Cerrado Gold Announces Failure To File Cease Trade Order

TORONTO, ON / ACCESSWIRE / May 8, 2024 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") announces that the Ontario Securities Commission (the "OSC") has issued a failure to file cease trade order ("FFCTO") prohibiting the trading by any person of any securities of the Company in Canada.

The FFCTO was issued as a result of the Company's delay in filing its annual financial statements and accompanying management's discussion and analysis for the fiscal year ended December 31, 2023 (the "Annual Filings") by April 29, 2024 in accordance with applicable Canadian securities laws.

The reason for the delay is due to the Company and its auditors, KPMG LLP, requiring additional time to complete the remaining audit and quality procedures. The Company notes that there have been no disagreements between the Company and the auditor regarding any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures. The Company's management, together with its audit committee, has been working with and will continue to work with its auditors to provide all necessary information and complete the Annual Filings. The Company expects to file its Annual Filings on or around May 15^th, 2024.

The Company intends to provide updates if and when necessary in accordance with applicable securities laws.

About Cerrado

Cerrado Gold is a Toronto-based gold production, development, and exploration company focused on gold projects in South America. The Company is the 100% owner of both the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina, and the highly prospective Monte Do Carmo development project, located in Tocantins State, Brazil. In Canada, Cerrado Gold is developing it's 100% owned Mont Sorcier Iron Ore and Vanadium project located outside of Chibougamou, Quebec.

In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas 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 ongoing to further unlock potential resources in our highly prospective land package in the heart of the Deseado Masiff.

In Canada, Cerrado holds a 100% interest in the Mont Sorcier Iron Ore and Vanadium 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 decarbonisation of the industry and the achievement of SDG goals.