Cerrado Gold Announces Q1 2026 Production Results at Its Minera Don Nicolas Mine in Argentina
Cerrado Gold Announces Q1 2026 Production Results at Its Minera Don
Nicolas Mine in Argentina
• Strong Production of 12,842 Gold Equivalent Ounces ("GEO") for the 1 st Quarter 2026
• Improved realized gold prices with close-out of hedges in January
• 2026 Production Guidance of 50,000 to 60,000 GEO maintained
• Underground development ramping up to support increased production in Q2/Q3
• Exploration Program advancing rapidly to support resource growth at MDN with four drill rigs operating on
site
• Development activities continue to progress at both the Lagoa Salgada and Mont Sorcier projects
TORONTO, April 20, 2026 -- Cerrado Gold Inc. [TSX.V: CERT] [OTCQX: CRDOF] ("Cerrado" or the "Company") announces
production results for the first quarter ended March 2026 ("Q1 2026") from the Minera Don Nicolas Mine in Santa Cruz
Province, Argentina ("MDN"). Full quarterly financial results are expected to be released prior to May 31, 2026.
Q1 Operating Highlights
• Q1 Production of 12,842 vs 11,163 GEO in Q1 2025
• Heap leach production of 8,787 GEO continues to increase as water availability improves
• Underground development work continued at an accelerated pace, with record development meters during
the period
• Access to new underground ore zones expected in Q2 2026, delivering high-grade ore to the CIL, improving
head feed grade, and increasing production
• CIL plant continues to process a blend of stockpile material and additional ore from underground
development, resulting in total production of 4,055 GEO in Q1 through the CIL plant
Operational results for Q1 2026 showed production remained consistent relative to the previous quarter. Production rates
increased at the heap leach versus the previous quarter; however, irrigation issues continued to limit production. Water
availability continues to improve as we move into the wetter months and remains supported by ongoing purchases and
additional water from expanded borehole water production. As more water for irrigation becomes available, the gold inventory
on the pad that has not been fully irrigated will be recovered over time. Average recovery rates remained lower than planned
due to the mix of primary ore placed on the leach pads as per the mine sequence, as well as reduced irrigation. This was
offset by steady production from the CIL plant, maintaining overall production rates.
The focus on underground development continued during the quarter, which reduced the ore available for immediate
processing, but the increased development (See Figure 1 below) will allow access to more material amounts of ore during the
coming quarters and is expected to lift production and improve head grades to the plant during Q2/Q3. During 2026,
underground ore operations are expected to follow a cycle of development and then ore extraction, as the underground
workings follow the ore zone deeper under the current pit.
Table 1. Key Operating Information
Key Operating Information
2024 2025 2025 2026
Operating Data Unit FY Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY Q1 2026
Heap Leach Operations
Ore Mined ktonnes 1,280 659 550 759 816 2,784 785
Waste Mined ktonnes 3,215 1,024 998 1,001 1,131 4,155 984
Total Mined ktonnes 4,494 1,683 1,549 1,760 1,947 6,939 1,769
Strip ratio waste/ore 2.51 1.56 1.81 1.32 1.39 1.49 1.25
Mining rate tpd 12,313 18,699 17,207 19,133 21,166 19,063 19,656
Ore PAD Feed Ktonnes 1,538 693 724 793 863 3,073 801
Head Grade Au g/t 0.73 0.80 0.86 0.81 0.79 0.81 0.85
Head Grade Ag g/t 10.41 15.95 12.13 11.68 13.59 13.29 12.22
Recovery Au % 34% 39% 37% 47% 32% 39% 33%
Recovery Ag % 10% 8% 15% 24% 16% 16% 26%
PAD Throughput tpd 4,214 7,700 7,953 8,621 9,380 7,700 8,904
Gold ounces produced oz 12,277 6,897 7,442 9,605 6,982 30,926 7,257
Silver equivalent ounces produced oz 633 331 422 824 856 2,432 1,531
Gold Geo Produced oz 12,911 7,228 7,864 10,429 7,838 33,358 8,787
High Grade CIL Operations
Ore Mined ktonnes 218 11 - 7 28 46 16
Waste Mined ktonnes 5,027 60 - 14 28 102 22
Total Mined ktonnes 5,245 71 - 21 56 148 39
Strip ratio waste/ore 23.08 5.23 - 2.09 1.00 2.20 1.36
Mining rate tpd 14,369 788 - 231 611 410 430
Ore Milled Ktonnes 348 92 97 93 93 374 102
Head Grade Au g/t 3.99 1.51 1.18 1.31 2.15 1.53 1.34
Head Grade Ag g/t 9.49 6.44 9.71 7.98 16.66 10.21 8.38
Recovery Au % 90% 92% 84% 86% 86% 88% 89%
Recovery Ag % 59% 54% 62% 55% 52% 58% 52%
Mill Throughput tpd 952 1,017 1,076 1,006 1,009 1,027 1,131
Gold ounces produced oz 40,861 3,821 3,378 3,253 5,626 16,078 3,740
Silver equivalent ounces produced oz 722 115 195 150 342 802 315
Gold Geo Produced oz 41,583 3,936 3,573 3,403 5,968 16,880 4,055
Consolidated Gold Produciton
Gold Geo Produced oz 54,494 11,163 11,437 13,832 13,806 50,238 12,842
