Cabral Gold : Corporate Presentation

The Cuiú Cuiú Gold District, Tapajos Region, Brazil

April 2024

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Disclaimer

The material presented herein is private and confidential. The contents are not to be reproduced or distributed to any third party, including the public or press.

Certain statements contained in this presentation constitute forward-looking statements. These statements relate to future events or the Corporation's future performance, business prospects or opportunities. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. 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. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward- looking statements should not be unduly relied upon. These statements speak only as of the date specified. The Corporation does not intend, and does not assume any obligation, to update these forward-looking statements.

Theseforward-lookingstatementsinvolverisksanduncertaintiesrelatingto,amongotherthings,resultsof exploration activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, changes in commodity and, particularly, gold prices, actual performance of facilities, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward- looking statements.

Guillermo Hughes, 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 presentation.

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Why Cabral Gold?

Management

Assets

Location / District Scale

PFS in Progress

Recent Discoveries

CEO is largest shareholder and has so far invested C$1.95M. Management is credited with 5 gold discoveries in Brazil with 43-101 compliant resources including nearby 2Moz TZ deposit. Sold last company to Anfield, now part of Equinox Gold

Two main gold deposits located 5km apart with NI 43-101 Indicated Resources of 21.6 Mt @ 0.87 g/t gold (604,000oz) and Inferred Resources of 19.8 Mt @ 0.84 g/t gold (534,500 oz). Drilling to date suggests significant extensions to both of known deposits at MG and Central

Cuiú Cuiú project is next to GMining's 2Moz TZ project which is currently under construction and will be Brazil's third largest gold mine. Cuiú Cuiú produced 10x more placer gold than TZ during the Tapajos gold rush. Cuiú Cuiú is a district containing 43 targets peripheral to the known deposits

Material in gold-in-blankets is unconsolidated suggesting low mining and processing costs. Column leach tests indicate 82% gold recoveries after 70 days. PFS on Trial Mining and production from oxide material is in progress and should be completed during Q2 2024

Two new hard rock discoveries at PDM and Machichie which require additional drilling. Three gold- in-oxide blankets identified thus far with Indicated Resources of 9.3 Mt @ 0.52 g/t gold (153,700 oz), and Inferred Resources of 6.1 Mt @ 0.40 g/t gold (79,200 oz).

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Experienced Board & Management

Management

Alan Carter - President, CEO and Director: (BSc, PhD in Geology) +25 years of

experience, 13 with Rio Tinto, Billiton and BHP. Co-founded Peregrine Metals - sold for $487M in 2011

Paul Hansed - Chief Financial Officer: (CPA, CA,

BBa) +25 years of accounting and finance experience incl. 19 years with KPMG. Previous CFO of Magellan Minerals

Ruari McKnight - Manager Brazil: (BSc) Co- founded Serabi Gold and ex- COO. Founding partner of Dourave Mining - bought by Eurasian Minerals in 2010

Brian Arkell - VP Exploration & Technical Services: (BSc, MS) 23 years with Newmont incl Director Exploration South America. 5 years with Argonaut Gold as VP Ex and Technical Services

Directors

Mark Smith - Executive

Chairman, Director: (BSc,

MSc). +40 years experience in mining industry as a geologist, mining analyst and investment banker with Dundee, Stifel Nicolas and M Partners

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Sami Arap Sobrinho - (LLB, LLM) Founding Partner at law firm of Arap Nishi Advogados in Brazil. Experienced mining lawyer, previously General Counsel of Brasil Telecom S.A., Enron South America and Odebrecht Construction Co.

Jon Gilligan - (BSc., PhD)

+35 years of experience advancing and building mines around the world. Previously with BHP, SSR Mining and Torex Gold.

Currently COO of Liberty Gold

Larry Lepard - (BA, MBA)

Managing Partner at Equity Management Associates, an investment fund focused on the precious metals sector. Previously spent 25 years as a professional investor and venture capitalist

Ian Gendall - (BSc, MSc) +35 years experience.. President & CEO of DLP Resources .Previously with Gencor, Billiton, Anglo

OceanaGold. Led team
responsible for discovery of
new porphyry copper
district in southern Ecuador	4

Corporate Snapshot

Capital Structure

Share Price (April 4, 2024)	C$0.195
Basic Shares Outstanding	188,210,139
Restricted Share Units	1,635,416
Stock Options (avg. price $0.27)	13,575,000
Warrants	44,729,528
Fully Diluted Shares Outstanding	248,150,082
Market Capitalization (April 4, 2024)	C$36,700,977
Cash position (March 31, 2024)	$2.2M

CEO is largest shareholder and has personally invested $1.95M thus far, including the following amounts in recent private placement financings;

July 2022	$100,000 from a total of $3,010,000
July 2020	$200,000 from a total of $4,200,000
July 2019	$300,000 from a total of $3,419,525
Nov 2018	$200,000 from a total of $1,862,500
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Cabral Shareholders

Insiders

10%

Retail 42%

Institutional

48%

Institutional Shareholders

Phoenix Gold Fund

Arbiter Partners

RBC Precious Metals Fund

US Global

Aegis

EMA

Market Cap as of 4th April 2024 is equivalent to an EV of US$22/ oz gold (Indicated and Inferred)

