Cerrado Gold Inc.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Cerrado is a Toronto-based gold production, development and exploration company focused on gold projects in Latin America. The Company is the 100-per-cent owner of both the producing Minera Don Nicolas (MDN) gold mine in Santa Cruz province, Argentina, and the highly prospective Monte Do Carmo (MDC) development project, located in Tocantins state, Brazil.

Cerrado's executive team has a long history of success developing numerous mining projects from early stage exploration, through development and production in South America.

ASSET OVERVIEW

Production in Argentina and Development in Brazil

Minera Don Nicolas (MDN) Mine, Argentina

Minera Don Nicolas (MDN) is located in the mineral rich Deseado Massif in the province of Santa Cruz, Argentina. MDN is an open pit gold mine with an associated 1,200 tpd carbon in leach (CIL) gold recovery plant, targeting annual production of 45,000 to 55,000 GEO (gold equivalent ounce). Current operations are focused on two fully permitted open pit mining areas, La Paloma and Martinetas (average head grade of 5.5 g/t Au), with material processed at a central plant facility. The Project has significant exploration potential with a land package of 333,400 ha.

Resource Base (August 2020)

• Measured & Indicated of 1.1Mt @ 5.49 g/t Au & 8.37 g/t Ag, 202koz GEO
• Inferred of 4.66Mt @ 2.33 g/t Au & 4.7 g/t Ag, 353koz GEO

Geological Potential & Growth Plans

• Pursuing four main avenues of growth:
1. Expanding existing high-grade resources
2. Develop lower-grade heap leach production
3. Develop underground production
4. Develop stand alone assets for future discoveries

Operating Metrics

• 2022E Production of 50koz of GEO at an AISC of US$1,200/oz

2022 Activities

• Continuing at optimized production levels
• Infill drilling to increase life of mine
• Development of heap leach project(s)
• Defining underground potential
• Exploration of stand-alone projects

Monte Do Carmo (MDC) Project, Brazil

The Monte do Carmo (MDC) Gold Project is located in the state of Tocantins, Brazil, immediately east of the town of Monte do Carmo. The Serra Alta deposit is the main focus of the exploration of the project. The Monte do Carmo property consists of 14 exploration permits totaling 82,541 ha. The property has access to excellent local infrastructural with no artisanal mining or NGO issues and strong local support from the residents.

The August 2021 preliminary economic assessment (PEA) demonstrates extremely robust economics as well as the potential to be one of the industry's lowest-cost producers.

Open Pit Resource (August 2021)

• Measured & Indicated of 9.1Mt @ 1.85 g/t Au (541koz)
• Inferred of 13.2Mt @ 1.84 g/t Au (780koz)

Geological Potential & Growth plans

• Serra Alta open in all directions
• Infill program nearing completion
• 30kms of trends to follow in order to discover the next Serra Alta

Operating Metrics

• After-tax NPV (5%) of US$617M
• Life of mine average annual production of 131koz
• AISC of US$ 612/oz over 8 years (US$431/oz first 5 years)
• Initial Capex of US$126M (incl. US$25M contingency)
• Annual average free cash flow of US$150M over the first 5 years

2022 Activities

• Updated resource at Serra Alta: Infill and expansion to the North and East
• Continued exploration: Serra Alta & Gogó da Onça
• Delivering the Feasibility study at Serra Alta Q1/23

Investment Highlights

The Next Low-Cost Intermediate Gold Producer

• Strong Production Growth Profile
• Best production growth profile among junior producers
• +500% organic production growth over the next five years
• Near term growth through dual stream production strategy at Minera Don Nicolas (MDN)
• Transforming to an intermediate producer when Monte do Carmo (MDC) comes into production in 2025
• Developing a Truly World Class Asset
• MDC is the potentially the lowest cost development project globally: AISC $431/oz for the first 5 years
• Requires minimal initial capital expenditure: $126 million
• Uncovering a new gold district: Over 30km in trends identified with potential to grow the project to 5.0Moz
• Cash Producing
• MDN now generating operating free cash flow
• Self funding expansion through heap leach projects and exploration
• A Management Team that Delivers
• Delivered production and operational improvements after the acquisition of MDN – despite COVID-19 challenges
• A proven track record of development in Latin America
• Value Creation Cycle just Beginning
• Heap Leach development ongoing, production Q2 2023
• expansion at MDN in Q1 2023
• Feasibility study on MDC due Q1 2023
• Large exploration budgets for MDC & MDN: Both Assets in Discovery Phase
• 30km of trends to explore for the next Serra Alta
• 2 potential stand-alone discoveries in Argentina

Management

Management and Directors

Mark Brennan, Chief Executive Officer & Co-Chairman

Mr. Brennan is a Founding Partner and Executive Chairman of Ascendant Resources Inc. and Executive Chairman of Vanadium One Iron Corp., and has over 20 years of mining experience in Brazil. Mr. Brennan was president and CEO of Sierra Metals Inc. and Largo Resources Ltd., and a founder of several resource companies, including Desert Sun Mining, Brasoil Corp., James Bay Resources, Morumbi Oil and Gas, and Admiral Bay Resources.

