Cerrado Gold Confirms Ability to Produce 67% High Purity, Direct Reduction Iron Grade Concentrates at Its Mont Sorcier Iron Ore Project in Quebec

• Metallurgical test work confirms DRI grade iron concentrate with combined Silica and Alumina below 2.5%

(All numbers reported in US dollars)

TORONTO, ON / ACCESSWIRE / March 1, 2024 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is pleased to announce positive metallurgical test results confirming the ability to produce High Purity, DRI Grade iron concentrates at its Mont Sorcier magnetite iron ore project located near Chibougamau, Quebec held through its 100% owned subsidiary, Voyager Metals Inc. The metallurgical tests were the initial phase in determining the final flow sheet design for the feasibility study at Mont Sorcier targeted for later this year.

The design and analysis of the metallurgical test work program was conducted by Soutex Inc., a consultancy firm specializing in ore processing and metallurgical processes based in Quebec City, Quebec, with test work completed by SGS Canada, one of the world's leading testing, inspection and certification companies based in Quebec City.

The results of this initial phase of test work demonstrate that the Mont Sorcier project has the potential to produce a high purity iron concentrate grading 67% iron with low Silica and Alumina; making it suitable to be classified as a Direct Reduction Iron ("DRI") grade product. Such a product significantly reduces the overall emission of greenhouse gases in steel production compared to other lower grade concentrates. It has the potential to be used in electric arc furnaces to produce steel products, further reducing emissions. Also, as the Mont Sorcier project is a magnetite material, reducing the use of coal in the steel making process and when combined with the availability of Hydroelectric power in Quebec, lowers overall emission levels.

As the global demand for Green Steel increases, it is expected that the demand and price premium paid for higher grade products will continue to increase to a level above the most commonly traded iron products and replace demand for lower grade materials. The ability to produce High Purity iron concentrates places Mont Sorcier as a project capable of delivering Critical and Strategic High Purity Iron as outlined by the Quebec Government, as it aspires to become a leader to support energy transition through the development of critical and strategic minerals and reduce overall global emissions.