Mr. Jack Stoch reports

CERRADO STATES THAT MONT SORCIER FEASIBILITY CONTEMPLATES A HIGHER THROUGH-PUT RATE BY 60%

Chibougamau Independent Mines Inc. has informed shareholders that Cerrado Gold Inc. has provided an update on the progress to the development of its Mont Sorcier high-purity magnetite iron project located on the traditional Cree territory of Eeyou Istche James Bay in the municipality of Chibougamau, Que. The Mont Sorcier project is currently in the later stages of a feasibility study, which Cerrado has targeted to be completed by second quarter 2026. Chibougamau holds a 2-per-cent gross metal royalty on iron and vanadium production from the Mont Sorcier project.

The key updates to the Mont Sorcier feasibility study:

• Cerrado stated that the feasibility study will contemplate a 60-per-cent increase in the production rate to eight million tonnes per annum versus five million tonnes per annum in the preliminary economic assessment published Sept. 8, 2022.
• Cerrado has indicated that a phased production start from four million tonnes per annum at the start to eight million tonnes per annum in approximately the third year of production. This increase is forecasted to increase capital costs for phase 1 by 30 to 40 per cent relative to the PEA due to revised flow sheet design and infrastructure upsizing to meet the eventual phase 2 throughput. Cerrado expects phase 2 capital costs to be significantly lower due in part to the construction of certain facilities in phase 1, which were previously planned to be constructed in phase 2.
• Cerrado stated that the resource will see an additional 17,890 metres of resource definition drilling added to the database, with some assays still pending.
• Cerrado anticipates the mine life will remain at 20 years despite the increase in throughput due to the expected results of the next mineral resource update.
• Cerrado indicated that the Mont Sorcier project is progressing well to submit the project's environmental and social impact assessment in fourth quarter 2026 and is still confident that construction could start in mid-2028 if all permits and financing requirements are received.

Chibougamau is pleased to see Cerrado's continued progress of the Mont Sorcier project feasibility study toward production. Shareholders seeking more detailed information are advised to access the Cerrado press release dated Nov. 10, 2025.

This press release was written by David Christie, PGeo, consultant for Chibougamau in his capacity as a qualified person under National Instrument 43-101.

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