Stephen Shefsky, Co-Chairman & Founder

Mr. Shefsky has been the President and Chief Executive Officer of Cancap Investments since 1985. He is currently the President & CEO of James Bay Resources.

Cliff Hale-Sanders, MBA, CFA, President

Mr. Hale-Sanders is one of the founding partners in the formation of Ascendant Resources Inc. Prior to this he had a career that spanned over 20 years in the capital markets industry.

Jason Brooks, CPA, Chief Financial Officer

Mr. Brooks has over 18 years of experience in finance and accounting at international mining companies.

Casper Groenewald, Chief Operating Officer

Mr. Groenewald is a qualified metallurgist and has over 20 years of mineral processing experience in Africa and the Americas. He was the Senior Vice-President of DRA America and former Technical Director for Largo Resources.

Sergio Gelcich, Ph.D., Vice President, Exploration

Dr. Gelcich is an exploration geologist with over 20 years experience in geological sciences. He most recently served as Director Exploration for Hudbay Minerals.

Kurt Menchen, President & Country Manager, Brazil & Director

Mr. Menchen is the past-President of Operations, Brazil, of Largo Resources Ltd., and has over 42 years of mining experience, including over 20 years as General Manager at the Jacobina Gold project in Bahia State, Brazil.

Veronica Nohara, President & Country Manager, Argentina

Mrs. Nohara is an international business professional with more than 20 years experience working in different Latin American countries. She was Chief Executive Officer for Minera Don Nicolas.

Carl Calandra, LL.B., MBA, Vice President, General Counsel & Corporate Secretary

Mr. Calandra is a legal executive with more than 15 years of advisory, deal-making and public company experience.

Clinton Swemmer, Vice President, Technical Services

Mr. Swemmer is a senior project delivery professional whose career spans over 20 years working on various development stage projects.

David Ball, Vice President, Business Development

Mr. Ball was most recently Chief Financial Officer of Santiago Metals Limitada. During his career in the metals and mining sector, Mr. Ball has been actively involved in M&A, corporate advisory and fund raising of both equity and debt.

Robert Campbell, M.Sc., P.Geo., Director

Mr. Campbell is an exploration geologist with over 15 years of experience in exploration geology in Brazil. He most recently served as Vice President, Exploration for Largo Resources Ltd.

Elmer Prata Salomão, Director

Mr. Salomão served as General Director of Brazil’s National Department of Mineral Production (DNPM).

Jad Salomão, Founder & Director

Mr. Salomão has 42 years of experience in mineral exploration & mining and project evaluation with both major and junior company in Brazil and Canada.

Robert Sellars, Director

Mr. Sellars has 40 years experience in capital markets and financial services.

Christopher Jones, CA, CFA, Director

Mr. Jones is an experienced professional chartered accountant, business valuator, Chief Financial Officer and financial advisor.

News Update

On November 21, 2023, Further to the Oct. 18, 2023, announcement in relation to potential Export Credit Agency (ECA) supported project financing of up to $598-million, Cerrado Gold Inc. has appointed the Toronto-Dominion Bank (TD) as the MLA for its Mont Sorcier iron and vanadium project located in Quebec. Cerrado is also in the final stages of finalizing the appointment of the MLA for its Monte Do Carmo project in Brazil. All monetary amounts are in United States dollars.

As announced on September 5th, the Company together with its advisors, SD Capital Advisory Ltd and GKB Ventures Ltd ("S&G"), initiated a tender process to solicit interest from global Project Finance Banks to act as the MLA for the Company's Brazil and Quebec projects. As a result of this competitive process, the company received compelling bids. Together with the Company's advisors, the bids were evaluated based on ECA Project Finance Experience, execution capabilities and ultimately the financial terms for the Project Financing. TD has extensive experience in ECA financing, a longstanding relationship with UKEF, and presented competitive and compelling terms for the project financing.

The UKEF-backed facility is expected to be for up to US$598 million on a non-recourse project financing basis for a total tenor of 11 years. The funding will be to cover 70% of the expected project capital expenditures for the Mont Sorcier project.

