Mr. Mark Brennan reports

CERRADO GOLD PROVIDES UPDATE AT ITS MONTE DO CARMO GOLD PROJECT IN BRAZIL

Cerrado Gold Inc. intends to file its licence of installation (LI) application with the Instituto Natureza do Tocantins, or NATURATINS, the state environmental regulatory authority, on or around Aug. 10, 2023, for the development of the Serra Alta deposit at the Monte Do Carmo project. Subject to acceptance of the application, the company anticipates it will be granted the installation licence approximately three months thereafter, which will allow for construction activities to commence at the project.

In addition, the company is also updating the expected completion schedule for the feasibility study (FS) for the Serra Alta deposit at its Monte Do Carmo project in Brazil. In finalizing various components of the FS, Cerrado has identified material new opportunities that require changes in scope to ensure they are captured within the project economics. This will require approximately three additional months to complete the FS. As such, the updated completion is now targeted by the end October, 2023.

Mark Brennan, chief executive officer and chairman, commented: "We are pleased to be making steady progress in permitting at the Serra Alta project and expect the granting of the LI to continue to support our ongoing development. Further, while we are disappointed with the delay in completing the FS, we believe it is a prudent step to ensure that the best value for shareholders is achieved by implementing the best potential design for the long-term development of the project."

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.

We seek Safe Harbor.