Mr. Mark Brennan reports

CERRADO GOLD ACQUIRES NEW PROPERTIES AS PART OF ITS ONGOING STRATEGY OF REGIONAL CONSOLIDATION AROUND ITS CALANDRIAS OPERATIONS

Cerrado Gold Inc.'s wholly owned subsidiary, Minera Don Nicolas (MDN), has acquired additional concessions, known as Las Calandrias II, located in Santa Cruz province, Argentina, immediately adjacent to MDN's Las Calandrias heap leach operations.

• Las Calandrias II properties represent 3,927 hectares adjacent to MDN's Las Calandrias heap leach operations and proximal to the recently announced Falcon acquisition.
• Acquisition continues MDN's strategy to extend the potential mine life and increase production levels by organic exploration as well as regional consolidation.

The Las Calandrias II properties consist of 3,927 hectares of concessions directly adjacent to the MDN property, most notably near the existing Las Calandrias heap leach operations.

Acquisition of the Las Calandrias II properties represents the next step in the company's strategy aimed at consolidating regional landholdings around the Calandrias operations. The property has had limited exploration activity historically. Moving forward, the Las Calandrias II properties will be included in MDN's exploration plans to support long-term resource development.

The Las Calandrias II properties were acquired through a registration process and carry no material acquisition cost.

Mark Brennan, chief executive officer and chairman, commented: "We are pleased with the acquisition of the Las Calandrias II properties, which further develops our regional consolidation strategy. We intend to continue to expand on our consolidation strategy in the coming months with the goal of extending mine life and production to grow the long-term mineral exploitation potential at MDN."

Review of technical information

The scientific and technical information in this press release has been reviewed and approved by Andrew Croal, PEng, chief technical officer for Cerrado, who is a qualified person as defined in National Instrument 43-101.

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 (volcanogenic 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 Chibougamau, Que.

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 our 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 deposit and at prospective stepout targets across the large 7,209-hectare property concession. Located just 80 km from Lisbon and surrounded by existing 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 is developing its 100-per-cent-owned Mont Sorcier high-purity, high-grade, Direct Reduced Iron project, located on the traditional Cree territory of Eeyou Istchee James Bay in the municipality of Chibougamau. The Mont Sorcier project 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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