Cerrado Gold Announces Q3 2025 Production Results at Its Minera Don Nicolas Mine in Argentina
Cerrado Gold Announces Q3 2025 Production Results at Its Minera Don
Nicolas Mine in Argentina
• Gold Equivalent Ounce ("GEO") Production of 13,868 GEO for the 3 rdQuarter 2025
• Expanded crushing capacity results in substantial additional tonnage to the leach pad and record quarterly
production
• Underground Development to access production stopes in Q4 supporting increase in mill head grade and
production
• Underground Development delayed by 60 days due to additional portal support and shotcrete
requirements
• 2025 Production Guidance revised to 50,000 to 55,000 GEO
• Exploration Program expanded with an additional 50,000m planned for 2026 (in addition to the existing
20,000m program in 2025)
• Development activities continue to progress at both the Lagoa Salgada and Mont Sorcier projects
TORONTO, Oct. 20, 2025 -- Cerrado Gold Inc. [TSX.V: CERT] [OTCQX: CRDOF] ("Cerrado" or the "Company") announces
production results for the third quarter ended September 2025 ("Q3 2025") from the Minera Don Nicolas Mine in Santa Cruz
Province, Argentina ("MDN"). Full quarterly financial results are expected to be released prior to November 30, 2025.
Q3 Operating Highlights
• Q3 Production of 13,868 GEO vs 11,437 GEO in Q2 2025 (+21%)
• Heap leach production growing as expanded crushing capacity and improved recoveries result in record
quarterly production of 10,465 GEO (+33% vs Q2)
• Underground development at Paloma is advancing, with ramp well advanced and three access portals
targeted to reach production stopes in Q4
• CIL plant starting to receive ore from underground development, production expected to ramp up in Q4/2025
as higher grade underground material supplants lower grade feed in the mill
Operational results for Q3 2025 showed an increase in production over the previous quarter (+21%), driven by higher production
from the Calandrias Sur heap leach operation (+33%). With the second phase of the crushing expansion complete, both
tonnage and recoveries (due to more consistent particle sizing) improved over the quarter. Operations also benefited from
recent investments in additional fleet capacity; namely new trucks, loaders, and excavators, to support higher mining rates.
The final updates to the crusher circuit, including the final installation of the agglomerator and additional conveyors, are set to
be completed in Q4/25.
Production from stockpiled material via the CIL plant remained stable, with lower grades being supported by minor
contributions from higher-grade material produced during the development of the underground access portals and ramp.
The underground development continued at a steady pace during the quarter, following a delay caused by the requirement for
increased portal support and additional shotcrete needed in select areas. Three portals have now been developed and are
expected to reach the production stopes in Q4. The introduction of higher-grade material from underground operations is
expected to begin to add materially to CIL production from late October and continue to ramp up into 2026.
Due to the delay with the underground development noted above, the Company is anticipating a slight reduction to its
underground production during Q4 and has thus revised its 2025 Production Guidance from 55,000 to 60,000 GEO to 50-
55,000 ounces for 2025.
Figure 1,2 & 3. Underground development at Paloma
Minera Don Nicolas Exploration Update
The Company continues to execute its exploration program at MDN focused on targets that have the potential to materially
add to mine life. Throughout the Company’s expansive land package, several high priority targets were identified within each of
our production capacities; namely Heap leach, Open pit and underground.
The initial focus has been in the central Paloma area, and results to date are promising with signs of potential resource
expansion at two zones, although we continue to wait for full assay results. As a result, the Company recently announced the
decision to add additional rigs and accelerate and expand the exploration program. In addition to the 20,000 metre program
planned for 2025, an additional 50,000 metres is now planned for 2026, allowing for several high value targets to be tested
simultaneously including underground exploration, all of which aim to materially expand resources at MDN and extend the
mine life.
Mark Brennan, CEO and Chairman commented, “We are very pleased with the progress being made at all of our operations.
After a brief delay with our new underground operations, the very positive transition year at MDN remains firmly on track.
Across all production platforms, performance continues to improve — highlighted by record and growing output from the heap
leach and the successful transition of underground operations to the production phase expected in the fourth quarter. With all
infrastructure and the mobile fleet now fully developed, MDN is well positioned to rapidly exploit any additional resources being
uncovered by our ongoing exploration program.”
He continued, “Cerrado also has made very good progress to advance both the Lagoa Salgada and Mont Sorcier projects, with
completion of their respective feasibility studies targeted for Q4 2025 and Q2 2026. As these robust projects continue to be
de-risked, we expect the strong underlying economics to highlight the significant value gap that exists compared to assets in
their respective peer groups. We are hoping this will lead to a significant rerating for Cerrado shareholders”
Lagoa Salgada Project Update
The Company continues to advance all the required works to complete the Optimized Feasibility Study at the Highly
Prospective Lagoa Salgada VMS project in Portugal. Together with our consultants, quotations for capital and operating
equipment are being sourced, and the mine plan and throughput optimization are underway. The Company expects to deliver
the Optimized Feasibility Study by the end of the year. During the quarter, the Company also saw the completion of the EU
Undercover program, looking for deeper resource potential. Results are expected to be available in the coming months.
