C$1.95M. Management has been directly involved in the discovery of 5 gold deposits in Brazil with 43-101 resources of +5Moz in total, and sold their last company, Magellan Minerals to Ross Beaty’s Anfield Gold which is now part of Equinox Gold

2.43-101 Compliant Resource (completed Sept 2022)– current resources of 604,000oz (Indicated) + 535,500oz (Inferred) values the Company at US$44 per oz in the ground (June 2024) giving investors significant downside risk protection

3.Near-term production – the gold deposits at Cuiú Cuiú have been weathering in-situ over millions of years. This has resulted in a weathered layer of saprolite mud up to 60m thick which sits above the primary hard granitic rock. Both contain gold. The Company is currently conducting a PFS on the economic viability of trial mining and heap leach processing of the weathered material. This initial step could result in significant cash flow which would allow for the drilling out of the numerous other targets at Cuiu Cuiu and the growth of the underlying hard rock resource

4.District scale potential – Cuiú Cuiú produced 2Moz of placer gold, and was the largest historic placer gold producer in the Tapajos region which produced an estimated 30Moz of gold during the world’s largest gold rush from 1978 to 1995 (source: ANM Agência Nacional de Mineração). Two main gold deposits have so far been discovered at Cuiú Cuiú but high-grade drill intercepts have been returned from a number of other targets within a 5km radius, and require further drilling to identify significant resources

5.Important Neighbours – GMining owns the +2Moz TZ mine which is located just 25km to the SE of the Cuiú Cuiú project. This is a US$456 million open pit gold mine is expected to come on line during H2 2024. TZ is expected to produce approx 175,000oz of gold per year

6.Recent Discoveries include the Machichie NE target where recent drilling in May 2024 returned 11m @ 33 g/t gold. At Machichie Main, an E-W trending zone has been traced for 900m along strike with drill holes which include 34m @ 5.4 g/t, 6.4m @ 11.6 g/t, 45m @ 1.0 g/t and 62.8m @ 0.9 g/t and trench results which include 5m @ 8.3 g/t and 9.5m @ 5.3 g/t gold

The strategy of the Company is to demonstrate the presence of one or more economically viable gold deposits within the Cuiú Cuiú district. In all likelihood, several gold deposits will ultimately be identified at Cuiú Cuiú which will provide feed to a central milling facility.

The Cuiú Cuiú district currently comprises two main gold deposits (MG and Central) with 43-101 compliant resources. The Company has also made two significant discoveries at Machichie Main and PDM where continuity of gold mineralization has been established along strike and down dip. Both of these discoveries do not yet have sufficient drilling to determine maiden resource estimates. In addition, within the Cuiú Cuiú property, approximately 45 other targets have been identified that contain gold either through drill intercepts, surface trenches or the sampling of surface boulders. These targets include Machichie NE which returned 11m @ 33 g/t gold in drilling, Central SE which returned 27m @ 6.9 g/t gold in drilling and Jerimum Cima which returned 39m @ 5.1 g/t gold.

Because Cuiú Cuiú is a district with numerous targets, it will require a significant amount of future drilling to fully evaluate all of these targets. Thus far the company has relied on raising money through the issuance of shares and diluting the capital structure. The problem with this approach is that the market dictates the share price and market conditions have not been favorable for junior explorers in recent years. In order to address this problem, the Company is pursuing a two-stage development strategy. Stage 1 is aimed at trial mining and heap leach processing of near-surface gold-in-oxide material that should generate significant cash flow to allow for a significant amount of additional drilling which should lead to growth of the much larger underlying hard rock resource base. This should eliminate the need for highly dilutive equity financings as a means to fund drilling and growth of the resource.

Once the resource base in the underlying hard rock material has grown to +2Moz, the company plans to embark on an initial PEA regarding the much larger hard rock potential of the project. If this is positive, it could lead to a PFS and ultimately a construction decision on a mine that could be of a similar size to the adjacent TZ project.

The Cuiú Cuiú area is one of +100 areas where placer gold was washed from the streams and rivers during the gold rush from 1978 to 1995. During this period, according to the ANM (Agencia Nacional Mineracao), an estimated 20-30Moz of gold was recovered from the streams. Cuiú Cuiú was the most productive area during the gold rush and produced an estimated 2Moz of placer gold, which suggests that it could host the largest primary gold deposit in the region.

By comparison, the adjacent TZ project of GMining produced an estimated 200,000 oz of placer gold during the gold rush. The primary gold deposit that produced this placer gold at TZ has been drilled off and is 2Moz, implying a ratio 1 : 10 (for every ounce of placer gold produced from the streams, 10 ounces occur in the underlying granitic rocks). Given that Cuiú Cuiú produced 2Moz of placer gold or 10x the amount of placer gold as TZ, then Cuiú Cuiú could ultimately hold a very large gold resource.

The other key distinguishing feature about Cuiú Cuiú besides the quantity of placer gold which was produced historically, is the fact that multiple deposits are clearly present at Cuiú Cuiú. The two deposits that have been identified so far, MG and Central, are 5km apart and other discoveries are likely as exploration drilling progresses. Note that high-grade drill intercepts have so far been identified in 8 other targets within a 5km radius of the Central and MG deposits.

