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 Chibougamou, Que.

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