On November 07, 2023, In a release under the same headline released Thursday, Nov. 2, 2023, by Cerrado Gold Inc., please note that the results in original press release were impacted by a computational error which resulted in incorrect NPV (net present value) and IRR (internal rate of return) figures being published. As a result, the after-tax NPV (discounted at 5 per cent) declined to $369-million from $401-million and the IRR declined from 34 per cent to 32 per cent. All other information is unchanged. The corrected release follows.

Cerrado Gold Announces Positive Feasibility Study Results for Its Monte Do Carmo Gold Project, Brazil, Including an After-Tax NPV5% of US$369 Million With an IRR of 32%. Highlights:

• After-Tax NPV of US$369 million and IRR of 32%
• Average annual gold production of 94,797 ounces per annum over 9 year Life of Mine ("LOM")
• Average AISC of US$711 per ounce over LOM
• Initial Capex of US$186.6 million (including US$15.8 million contingency)
• 2:1 ratio of NPV over Initial Capex
• Annual average free cash flow of $85 million over the LOM, with total cumulative after-tax free cash flow of $562 million over LOM
• Initial Proven and Probable Reserves of 895 koz of Gold (16.8 Mt at 1.66 g/t Au)
• Updated Measured and Indicated Resources of 1,012 koz of Gold (18.4 Mt at 1.72 g/t Au) and Inferred Resources of 66 koz of Gold (1.1 Mt at 1.95 g/t Au)

(All numbers reported in US dollars, unless specifically stated otherwise)

On November 02, 2023, Cerrado Gold Inc. has released the very positive results of an independent feasibility study (FS) prepared by DRA Global Ltd. in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects on its 100-per-cent-owned Monte do Carmo gold project located in Tocantins state, Brazil. The results of the Feasibility Study supersede the 2021 Updated Preliminary Economic Assessment dated April 23, 2020 entitled "Independent Technical Report - Update Preliminary Economic Assessment for Serra Alta Deposit" filed on SEDAR by GE21 LTDA on October 7, 2021. (All numbers reported in US dollars, unless specifically stated otherwise). Highlights:

• After-Tax NPV of US$401.4 million and IRR of 34%
• Average annual gold production of 94,797 ounces per annum over 9 year Life of Mine ("LOM")
• Average AISC of US$711 per ounce over LOMInitial Capex of US$186.6 million (including US$15.8 million contingency)Annual average free cash flow of $90 million over the LOM, with total cumulative after-tax free cash flow of $607 million over LOM
• Initial Proven and Probable Reserves of 895 koz of Gold (16.8 Mt at 1.66 g/t Au)
• Updated Measured and Indicated Resources of 1,012 koz of Gold (18.4 Mt at 1.72 g/t Au) and Inferred Resources of 66.1koz of Gold (1.1 Mt at 1.95 g/t Au)

On October 25, 2023, The TSX Venture Exchange has accepted for filing the company's proposal to issue 1,229,579 common shares at a deemed value of 56 cents per share to settle outstanding debt for $685,740.28.

Number of creditors: one creditor

On October 24, 2023, Cerrado Gold Inc. has released production results for the third quarter of 2023 from the Minera Don Nicolas mine in Santa Cruz province, Argentina (MDN). Full financial results are expected to be released in late November, 2023. Q3 operating highlights:

• Q3 2023 GEO production of 9,544 ounces compared with 12,453 ounces in Q2 2023 and 11,284 ounces Q3 2022.
• Gold equivalent ounces (GEO) sold increased to 11,386 oz compared with 10,789 oz in Q3 2022.
• Results impacted by unusually severe winter operating conditions, reducing throughput during the quarter and lower planned ore grades which were offset by strong recoveries:
• Gold head grades of 3.19 g/t Au compared with 4.84 g/t Au in Q2 2023 and gold recoveries of 93.1 per cent versus 91.0 per cent.
• Las Calandrias heap leach project produced 650 oz during continuing commissioning.
• LOM (life of mine) strategic plan continues to make good progress.

On October 18, 2023, Cerrado Gold Inc. has completed the tender process for its export-credit-agency-(ECA)-supported non-recourse project financing, and expects to complete the on-boarding and appointment process within the next few weeks. The company has chosen two international banks to act as MLAs; one for the Monte Do Carmo project (MDC) and another as MLA for its Mont Sorcier project (MS) in Quebec. (All numbers are reported in United States dollars.)

On October 17, 2023, Cerrado Gold Inc. has strengthened its technical team with the addition of Val Coetzee, who has been appointed as director, process engineering. Mr. Coetzee will work with the rest of the Cerrado technical team to enhance the delivery and operation of both the Monte Do Carmo project and the Minera Don Nicolas Mine.

