Mr. Mark Brennan reports

CERRADO GOLD APPOINTS ALONSO LUJAN AS VICE PRESIDENT EXPLORATION

Cerrado Gold Inc. has appointed Alonso Lujan to the position of vice-president, exploration, effective June 1, 2025. Mr. Lujan has over 34 years of international experience in mineral exploration with a proven record for discovery, resource and production expansion. After joining Cerrado as a consultant in February, 2025, Mr. Lujan has now been appointed vice-president of exploration.

Most recently, Mr. Lujan spent eight years with Sierra Metals as vice-president, exploration, where he led the significant expansion of the mineral resources across its mines by 25 million ounces of silver and 300 million pounds of copper. As the general manager for Sierra's Mexican operations, he successfully expanded production and lowered the all-in sustaining cost (AISC). Prior to Sierra, he spent six years with Matsa-Trafigura as the general manager where he led the discovery of 50 million tonnes of additional mineral resources in less than two years and doubled production from 2.2 million to 4.6 million tonnes per year, which led to the growth in value of the operation from $300-million (U.S.) to $1.6-billion (U.S.). Prior to that, he worked with Hochschild Mining and Minas de Bacis SA de CV in the Deseado massif, where his exploration and operational expertise led to increased production.

Mark Brennan, executive chairman, commented: "On behalf of the board and management teams, I would like to welcome Alonso to the team. He is a proven professional with a strong history of finding and expanding mineral resources and increasing production output. His experience in the Deseado massif has provided a new perspective for a well-planned and solid exploration program for the current 20,000-metre drill program about to begin at Minera Don Nicolas. The primary objective of the drill program is to add additional resources to extend the mine life at MDN. Additionally, his strong experience and record while working in the Iberian pyrite belt will benefit the company by potentially assisting in increasing the resource base and improving output as we continue to advance and develop the Lagoa Salgada VMS [volcanogenic massive sulphide] project."

About Cerrado Gold Inc.

Cerrado Gold is a Toronto-based gold production, development and exploration company. The company is the 100-per-cent owner of the producing Minera Don Nicolas and Las Calandrias mine in Santa Cruz province, Argentina. In Portugal, the company holds an 80-per-cent interest in the highly prospective Lagoa Salgada VMS project through its position in Redcorp -- Empreendimentos Mineiros Ltda. In Canada, Cerrado Gold is developing its 100-per-cent-owned Mont Sorcier iron project located outside of Chibougamau, Que.

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 continuing to further unlock potential resources in the company's highly prospective land package in the heart of the Deseado massif.

In Portugal, Cerrado is focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian pyrite belt in Portugal. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective stepout targets across the large 7,209-hectare property concession. Located just 80 kilometres from Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity, already showing its minable scale and cash flow generation potential.

In Canada, Cerrado holds a 100-per-cent interest in the Mont Sorcier high-purity iron project, which has the potential to produce a premium iron 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 sustainable development goals.

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