Mr. Mark Brennan reports

CERRADO GOLD ANNOUNCES SUCCESSFUL RESULTS OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

At Cerrado Gold Inc.'s annual and special meeting of shareholders held earlier today, all matters presented to shareholders were approved. Details of the voting results are set out herein.

Meeting voting results

A total of 33,633,502 common shares were voted at the meeting, representing 34.67 per cent of the votes attached to all outstanding common shares of the company. All matters presented for shareholder approval at the meeting were duly authorized and approved.

Election of directors

The shareholders elected each of the nine nominees listed in the company's management proxy circular. Details of the voting results are provided in an attached table.

Appointment of auditor

KPMG LLP was appointed auditor of the corporation, and the directors of the corporation were authorized to fix the auditor's remuneration. Details of the voting results are provided in an attached table.

Amended and restated omnibus incentive plan

A ballot was conducted with respect to the amended and restated omnibus incentive plan of the corporation. According to the proxies received and ballots cast by disinterested shareholders, the resolution to approve the amended and restated omnibus incentive plan of the corporation was approved.

Grant of stock options

A ballot was conducted with respect to ratifying a previous grant of stock options issued pursuant to the omnibus incentive plan of the corporation in connection with the acquisition of Voyager Metals Inc. According to the proxies received and ballots cast by disinterested shareholders, the resolution to approve the amended and restated omnibus incentive plan of the corporation was approved.

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 mines 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 Chibougamou, 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 the company's 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 sustainable development goals.