Mark Brennan, CEO and Chairman commented "We are extremely pleased to welcome Val to the Cerrado team. Val brings significant experience in process design, engineering, metallurgy and optimization that will significantly add to the technical capabilities of the Cerrado team in advancing our projects; specifically as we bring the Monte do Carmo gold project through the final Feasibility stage and into development."

On September 12, 2023, Cerrado Gold Inc., as of Sept. 11, 2023, has filed its licence of installation (LI) application with the Instituto Natureza do Tocantins or Naturatins, the state environmental regulatory authority, for the development of the Serra Alta project at the Monte Do Carmo project.

Subject to acceptance of the application, the company anticipates it will be granted the installation licence approximately three months thereafter, which will allow for construction activities to begin.

Concurrently the company is progressing the feasibility study for Serra Alta, which remains on schedule for completion by Oct. 31, 2023, as previously announced in a press release dated July 24, 2023. Works to incorporate various opportunities are proceeding well, and the company expects the feasibility to confirm the robust economics of the Serra Alta deposit.

Mark Brennan, chief executive officer and chairman, commented, "We are pleased to be making steady progress in permitting at the Serra Alta project, and expect the granting of the LI and the upcoming FS to continue to support our project financing discussions."

On September 11, 2023, Cerrado Gold Inc. has received the highest-grade intercept ever reported at its Minera Don Nicolas operation in Santa Cruz, Argentina (MDN). Reverse circulation hole PA-RC23-123 intercepted outstanding results from 109 metres of 12 metres (apparent width) at 122.2 grams per tonne gold, including three m at 429.1 g/t from 109 m. This intercept ranks within the best metal content in MDN's all-time exploration drilling results. Additionally, three other relevant intercepts at 126 m (two m at 2.9 g/t Au), 132 m (one m at 2.4 g/t Au) and 142 m (two m at 4.2 g/t Au) are interpreted as high-grade cores along parallel structures.

On September 05, 2023, Cerrado Gold Inc. has commenced the tender phase for the mandated lead arranger (MLA) of its export credit agency (ECA) project financing program. As of Sept. 4, 2023, the company and its advisers have issued detailed banking information memorandums to a number of project finance banks which have indicated an interest in being the mandated lead arranger as part of the UKEF-supported (U.K. Export Finance) export credit facilities for the company's 100-per-cent-owned Monte Do Carmo (MDC) project in Tocantins state, Brazil, and the Mont Sorcier (MS) iron ore and vanadium project in Quebec, Canada (see press release dated July 5, 2023).

The selection of the MLA is expected to be completed by the end of September. Once an MLA has been appointed, detailed due diligence will commence with the aim of receiving final terms for the ECA-backed project financing at MDC toward the end of the year.

On July 25, 2023, Cerrado Gold Inc. intends to file its licence of installation (LI) application with the Instituto Natureza do Tocantins or Naturatins, the state environmental regulatory authority, on or around Aug. 10, 2023, for the development of the Serra Alta deposit at the Monte Do Carmo project. Subject to acceptance of the application, the company anticipates it will be granted the installation licence approximately three months thereafter, which will allow for construction activities to commence at the project.

In addition, the company is also updating the expected completion schedule for the feasibility study (FS) for the Serra Alta deposit at its Monte Do Carmo project in Brazil. In finalizing various components of the FS, Cerrado has identified material new opportunities that require changes in scope to ensure they are captured within the project economics. This will require approximately three additional months to complete the FS. As such, the updated completion is now targeted by the end October, 2023.

On July 24, 2023, Cerrado Gold Inc. intends to file its licence of installation (LI) application with the Instituto Natureza do Tocantins, or NATURATINS, the state environmental regulatory authority, on or around Aug. 10, 2023, for the development of the Serra Alta deposit at the Monte Do Carmo project. Subject to acceptance of the application, the company anticipates it will be granted the installation licence approximately three months thereafter, which will allow for construction activities to commence at the project.

On July 19, 2023, At Cerrado Gold Inc.'s annual and special meeting of shareholders held earlier today, all matters presented to shareholders were approved. Details of the voting results are set out herein. A total of 33,633,502 common shares were voted at the meeting, representing 34.67 per cent of the votes attached to all outstanding common shares of the company. All matters presented for shareholder approval at the meeting were duly authorized and approved.

