Mr. Mark Brennan reports

CERRADO GOLD INITITATES LEACHING AT ITS LAS CALANDRIAS PROJECT IN SANTA CRUZ, ARGENTINA

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.

In Brazil, the company is in the final stages of completing its feasibility study for the Monte Do Carmo (MDC) project in Tocantins, Brazil, which is expected by the end of June. As previously announced, the installation licence is expected to be issued during Q3 of this year, allowing construction to commence thereafter. As such, the company has initiated a process to source project financing for the construction of MDC later in the year.

Mark Brennan, chief executive officer and chairman, commented: "With Las Calandrias now ramping up, we expect to see continued production growth and lower costs in Argentina as we benefit from the economies of scale now being achieved. In Brazil, preparations to begin construction at MDC towards the end of the year are well under way, and we are working on bringing a funding solution together over the coming months."

About Cerrado Gold Inc.

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

At Minera Don Nicolas, Cerrado is maximizing asset value through continued operational optimization and further production growth. An extensive campaign of exploration is continuing to further unlock potential resources in the company's highly prospective land package in the heart of the Deseado Massif.

At Monte Do Carmo, Cerrado is rapidly advancing the Serra Alta deposit through feasibility and into production. Serra Alta is expected to be a high-margin and high-return project with significant exploration potential on an extensive and highly prospective 82,542-hectare land package.

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