Mr. Mark Brennan reports

CERRADO GOLD ANNOUNCES POSSIBLE LATE FILING OF ANNUAL FINANCIAL STATEMENTS

The filing of Cerrado Gold Inc.'s annual financial statements, and accompanying management's discussion and analysis for the fiscal year ended Dec. 31, 2023, may not be finalized by April 29, 2024, being the date that such filings are due under applicable Canadian securities law requirements.

Significant policy changes in Argentina following the change in government in December 2023 have had significant impacts upon, among other things, currency controls and inflation in Argentina which changes have significantly increased complexities and challenges in conducting business in the country, including at the Company's Minera Don Nicolas ("MDN") mine in Santa Cruz province, Argentina. These recent challenges and accompanying complexities are being addressed by the Company and its management team in Argentina, however it has resulted in delays for information at its operating subsidiary in Argentina that is required to complete the audit process. As a result, the Company expects that there may be a delay in completing the audit and finalizing the Annual Filings.

The Company applied to the Ontario Securities Commission (the "OSC") for a management cease trade order (the "MCTO") in connection with the possible delay in the Annual Filings, however the OSC determined not to grant the Company's application for an MCTO on the basis that the application made less than two weeks prior to the Filing Deadline. The Company continues to be in discussion with the OSC regarding the granting of an MCTO. If the OSC maintains its decision not to grant the MCTO application and, in the event the Company is unable complete the Annual Filings by the Filing Deadline, the OSC will impose a failure-to-file-cease-trade-order ("CTO") pursuant to National Policy 11-207. A CTO would prohibit the trading by any person of any securities of the Company in Canada, including trades in the Company's common shares made through the TSX Venture Exchange. Once issued, the CTO will remain in place until such time as the Annual Filings are filed by the Company.

The Company continues work with its auditors to complete the Annual Filings as soon as possible. The Company intends to issue another press release as soon as it has a better understanding as to the timing for completion of the Annual Filings.

The Company has the necessary resources to remedy any default should it occur. Should a default occur, it will comply with the alternative information guidelines set out in National Policy 12-203, including issuing bi-weekly default status reports by way of news releases, which will be filed on SEDAR+.

The Company is not currently subject to any insolvency proceedings. The Company also confirms that there is not other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.

The Company also announces that, in connection with the US$20 million secured note (the "Note") issued by Cerrado to Sprott Resource Streaming and Royalty Corp. ("Sprott"), to facilitate funding of the gold and silver stream agreement in advance of commercial production at its Monte do Carmo Project, Cerrado has elected to pay interest due March 31, 2024, in shares.

Pursuant to the Note, the Company may elect to satisfy the payment of any accrued and unpaid interest on the Note by the issuance of common shares of the Company (the "Common Shares") at a price per Common Share equal to 95% of the volume weighted average price (the "VWAP") of the Common Shares for the 5 trading days immediately prior to the date payment is due or any combination of cash and Common Shares in the Company's sole discretion.

Interest due on the Note for the period ending March 31, 2024, amounts to US$498,630.14. Subject to the approval of the TSX Venture Exchange, the Company will issue 3,433,150 common shares to Sprott at the price of $0.1968 per share to satisfy the interest payment.

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 MDN and Las Calandrias mine in Santa Cruz province, Argentina, and the MDC 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 MDN 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 has rapidly advanced 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.