On July 19, 2023, Cerrado Gold Inc. has released production results for the second quarter of 2023 from the Minera Don Nicolas (MDN) mine in Santa Cruz province, Argentina. Full financial results are expected to be released in August, 2023. Q2 operating highlights:

• Q2 2023 gold production of 12,336 ounces and gold equivalent ounce (GEO) production of 12,453 ounces, compared with 11,640 GEO ounces in Q2 2022;
• GEO sales in Q2 of 11,195 ounces;
• Results continue to demonstrate stable mill throughput:
• Gold head grade of 4.84 grams per tonne and gold recovery of 83.68 per cent for the quarter.

On July 10, 2023, Cerrado Gold Inc. has poured its first gold from its new heap leach gold production project at the Las Calandrias area in Argentina. Mining and stacking operations are at planned capacity, and gold production is expected to steadily increase as the retention period for the stacked ore is reached, allowing the project to reach design capacity during the third quarter of this year.

• First gold poured from the Las Calandrias heap leach project;
• Las Calandrias is now ramping up to full production, expected in Q3 2023;
• MDC (Brazil) feasibility study in the final optimization stage.

Mark Brennan, chief executive officer and chairman, commented: "We are extremely pleased to see the first gold poured from the Las Calandrias project and this is a testament to the hard work and dedication of the operations team. In addition, this represents a significant milestone for Cerrado as we continue to deliver on our production growth strategy in Argentina. In Brazil, as we near the completion of the study phase, we continue to be confident that the MDC project will be a very robust project which should position Cerrado for a period of rapid growth."

On July 05, 2023, Cerrado Gold Inc. has received and accepted expressions of interest (EOIs) from U.K. Export Finance (UKEF) to support potential export credit facilities for the company's 100-per-cent-owned Monte Do Carmo project in Tocantins state, Brazil (MDC) and the Mont Sorcier iron ore and vanadium project in Quebec, Canada (MS), held by its wholly owned subsidiary Voyager Metals Inc. The EOIs provide support for up to $190-million (U.S.) for the MDC project and up to $420-million for the MS project, representing 70-per-cent of total capital expenditure, interest payable during construction and the political risk insurance premium, as well as other approved expenditures for each project.

UKEF is a department of the United Kingdom government and is the U.K.'s official export credit agency (ECA). UKEF operates under an Act of Parliament to support U.K. exports, predominately through the provision of 100 per cent unconditional guarantees backed by the U.K. government.

On June 15, 2023, Cerrado Gold Inc. has initiated the leaching process at its initial heap leach project at the Las Calandrias area in Argentina. Mining operations have reached a rate of approximately 10,000 tonnes per day, feeding the pad at a rate of 5,000 tonnes per day. Carbon loading has begun and the first gold pour is expected by the end of this month.

As previously announced, the Las Calandrias project is expected to provide additional gold production in Argentina during the second half of this year. Las Calandrias and additional heap leach projects are expected to help lower unit costs per ounce by providing additional economies of scale. The company expects to reach full production rates from Las Calandrias during Q3 this year.

The second successive heap leach project, Martinetas, is expected to begin construction later this year and begin production in 2024.

On June 06, 2023, The TSX Venture Exchange has accepted for filing documentation in connection with an arrangement agreement dated March 7, 2023, between Cerrado Gold Inc. and Voyager Metals Inc., pursuant to which Cerrado acquired all of the issued and outstanding common shares of Voyager that it did not already own by way of a plan of arrangement under the Business Corporations Act (Ontario). Under the terms of the arrangement, each former shareholder of Voyager, other than Cerrado, is entitled to receive one-sixth of one Cerrado share for each outstanding Voyager share. Additionally, all outstanding options and warrants of Voyager will be exchanged into securities of Cerrado in accordance with the terms of the arrangement.

On May 31, 2023, Voyager Metals Inc. has successfully completed the previously announced statutory plan of arrangement under the Business Corporations Act (Ontario) pursuant to which Cerrado acquired all of the issued and outstanding common shares of Voyager that it did not already own. The Arrangement was carried out pursuant to the terms of the arrangement agreement between Voyager and Cerrado dated March 7, 2023 (the "Arrangement Agreement") and became effective today, resulting in Voyager becoming a wholly-owned subsidiary of Cerrado. The Arrangement had received the requisite approval of Voyager shareholders and optionholders at a special meeting held on May 24, 2023. The Ontario Superior Court of Justice (Commercial List) issued a final order approving the Arrangement on May 26, 2023.

On May 31, 2023, Cerrado Gold Inc. has released its operational and financial results for the first quarter of 2023 at its Minera Don Nicolas (MDN) gold project in Santa Cruz province, Argentina, and has provided an update on its continuing activities at the Monte Do Carmo gold project (MDC) in Brazil. Production results at MDN were previously released on April 24, 2023. The Company's quarterly financial results are reported and available on SEDAR as well as on the Company's website (www.cerradogold.com). All monetary amounts are in United States dollars unless otherwise stated.

