Mont Sorcier Project Making Good Progress
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Mont Sorcier Project Making Good Progress
ROUYN-NORANDA, QUÉBEC - Chibougamau Independent Mines Inc. (CBG-TSX-V in Canada, CLL1 -
Frankfurt, Stuttgart, Berlin and Lang & Schwarz Stock Exchanges in Germany, CMAUF -OTC in the US) ,
herein called Chibougamau, is pleased to provide shareholders with a brief update as regards the Mont
Sorcier high purity iron deposit on which Chibougamau retains a two percent (2%) Gross Metal royalty.
The following is a short text from todays Cerrado Gold’s press release in which they provided further
information on progress at Mont Sorcier. They have made significant progress drilling 17,000 metres of
infill to update the resource to the Proven and Probable categories to provide a feasibility study by Q2,
2026. The portion of the text of the Cerrado press release as regards the Mont Sorcier project is
presented below in its entirety.
Mont Sorcier Project Update
“At the Mont Sorcier high -purity iron project, all key workstreams continued to progress the feasibility
study, and the Company completed an infill drilling program to update sufficient resources to the Proven
and Probable categories. Over 17,000 metres were drilled with results to be incorporated into a new
mineral reserve estimate to support the feasibility study, which is targeted for completion in Q2 2026.
The Bankable Feasibility Study ai ms to provide a detailed updated economic study on the potential for
the project as highlighted in the previous 2022 NI 43 -101 Preliminary Economic Assessment ("PEA") that
delivered a project NPV 8% of US$1.6 billion based upon iron concentrates grading 65% iron. As
highlighted previously, new test work has now shown the ability to deliver a high -purity DRI-grade Iron
concentrate product of over 67% iron, enhancing the projects position delivering a highly desired
product to support growing demand from the Green Steel transition.
Cerrado is developing its 100% owned Mont Sorcier high-purity, high-grade, Direct Reduced Iron project,
located on the traditional Cree territory of Eeyou Istchee James Bay in the municipality of Chibougamau.
The Mont Sorcier project has the potential to produce a premium iron concentrate over a long mine life
at low opera ting costs and low capital intensity. Furthermore, its high grade and high purity product
Press Release
October 20, 2025
61,065,536 shares issued and outstanding
Page 2
facilitates the migration of steel producers from blast furnaces to electri c arc furnaces, contributing to
the decarbonization of the industry and the achievement of sustainable development goals.”
This press release was written by Jack Stoch, P. Geo., President and CEO of Chibougamau Independent
Mines Inc. in his capacity as a Qualified Person (Q.P.) under NI 43-101.
Neither the TSX Venture Exchange nor its Regulati on Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
We Seek Safe Harbour.
CUSIP Number 167101 203
LEI 529900GYUP9EBEF7U709
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
CEO
Chibougamau Independent Mines Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada, J9X 2J1
Tel.: 819.797.5242
Fax: 819.797.1470
www.chibougamaumines.com
Forward Looking Statements
Except for historical information this News Release may contain certain “forward looking statements”. These statements may involve a number of known
and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the
Companies expectations and projections. A more detailed discussion of the risks is available under “disclaimer” on the Company’s website.