Cerrado Gold Announces Resumption of Trading and Provides Update and Full-Year Guidance for Minera Don Nicholas Mine

• Common shares to resume trading at the opening on August 8^th, 2024

• MDN operations are performing well with Q2/24 production of 16,255 Gold Equivalent Ounces ("GEO")

Full-Year production guidance of 50,000 - 60,000 GEO at AISC of US$1,200-1,400/oz

Recent PEA results for MDN show an NPV (5%) of $111MM at $2100/oz gold over a 5-year mine plan producing an average of approximately 56,000 GEO per annum

Life of Mine Average annual EBITDA of US$49 Million and FCF of US$25 Million

• LOM average EBITDA of US$64 Million and FCF of US$29 Million at Spot prices¹

Additional US$45 million cash expected between March 2025-2027 from the sale of the Monte do Carmo project in Brazil

Second crusher on site is being commissioned to support further expansion of heap leach operations

Operating cashflow continues to support the strengthening of the balance sheet

TORONTO, ON / ACCESSWIRE / August 7, 2024 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is pleased to announce that further to its news release of June 27, 2024, the Company has been advised by the TSX Venture Exchange (the "Exchange") that trading of the Company's common shares on the Exchange will resume at the opening of the market on August 8, 2024.

Further, as previously released on July 17, 2024, the Company is pleased to announce that operations at its wholly-owned Minera Don Nicolas project in Argentina continue to perform well during a typically challenging winter period. As previously announced, production for Q2 was 16,255 Gold Equivalent Ounces ("GEO") as production from the heap leach continues to perform well. A second crusher has now arrived at site and will be installed to support a further expansion of capacity at the Calandrias Sur heap leach operation.

First half of 2024, production of 27,459 GEO has been achieved. The Company is guiding for 2024 total production of between 50,000-60,000 GEO at an All-In-Sustaining Cost between US$1,200-US$1,400/oz.

Improved operating performance and ongoing strength in gold prices continue to support the repayment of local debt and payables in Argentina, and we expect to see a material reduction in our negative working capital position going forward.

In addition, as outlined in a press release dated August 6^th, 2024, Cerrado announced the results of an NI 43-101 Preliminary Economic Assessment ("PEA") and an updated Mineral Resource Estimate ("MRE") for its Minera Don Nicolas mine located in Santa Cruz Province, Argentina. The work was completed by GeoEstima SpA (Chile), and a summary of the results is presented below.

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