Q1/2023 Financial Highlights - The Company generated revenue of $27.5 million for the three months ended March 31, 2023, from the sale of 16,255 GEO at an average realized price per gold ounce sold of $1,696 and price per silver ounce sold of $22.83. For the three months ended March 31, 2022, the Company generated revenue of $27.4 million from the sale of 15,044 GEO. Revenue from sales of gold and silver for the current period was slightly higher than the three months ended March 31, 2022, due to the higher number of ounces sold, offset by the lower realized price in the current period due to a one-time deferred revenue adjustment of $2.4 million recorded in Q1/2023. Revenue for the quarter without the deferred revenue adjustment was $29.9 million.

On April 27, 2023, Cerrado Gold Inc. has commenced loading ore onto the heap leaching pad at its inaugural heap leach project in Las Calandrias, Santa Cruz province, Argentina. The company expects to commence leaching in the next 7-10 days, with the first gold pour in early June.

As previously announced, the Las Calandrias project is expected to add 25k ounces per annum of gold production capacity commencing in June of this year. Las Calandrias is the first of two heap leach projects that are planned to be initiated this year to grow the overall gold production from Cerrado's Argentinian operations. The second anticipated heap leach at Martinetas, is expected to be constructed later this year and start production in early 2024 adding an additional 20k ounces of production capacity.

Additionally, production from the two heap leach projects is expected to lower the total all-in-sustaining costs and strengthen cash flows by increasing ounces and reducing fixed costs produced per ounce in Argentina.

Mark Brennan, CEO and Chairman commented, "With Las Calandrias now set to enter production, we are thrilled to be delivering on our growth strategy for Argentina, outlined in early 2022. We continue to expect further growth from the Martinetas heap leach Project as well as future underground development and exploration efforts which are anticipated to grow the resource base for both heap leach and CIL production."

On April 24, 2023, Cerrado Gold Inc. has released production results for the first quarter of 2023 from the Minera Don Nicolas mine in Santa Cruz province, Argentina. Full financial results are expected to be released on June 8, 2023. Q1 operating highlights:

• Q1 2023 gold production of 13,794 ounces and gold equivalent ounce (GEO) production of 13,951 ounces, as compared with 13,499 ounces in Q1 2022;
• GEO sales in Q1 of 16,255 ounces, compared with 15,044 ounces in Q1 2022;
• Results demonstrate continuing stability in mill throughput combined with improving head grades and recoveries;
• Gold head grades of 4.59 grams per tonne and gold recoveries of 91.9 per cent for the quarter.

On April 17, 2023, Cerrado Gold Inc. expects to deliver its feasibility study (FS) for its Monte do Carmo (MDC) gold project in Tocantins state, Brazil, by the end of May. The operational team, in conjunction with independent engineering firms SRK and GE21, have completed or are at near completion of all disciplines required to deliver a feasibility study by the end of May. Additional work streams to incorporate the underground mining are well advanced. The move to underground mining in the later part of the current mine life is expected to significantly reduce the amount of waste stripping required and lower the overall operating costs of the mine. The company continues to expect a robust FS following the successful PEA (preliminary economic assessment) delivered in August, 2021.

On April 17, 2023, Cerrado Gold Inc. has released operational and financial results for the fourth quarter and year-end 2022 at its Minera Don Nicolas (MDN) gold project in Santa Cruz province, Argentina, and for its exploration activities at the Monte Do Carmo gold project in Brazil. Production results were previously released on Jan. 18, 2023. The company's annual financial results are reported and available on SEDAR as well as on the company's website. All numbers reported in United States dollars

Q4 2022 Minera Don Nicolas operational highlights:

• Gold production of 17,360 gold equivalent ounces (GEO) in Q4 2022, a 13-per-cent improvement year-over-year (YoY);
• Strong operating margin of $7.6-million and operating cash flows of $8.4-million in the fourth quarter;
• AISC (all-in sustaining cost) of $1,015 per ounce during Q4.

Full-year 2022 Minera Don Nicolas operational highlights:

• Annual 2022 gold production of 53,672 GEO, a 23-per-cent improvement YoY (43,559 ounces 2021);
• Strong annual operating margin of $19.5-million and operating cash flows of $15.2-million;
• Full-year adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $20.7-million, a 76-per-cent increase YoY;
• Annual AISC of $1,231 per ounce, at the lower end of guidance.

