Mr. Mark Brennan reports

APPLICATION FOR LICENSE OF INSTALLATION TO BEGIN CONSTRUCTION

Cerrado Gold Inc., as of Sept. 11, 2023, has filed its licence of installation (LI) application with the Instituto Natureza do Tocantins or Naturatins, the state environmental regulatory authority, for the development of the Serra Alta project 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 begin.

Concurrently the company is progressing the feasibility study for Serra Alta, which remains on schedule for completion by Oct. 31, 2023, as previously announced in a press release dated July 24, 2023. Works to incorporate various opportunities are proceeding well, and the company expects the feasibility to confirm the robust economics of the Serra Alta deposit.

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 and the upcoming FS to continue to support our project financing discussions."

About Cerrado

Cerrado Gold is a Toronto-based gold production, development, and exploration company focused on gold projects in South America. The Company is the 100% 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 it's 100% owned Mont Sorcier Iron Ore and Vanadium project located outside of Chibougamou, Quebec.

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 ongoing to further unlock potential resources in our 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% 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 decarbonisation of the industry and the achievement of SDG goals.

We seek Safe Harbor.