Cabral Gold Drills 11m @ 33.0 g/t gold at the Machichie NE Target, Cuiú Cuiú Gold District, Brazil

Vancouver, May 30, 2024 - Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) ("Cabral" or the "Company") is pleased to announce drill results from five RC holes drilled at the Machichie Main and Machichie NE targets, Cuiú Cuiú Gold District, Brazil.

Highlights

• RC421 drilled at the Machichie NE target 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.

• RC420 drilled at the Machichie Main zone returned 25m @ 2.9 g/t gold from surface in weathered saprolite, including 12m @ 5.5 g/t gold.

• RC422 also drilled at Machichie NE returned 21m @ 1.3 g/t gold from surface in saprolite including 3m @ 7.5 g/t gold, and 13m @ 0.5 g/t gold from 36m depth, also in saprolite.

• These RC results from Machichie NE confirm the presence of another E-W trending mineralized structure 150m north of the Machichie Main zone discovery where very limited previous drilling returned gold intercepts including 34m @ 5.4 g/t gold. Machichie Main and Machichie NE are located 500m and 650m, respectively, north of the MG gold deposit.

Alan Carter, Cabral Gold's President and CEO commented, "The assay results from RC421 at the Machichie NE target are amongst the top three drill holes ever drilled at Cuiú Cuiú and are the best results drilled to date outside of the known Central and MG gold deposits. The Machichie NE target is located immediately north of the Machichie Main zone discovery and the MG gold deposit all of which contain high-grade E-W trending mineralized structures. The extent of the mineralized structures at both Machichie NE and Machichie Main still need to be determined. These results not only have very positive implications for the presence of additional near surface gold-in-oxide resources at Cuiú Cuiú, but also suggest the presence of significant zones of high-grade mineralization in primary bedrock underlying the weathered material. Further drilling is in progress and is aimed at determining the size of both the Machichie Main zone and the more recent Machichie NE discovery."

Brian Arkell, Cabral Gold's Vice President Exploration and Technical Services, commented, "The Machichie area continues to return very encouraging results especially in the NE where we are encountering higher grades in major structural breaks. These are some of the highest grades encountered to date on the property and illustrate the significant exploration potential, not only laterally and at depth, but also within newly defined sub-parallel structural zones. Results thus far at Machichie demonstrate significant potential to add resources and higher-grade material to our oxide project, especially given the proximity of the Machichie NE and Machichie Main zones to the MG gold deposit. Further results are expected in the coming weeks as we continue to prioritize drilling for extensions where mineralization remains open to both the west and east."

Machichie RC Drill Results

Cabral Gold recently announced (see press release dated May 9, 2024) an extended drilling program following the receipt of successful results in the latest round of drilling at Central and MG where the Company is completing a pre-feasibility study on a heap leach oxide project. The current drilling program has focused on the Machichie target area (Figure 1).

Figure 1 Map showing location of known gold deposits; Central, MG and JB (in blue) at Cuiu Cuiu, as well as the location of the Machichie Main zone and Machichie NE targets. The PDM discovery, located 1.5km NW of Central, is also shown, as well as the main exploration targets (yellow dots) and distribution of historic placer gold workings (pale yellow outlines).

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Cabral has defined at least three zones of gold mineralization within the Machichie target area: Machichie Main, Machichie West and Machichie NE (Figure 2). These targets occur along major structural breaks parallel to, and immediately north of the MG gold deposit.

The Machichie NE target is located 150m north of the Machichie Main zone discovery (Figure 2) and 650m north of the MG gold deposit. While drilling remains in progress, results to date have been extremely encouraging.

Drill hole RC421 intersected a high-grade zone of 11m @ 33.0 g/t gold from 50m to 61m depth, including 4m @ 89.3 g/t gold. The top part of this interval, from 50m to 53m, is in saprolite and moderately weathered bedrock, whereas the main intercept is in primary bedrock (see Table 1, Figures 2 and 3). This appears to represent a previously unrecognized zone of high-grade gold mineralization at Machichie NE which is open at depth and to the east and west.

This hole is particularly interesting in that it is one of the highest-grade intercepts to date at the Cuiú Cuiú project. Further drilling along strike and at depth is planned.

Figure 2: Map showing Machichie target area and location of the Machichie NE, Machichie Main (Machichie) and Machichie West targets, none of which currently have any defined resources. Map shows location of previous drill holes and holes drilled to date as part of current drilling program. Also shown are the location of historic placer workings (pale yellow) and the mineralized zones outlined to date. See Figures 3 and 4 for sections B-B' and A-A'. Terms; g/t = grams / tonne, m = metres, Au = gold

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Drill hole RC422, also at Machichie NE, intersected 21m @ 1.3 g/t gold from surface. Surficial material is likely colluvium whereas the higher-grade interval of 3m @ 7.5 g/t gold is in saprolite. This hole was drilled in the eastern part of Machichie NE where the mineralization remains open (see Table 1 and Figure 2).

Most of the previous diamond drilling at Machichie focused on the Machichie Main zone and has identified a persistent mineralized zone which is east-trending and dips steeply to the north and is believed to extend E-W for at least 900m. Previous drilling at the Machichie Main zone discovery has intersected gold values up to 34m @ 5.4 g/t gold in saprolite. In the recent drilling, RC420 returned 25m @ 2.9 g/t gold from surface in colluvium and saprolite. This included a higher-grade zone of 12m @ 5.5 g/t gold from 11m to 23m depth (See Table 1, Figures 2 and 4).

RC420 is located 175m east of hole RC310 which previously returned 5m @ 27.6 g/t gold (see press release dated October 24, 2022), and 235m east of DDH303 which previously returned 6.4m @ 11.6 g/t gold (see press release dated August 25, 2022) indicating the E-W persistence of a higher-grade mineralized zone for at least 235m at the Machichie Main zone. This zone remains open both to the east and west and will require further drilling.

Figure 3: Section B-B' (N-S) through the Machichie Main (to the south) and Machichie NE targets showing the location of hole RC421 which cut 11m @ 33g/t gold including 42m @ 89.3 g/t gold. Note that the mineralized zone remains open at depth. It is also open along strike. See Figure 1 for location of section. Terms; g/t = grams / tonne, m = metres, ppm = parts per million or grams / tonne, Au = gold

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Figure 4: Section A-A' (N-S) through the Machichie Main (to the south) and Machichie NE targets showing the location of hole RC420 which cut 25m @ 2.9g/t gold including 12m @ 5.5 g/t gold. Note that the mineralized zone remains open at depth. It is also open along strike. See Figure 1 for location of section. Terms; g/t = grams / tonne, m = metres, ppm = parts per million or grams / tonne, Au = gold

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Table 1 summarizes the important drill intercepts reported in this press release. Cabral is currently drilling at the Machichie West target with one RC drill rig. A diamond drill rig is also on-site drilling for metallurgical and geological information.

Table 1: Drill results from RC drill holes RC420 to RC423 and RC425 at the Machichie NE and Machichie Main zone targets.

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

Technical information included in this release was supervised and approved by Brian Arkell, B.S. Geology and M.S. 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.

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

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