On April 05, 2023, Cerrado Gold Inc. has continued to strengthen its in country development, construction and operations team in anticipation of commencing construction activities later this year at its Monte do Carmo project in Tocantins state, Brazil. Cerrado has appointed Antonio Peixoto as director of operations at its Monte do Carmo project. In addition, the company has also appointed Mauricio Coletti as chief mining engineer and Mauro De Silva as chief processing engineer. The new hires add several decades of operational experience to the owners team and reunites a team that has worked together on several successful operations and construction projects including Pan American's Jacobina gold mine and Largo Resources' Maracas vanadium mine.

On March 14, 2023, Cerrado Gold Inc. has strengthened its executive team with the addition of Michael McAllister, who has been appointed vice-president of investor relations, and Chris MacInnis, who has been appointed as director of geology and resources for the company. Mr. McAllister has over 19 years of experience working with public mining companies, the last 12 as a mining specialized investor relations professional. He most recently was with Superior Gold and prior to that Sierra Metals where he helped the company complete the dual U.S. listing progress and helped see the company progress from a small-tier to a mid-tier diversified producer.

On March 07, 2023, Cerrado Gold Inc. has entered into a definitive agreement with Voyager Metals Inc., pursuant to which Cerrado will acquire all of the issued and outstanding shares of Voyager not already owned by Cerrado by way of a plan of arrangement under Business Corporations Act (Ontario). Upon completion of the arrangement, Cerrado will, indirectly through a wholly owned subsidiary, own a 100-per-cent interest in the Mont Sorcier iron and vanadium project located near Chibougamou, Que.

On March 06, 2023, Cerrado Gold Inc. has provided an update on the progress of its development of the gold heap leach project at the Las Calandrias deposit in Santa Cruz, Argentina (MDN).

As of March 3rd, 2023 Cerrado has secured all the required environmental permits relating to the development and operation of the Las Calandrias heap leach project. Construction work remains ongoing with first ore expected to be stacked on the heap leach pad during April and first gold pour is scheduled before the end of May.

Additionally, metallurgical testing has confirmed gold recoveries with greater than 80% confidence from Oxide materials with at least 70% recovery, Transition ores have at least 50% confidence and the Primary ore has at least 36% recoveries. As a result, mine planning has been redesigned to add material from the primary ore zone which will expand resources for production and extend the mine life.

On March 02, 2023, Cerrado Gold Inc. has entered into an amended and restated metal purchase and sale agreement with Sprott Private Resource Streaming and Royalty (B) Corp. to include the concessions acquired by the company in its acquisition of Minera Mariana Argentina SA in 2020 (see the company's news release dated Oct. 28, 2020), broadening the stream area, including, most notably, production from Las Calandrias heap leach project, where production is expected to commence in second quarter 2023. The Agreement also provides Cerrado with an additional US$10 million in funding in the form of an additional deposit (the "Deposit") against future production. Substantially all other terms of the Agreement are materially unchanged.

On February 27, 2023, Cerrado Gold Inc. has released the final assay results from the 2022 infill/extensional drill program completed earlier this year at the Serra Alta deposit at its Monte do Carmo (MDC) project located in Tocantins state, Brazil. Highlights:

• Final assays received from Infill campaign; highlights include:
• FSA-290: 15m at 5.79 Au g/t from 309m; and
• FSA-314: 17m at 2.87 g/t Au from 105m and 14m at 3.41 g/t Au from 130m
• 2023 Exploration Campaign Underway - Initial exploration hole; FNE-01, intersects visible gold 500m northeast of known mineralization at Serra Alta

On February 13, 2023, Cerrado Gold Inc. has appointed Clinton Swemmer as chief technical officer for the company. Previously Mr. Swemmer held the position of vice-president of technical services for Cerrado.

The appointment reflects Mr. Swemmer's significant contribution to the company, including the heap leach and underground development programs at Minera Don Nicolas, Argentina, and the continuing feasibility study and development plans at the Monte do Carmo project, Brazil.

On January 31, 2023, Cerrado Gold Inc. has released additional results from its 2022/2023 infill/extensional drill program for the completion of its feasibility study expected by the end of May at its Monte do Carmo (MDC) project located in Tocantins state, Brazil.

The 2022/2023 drill program has successfully upgraded the bulk of the known resources into measured and indicated categories, targeted new extensional zones, and condemned areas for project infrastructure in support of the continuing feasibility study. The final hole as part of this program was completed last week. Full assay results from the program are expected to be completed in February.

The company is now finalizing plans for the 2023 exploration program which will be designed to test numerous targets along a 30-kilometre stretch of known mineralization within the Monte do Carmo property. While moving toward production, the Monte do Carmo property is still considered to be underexplored and in the discovery phase with potential for significant new deposits.