Gold Geo Sold oz 52,058 11,468 10,886 12,896 13,627 48,877 12,185
Average realized price per gold ounce sold $/oz 2,226 2,520 2,684 3,182 3,401 2,970 4,418
Figure 1. Paloma Underground Development – meters/quarter
Minera Don Nicolas Exploration Update
The Company continues to advance its exploration program at MDN, focused on near-mine targets with the potential to
materially extend resources and extend mine life. This includes supporting medium-term operational sustainability through
high-grade underground feed to the CIL plant, as well as increasing resources available for heap supporting medium-term
operational sustainability through high-grade underground feed to the CIL plant, as well as increasing resources available for
heap leach processing.
Current drilling is aimed at defining the depth and lateral extent of mineralization in the Sulfuro vein, which was historically
exploited as the Paloma Open Pit and is now exploited as an Underground operation (see Figure 2). The second front of
exploration is currently the Baritina vein (Paula Andrea area), where results to date have been encouraging, demonstrating
continuity of the vein below surface (see Figure 3). During the second half of the year, exploration is expected to shift toward
the Calandrias heap leach and the Martinetas plant areas.
To accelerate progress and enable simultaneous testing of multiple high-priority targets, the Company has expanded its
drilling capacity to include four rigs and associated logistical support. Exploration efforts in 2026 will include both surface and
underground drilling, targeting several high-value zones to further grow the resource base.
At present, assay turnaround times remain a constraint; however, the Company is addressing this through engagement with
external laboratories and by certifying its internal laboratory, which is expected to be completed in Q3 of 2026. The Company
plans to report exploration results in batches to better demonstrate overall resource potential.
Figure 2. Paloma System
Figure 3. Baritina Vein
Mark Brennan, CEO and Chairman, commented, “The First Quarter represents another strong and steady production quarter
at MDN with our two production fronts of heap leach and CIL continuing to provide production stability during development
cycles in the underground, while water issues existed at the heap leach. The exploration program is now progressing at the
expected rate, and while assays continue to be delayed, we are working on both internal and external resolutions to these
challenges.
He continued, “Cerrado also continued to make good progress to advance the Mont Sorcier project with completion of the
feasibility study on track for late Q2 2026. At Lagoa Salgada, the Company continues to work closely with the relevant
authorities and agencies regarding permitting.”
Review of Technical Information
The scientific and technical information in this press release has been reviewed and approved by Andrew Croal, P.Eng., Chief
Technical Officer for Cerrado Gold, who is a Qualified Person as defined in National Instrument 43-101.
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
Chibougamau, Quebec.
In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas ("MDN") 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 is focused on the development and exploration 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 the deposit and at prospective step-out targets across the large 7,209-hectare property concession.
Located just 80km from Lisbon and surrounded by existing infrastructure, Lagoa Salgada offers a low-cost entry point to a
significant development and exploration opportunity, already demonstrating its mineable scale and cash flow generation
potential.
In Canada, 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 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
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
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, production forecasts for 2026, progress and potential of underground development at MDN, exploration
potential at MDN and the ability of prospective targets to materially add to mine life and discovery of ore capable of feeding
the heap leach and CIL operations, the anticipated outcome and time to complete the feasibility study on the Mont Sorcier
project, the outcome of permitting matters relating to the Lagoa Salgada Project, and the risks and uncertainties described
under the heading “Risks & Uncertainties” in the Company’s Management Discussion and Analysis and other filings made with
the securities commissions in Canada. In making the forward-looking statements contained in this press release, Cerrado has
made certain assumptions. 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. 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.
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