CERT.V · 2022-12-15 12:00:00

Cerrado GOLD Reports Additional Infill Drill Results from the Serra ALTA Deposit at Its Monte Do Carmo Project IN Brazil

Drill Results

December 15, 2022 www.cerradogold.com

CERRADO GOLD REPORTS ADDITIONAL INFILL DRILL RESULTS FROM THE SERRA ALTA

DEPOSIT AT ITS MONTE DO CARMO PROJECT IN BRAZIL

• Notable results include:

• FSA-276: 30m at 4.47 g/t Au from 143m;

and 32m at 1.84 g/t Au from 88m

• FSA-304: 13m at 1.98 g/t Au from 125m

• FSA-298: 26m at 1.31 g/t Au from 428m; including 1m at 14.159 g/t Au from 450m

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

"Company”) is pleased to announce additional assay results from its ongoing infill drill program at

the Serra Alta deposit at its Monte do Carmo Project located in Tocantins State, Brazil (“MDC”). The

infill drill program commenced in Q4 2021 with the aim to upgrade the bulk of the resources into

the Measured and Indicated categories, target new satellites, extensional zones, condemn areas of

project infrastructure and support the ongoing Feasibility Study. The infill program is expected to be

completed by the end of December 2022 with the feasibility study targeted for completion in Q2/23.

The Company is currently reporting assay results from 19 drill holes, totaling 5,554 m (see Tables 1

& 2) completed from September to November 2022. As of December 9th, 2022, a total of 194 drill

holes, totaling 46,912m have been completed as part of the 2022 program, including 158 holes at

Serra Alta (infill, condemnation, and partial extensions); and 36 holes in the satellite exploration

areas namely, Gogó da Onça and Capitão.

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

Serra Alta (Infill)

FSA-276

• 30m at 4.47 g/t Au from 143m

• Including 13m at 9.04 g/t Au from 149m

• 32m at 1.84 g/t Au from 88m

• Including 8m at 4.36 g/t Au from 108m

FSA-304

• 13m at 1.98 g/t Au from 125m

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• Including 5m at 4.49 g/t Au from 129m

FSA-302

• 7m at 2.58 g/t Au from 183m

• Including 2m at 4.09 g/t Au from 183m

FSA-298

• 26m at 1.31 g/t Au from 428m

• Including 1m at 14.159 g/t Au from 450m

Mark Brennan, CEO and Co-Chairman commented “We are pleased with the progress of the infill

campaign and have identified several areas for potential extension of the Serra Alta deposit outside

the previous pit dimensions (Pit Norte & East Pit) and through the addition of new mineralized areas

(Gogo and E3). Drilling continues to support our expectations for upgrading the bulk of the Serra Alta

deposit to backstop the feasibility which is expected to demonstrate the proposed project to be one

of the worlds lowest costs gold produ cers. While the bulk of the drilling in 2022 was focused on

upgrading the Serra Alta deposit, we continue to be encouraged with the wider exploration potential

of the Monte Do Carmo Project and the potential to grow future resources.”

Serra Alta Infill/Extensional

The main objectives of the 19 infill drill holes reported today include: upgrading of inferred blocks

within the current model (Micon, 2021); target high grade extensional areas in Pit Norte and East

Zone; and to keep advancing the delineation of the new E3 and Gogo targets. Holes reported today

within the Serra Alta deposit include: 2 targeting the East Zone, 4 targeting the E3 Zone , and 6

targeting Pit Norte. Additionally, 7 exploration holes are reported for Gogó da Onça.

Drill holes FSA -300, and FSA -304 were collared in the East Zone and targeted an extensional area

located in the Northwest segment of the current pit outline. This new trend is believed to be related

to a dis crete continuous high grade shear vein that also develops mineralization in its immediate

hanging wall. The best reported intercept corresponds to hole FSA-304: 13m at 1.98 g/t Au from

125m; including 5m at 4.49 g/t Au from 129m.

Drill holes FSA -276, FSA-293, FSA-296, FSA-301, FSA-302, and FSA-303, were collared in Pit Norte.

Hole FSA-276, drilled in the southern segment of this zone intercepted a number of thick high-grade

trends confirming, and partially extending, the general geometry of the high-grade domains. Best

results of this hole include 30m at 4.47 g/t Au from 143m, including 13m at 9.04 g/t Au from 149m;

and 32m at 1.84 g/t Au from 88, including 8m at 4.36 g/t Au from 108m . Drill Holes FSA-293, FSA-

296, FSA -301, FSA -302, and FSA -303 were col lared towards the east of Pit Norte targeting

conversion and possible extensions (up dip and lateral to the east) extensions of the high grade

trends. Notable results include FSA-302 intercept of 7m at 2.58 g/t Au from 183m, including 2m at

4.09 g/t Au from 183m.