The company is currently reporting assay results from 17 drill holes, totalling 4,913 metres, completed from October to December, 2022. As of Jan. 16, 2022, a total of 193 drill holes, totalling 48,842 m, have been completed as part of the program started in early 2022, including 157 holes at Serra Alta and 36 holes in the satellite exploration areas. It drilled 25 m of 19.01 g/t Au at Monte.

On January 18, 2023, Cerrado Gold Inc. has released production results for the fourth quarter of 2022 from its Minera Don Nicolas (MDN) mine in Santa Cruz province, Argentina. Full financial results are expected to be released on April 14, 2023.

• Q4 2022 production of 17,360 gold equivalent ounces (GEO);
• Full-year production at top end of range of guidance at 53,672 GEO (45,000 to 55,000 GEO);
• Las Calandrias heap leach construction on track for first gold pour late Q2 2023;
• 2023 production guidance: 60,000 to 70,000 GEO at an AISC (all-in sustaining cost) of $1,100 (U.S.) to $1,300 (U.S.) per ounce.

Q4 operating highlights:

• Q4 production of 17,360 GEO compared with Q3 2022 production of 11,284 GEO (plus 54 per cent);
• Full year production of 53,672 GEO compared with 43,559 GEO for 2021 (plus 23 per cent);
• Results demonstrate continuing stability in mill throughput combined with improving head grades and recoveries:
• Gold head grades increased to 5.83 g/t (grams per tonne) from 4.4 g/t quarter-on-quarter and to 4.56 g/t from 3.51 g/t year-on-year;
• Gold recoveries increased from 91 per cent to 94.9 per cent quarter-on-quarter and from 88.7 per cent to 91.6 per cent year-on-year.

On December 15, 2022, Cerrado Gold Inc. has released additional assay results from its continuing infill drill program at the Serra Alta deposit at its Monte do Carmo (MDC) project located in Tocantins state, Brazil. The infill drill program commenced in Q4 2021 with the aim to upgrade the bulk of the resources into the measured and indicated categories, target new satellites, extensional zones, condemn areas of project infrastructure, and support the continuing feasibility study. The infill program is expected to be completed by the end of December, 2022, with the feasibility study targeted for completion in Q2 2023.

The company is currently reporting assay results from 19 drill holes, totalling 5,554 metres (see attached table) completed from September to November, 2022. As of Dec. 9, 2022, a total of 194 drill holes totalling 46,912 metres have been completed as part of the 2022 program, including 158 holes at Serra Alta (infill, condemnation and partial extensions); and 36 holes in the satellite exploration areas namely, Gogo da Onca and Capitao. It drilled 30 m of 4.47 g/t Au at Monte do Carmo.

On December 13, 2022, Cerrado Gold Inc. has provided an update on the Q4 operational results at the Minera Don Nicolas mine (MDN), progress with development of the initial heap leach pad at the Las Calandrias deposit and progress with the continuing feasibility study work at its 100-per-cent-owned Monte Do Carmo project (MDC) in Tocantins.

Based upon results to date, Q4/22 gold production and sales are expected to be more than 15,000 oz's resulting in full year production exceeding 50,000 oz's. Given higher gold production numbers, a decrease in dilution and an increase in the official dollar the AISC is expected to show a significant improvement from the previous quarter.

December 6, 2022, Cerrado Gold announces Additional Issuance by Minera Don Nicolas of Promissory Notes for US$4 Million

https://www.cerradogold.com/_files/ugd/c9f131_52b0e0b992144e558f24043710a9bfb1.pdf

November 23, 2022, Cerrado Gold Reports Third Quarter Operating and Financial Results at Its Minera Don Nicolas Mine in Argentina

https://www.cerradogold.com/_files/ugd/c9f131_9426f322a0544f38adced7b99bf3215d.pdf

November 21, 2022, Cerrado Gold Announces Discovery of New Mineralized Zone at the Serra Alta Deposit and Reports Additional Results from the Infill Program at Its Monte Do Carmo Project in Brazil

https://www.cerradogold.com/_files/ugd/c9f131_84a6e0f7509d4a9081c119b8ed3f0e38.pdf

November 17, 2022, Cerrado Gold Announces the Proposed Issuance of US$10-12 Million in Promissory Notes by Minera Don Nicolas

https://www.cerradogold.com/_files/ugd/c9f131_21318ab49e234dab957e482fc4c12d0f.pdf

October 20, 2022, Cerrado Gold Reports Q3 2022 Gold Production from Its Minera Don Nicolás Mine In Argentina

https://www.cerradogold.com/_files/ugd/c9f131_d01c1d4aa91c4526ad7d2b0e77cf2999.pdf

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