CERT.V · 2023-01-31 12:00:00

Cerrado GOLD Completes Feasibility Infill Drill Program and is Finalizing Plans FOR an Aggressive Exploration Program at Its Monte Do Carmo Project IN Brazil

Exploration Programs

January 31, 2023 www.cerradogold.com

CERRADO GOLD COMPLETES FEASIBILITY INFILL DRILL PROGRAM AND IS FINALIZING

PLANS FOR AN AGGRESSIVE EXPLORATION PROGRAM AT ITS MONTE DO CARMO

PROJECT IN BRAZIL

• 48,842m infill/extensional/condemnation drilling program completed

• Feasibility Study completion expected May 2023

• 23,000m step-out exploration program to begin shortly

• Monte do Carmo property still considered in “Discovery” phase

TORONTO, ONTARIO - Cerrado Gold Inc. [TSX.V: CERT][OTCQX:CRDOF] ("Cerrado" or the

"Company”) is pleased to announce additional results from its 2022/23 infill/extensional drill

program for the completion of its Feasibility Study expected by the end of May at its Monte Do

Carmo Project located in Tocantins State, Brazil (“MDC”).

The 2022/23 drill program has successfully upgraded the bulk of the known resources into Measured

and Indicated categories, target ed new extensional zones and condemned areas for project

infrastructure in support of the ongoing Feasibility Study. The final hole as part of this program was

completed last week. Full assay results from the program are expected to be completed in February.

The Company is now finalizing plans for the 2023 exploration program which will be designed to test

numerous targets along a 30km stretch of know n mineralization within the Monte Do Carmo

property. While moving towards production, the Monte do Carmo property is still considered to be

under explored and in the “Discovery” phase with potential for significant new deposits.

The Company is currently reporting assay results from 17 drill holes, totaling 4,913m (see Tables 1

& 2) completed from October to December 2022. As of January 16, 2022, a total of 193 drill holes,

totaling 48,842m have been completed as part of the program started in early 2022, including 157

holes at Serra Alta: and 36 holes in the satellite exploration areas.

Drill Hole Highlights (All composites are reported as true thickness):

Serra Alta (Infill)

FSA-308

• 11m at 5.39 g/t Au from 3m

• Including 4m at 11.91 g/t Au from 7m

• 39m at 1.46 g/t Au from 101m

• Including 2m at 10.19 g/t Au from 43m

FSA-286

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• 25m at 19.01g/t Au from 443.18m

• Including 3m at 178.46 g/t Au from 446m

FSA-309

• 91m at 2.09g/t Au from 66m

• Including 7m at 19.09 g/t Au from 110m

Mark Brennan, CEO and Co -Chairman commented “The infill program at Serra Alta has been

extremely successful in converting the majority of known resources for the pending feasibility study,

as well as having identified several extensional zones, namely Gogo do Onca, E2 and the new and

very promising Northeast zone.”

He continued, “While work continues to focus on delivering the Feasibility Study, we are very excited

to be in the final stages of planning an aggressive new exploration program for 2023 at Monte do

Carmo. There are a substantial number of gold showings and targets on the property that have not

yet been drill tested where we see the potential for future discoveries similar to Serra Alta. We remain

convinced of the district scale potential at Monte Do Carmo”.

East Zone

Drill holes FSA-286, FSA-307, FSA-309, FSA-311, FSA-313, FSA-315, FSA-316, FSA-317, FSA-318, FSA-

319 were collared in the East Zone. The best reported intercepts in the East Zone correspond to hole

FSA-286 that intercepted a notable discrete sheer quartz vein that reported 3m at 178.46 g/t Au

from 446m (including 1 m at 412 g/t). The shear vein has a Northwest orientation.

This intercept defines an interesting zone of coalescence of at least 3 fertile structures, including the

mentioned shear zone, the East Zone/E2 general trend of extensional veins (North-South) and the

main E3 Porphyritic Dyke orientation (West/Northwest). Cerrado considers that conceptually these

intersection zones may represent second order control of higher-grade trends.

Hole FSA-309 is also outstanding. Shallow dipping drilling targeted the granite in proximity to the

volcanic intrusive contact intercepting 91m at 2.09g/t Au from 66m, including 7m at 19.09 g/t Au

from 110m. Results confirm the significance of the contact zone in terms of extending the continuity

and lateral extent of the mineralization and consolidate a well-endowed area on the northern edge

of the east zone.

