Cerrado Gold Announces Acceleration of Exploration Program at Its Minera Don Nicolas Gold Mine
Cerrado Gold Announces Acceleration of Exploration Program at Its Minera
Don Nicolas Gold Mine
• Adding three new drill rigs to accelerate and expand the exploration program following positive initial
findings
• Exploration budget to be increased materially
• MDN will certify its on-site Laboratory for immediate turn around of assay results
TORONTO, Sept. 30, 2025 -- Cerrado Gold Inc. [TSX.V:CERT][OTCQX:CRDOF; FRA:BAI0] (“Cerrado” or the “Company”)
announces that the Company has revised its exploration plans to accelerate the previously announced 20,000 metres
exploration program at its Minera Don Nicolas gold mine (“MDN”). The Company is planning to add three additional drill rigs
(two diamond and one RC) to its diamond drill rig, aiming to accelerate and expand the current program and allow for drilling on
multiple high quality targets simultaneously.
The overall scope of the program is expected to increase significantly to approximately 50,000 metres in 2026. In addition, in
order to expedite assay completion and turn around times, the Company is taking steps to certify its on-site lab. The
Company anticipates issuing exploration results in batches to provide increased clarity and definition with results. The
Company remains focused on expanding the mine life and potentially increasing production levels at MDN over the coming
year.
Operations on site are performing well and are in line with expectations, benefiting from new investment in mining equipment
(new trucks and support equipment) to increase the higher rates of ore being delivered to the leach pad at a rate of 300,000
tpm to achieve planned production rates. In addition, underground development is progressing well, with three access portals
now open. Initial, higher-grade underground ore is being fed to the mill, albeit in modest amounts, to blend with the lower-grade
stockpiles. The bulk of the high-grade underground ore for 2025 is expected to be mined late in the fourth quarter under the
current mine plan. Underground exploration is also expected to commence in the coming months once sufficient development
has been completed.
Mark Brennan, CEO and Chairman of Cerrado Gold, commented, “Following an internal review of the significant potential of
high quality exploration targets at MDN, and the progress the current exploration program is making, we have decided to
accelerate and expand the drill program with additional rigs. There is also an opportunity to accelerate the exploration process
by certifying our on-site lab further expediting the turn around of assay results.”
He continued, “We are seeing a significant shift in the operations at MDN as we have a solid base for consistent production
and mine life, with numerous high quality opportunities to extend both. At a minimum, we hope to deliver a proof of concept of
significant LOM extension and growth potential by year end.”
The Company also announces that in accordance with regulatory requirements, that it has issued 8,314,997 restricted share
units (“RSUs”) and 100,000 share purchase options (“Options”) to eligible participants under its amended and restated
omnibus incentive plan. The RSUs will vest in twelve months and expire on December 15, 2028. The Options have an exercise
price of $1.27, vest immediately and will expire on September 30, 2028.
About Cerrado
Cerrado Gold is a Toronto-based gold production, development, and exploration company. The Company is the 100% owner of
the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina. In Portugal, the Company holds
an 80% interest in the highly prospective Lagoa Salgada VMS project through its position in Redcorp - Empreendimentos
Mineiros, Lda. In Canada, Cerrado Gold is developing its 100% owned Mont Sorcier Iron 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 Portugal, Cerrado focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located
on the prolific Iberian Pyrite Belt in Portugal. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a
typical mineralization endowment of zinc, copper, lead, tin, silver, and gold. Extensive exploration upside potential lies both
near deposit and at prospective step-out targets across the large 7,209-hectare property concession. Located just 80km from
Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and
development opportunity, already showing its mineable scale and cashflow generation potential.
In Canada, Cerrado holds a 100% interest in the Mont Sorcier Iron project, which has the potential to produce a premium iron
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
decarbonization of the industry and the achievement of sustainable development goals.
For more information about Cerrado please visit our website at: www.cerradogold.com.
Mark Brennan
CEO and Chairman
Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
Disclaimer
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THIS RELEASE.
This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking
statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this
news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”,
“anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or
variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will”
be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements contained in this press release include, without limitation, statements regarding the business and
operations of Cerrado. In making the forward- looking statements contained in this press release, Cerrado has made certain
assumptions , including the scope and anticipated results of its exploration program, the ability of an on-site lab to certify
assay results more efficiently than third-party labs, the likelihood of higher grade ore being discovered and processed,
development of underground operations, and anticipated timing and results of continued exploration. Although Cerrado
believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the
expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and
social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information
contained in this press release. Except as required by law, Cerrado disclaims any intention and assumes no obligation to
update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events,
changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.