Drill holes FSA -294, FSA-295, FSA-298 and FSA -299 targeted the recently discovered E3 Zone (see

November 21 st, 2022, press release). Even though the geometry of the zone has not been fully

constrained, relevant results like hole FSA -298 that intercepted 26m at 1.31 g/t from 428m,

including 1m at 14.15 g/t at 450m, confirm the potential of permissive quartz mineralized veining in

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upper volcanic stratigraphy. The company is confident that additional drilling including current holes

being drilled will result in a proper domain outline.

Drill holes FGO-022, FGO-025, FGO-028, FGO-029 and FGO-030, FGO-025, were collared in Gogó da

Onça, mainly targeting extensions along strike (North and South). The best intercept came from hole

FGO-022 and included 21m at 0.53 g/t Au from 143m, including 1m at 3.83 g/t Au from 150m.

Figure 1. Reported Drill Hole Locations

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Figure 2. Select Highlighted Cross Sections of Reported Holes*

Pit Norte

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East Zone

* Note sections are shown at different scale

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Table 1. Drill Hole locations

Sector Hole

number

UTM N

UTM E

Elevation

Depth

Azimuth Dip

E3 FSA-294 8810540 820975 660 433.3 99.43 -54.33

E3 FSA-295 8810635 820907 663 449.9 107.97 -48.97

E3 FSA-298 8810765 821024 652 519.8 160.70 -49.01

E3 FSA-299 8810808 821077 648 520.2 155.74 -48.48

East Zone FSA-300 8810610 820474 570 200.2 80.00 -15.01

East Zone FSA-304 8810643 820447 569 200.3 80.00 -15.06

Pit Norte FSA-276 8809902 820396 480 232.0 97.85 -35.48

Pit Norte FSA-293 8810069 820501 505 200.8 133.50 -41.35

Pit Norte FSA-296 8810090 820508 500 211.1 105.00 -27.96

Pit Norte FSA-301 8810068 820500 505 180.4 135.83 -32.19

Pit Norte FSA-302 8810069 820501 505 451.4 111.16 -32.12

Pit Norte FSA-303 8810090 820508 500 327.3 105.27 -31.70

Gogó da Onça FGO-022 8811070 820503 529 241.6 132.95 -31.82

Gogó da Onça FGO-025 8811265 820472 477 288.5 118.00 -14.52

Gogó da Onça FGO-026 8811396 820557 535 204.2 130.00 -29.08

Gogó da Onça FGO-027 8810998 820439 471 159.2 125.00 -19.97

Gogó da Onça FGO-028 8810943 820499 480 201.4 150.00 -14.92

Gogó da Onça FGO-029 8811167 820469 512 372.6 314.48 -40.30

Gogó da Onça FGO-030 8810947 820501 480 159.8 85.00 -14.74

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

*Azimuth Set by compass

*Dip and drill hole trajectory by DEVIFLEX Devico

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Table 2. Drill Hole Composites - Infill Drilling