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 aims 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.
Table 1. Key Operating Information
Key Operating Information
2024 Jan to
Dec, 2025 2025
Operating Data Unit Q1
2024
Q2
2024
Q3
2024
Q4
2024 2024 Q1
2025
Q2
2025
Q3
2025
Jan to
Sept
Heap Leach Operations
Ore Mined ktonnes 144 207 365 563 1,280 659 550 759 1,968
Waste Mined ktonnes 519 708 885 1,103 3,215 1,024 998 1,001 3,024
Total Mined ktonnes 663 915 1,250 1,666 4,494 1,683 1,549 1,760 4,992
Strip ratio waste/ore 3.60 3.42 2.43 1.96 2.51 1.56 1.81 1.32 1.54
Mining rate tpd 7,369 10,058 13,583 18,112 12,313 18,699 17,207 19,133 18,352
Ore PAD Feed Ktonnes 231 285 434 588 1,538 693 724 793 2,210
Head Grade Au g/t 0.59 0.85 0.75 0.73 0.73 0.80 0.86 0.81 0.82
Head Grade Ag g/t 9.82 12.39 10.04 9.96 10.41 15.95 12.13 11.68 13.17
Recovery Au % 25% 29% 31% 41% 34% 39% 37% 47% 41%
Recovery Ag % 3% 9% 9% 15% 10% 8% 15% 23% 15%
PAD Throughput tpd 2,565 3,134 4,715 6,394 4,214 7,700 7,953 8,621 7,700
Gold ounces produced oz 1,103 2,290 3,253 5,631 12,277 6,897 7,442 9,675 24,014
Silver equivalent ounces produced oz 29 130 150 325 633 331 422 790 1,543
Gold Geo Produced oz 1,132 2,420 3,403 5,956 12,911 7,228 7,864 10,465 25,557
High Grade CIL Operations
Ore Mined ktonnes 85 58 43 31 218 11 - - 11
Waste Mined ktonnes 2,099 1,083 1,235 610 5,027 60 - - 60
Total Mined ktonnes 2,184 1,142 1,278 641 5,245 71 - - 71
Strip ratio waste/ore 24.61 18.56 28.44 19.87 23.08 5.23 5.23
Mining rate tpd 24,264 12,546 13,896 6,966 14,369 788 - - 261
Ore Milled Ktonnes 90 66 99 93 348 92 97 93 281
Head Grade Au g/t 3.65 7.08 4.58 1.48 3.99 1.51 1.18 1.31 1.33
Head Grade Ag g/t 10.21 12.86 7.86 8.13 9.49 6.44 9.71 7.98 8.08
Recovery Au % 88% 91% 92% 90% 90% 92% 84% 86% 88%
Recovery Ag % 56% 54% 63% 64% 59% 54% 62% 55% 58%
Mill Throughput tpd 1,001 725 1,072 1,010 952 1,017 1,076 1,006 1,033
Gold ounces produced oz 9,879 13,648 13,022 4,312 40,861 3,821 3,378 3,253 10,452
Silver equivalent ounces produced oz 193 187 179 163 722 115 195 150 460
Gold Geo Produced oz 10,072 13,835 13,201 4,475 41,583 3,936 3,573 3,403 10,912
Consolidated Gold Production
Gold Geo Produced oz 11,204 16,255 16,604 10,431 54,494 11,163 11,437 13,868 36,469
Gold Geo Sold oz 10,331 15,775 15,844 10,108 52,058 11,468 10,886 12,957 35,311
Average realized price per gold
ounce sold $/oz 1,970 2,199 2,329 2,371 2,226 2,520 2,684 3,153 2,801
Corporate Activities
The Company announces that Joao Barros, currently CEO of Ascendant Resources Inc. (a 100% owned subsidiary of
Cerrado), has been appointed to the position of President, Europe and Carl Calandra, currently VP General Counsel of
Cerrado, has been appointed Corporate Secretary of the Company.
The Company also announces that it has entered into an engagement with Hybrid Financial Ltd. ("Hybrid") for strategic
marketing and investor relations services to raise Cerrado's investor profile. Hybrid will assist with investor awareness,
assisting in all aspects of a branding and awareness campaign for the Company. The Hybrid engagement is for a term of 12
months with the opportunity to extend based on a successful outcome for a fee of C$15,000 per month. No bonus fees or
stock options will be paid to any of the Consultants. Hybrid is arm's length to the Company.
The Company also announces that it has issued 200,000 deferred share units (“DSUs”) and 20,000 restricted share units
(“RSUs”) to eligible participants under its amended and restated omnibus incentive plan. The DSUs and RSUs will vest in
twelve months, and the RSUs will expire on December 15, 2028.
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 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 development and exploration opportunity, already showing its mineable scale and cashflow 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
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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, production forecasts and estimated AISC, the potential for additional crushing capacity and production
potential of MDN’s underground mining operations, the exploration plans and expectations at MDN, the potential to produce
iron concentrate grading in excess of 67% at Mont Sorcier and the potential results of the project’s feasibility study and the
anticipated timing to complete and potential of the optimized feasibility study for the Lagoa Salgada Project. 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. 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.
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