Mr. Jack Stoch reports

BANKABLE FEASIBILITY STUDY IN THE CARDS FOR MONT SORCIER IRON DEPOSIT

Chibougamau Independent Mines Inc. and Globex Mining Enterprises Inc. have provided an update regarding the Mont Sorcier iron project near Chibougamau, Que. Chibougamau maintains a 2-per-cent gross metal royalty on all mineral production from the property, and Globex maintains a 1-per-cent gross metal royalty on iron produced from the property.

As a reminder, the Mont Sorcier iron deposit is a 678.5-million-tonne indicated resource and 546.6-million-tonne inferred resource deposit, which will produce a 67-per-cent-plus iron concentrate with less than 2.5 per cent silica and alumina combined (see National Instrument 43-101 technical report and preliminary economic assessment (PEA) for the Mont Sorcier project, Quebec, Canada, dated Sept. 8, 2022, and June 9, 2022, for the effective date of resource -- prepared by qualified persons Simon Boudreau, PEng, Tim Fletcher, PEng, Daniel Gagnon, PEng, Mathieu Girard, PEng, Marina Lund, PGeo, Carl Pelletier, PGeo, for Voyager Metals Inc.).

Cerrado Gold Inc. has reported (see Cerrado's press release dated Dec. 4, 2024) that metallurgical testwork is continuing as part of a NI 43-101 bankable feasibility study (BFS) targeted to be completed by the end of the first quarter of 2026. The BFS will include an updated mineral resource estimate, mine design and planning, geotech and hydrogeology, among other things.

Per Cerrado: "The bankable feasibility study will look to provide greater detail into the potential of the project that was highlighted in the previous 2022 NI 43-101 preliminary economic assessment that delivered a project NPV [net present value] 8 per cent of $1.6-billion (U.S.) ($2.25-billion (Canadian)). With a higher-quality, 67-per-cent-plus iron concentrate product now expected, we anticipate any cost inflation to be largely offset by premium pricing. The PEA outlined a project producing five million tonnes of high-grade iron concentrates per annum (equivalent to producing 300,000 gold ounces per year at long-term consensus prices) over a 21-year mine life. This material would then be rail hauled on existing railways to the Port of Saguenay for export to global markets. Given the scale of the existing resource, future expansion remains a likely possibility."

Cerrado also reported that, "TD Bank and UKEF have agreed to sponsor 70 per cent of project capital required, subject to customary conditions of expert credit agency funding."

Chibougamau and Globex are pleased that the Mont Sorcier is advancing and are looking forward to the updated feasibility study, which is a major step toward production.

Jack Stoch, PGeo, president and chief executive officer of Globex Mining Enterprises and Chibougamau Independent Mines wrote this press release in his capacity as qualified person under applicable regulations.

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