Mr. Mark Brennan reports

CERRADO FILES NOTICE TO IMPLEMENT NORMAL COURSE ISSUER BID

The TSX Venture Exchange has accepted Cerrado Gold Inc.'s notice to implement a normal course issuer bid (NCIB) permitting the company to repurchase, for cancellation, up to 5,170,903 common shares of the company, representing 5 per cent of the issued and outstanding common shares.

The NCIB will commence on Nov. 15, 2024, and will terminate on the earlier of: (i) the company purchasing 5,170,903 common shares; (ii) the company providing notice of termination of the NCIB; or (iii) Nov. 14, 2025. Under the NCIB, the company may not acquire more than 2 per cent of the common shares, equating to 2,068,361 common shares, in any 30-day period.

The company's board of directors believes that the market price of the common shares does not reflect the underlying value of the company's assets and future prospects, and that repurchasing common shares will enhance shareholder value.

The company has entered into an engagement with Eight Capital to act as its broker for the NCIB. The NCIB will be made through the facilities of the TSX-V and/or alternative trading systems, and the purchase and payment for the common shares will be made in accordance with TSX-V requirements at the market price of the common shares at the time of acquisition, plus brokerage fees, if any, charged by Eight Capital. All common shares purchased by the company under the NCIB will be cancelled.

To the company's knowledge, none of the directors, senior officers or insiders of the company, or any associate of such person, or any associate or affiliate of the company, has any present intention to sell any common shares under the NCIB. The company has not previously approved an NCIB.

A copy of the Form 5G -- Notice of Intention to make a Normal Course Issuer Bid, filed by the company with the TSX-V can be obtained from the company upon request without charge.

We seek Safe Harbor.