Firstly, lets talk about the similarities

• Geology – the intrusive hosts rocks are similar in both cases as is the hydrothermal alteration, style of mineralization, and mineralogy. They are also controlled by the same NW trending fault structure or Tocantinzinho lineament
• Metallurgy – the metallurgical studies for both deposit types indicate the same process routes with near identical gold recoveries
• Placer workings – both deposits have weathered over geological time resulting in placer gold deposits in the streams which were exploited by informal miners during the 1980’s gold rush. However there was a major difference in the size of these placer gold deposits (see below)
• Discovery – both projects were discovered by the same team, namely Alan Carter and Dennis Moore

Now let’s consider the differences

• The TZ project is much more advanced than Cuiú Cuiú and will enter production during H2 2024
• Cuiú Cuiú historically produced 10x more placer gold (est. 2Moz) during the 1980’s gold rush than TZ (est. 0.2Moz). The gold-in-soil anomaly anomaly at Cuiú Cuiú was 7km long versus 1km at TZ
• TZ is a single deposit with 4 peripheral targets that contain gold. Cuiú Cuiú thus far comprises 2 deposits with 45 peripheral targets that contain gold
• The gold deposits at Cuiú Cuiú contain numerous high-grade zones that can be traced from section to section. No high-grade resources have been reported from TZ
• Cabral has drilled numerous high-grade intercepts in targets that are peripheral to the known gold deposits at Cuiú Cuiú. These include 11m @ 33 g/t gold at Machichie NE, 27m @ 6.9 g/t gold at Central SE, and 39m @ 5.1 g/t gold at Jerimum Cima

The results from hole RC421 at the Machichie NE target (May 2024)  located 650m north of the MG gold deposit are highly unusual. RC421 returned 11m @ 33.0 g/t gold from 50m depth in saprolite and weathered and altered bedrock including 4m @ 89.3 g/t gold from 52m depth. The intercept is partly in primary bedrock material and partly in weathered material and appears to be a new previously unrecognized zone of high-grade mineralization at Machichie NE. This has positive implications for the presence of additional ounces in weathered oxide material at Cuiu Cuiu, and more significantly, appears to be yet another E-W trending zone of mineralization that is similar to the Machichie Main zone and the MG gold deposit

The result from RC421 is highly unusual. It ranks as the second-best drill hole ever drilled at Cuiu Cuiu (the best hole being 220m @ 2g/t gold which was drilled in the early days of the Central discovery). Thus far, we have no idea of the extent of this zone but we believe it is sub-vertical and extends E-W (just like the mineralized zones at MG and Machichie Main). Additional drilling is aimed at determining the extent of this zone.

Recent drill results from the Machichie Main zone located just 150m further south have also been highly encouraging. We have now traced the Machichie Main zone E-W for 900m. Hole RC420 recently returned 25m @ 2.9 g/t gold from surface in weathered saprolite, including 12m @ 5.5 g/t gold. The result from hole RC420 is also important in that it demonstrates the presence of excellent grades in near-surface oxide material at Machichie Main. It also suggests the continuity of a high-grade zone of mineralization in both primary and weathered material for at least 235m along strike. Just like Machichie NE, this high-grade zone is open at depth and along strike.

The Company has no revenues and thus far has been dependent on equity raisings from the capital market to fund its ongoing exploration activities. The current market is valuing junior exploration and development companies at a huge discount to the gold price. The current Indicated and Inferred resources that Cabral has so far defined, equate to an enterprise value of just US$44/oz (June 2024).

However, recent drilling on the project continues to highlight the potential to significantly grow the current resource base.

No. Brazil has a large and diverse economy and a well-developed resource sector. Some of the world’s largest gold mining companies have active mines in country and the climate allows for exploration all year round.

Brazil has a current population of 212 million and is the world’s fifth largest country by area covering an area of 8.5 million square kilometers. It is a major producer of natural resources including soy, beef, orange juice, iron ore and bauxite (for alumina). The economy is currently the world’s eighth largest and amounts to US$2.05 trillion accounting for 2.54% of global GDP.

The country has an active mining industry which contributes significantly to the economy through precious & base metal exports, with transparent title with competitive tax rates, and a 1.5% government royalty rate on gold production. Approximately 60% of the land surface is underlain by highly prospective Pre-Cambrian rocks of the same age as West Africa.

A number of gold mining companies are active in Brazil, including Kinross Gold which produced a record 587,999oz of gold from the Paracatu mine in 2023 making it Kinross’ second largest operation in global terms, and the largest single gold mine in Brazil. AngloGold Ashanti operates several mines in Brazil including Serra Grande in Goias (86,000 oz in 2023) and the Cuiaba complex in Minas Gerais (294,000 oz in 2023). Pan American Silver’s Jacobina gold mine produced 196,000oz during 2023. Equinox operates 4 gold mines in Brazil including Aurizona, Fazenda Brasileira, RDM and Santa Luz. Production guidance for these operations during 2024 is between 295,000 and 350,000oz. Lundin Mining operates the Chapada gold copper mine which is expected to produce 55,000 to 60,000oz of gold and 43,000 – 48,000t of copper during 2024. GMining’s US$456 million Tocantinzinho project is also expected to come on line during Q4 2024 and is expected to produce approx 175,000oz of gold per year.

Mid-tier producers with operating mines in Brazil include Jaguar Mining which operates two gold mines in Brazil and produced 70,000oz during 2024, Aura Minerals, which operates the Almas and Minosa mines mine which are expected to produce 105,000 to 128,000oz in 2024. Aura has two additional projects in Brazil under construction (Bomborema) and development (Matupa).

Hochschild Mining operates the Mara Rosa mine which is expected to produce 83,000 to 93,000oz during 2024 and in March 2024 Hochschild announced the purchase of the Monte di Carmo project from Cerrado Gold for US$60 million. Serabi Gold operates two underground gold mines in Para in the Tapajos region and expects to produce 38,000 – 40,000oz during 2024. BHP acquired OZ Minerals in September 2023 for US$6.4 billion and operates the Antas gold-copper mine in Para.