Cerrado Gold Inc.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

• Metallurgical test work on Master Composite reaffirms production of DRI grade iron concentrate with combined Silica and Alumina below 2.5%;

• DRI grade concentrate demand to grow at a CAGR of over 9.0% p.a. for the next decade according to industry forecasts

• Enhanced economic magnetite iron recovery of 83%;

• Variability test work of the primary domains has commenced;

• Additional test work focused on equipment sizing is now ongoing ;

• Feasibility study targeted for Q1 2026

(All numbers reported in US dollars)

Cerrado is building undervalued world class assets to drive significant cash flow

• Attractive opportunity to acquire 80% of the robust Lagoa Salgada VMS Project with a Post-tax NPV of US$147 million and a 39% IRR in current Feasibility Study.

  • Adds substantial precious metals and critical minerals exposure (34% silver & Gold, 30% Zinc, 15% copper, 14% lead, 7% tin)

  • Expected lowest cost quartile production with US$0.59/lb Zinc Equivalent All in sustaining cost (AISC) for the first 5 years

  • Underexplored asset with extensive exploration potential

• Optimized Feasibility Study due in Q3, construction decision by year end 2025 and initial production expected in second half of 2027.

• Limited equity dilution required to bring Lagoa Salgada to production

• Cerrado current Cash position of US$21 million budgeted to end year flat after all capital expenditures and debt reduction. Projected cash balance does not include payment of $15M due from asset sale to Hochschild and potential $10M option payment from Anglo Gold.

• EIA Approval expected in Q2 2025 and Optimized Feasibility Study in Q3 2025

• Construction well supported with low-cost Export Credit Agency Project Financing with Tier 1 lenders, support from Sprott and potential off takers to move the project into production.

• Management to host Conference Call to discuss transaction on February 3, 2025, at 10:00 AM EST

• Initial US$4 Million Option Payment; Further strengthening balance sheet

• Remaining consideration of US$10 Million payable on exercise within 3 years

• Company well-positioned to drive future growth via its operating Minera Don Nicolas gold mine in Argentina and its Mont Sorcier High Grade Iron Ore development project in Quebec