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

FSA-294 396.30 398.40 2.10 2.10 0.69

FSA-295 371.97 396.68 24.71 24.71 0.77

FSA-295 and 399.55 403.36 3.81 3.81 0.27

FSA-295 and 447.73 449.87 2.14 2.14 5.67

FSA-298 418.56 419.38 0.82 0.82 0.89

FSA-298 and 428.19 454.63 26.44 26.44 1.31

FSA-298 includes 429.13 433.25 4.12 4.12 3.78

FSA-298 includes 450.00 451.10 1.10 1.10 14.15

FSA-299

FSA-300 30.19 31.67 1.48 1.48 0.43

FSA-300 and 46.76 47.79 1.03 1.03 1.70

FSA-300 and 67.47 88.19 20.72 20.72 0.47

FSA-300 and 99.71 100.78 1.07 1.07 1.11

FSA-300 and 117.34 149.03 31.69 31.69 0.50

FSA-300 includes 137.85 141.92 4.07 4.07 1.56

FSA-300 and 155.79 156.73 0.94 0.94 0.35

FSA-300 and 163.54 164.52 0.98 0.98 0.66

FSA-300 and 169.51 176.66 7.15 7.15 1.27

FSA-300 includes 173.72 174.57 0.85 0.85 8.59

FSA-304 28.00 37.14 9.14 9.14 1.19

FSA-304 and 55.79 71.21 15.42 15.42 0.94

FSA-304 includes 58.86 59.90 1.04 1.04 11.35

FSA-304 and 125.45 138.64 13.19 13.19 1.98

FSA-304 includes 128.54 133.51 4.97 4.97 4.49

FSA-304 and 149.92 150.95 1.03 1.03 0.65

FSA-304 and 170.45 171.47 1.02 1.02 0.40

FSA-276 and 11.75 14.73 2.98 2.91 0.34

FSA-276 and 32.51 35.85 3.34 3.27 1.54

FSA-276 and 46.66 73.45 26.79 26.19 1.49

FSA-276 includes 51.68 55.78 4.10 4.01 4.55

FSA-276 and 87.68 120.60 32.92 32.19 1.84

FSA-276 includes 107.59 115.30 7.71 7.54 4.36

FSA-276 and 129.05 129.93 0.88 0.86 0.43

FSA-276 and 131.65 132.55 0.90 0.88 0.32

FSA-276 and 142.70 173.50 30.80 30.11 4.47

FSA-276 includes 149.00 162.51 13.51 13.21 9.04

FSA-276 and 199.26 200.30 1.04 1.02 0.76

FSA-293 and 70.07 75.86 5.79 5.65 2.87

FSA-293 Includes 72.66 73.82 1.16 1.13 9.75

FSA-293 and 84.96 96.36 11.40 11.12 0.80

FSA-293 Includes 90.07 90.95 0.88 0.86 5.89

FSA-293 and 124.80 137.88 13.08 12.76 0.88

FSA-293 Includes 130.62 131.86 1.24 1.21 2.55

FSA-293 and 146.66 152.14 5.48 5.35 1.19

FSA-293 and 158.79 159.83 1.04 1.01 0.51

FSA-293 and 163.26 164.38 1.12 1.09 0.51

FSA-296

FSA-301 89.15 99.85 10.70 10.70 0.99

FSA-301 and 112.94 115.09 2.15 2.15 1.16

FSA-301 and 123.12 123.98 0.86 0.86 9.48

FSA-301 and 137.22 138.39 1.17 1.17 1.24

FSA-301 and 173.94 175.83 1.89 1.89 0.36

FSA-302 151.23 153.39 2.16 2.16 0.41

FSA-302 and 182.73 189.40 6.67 6.67 2.58

FSA-302 includes 182.73 184.92 2.19 2.19 4.09

FSA-302 includes 187.21 188.27 1.06 1.06 7.12

FSA-302 and 195.88 196.94 1.06 1.06 4.97

FSA-302 and 263.35 264.41 1.06 1.06 0.71

FSA-302 and 270.11 274.36 4.25 4.25 0.56

FSA-302 and 290.82 291.91 1.09 1.09 3.01

FSA-303 192.28 196.47 4.19 4.19 0.34

FGO-022 and 83.38 93.59 10.21 10.02 0.51

FGO-022 Includes 89.48 90.51 1.03 1.01 3.63

FGO-022 and 104.65 105.65 1.00 0.98 0.31

FGO-022 and 130.15 131.10 0.95 0.93 0.40

FGO-022 and 143.43 164.80 21.37 20.96 0.53

FGO-022 Includes 150.28 151.28 1.00 0.98 3.83

FGO-022 Includes 160.60 164.80 4.20 4.12 0.98

FGO-025 and 260.63 262.41 1.78 1.61 3.32

FGO-025 and 271.79 272.90 1.11 1.00 1.52

FGO-026

FGO-027

FGO-028 44.53 47.62 3.09 3.09 0.30

FGO-028 and 95.11 99.98 4.87 4.87 0.63

FGO-028 and 111.50 112.50 1.00 1.00 0.35

FGO-028 and 146.60 147.64 1.04 1.04 0.37

FGO-028 and 155.03 156.16 1.13 1.13 0.77

FGO-028 and 184.72 185.84 1.12 1.12 0.92

FGO-029

FGO-030 92.39 93.46 1.07 1.07 0.44

FGO-030 and 104.83 110.04 5.21 5.21 0.37

FGO-030 and 132.73 133.76 1.03 1.03 0.34

>30m x g/t

CERRADO GOLD

No significant values

>10m x g/t

Serra Alta - East Zone Serra Alta - E3Serra Alta - Pit NorteGogó da Onça

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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, Bra zil 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 (Independent Technical Report – Updated Preliminary

Economic Assessment for Serra Alta Deposit , GE21, July 21 2021) . The Preliminary Economic

Assessment demonstrates robust economics as well as the pote ntial 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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