Mr. Mark Brennan reports

CERRADO GOLD ANNOUNCES Q3 GOLD PRODUCTION RESULTS FOR ITS MINERA DON NICOLAS MINE IN ARGENTINA

Cerrado Gold Inc. has released production results for the third quarter of 2023 from the Minera Don Nicolas mine in Santa Cruz province, Argentina (MDN). Full financial results are expected to be released in late November, 2023.

Q3 operating highlights

• Q3 2023 GEO production of 9,544 ounces compared with 12,453 ounces in Q2 2023 and 11,284 ounces Q3 2022.
• Gold equivalent ounces (GEO) sold increased to 11,386 oz compared with 10,789 oz in Q3 2022.
• Results impacted by unusually severe winter operating conditions, reducing throughput during the quarter and lower planned ore grades which were offset by strong recoveries:
  • Gold head grades of 3.19 g/t Au compared with 4.84 g/t Au in Q2 2023 and gold recoveries of 93.1 per cent versus 91.0 per cent.
• Las Calandrias heap leach project produced 650 oz during continuing commissioning.
• LOM (life of mine) strategic plan continues to make good progress.

Operational results presented for Q3 2023 were impacted by poor operating conditions during the quarter, most notedly extremely poor wet winter weather conditions followed by freezing temperatures, resulting in lower-than-planned mined ore production rates and lower than planned ore grades processed through the mill. Wet ore also reduced plant throughput.

At the new Calandrias heap leach project, work continued as the operation remained in the commissioning phase during the quarter. Initial ramp-up was impacted by freezing conditions reducing initial irrigation rates which has now been addressed. Finalization of the crushing plant has now been completed, which should also see more consistent feed to the pad and improve overall performance going forward. Approximately 650 oz were produced in the quarter, which are excluded from the current production results. Production is set to achieve nameplate production rates from January thereafter.

Mark Brennan, chief executive officer and chairman, commented: "While unusually harsh winter conditions -- flooding followed by freezing temperatures -- impacted quarterly production rates, we are encouraged by the efforts of the operational team to sustain operations and continue to push expansion projects forward. We look forward to a ramp up of production rates in the fourth quarter and beyond." He added: "Work on the heap leach project is coming to an end and production is now positioned to ramp up steadily and demonstrate our focus of unlocking the significant growth potential at MDN. Management's focus remains on developing the overall life of mine at MDN and developing a strategic plan that will encompass the same strategies employed at other nearby mines, namely open pit, underground and heap leach mining operations ... "

Stripping at Calandrias Norte commenced during the quarter with over 1.6 million tonnes of material moved. A further 2.7 million tonnes is to be stripped in October and November, and fresh ore is set to feed the mill from December onward. Results in Q4 are expected to show significant improvement and benefit from access to Calandrias Norte material and the further ramp up of the heap leach operations.

Ore milled declined modestly during the quarter due to the impact from noted weather conditions, however, it has since returned to more normal rates at above 1,000 tonnes per day. As noted, production was impacted by poor operating conditions due to a harsher-than-normal winter period and lower-than-expected ore grades offset slightly by stronger recoveries. Please see the attached table. for a summary of key highlights for the third quarter 2023. Sales for the quarter were higher than production due to timing differences.

Continuing work to optimize mine sequencing and exploration work to upgrade and define new sources of resources remains the key focus of development at MDN. The operations team is focused on numerous new growth projects aside from expanding current open pit resources, including the completion of the Las Calandrias heap leach operation (first gold pour Q3 2023), underground development and production at Paloma, and a new heap leach operation at Martinetas.

Monte Do Carmo update

At the company's Monte Do Carmo (MDC) project works are continuing to progress as planned and the feasibility study remains on schedule for completion by the end of October. The installation permit or LP at MDC is expected to be issued within the coming months allowing the start of construction.

As previously announced significant progress has been made in relation to project financing with the company's mandated lead arranger selected for both MDC and the Mont Sorcier iron ore project in Quebec.

Review of technical information

The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich, PGeo, vice-president, exploration, for Cerrado Gold, who is a qualified person as defined in National Instrument 43-101.

About Cerrado Gold Inc.

Cerrado 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 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 increasing 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.