Mr. Mark Brennan reports

CERRADO GOLD REPORTS 21% YEAR-OVER-YEAR INCREASE IN Q3 2026 PRODUCTION RESULTS AT MINERA DON NICOLAS

Cerrado Gold Inc. has released production results for the third quarter ended Sept. 30, 2026 (Q3 2026), from the Minera Don Nicolas (MDN) mine in Santa Cruz province, Argentina. Full quarterly financial results are expected to be released prior to Nov. 23, 2026.

Q3 operating highlights:

• Q3 production of 16,685 GEO (gold equivalent ounces), up 21 per cent from 13,832 GEO in Q3 2025; year-to-date production of 44,942 GEO, up 23 per cent from 36,432 GEO in the comparable 2025 period;
• Heap-leach production remained steady at 9,649 GEO in the quarter, similar to Q2 2026;
• CIL (carbon-in-leach) production increased to 7,036 GEO in Q3, primarily driven by the selective routing of high-grade Calandrias feed to the Martinetas mill rather than the heap-leach pad.

Operations in Q3 2026 delivered continued strong production, reflecting improvements completed over the past year. Heap-leach operations continued to benefit from the resolution of prior irrigation issues and improvements to the crushing circuit. The new crushing plant is undergoing commissioning and is expected to support increased feed delivery to the pad. The new tailings dam is now operating and provides approximately five years of capacity at planned operating rates. The new heap-leach pad is expected to be completed by late Q1 2027 and will provide 12 million tonnes of additional capacity.

Higher gold prices have enabled MDN to incorporate additional low-grade material into the heap-leach feed, improving resource utilization. At the same time, selected high-grade Calandrias material originally earmarked for the pad has been redirected to the Martinetas CIL mill to achieve higher recoveries. This material therefore contributes to CIL production rather than heap-leach production, and performance should be considered across the combined operation.

Selected high-grade material from Calandrias, generally above 2.5 grams per tonne gold, was transported to Martinetas for CIL processing rather than placing it on the heap-leach pad. Routing decisions are supported by laboratory bottle-roll testing on milled samples, with some selected material achieving gold recoveries of up to 95 per cent, compared with approximately 60 per cent expected through heap leaching as outlined in the current NI 43-101 technical report for MDN. These are laboratory results for selected material, rather than overall plant recovery. The additional gold recovered provides an economic benefit, even after accounting for higher processing and transportation costs.

The focus on underground development continued during the quarter, with higher amounts of fresh feed becoming available toward quarter-end. Additional underground mineralized material is expected in Q4 2026, supporting increased production in the second half of 2026 compared with the first half. Underground operations continue to alternate between development and feed extraction as the workings follow the mineralized material zone deeper beneath the Paloma pit.

Cerrado is now expecting to be at the high end of its annual guidance range of 50,000 to 60,000 GEO.

Mark Brennan, chief executive officer and chairman, commented: "We are very pleased to see continued strong operational performance at MDN, with both CIL and heap-leach operations performing exceptionally. We continue to generate strong cash flows that support our key growth initiatives to extend mine life and increase production as we move forward. We are currently positioning the company to combine the results from our ongoing exploration programs and the expected resource growth from our recent regional acquisitions to complete a new preliminary economic assessment by the end of Q1 2027. The primary objective will be delivering a new consolidated mine plan with an extended mine life and an increased production profile."

Preliminary economic assessment progressing

As the company continues to advance its exploration program at MDN and drills out the potential resources from the recently acquired Falcon and Calandrias II properties, the company continues with its plans to complete a new, third party, independent preliminary economic assessment (PEA) by late Q1 2027. The preliminary economic assessment is expected to incorporate resources anticipated to be outlined for both heap-leach production and production through the CIL plant. The objective of the new PEA is to demonstrate the anticipated growth in MDN's mineral resource base, the corresponding extension in mine life, and the potential to increase production rates. Over the last two years, MDN has invested heavily in creating twin production streams through both the CIL and heap-leach production routes. The CIL and heap-leach facilities provide flexibility to process both high- and low-grade material through the most suitable route, based on metallurgical performance and economics. Combined with surface and underground mining capability, this allows MDN to draw on multiple feed sources and optimize the overall production mix.

Exploration work continued throughout the quarter across the existing property and in the recently acquired Falcon area. Sampling and mapping have been initiated, and diamond drilling has commenced in these new areas. Given the extent of existing drilling and the level of work completed at Falcon and other areas to date, the planned drill program is intended to test the potential to add mineral resources to support the expansion of heap-leach operations. The company expects to complete the drill program and associated testing is expected before year-end to be included in the PEA. Exploration drilling will continue thereafter. Further regional consolidation remains a key corporate strategy objective.

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 Gold, 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 mines 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 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 (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 massif.

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 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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