Alan Carter

we're currently modeling six deposits. And there could easily be another six deposits on this on this within this district that we control.

there are 50 untested targets uh uh on the property map where we've got gold in drill holes, trenches. We've got some boulder fields here which are running 3 oz a ton average.

So there's a lot more of this oxide material. So that's in all likelihood going to allow us to extend the mine life and most likely expand the throughput here um from next year onwards.

since then we've identified a lot more confident about the presence of additional golden oxide mineralization

infill drilling results and obviously they some of the grades are well above reserve grade.

Last week we put out an infill hole which touched 25 m at 7.5 g per ton from surface.

I think we've done about 160 holes something like that.

We are currently modeling six gold deposits in terms of an updated resource estimate. We hope to have that updated resource estimate out by the end of this year, 2026.

couple of weeks ago we put out 107.6 m at 2.5 g within that there was a 17.8 m section averaging 13 grams

Back in March, we put out a a drill hole at Jeremy Senior, which is one of these new deposits that's come up since 2022, and he drilled 9 meters at 87.4 g, not silver.

mining the weathered material here, which is 60 m deep. It's free digging. Um, the very, very low strip ratio. Obviously, there's no drilling and blasting because it's saprolitic mud.

we put out had an update on our progress regarding the construction of this phase one operation which is a heat leach operation.

the actual life of mine grade is about 0.7 or so grams a ton

we think the initial grade will be higher than the overall life of mine grade as per the PFS. So we be well above one gram for the first 12 months or so.

we should be producing gold at an all-in sustaining cost of about 1,200 US dollars an ounce

You know we still expect making about 3,000 US dollars on every ounce that we produce.

we should be producing gold at just over about $1,000 an ounce

rail looked this morning but about 4,300 uh US dollars a ton.

the rate of return that was generated uh at during the PFS study that we published in uh back in July assumed a gold price of of uh $2,500 an ounce

The PFS study was done at a gold price assumed gold price of $2,500 an ounce.

We're still largely on budget in terms of the original original scope of the PFS.

the capital cost for this 3,000 ton a day operation to mine this weathered material came out around 37, I think it was 37.7 million US

At $2,500 an ounce, this starter operation, this 3,000 ton a day starter operation to mine the oxided material had a 78% rate of return

We have a 78% IRRa at $2,500 an ounce and a $74 million NPV with a 10-month payback. At a gold price of $3,500 an ounce, it has a 151% IRR and a six-month payback.

Diesel prices in sustaining cost uh that we got out of the study that was authored by Oeno in July is just over $1,200 US a ton.

the PFS study that we released in July, commonplace is going to uh 3,000 tons a day.

At $2,500 an ounce, this starter operation, this 3,000 ton a day starter operation to mine the oxided material had a 78% rate of return and a 10-month payback

We have a 78% IRRa at $2,500 an ounce and a $74 million NPV with a 10-month payback. At a gold price of $3,500 an ounce, it has a 151% IRR and a six-month payback.

So that's fully funded.

this money is going to be directed to expiration with $20 million.

We went out and raised that money through a gold loan with our largest institutional shareholder. Um so we closed that financing in November

um we uh borrowed $45 million US in gold and we'll have to repay that with interest.

We have a fully funded starter operation that is under construction.

this is a gold loan. It has a 39-month term.

we went and and borrowed the equivalent of $45 million US in gold uh from our largest institutional shareholders.

We recently raised $45 million US through a gold loan.

The actual capex is only 37.7 million here.

this is $45 million, as I said, the actual capex is a little bit less than 38

provides us with cash flow moving forward to the tune of about $75 million a year US pre-tax.

Our strategy to fund growth at Kuq while minimizing shareholder dilution consists of a two-phase development strategy.

There is no dilution to the capital structure here.

we've recently announced that we've just started mining and stacking ore as part of the commissioning process.

We have been commissioning the the dry circuit. So, what that means, everything from the the mining of the ore body to the leaching of the material is currently in process. We've still got the commissioning of the wet circuit

we expect to have that ADR plant uh on site uh by the end of the month. Uh it should only take us a few weeks to assemble it.

I think the last update we put out was at the end of April. We were 70 70% complete of that.

commissioning is scheduled for Q3.

So um that's scheduled to arrive on site next month.

And then we'll start lynching pretty quickly after that in July.

mining is scheduled to start at the end of this month the end of June.

commissioning is planned for Q3 and commercial production for Q4.

commercial gold production is scheduled for Q4, Matt. I think we'll be producing gold probably prior to that. In terms of commercial it's Q4 of this year.

