Cerrado Gold Announces Q1 Gold Production Results for Its Minera Don Nicolas Mine in Argentina

• Calandrias Norte production in March driving improved production growth.
• Focus for 2024 remains on delivering strong cash flow and rebuilding the balance sheet with exploration focused on mine life extension.
• Management currently developing a longer-term production plan for Argentina.

TORONTO, ON / ACCESSWIRE / April 30, 2024 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") announces production results for the first quarter of 2024 ("Q1 2024") from the Minera Don Nicolas Mine in Santa Cruz Province, Argentina ("MDN"). Full first quarter financial results are expected to be released in May 2024.

Q1 Operating Highlights

• Q1 2024 production of 11,024 Gold Equivalent Ounces ("GEO").
• Production for March of 5,747 GEO and April expected to be over 6,000 GEO's for the month, with Calandria Norte delivering expected production targets.
• Calandrias Norte contributing higher-grade ore feed to the mill, expected to improve production levels moving forward.
• Production ramp-up from the Las Calandrias heap leap project continues; commercial production expected in Q2 2024.

Operational results presented for Q1 2024 were below expectations in January and February due to lower than expected ore grades in the upper benches of Calandrias Norte and ongoing ramp up issues with the crushing circuit at the Calandrias Sur heap leach operations. Production improved significantly in March with the production of 5,255 GEO from the CIL plant and 492 GEO from the Calandrias Heap leach.

Production returned to expected levels as mining transitioned to lower benches at Calandrias Norte, which has higher grades and better reconciliation to the anticipated mine plan. Performance of the crushing circuit at the Calandrias Sur Heap Leach Project continues to improve, allowing the placement of more ore on the heap leach pad during the latter part of the quarter. Operations in the quarter were also impacted by the fiscal policy changes implemented in the country following the November 2023 general election that imposed not only a significant financial burden on the MDN operation, but also disrupted deliveries of certain supplies and spare parts.