Mr. Mark Brennan reports

CERRADO GOLD ANNOUNCES SUCCESSFUL RESULTS OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

At Cerrado Gold Inc.'s annual and special meeting of shareholders held earlier today, all matters presented to shareholders were overwhelmingly approved. Details of the voting results are set out in this news release.

Meeting voting results

A total of 30,873,502 common shares were voted at the meeting, representing 23.26 per cent of the votes attached to all outstanding common shares of the company. All matters presented for shareholder approval at the meeting were duly authorized and approved as follows.

Election of directors

The shareholders elected each of the nominees listed in the company's management proxy circular. Details of the voting results are provided in an attached table.

Appointment of auditor

McGovern Hurley LLP was appointed as the auditor of the corporation and the directors of the corporation were authorized to fix the auditor's remuneration. Details of the voting results are provided in an attached table.

Amended and restated omnibus incentive plan

The resolution to approve the amended and restated omnibus incentive plan of the corporation was approved by disinterested shareholders. Details of the voting results are provided in an attached table.

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 (volcanic massive sulphide) project through its position in Redcorp-Empreendimentos Mineiros Lda. In Canada, Cerrado Gold is developing its 100-per-cent-owned Mont Sorcier iron project, located outside of Chibougamou in Quebec.

In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas (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 continuing to further unlock potential resources in the company's highly prospective land package in the heart of the Deseado masiff.

In Portugal, Cerrado is focused on the development and exploration 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 the 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 development and exploration 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, high-grade DRI iron ore 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 sustainable development goals.