Cabral Gold Inc.

Notable vs. Peers

• Financials score of 4.5/10 is weaker than the peer average of 6.4/10.
• Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
• All-in sustaining cost of $1,210/oz is 38% lower than the peer producer average of $1,965/oz.
• Trading within 5% of its 52-week high — strong recent price momentum.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · Phase 1 construction has proceeded under previously-issued GU's (Guias de Utilização / Trial Mining Licenses, combined 500,000 tpa capacity) -- referenced as 'currently licensed' in the March 10, 2026 release below, which itself grants a separate, larger Licença Prévia (LP) for the FULL mining license (enabling later expansion to 1,000,000 tpa and Phase 2 hard-rock development). The GU's exact grant date was not found in available primary sourcing -- recorded reached-but-undated rather than inventing one. (Real, sourced case of construction/financing preceding the broader LP permit, same shape as the SKE precedent in batch 1.) · Source
2. Construction decision (FID)

   Oct 2025 · Board of Directors approved the construction decision for the Phase 1 heap leach starter operation on execution of a US$45M gold loan with Precious Metals Yield Fund (Phoenix Gold Fund affiliate) that fully funds the project's estimated US$37.7M capex. · Source
3. Construction start

   Reached — date not disclosed · Mining, stacking and plant commissioning underway as of July 2026; construction fully funded via the US$45.1M Gold Loan
4. First pour / production

   Not yet reached

   Expected Sep 2026 · First gold at Cuiú Cuiú Phase I gold-in-oxide heap leach; commercial production targeted Q4 2026 · Source
5. Commercial production

   Not yet reached

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.