Pit Norte

Drill Holes FSA-308, FSA-310 and FSA 320 were collared in Pit Norte. The best intercept comes from

hole FSA-308, collared in the central part of the zone. FDS-308 intercepted 11m at 5.39 g/t Au from

3m, including 4m at 11.91 g/t Au from 7m; and 39m at 1.46 g/t Au from 101m, including 2m at 10.19

g/t Au from 43m . This shallow intercept confirms the low strip in this segment of the Pit which is

expected to be exploited during the early phases of mining.

East 3 (E3)

Drill Hole FSA-306 targeted the recently discovered E3 zone. Mineralization in E3 relates to the

occurrence of a granitic porphyry dyke with a general West/Northwest direction, that provides a

permissive host rock and fluid conduits to upper stratigraphic levels. Holes have been drilled in

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different directions to better constrain the geometry and exte nt of the dyke. The best intercept in

E3 reported today is from hole FSA -305 that crosses 3m ( apparent width) at 2.14 g/t. E3 remains

open both along strike and down dip.

Figure 1. Reported and Ongoing Drill Hole Locations

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Figure 2. Select Highlighted Cross Sections of Reported Holes

East Zone

Pit Norte

* Scales vary by section

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Table 1. Drill Hole Collar Table

Sector Hole

number

UTM N

UTM E

Elevation

Depth

Azimuth Dip

Pit Norte FSA-308 8810040 820461 473 210.0 125.00 -15.74

Pit Norte FSA-310 8810069 820502 505 285.6 121.69 -33.78

Pit Norte FSA-320 8810066 820504 505 210.3 140.00 -20.28

East Zone FSA-286 8810545 820676 661 573.9 100.75 -41.16

East Zone FSA-307 8810721 820466 567 170.7 95.00 -15.13

East Zone FSA-309 8810565 820510 571 180.3 75.00 -15.40

East Zone FSA-311 8810564 820510 571 150.6 95.00 -15.74

East Zone FSA-313 8810763 820420 556 164.9 80.00 -19.60

East Zone FSA-315 8810604 820440 552 201.6 80.00 -19.98

East Zone FSA-316 8810722 820465 567 114.8 70.00 -15.22

East Zone FSA-317 8810401 820670 668 340.3 92.64 -54.72

East Zone FSA-318 8810647 820444 569 170.5 75.00 -25.06

East Zone FSA-319 8810249 820343 512 132.2 120.00 -25.39

East 3 FSA-305 8810670 820858 661 565.4 118.92 -50.33

East 3 FSA-306 8810269 821359 698 550.0 314.80 -49.76

East 3 FSA-312 8810699 820891 666 687.9 110.56 -50.39

Gogó da Onça FGO-031 8811023 820556 538 204.5 145.00 -29.46

*Collar coordinates by GNSS TP-20 UTM Coordinates, Datum: SAD69 / zone 22S.

*Azimuth Set by compass

*Dip and drill hole trajectory by SPT (Stockholm Precision Tools) GyroMaster™

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Table 2. Drill Hole Composites

DDH From To LENGTH (m) Width (m) Au (g/t)

