Cerrado Gold Appoints Banco Santander S.A. as Mandated Lead Arranger for Export Credit Agency Supported Project Financing at Its Monte Do Carmo Project in Brazil - Seite 2

The appointment of the MLA is on an exclusive basis and sets out the indicative terms upon which the proposed ECA financing is expected to be based. For the avoidance of doubt, the terms are purely indicative and do not constitute an offer of finance or a legally binding commitment of any kind to provide finance. The provision of any binding offer is subject to, among other things: credit and other internal approvals; E&S approvals; satisfactory due diligence and documentation; satisfaction of KYC requirements and other terms customary for this type of transaction.

While the conclusion of project financing remains subject to the granting of construction permits, due diligence, amongst other requirements, the appointment of Santander as MLA is a significant milestone for the project financing of the Monte Do Carmo Project. At the Monte Do Carmo project, work continues to advance the permitting with our Construction License expected in the coming months. The Company is preparing the issuance of its 43-101 Feasibility Study report and once completed will commence comprising of a formal due diligence period before a final binding offer and documentation.

Mark Brennan, CEO and Chairman, stated: "We are very pleased to have the support of such a well-regarded and experienced financial institution such as Santander as MLA to lead our Project Financing in partnership with UKEF as we progress with the development of Monte Do Carmo. We view the support of Santander and UKEF as another indication of the robust nature of the Monte Do Carmo project".

About Banco Santander S.A.

Banco Santander, S.A is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centers as the 17th-largest banking institution in the world. Although known for its European banking operations, it has extended operations across North and South America, and more recently in continental Asia. It is considered a systemically important bank by the Financial Stability Board.

Santander has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and consequently is directly supervised by the European Central Bank.

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 Chibougamau, Quebec.