Mr. Mark Brennan reports

CERRADO GOLD ANNOUNCES FIRST GOLD POUR AT ITS LAS CALANDRIAS PROJECT IN SANTA CRUZ, ARGENTINA

Cerrado Gold Inc. has poured its first gold from its new heap leach gold production project at the Las Calandrias area in Argentina. Mining and stacking operations are at planned capacity, and gold production is expected to steadily increase as the retention period for the stacked ore is reached, allowing the project to reach design capacity during the third quarter of this year.

• First gold poured from the Las Calandrias heap leach project;
• Las Calandrias is now ramping up to full production, expected in Q3 2023;
• MDC (Brazil) feasibility study in the final optimization stage.

Las Calandrias heap leach gold pour

The company is in the final stages of completing its feasibility study for Serra Alta deposit at the Monte Do Carmo (MDC) project in Tocantins, Brazil. Together with its consultants, the project team is conducting final optimizations, design trade-offs and sequencing of the mine plan and the company expects to complete the feasibility shortly.

Mark Brennan, chief executive officer and chairman, commented: "We are extremely pleased to see the first gold poured from the Las Calandrias project and this is a testament to the hard work and dedication of the operations team. In addition, this represents a significant milestone for Cerrado as we continue to deliver on our production growth strategy in Argentina. In Brazil, as we near the completion of the study phase, we continue to be confident that the MDC project will be a very robust project which should position Cerrado for a period of rapid growth."

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 and Las Calandrias mine in Santa Cruz province, Argentina, and the highly prospective Monte Do Carmo development project, located in Tocantins state, Brazil. In Canada, Cerrado Gold is developing its 100-per-cent-owned Mont Sorcier iron ore and vanadium project located outside of Chibougamau, Que.

In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas operation through continued operational optimization and is growing production through its operations at the Las Calandrias heap leach project. An extensive campaign of exploration is continuing to further unlock potential resources in its highly prospective land package in the heart of the Deseado masiff.

In Brazil, Cerrado is rapidly advancing the Serra Alta deposit at its Monte Do Carmo project, 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.

In Canada, Cerrado holds a 100-per-cent interest in the Mont Sorcier iron ore and vanadium project, which has the potential to produce a premium iron ore concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high-grade and high-purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces contributing to the decarbonization of the industry and the achievement of SDG goals.

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