Serra Alta Pit Norte

FSA-308 3.24 14.12 10.88 10.62 5.39

FSA-308 includes 6.55 10.89 4.34 4.24 11.91

FSA-308 and 58.13 59.35 1.22 1.19 1.11

FSA-308 and 74.13 75.22 1.09 1.06 0.31

FSA-308 and 86.19 92.65 6.46 6.31 0.68

FSA-308 and 101.54 141.77 40.23 39.27 1.46

FSA-308 includes 119.62 121.84 2.22 2.17 10.58

FSA-308 includes 128.62 131.95 3.33 3.25 5.99

FSA-308 and 151.34 165.80 14.46 14.12 0.40

FSA-310 76.06 80.05 3.99 3.56 0.56

FSA-310 and 84.16 88.18 4.02 3.59 1.83

FSA-310 Includes 87.16 88.18 1.02 0.91 6.27

FSA-310 and 101.31 121.98 20.67 18.44 1.05

FSA-310 Includes 103.32 105.31 1.99 1.78 5.86

FSA-310 and 126.05 127.10 1.05 0.94 0.49

FSA-310 and 131.10 140.35 9.25 8.25 1.42

FSA-310 Includes 134.10 136.26 2.16 1.93 3.99

FSA-310 and 144.13 150.26 6.13 5.47 1.04

FSA-310 and 155.38 183.35 27.97 24.95 1.32

FSA-310 Includes 160.93 161.93 1.00 0.89 18.40

FSA-310 Includes 164.89 165.83 0.94 0.84 7.36

FSA-310 and 190.85 191.88 1.03 0.92 0.73

FSA-310 and 258.57 261.65 3.08 2.75 1.62

FSA-310 and 265.80 267.93 2.13 1.90 1.89

FSA-320 No significant values

Serra Alta - East Zone

FSA-286 179.30 180.27 0.97 0.95 0.96

FSA-286 and 186.55 203.88 17.33 17.03 1.04

FSA-286 and 222.79 223.82 1.03 1.01 1.17

FSA-286 and 230.70 235.82 5.12 5.03 1.24

FSA-286 and 250.63 251.71 1.08 1.06 0.63

FSA-286 and 262.57 280.51 17.94 17.63 0.75

FSA-286 and 290.20 291.25 1.05 1.03 0.55

FSA-286 and 305.14 312.40 7.26 7.13 1.30

FSA-286 and 315.65 316.68 1.03 1.01 0.54

FSA-286 and 347.49 348.54 1.05 1.03 0.63

FSA-286 and 363.12 364.19 1.07 1.05 0.43

FSA-286 and 376.14 382.92 6.78 6.66 0.43

FSA-286 and 392.80 393.92 1.12 1.10 0.30

FSA-286 and 402.61 403.72 1.11 1.09 0.55

FSA-286 and 410.21 417.40 7.19 7.07 0.33

FSA-286 and 443.18 468.21 25.03 24.60 19.01

FSA-286 includes 446.42 449.15 2.73 2.68 148.46

FSA-286 includes 452.90 455.69 2.79 2.74 22.99

FSA-286 and 481.60 485.75 4.15 4.08 0.98

FSA-286 and 491.15 497.43 6.28 6.17 0.42

FSA-286 and 500.62 501.71 1.09 1.07 0.44

FSA-286 and 515.36 516.40 1.04 1.02 1.89

FSA-307 82.21 83.22 1.01 1.01 0.35

FSA-307 and 91.54 92.60 1.06 1.06 0.34

FSA-307 and 95.84 96.88 1.04 1.04 0.30

FSA-307 and 101.07 107.22 6.15 6.15 0.66

FSA-309 34.00 46.93 12.93 12.20 0.51

FSA-309 and 52.97 56.88 3.91 3.69 0.39

FSA-309 and 65.91 162.15 96.24 90.81 2.09

FSA-309 Includes 83.06 85.12 2.06 1.94 8.50

FSA-309 Includes 109.68 116.87 7.19 6.78 19.09

FSA-309 Includes 134.26 137.40 3.14 2.96 2.26

FSA-309 Includes 161.13 162.15 1.02 0.96 3.86

FSA-311 35.18 49.82 14.64 14.48 0.85

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FSA-311 includes 38.50 39.58 1.08 1.07 3.63