Analyst Coverage

Don Blyth

Stuart McDougal

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Strategy

1. Generate Near Term cash flow by exploiting the near surface Gold-in-Oxide blankets (initially on a Trial Mining basis)
2. • PFS on Trial Mining operation (Stage 1) should be completed Q2 2024
   • Cash flow from production is expected to eliminate the need for expensive and dilutive equity financings
   • Additional near surface drilling on other targets is expected to significantly increase the Gold-in-Oxide resource base during 2024 - 2025
3. Use cash flow from Oxide Production to grow Current Resource Base from 1.2Moz to +2Moz (with focus on high grade OP ounces) through drilling;
4. • Recently constructed wire frame models suggest significant extensions to current resources at MG and Central.
   • Define maiden resource estimates for the additional two new hard rock discoveries at Machichie and PDM
   • Once resource reaches +2Moz - complete PEA on Stage 2 which will be a much larger mining operation targeting the hard rock gold deposits

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Tapajós:

Site of world's largest gold rush and an emerging world-class gold district

• Cabral's Cuiú Cuiú project was the largest producer of placer gold during the Tapajos gold rush from 1978 to 1995, which is the largest gold rush ever recorded during which 30Moz* was recovered
• During September 2022, GMining Ventures announced it had made a US$481M positive construction decision for development of the adjacent TZ deposit
• The TZ open pit gold mine will enter production in H2 2024 and will be Brazil's third largest gold mine
• Known deposits (5) in the Tapajos are all controlled by the major NW trending TZ fault zone. Anglo American and Nexa also have extensive claims

Cuiu Cuiu - Cabral Gold

Ind. Resources: 0.60Moz - 21.6Mt @ 0.87 g/t

Inf. Resources: 0.53Moz - (19.8Mt @ 0.84g/t)

Tocantinzinho - GMining

M&I Resources: 2.1Moz - (48.7Mt @ 1.35g/t)

Inf. Resources: 0.069Moz - (2.4Mt @ 0.9g/t)

Palito Mine - Serabi Gold

M&I Resources: 0.18Moz - (1.12Mt @ 4.98g/t)

Inf. Resources: 0.12Moz - (0.98Mt @ 3.74g/t)

Sao Chico - Serabi Gold

M&I Resources: 0.082Moz - (0.48Mt @ 5.37g/t)

Inf. Resources: 0.094Moz - (0.60Mt @ 4.81g/t)

GMining

Sao Jorge - Gold Mining

Ind. Resources: 0.71Moz - (14.28Mt @ 1.55g/t)

Inf. Resources: 0.71Moz - (17.6Mt @ 1.27g/t)

	Regional claim map showing Tapajos region. NW trending TZ lineament is also shown
TSXV: CBR | OTC: CBGZF	* Source: ANM Agência Nacional de Mineração (National Mining Agency	7

Proximity of Cuiú Cuiú to TZ project

• Cabral's Cuiú Cuiú property is contiguous and on- trend to the NW of GMining's TZ project
• Cuiú Cuiú produced 2Moz of placer gold or 10x the amount that TZ produced (0.2Moz)*. The ratio of historic placer gold produced to current resource at TZ is 1 : 10. The ratio at Cuiú Cuiú is currently 1 : 0.5
• But Cuiú Cuiú has some important differences to TZ;

1. Multiple deposits and targets occur within an area of 10 x 15km at Cuiú Cuiú. This is notthe case at
   TZ
2. Eldorado's best drill result outsidethe TZ deposit over an 11-year period was 20m @ 1.73 g/t gold
3. The known deposits at Cuiú Cuiú at Central and

MG, as well as recent hardrock discoveries at
PDM and Machichie all contain very high-grade
zones	GMining
	Claim map of Cuiu Cuiu and TZ area showing Cabral claims in pink and GMining claims in blue

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* Source: ANM Agência Nacional de Mineração (National Mining Agency

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Existing deposits and new discoveries

PDM Oxide blanket

PDM discovery

Central Gold Deposit

Central Oxide blanket

Machichie discovery

MG Gold Deposit

JB Gold Deposit

MG Oxide blanket

Map showing location of two known gold deposits; Central and MG (in blue) at Cuiu Cuiu, new gold- in-oxide blanket discoveries (MG, PDM and Central - in yellow) and hard rock discoveries (at PDM and Machichie) as well main exploration targets (yellow dots) and distribution of historic placer gold workings (pale yellow outlines). Estimated historic placer gold production is 2Moz

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Why are the Gold-in-Oxide blankets so important?

• Three blankets have so far been identified at the Central and MG gold deposits and above the new PDM discovery. The material within the blankets is all weathered material which extends up to 60m depth and includes soil and saprolite (1-2% clay). It is all free digging and will not require drilling and blasting, or crushing or grinding

• Metallurgical test work on the MG gold-in-oxide material suggests that the material is amenable to heap leach processing with 70% gold recoveries after 12 days in column leach tests. Recoveries increased to 82% after 70 days
• The amount of gold contained within the 500kg bulk sample used for the column leach tests was 33% higher than the grade calculated from the drilling- this suggests the presence of a coarse gold population and significantly higher grades.
• All three blankets occur on topographic highs so the stripping ratio should be very low
• The blankets all contain higher grade zones in the order of 1.75 - 2.00 g/t gold which will be mined first
• The PFS is being completed by Ausenco and is expected to be complete by Q2 2024. It will form the basis of a construction decision during Q2-Q3 2024. In parallel, additional drilling, metallurgical work, geotech studies and detailed engineering will be completed

Gold-in-oxide Blanket

Depth of weathering

Low-grade

envelopesHigh-grade structures

Schematic model showing the three main deposit types known to exist within the Cuiu Cuiu district

• Trial Mining licenses granted allowing the initial extraction of 300,000t of ore per year.
  Environmental licenses (LI's) granted allowing construction

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