Cerrado Gold Inc.

Highlights:

• Portal construction commenced with initial blast completed

• Underground operations expected to contribute to production in June and ramp up during Q3 2025

• Open pit exploration drill campaign commenced

• Proven track record of discovery, resource and production expansion

• Demonstrated success in both the Deseado Massif and the Iberian Pyrite Belt

• Gold equivalent production of 11,163 Gold Equivalent Ounces ("GEO") for Q1

• Full year guidance of 55,000-60,000 GEO maintained

• Adjusted EBITDA of $4.8 million for Q1, 2025 and Cash balance over US$20m

• Management to host conference call on 29^th of May, 11AM EDT

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

• Annual production of 54,494 Gold Equivalent Ounces ("GEO"); in-line with guidance

• Adjusted EBITDA of $4.5 million for Q4, and $24.4 million for the full year excluding project sales proceeds from sale of Monte Do Carmo

• Received $34 million in Asset sale and Option payment proceeds in Q4: Received $49 million for the full year with up to $25 million ($15 million guaranteed) due in the coming years.

• Continued strengthening of the Balance sheet with a US$54.5 million improvement in the working capital position achieved

• Management to host a Conference Call to discuss the financial and operational results on May 1^st, 2025, at 11:00 AM EDT

• Gold Equivalent Ounce ("GEO") Production of 11,163 GEO for the 1^st Quarter 2025

• Record Production of 7,228, GEO from Heap Leach operations during the quarter

• 2025 Production Guidance Increased to 55,000 - 60,000 GEO

• Underground Production commencing in H2/2025

• Argentina set to remove Capital Controls or "el cepo" as of Monday, April 14

• International Monetary Fund ("IMF") to provide new $20 Billion in funding

• World Bank to Provide an additional support package of $12 Billion and the Inter-American Development Bank will provide a further $10 Billion over three years

• Currency set to initially be allowed to float in the range of 1,000 -1,400 Pesos to the Dollar

• New Policy will simplify capital flows for Cerrado's MDN mine and allow for dividends out of the country

• US$5 million payment completes balance of the purchase price for MDN

• MDN purchase price consideration totals US$47 million

• Over ~200,000 Gold Equivalent Ounces ("GEO's") produced at MDN since its acquisition in 2020 to year end 2024

• 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 Peso Equivalent Option Payment received which further strengthens balance sheet

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

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

• Company issues loan to Ascendant Resources Inc

• 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

• Gold equivalent production of 16,604 Gold Equivalent Ounces ("GEO") for Q3; On track for full year guidance of 50,000-60,000 GEO

• Adjusted EBITDA of $7.4 million for Q3, 2024

• Decrease in the working capital deficit by over US$20 million year to date

• Management and Directors do not believe Common Shares reflect the value of the Company's assets and future prospects

• Combined closing cash payments of US$30 million received

• Additional US$15 million future payments due to Cerrado

• Closing cash payments of US$30 million and an additional US$15 million future payments due to Cerrado

• Company well-positioned to drive future growth via its operating Minera Don Nicolas gold mine in Argentina and its Mont Sorcier iron ore project in Quebec

• Q3 Production of 16,604 Gold Equivalent Ounces ("GEO") vs 16,255 GEO in Q2 and 11,204 in Q1, 2024.

• Calandrias Norte high-grade ore supplemented by additional pits extending CIL operation into 2025.

• Production of 3,404, GEO from Heap leach operations during the quarter with a record of 1,644 GEO in August.

• Balance sheet continues to improve, with approximately US$12m in current liabilities repaid since March 2024.

• Gold equivalent production of 16,255 GEO for Q2; On track for Full year guidance of 50,000-60,0000 GEO

• Adjusted EBITDA of $14.7 million for Q2

• Operating results for Q2 highlight stable operating performance which is expected for the remainder of the year

• Recent 43-101 Mineral Resource Update and Preliminary Economic Assessment Completed for MDN showing an NPV5% of $111MM at $2,100 oz gold price over a 5 year mine life

• Common shares to resume trading at the opening on August 8^th, 2024

• MDN operations are performing well with Q2/24 production of 16,255 Gold Equivalent Ounces ("GEO")

• Full-Year production guidance of 50,000 - 60,000 GEO at AISC of US$1,200-1,400/oz

• Recent PEA results for MDN show an NPV (5%) of $111MM at $2100/oz gold over a 5-year mine plan producing an average of approximately 56,000 GEO per annum

• Life of Mine Average annual EBITDA of US$49 Million and FCF of US$25 Million

  • LOM average EBITDA of US$64 Million and FCF of US$29 Million at Spot prices¹

• Additional US$45 million cash expected between March 2025-2027 from the sale of the Monte do Carmo project in Brazil

• Second crusher on site is being commissioned to support further expansion of heap leach operations

• Operating cashflow continues to support the strengthening of the balance sheet

• Shareholders vote overwhelmingly for all resolutions

• Q1 financials filed in order to revoke Cease Trade Order ("CTO")
• Application to resume trading to be submitted to the TSX Venture Exchange pending CTO being lifted by the Ontario Securities Commission
• Trading expected to resume within 2 business days post approval by the TSX Venture Exchange

• Q1 Gold equivalent production of 11,204 GEO while transitioning to new Calandrias Norte deposit
• Production levels at MDN stabilized beginning in March at both the CIL and Heap leach
• MDN production for March, April and May exceeded 17,000 ounces, supporting the ongoing turnaround of operations at MDN
• Application to remove Cease Trade Order Underway

• Third advance of US$7 million under the Signing Loan with subsidiary of Hochschild Mining PLC ("Hochschild") has now been received
• McGovern Hurley Appointed Auditor

• Filing of Annual Financial Statements satisfies conditions to receive the US$7 million Third Advance from Hochschild
• 1st Quarter 2024 Financial Statements expected to be filed by the end of June
• MDN production for March, April and May exceeded 17,000 ounces, supporting the ongoing turnaround of operations at MDN

• Proxy related materials filed in relation to annual and special meeting of shareholders scheduled for June 27
• Audited annual financial statements expected to be completed this week
• Third advance of US$7 million under the Signing Loan with subsidiary of Hochschild Mining PLC ("Hochschild") to be received two business days following the satisfaction of all conditions precedent, including the issuance of financial statements

• US$1 million received as second advance of Signing Loan under option agreement with Hochschild Mining Plc ("Hochschild").
• Total of US$8 million received with remaining US$7 million expected to be advanced in June.
• Funds received to-date addressed short-term capital needs in Argentina and will continue to support deleveraging.