FSA-311 includes 44.37 45.54 1.17 1.16 3.69

FSA-311 and 52.94 53.97 1.03 1.02 1.81

FSA-311 and 57.17 58.24 1.07 1.06 0.80

FSA-311 and 68.00 69.04 1.04 1.03 0.41

FSA-311 and 73.15 74.15 1.00 0.99 2.49

FSA-311 and 81.20 82.22 1.02 1.01 1.58

FSA-311 and 85.26 90.39 5.13 5.07 1.44

FSA-311 and 94.52 104.71 10.19 10.08 1.63

FSA-311 includes 96.51 98.62 2.11 2.09 4.99

FSA-311 and 113.93 118.04 4.11 4.06 1.49

FSA-311 includes 113.93 114.95 1.02 1.01 5.22

FSA-311 and 122.18 133.40 11.22 11.09 1.58

FSA-311 includes 130.35 133.40 3.05 3.02 3.64

FSA-311 and 140.44 148.52 8.08 7.99 1.36

FSA-313 No significant values

FSA-315 95.10 96.06 0.96 0.92 0.53

FSA-315 and 110.07 111.06 0.99 0.95 0.67

FSA-315 and 132.60 133.62 1.02 0.98 0.38

FSA-316 No significant values

FSA-317 207.17 219.47 12.30 11.93 0.85

FSA-317 Includes 207.17 208.09 0.92 0.89 3.99

FSA-317 Includes 213.41 214.41 1.00 0.97 2.46

FSA-317 Includes 218.46 219.47 1.01 0.98 2.37

FSA-317 and 223.39 226.14 2.75 2.67 0.24

FSA-317 and 272.38 273.42 1.04 1.01 0.41

FSA-317 and 314.11 318.26 4.15 4.02 0.59

FSA-317 and 323.47 329.70 6.23 6.04 0.64

FSA-317 Includes 324.49 325.56 1.07 1.04 2.77

FSA-318 13.43 18.00 4.57 4.51 0.33

FSA-318 and 35.00 36.04 1.04 1.03 0.70

FSA-318 and 45.43 47.54 2.11 2.08 0.32

FSA-318 and 60.88 61.89 1.01 1.00 0.83

FSA-318 and 86.69 87.72 1.03 1.02 0.50

FSA-318 and 96.90 97.90 1.00 0.99 0.34

FSA-318 and 134.87 135.90 1.03 1.02 0.56

FSA-318 and 142.15 145.14 2.99 2.95 0.59

FSA-319 39.15 40.34 1.19 1.19 0.40

FSA-319 and 44.60 45.61 1.01 1.01 0.31

FSA-319 and 51.91 62.03 10.12 10.12 0.33

FSA-319 and 72.35 73.40 1.05 1.05 0.32

FSA-319 and 80.75 82.79 2.04 2.04 0.44

FSA-319 and 101.38 102.60 1.22 1.22 0.31

Serra Alta - E3

FSA-305 461.02 461.92 0.90 - 0.91

FSA-305 and 478.95 482.33 3.38 - 2.14

FSA-305 Includes 478.95 479.77 0.82 - 6.75

FSA-306 482.98 485.11 2.13 - 0.50

FSA-306 and 508.87 511.71 2.84 - 2.02

FSA-306 Includes 509.69 510.64 0.95 - 5.10

FSA-312 No significant values

Gogó da Onça FGO-031 71.21 73.22 2.01 1.42 0.59

FGO-031 and 80.08 81.11 1.03 0.73 0.54

FGO-031 and 126.40 129.78 3.38 2.38 0.45

FGO-031 and 136.06 141.45 5.39 3.80 0.37

FGO-031 and 145.15 146.28 1.13 0.80 0.40

FGO-031 and 154.33 157.77 3.44 2.42 0.37

>10m x g/t

>30m x

g/t

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Quality Assurance and Quality Control

Analytical work was carried out by ALS international lab (ALS). MDC send half core samples for

sample preparation to the lab. The facilities of the prep lab are located in Goiânia, Brazil 835 km

from the MDC project and alternatively in Belo Horizonte, Brazil 1,110 Km from the MDC project.

MDC sends out samples to ALS international labs (ALS) with the prep lab located in Goiânia or

alternatively in Belo Horizonte. ALS lab sends the prepared aliquots for analytical assay to their lab

in Lima, Peru where the prepared samples are systematically analyzed for gold (ppm) by fire assay

(Au-AA24) or gold (ppm) by metallic screen (Au-SCR24). Randomly the ICP (Inductively coupled

plasma mass spectrometry) is done for trace elements in 4 acids (hydrofluoric, perchloric, nitric

and hydrochloric) digestion (ME-MS-61). ALS has routine quality control procedures which ensure

that every batch of samples includes three sample repeats and at least two commercial standards

and two blanks. Cerrado uses standard QA/QC procedures, inserting reference standards and

blanks, for the drilling program. The Reference material used are from CDN Resource Laboratories

Ltd., ITAK (Instituto de Tecnologia August Kekulé Ltda. And OREAS).

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by

Sergio Gelcich, P.Geo., Vice President, Exploration for Cerrado Gold Inc., who is a Qualified Person

as defined in National Instrument 43-101.

Mark Brennan David Ball

CEO and Co Chairman Vice President, Corporate Development

Tel: +1-647-796-0023 Tel.: +1-647-796-0068

[email protected] [email protected]

About Cerrado

Cerrado is a Toronto based gold production, development and exploration company focused on

gold projects in the Americas. The Company is the 100% owner of both the producing Minera Don

Nicolás mine in Santa Cruz province, Argentina, and the highly prospective development project,

Monte Do Carmo located in Tocantins State, Brazil.

At Minera Don Nicolas, Cerrado is maximising asset value through further operation optimization

and continued production growth. An extensive campaign of exploration is ongoing to further

unlock potential resources in our highly prospective land package.

At Monte Do Carmo, Cerrado is rapidly advancing the Serra Alta deposit through Feasibility and

production. The Serra Alta deposit Indicated Resources of 541 kozs of contained gold and Inferred

Resources of 780 kozs of contained gold. The Preliminary Economic Assessment demonstrates

robust economics as well as the potential to be one of the industry’s lowest cost producers.

Cerrado also holds an extensive and highly prospective 82,542 ha land package at Monte Do

Carmo.

For more information about Cerrado please visit our website at: www.cerradogold.com.

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