Cabral Gold Announces Results of Annual General Meeting

Vancouver, September 28, 2023 - Cabral Gold Inc. (TSXV: CBR) (OTC: CBGZF) ("Cabral" or the "Company") is pleased to announce that all resolutions were passed at its annual general meeting of shareholders (the "AGM") held in Vancouver on September 26, 2023.

All of the nominees for election as directors of the Company listed in the Company's information circular dated August 18, 2023, were re-elected for the ensuing year and the number of directors was fixed at six (6). Alan Carter, Mark Smith, Sami Arap, Jonathan Gilligan, Ian Gendall and Lawrence Lepard were all re-elected as directors of the Company.

DeVisser Gray were re-appointed as auditors for the Company for the ensuing year.

The Company's omnibus equity compensation plan (the "Omnibus Plan") was also approved at the AGM. The Omnibus Plan includes the ability to issue stock options ("Options"), restricted share units ("RSUs"), performance share units ("PSUs"), and deferred share units ("DSUs", and together with Options, RSUs, PSUs, the "Awards"). The maximum number of common shares which may be issued in respect of Awards (including Awards granted pursuant to the RSU Plan, as defined below) will not exceed 10% of the total number of issued common shares at the time an Award is granted. The Omnibus Plan has a "rolling" limit, as the number of common shares reserved for issuance pursuant to the grant of Awards will automatically increase as the Company's issued and outstanding share capital increases. Once approved by the TSX Venture Exchange, the Omnibus Plan will replace the Company's existing stock option plan. Any Options currently issued and outstanding pursuant to the Company's existing stock option plan will continue to be exercisable but will be governed by the Omnibus Plan. Any RSUs currently issued and outstanding pursuant to the Company's existing 2019 RSU plan (the "RSU Plan") will continue to be governed by the RSU Plan, however the RSU Plan will be closed to any new grants and any new RSU grants will be governed by the Omnibus Plan.

A copy of the Omnibus Plan and further details are included in the Company's management information circular prepared for the Meeting and filed under the Company's SEDAR+ profile at www.sedarplus.ca.

The Company notes that Karen Mate, an investor relations service provider through Capital Markets Advisory CA, holds an aggregate of 600,000 stock options of the Company (200,000 options exercisable at $0.27 until July 21, 2025; 150,000 exercisable at $0.60 until November 12, 2025; and 250,000 options exercisable at $0.51 until August 30, 2026). For further information regarding the Company's investor relations services agreement with Capital Markets Advisory CA please see the Company's news release dated August 15, 2023.

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).

The Tapajós Gold Province is the site of the largest gold rush in Brazil's history producing 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

Guillermo Hughes, MAusIMM and 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 news release.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/182194