Cerrado Gold'S Lagoa Salgada Project Receives Consent to Submit Revisions to Its Eia Application to the Portuguese Environmental Agency
July 14, 2025 www.cerradogold.com
CERRADO GOLD'S LAGOA SALGADA PROJECT RECEIVES CONSENT TO SUBMIT
REVISIONS TO ITS EIA APPLICATION TO THE PORTUGUESE ENVIRONMENTAL
AGENCY
• EIA Revisions to Address Concerns and Provide Pathway to Approval Without
Resubmission of the Full EIA
• Key Environmental Improvements are being incorporated in the Ongoing Optimized
Feasibility Study
Toronto, Canada – Cerrado Gold Inc. ("Cerrado Gold" or the "Company") is pleased to announce that
its Portuguese subsidiary, Redcorp – Empreendimentos Mineiros, Lda. ("Redcorp"), has received
notification from the Portuguese Environment Agency (Agência Portuguesa do Ambiente, "APA")
confirming that it will permit application of Article 16 procedure s that allows Redcorp to submit
revised technical documentation and project improvements to address APA comments, in relation
to its Environmental Impact Statement (EIA) as outlined below.
Under Portuguese environmental law, Article 16 of the EIA Legal Framework allows developers to
revise and resubmit elements of a previously submitted project in order to address identified
environmental concerns, without restarting the full permitting process. This mechanism is designed
to improve project outcomes while maintaining regulatory integrity and efficiency (Decreto-Lei n.º
151-B/2013, Diário da República, 1.ª série — N.º 211, de 31 de outubro de 2013).
The Company 's Optimized Feasibility Study ("OFS"), which is well underway, has proactively
contemplated the changes requested, which are aimed at further strengthening the environmental
and operational robustness of the proposed mining operation. In addition, the Company is
continuing with all other activities as planned , such as detailed engineering alongside the work
related to the OFS to minimize any impact on the overall development schedule while the Article 16
requirements are in process.
While application of Article 16(2) does not constitute project approval, it is a formal step under
Portuguese law that enables developers to address concerns raised during the initial review and
implement modifications , avoiding a full resubmission or rejection of the project. If the revised
-2-
submission is accepted, the Company anticipates a final Environmental Impact Statement (EIA)
decision could be issued in Q1 2026.
APA's formal response follows Redcorp's request, made during the public consultation and hearing
period, to initiate the procedure foreseen in Article 16(2). In its reply, APA confirmed that, based on
the justification provided by Redcorp, there are no objections to applying the Article 16 (2)
procedure. The Company now has 180 calendar days from the date of the notification to submit the
revised project elements and a synthesis report addressing the required components outlined in the
legal framework.
The Company 's revised submission will incorporate environmental and design improvements,
including:
• Elimination of cyanide use across all processing stages at Lagoa Salgada , replaced by
flotation-only circuits that has been validated through recent metallurgical testing;
• Enhanced protection of local aquifers and water resources , with new hydrogeological and
geochemical control measures;
• Presentation of alternative borehole locations to support regional emergency water supply
resilience;
• Deployment of a real -time environmental monitoring system , covering air, water,
vibration, and noise parameters; and
• Application of Best Available Techniques (BAT) across the plant layout and mine design,
improving performance and minimizing impact.
Mark Brennan, CEO and Chairman of Cerrado Gold, commented: "This is a constructive step forward
for the Lagoa Salgada Project and demonstrates APA 's openness to a robust and transparent
permitting process. We appreciate the opportunity to address concerns through technical and
environmental improvements, which are seen as a typical request at this stage of the approval
process. We note that many of the points raised by APA are already being integrated into the
updated feasibility study due in September."
Mr. Brennan continued : "With strong support from our stakeholders, including EDM, we remain
confident that the revised submission will meet the highest standards of environmental compliance
and will position the project for successful approval with minimal delay. Cerrado reiterates its strong
commitment to developing the Lagoa Salgada Project as a model of environmental and technical
excellence, delivering value to local communities, stakeholders, and European critical raw materials
supply chains."
The Company is further supported by its strategic partner in the project, EDM – Empresa de
Desenvolvimento Mineiro, S.A. ("EDM"), a Portuguese state-owned mining development entity,
-3-
with decades of experience in environmental remediation and mine water management. EDM has
reaffirmed the strategic importance of the Lagoa Salgada Project to Portugal 's mining sector and
expressed full confidence in the project's ability to meet the highest environmental and operational
standards.
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% intere st 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
Chibougamou, 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 an d
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 holds a 100% interest in the Mont Sorcier high-purity high-grade DRI Iron project,
which 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
-4-
Disclaimer
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN 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 and its subsidiaries . Although the Company
believes that it will receive a favourable EIA decision, no assurance can be provided . In making the
forward- looking statements contained in this press release, Cerrado has made certain assumptions.
Although C errado 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 st atements. 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 pre ss 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, ch anges in factors affecting such forward -looking statements or
otherwise.