In fact, it's targeted for Q4 2026.

we should be commissioning that uh initial project and and in commercial gold production in Q4 of this year.

We expect to be pouring gold um in the fourth quarter of 2026 this year

Stage one is in construction now and commissioning is planned for Q3 and commercial production for Q4. We're about 60% complete.

We're building our first mine in Brazil

We control an entire gold risk district in northern Brazil, Kukuyuku Kuyu.

We have a gold project in northern Brazil.

We control an entire gold district in northern Brazil

We are building our first uh gold mine in northern Brazil.

Cabal Gold has an advanced gold project in northern Brazil called Kuyukuyu.

became interested in the origin of all the Placa gold in the Tapjos region of northern Brazil

We have an advanced gold project in Brazil

The granting of the LP for the full mining license is a very very big deal.

the news that we put out on Tuesday of this week, so that will be 10th of March regarding the granting of the LP for the full mining license is a massive monumental step

We're developing this project under what's called trial mining licenses, which will allow us to mine 1500 tons a day.

We have a gold project in northern Brazil. It's actually consists of an entire gold district.

became interested in the origin of all the Placa gold in the Tapjos region of northern Brazil

Luis Solano and his team uh um supervised by John Sestan, and also with the input of our country uh VP Brazil, uh Rory McNight, have done an amazing job.

We've got a construction team. We've got a a significant in-house team with a bunch of contractors on site that all working on about 350 people on that right now.

I spent 13 years of my career working for large mining companies, namely Riotinto, Bilitin and BHP

our VP pro project development John C has done an excellent job on this as has our country manager Rory Mcnite and particularly Luis Salaro who's our construction manager who recently joined us. Luis has been responsible for building several gold mines in in Brazil.

We've uh we've built from scratch a 160 person uh camp. Um so that's up and running.

As you know, I was involved in the discovery of Tokotanzeno 20 years ago.

Luis Salaro who we hired earlier this year. Luis has built several coal mines in Brazil

Peragan Metals was a huge success and was sold to Still Water Mining in 2011 for almost 500 million Canadian dollars.

I'm a significant shareholder in this company. I got $2 million of my own money, cash money that I've invested into this into this company.

I myself have invested almost 2 million Canadian dollars.

As the founder and CEO of Cabrow Gold, I myself have invested $2 million of my own money in the company

There's no crushing and grinding at the plant, either. You know, you see these great videos of these massive ball mills turning in in most uh mining operations. We haven't got one of those.

We're targeting 3,000 tons a day.

we are building as I said in the introduction uh an initial golden oxide heat leach project which should mine about 3,000 tons a day.

our project in Brazil has a very thick weathered cap or I call it a blanket but it's we've got 60 up to 70 m actually of weathered material

The main uh risk here is is schedule is keeping to schedule. The the the one thing that we have no control over obviously is the weather.

we've had some really good drilling steps including 11 meters at 33 g 12 m at 27 g.

One of these new discoveries, Mashishi Northeast, recently returned some spectacular drill results, including 12 m at 27.7 g gold and 11 m at 33 g gold.

This is free digging material. It leeches extremely well. the mining and process processing costs here are very low. It doesn't need to be crushed and ground.

key product at a consistently, I guess, um maintaining that permeability, etc. I mean, you need to get through the things that you task

So, um you know, it's coming up pretty pretty fast. So far we're still on budget and on schedule.

Our pads are going to be onoff pads. So they the material will reside on the pad for for 60 days.

we believe the main operational considererations will involve maintaining skilled workforce, managing seasonal weather conditions, and ensuring the timely delivery of equipment.

14% that's uh of the goal will go towards paying down this loan over the life of mine.

the material that we're mining, as I said, is is saplite and soil material, which is from surface.

It's next door to the third largest gold mine in Brazil.

we're right next to the third largest gold mine in um in Brazil. I was involved in the discovery of that, Token Tanzenho.

we should be producing 25,000 ounces of gold per year at an all- in sustaining cost of just $1,210 per ounce.

The project next door to us what I just mentioned is being mined by G mining. It is currently the third largest gold mine in Brazil

uh we currently have 273 million shares out.

we closed on Friday at at just over a dollar a share, 109.

we have identified some opportunities to upsize uh this initial phase one operation, uh and we'll be giving some guidance on on that in the future weeks and months.

There'll be drill announcements coming out on a on a regular basis. So, um you know, every week or two we should have drill results.