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Cerrado Gold Inc. is a Toronto-based company focused on gold production, development, and exploration projects primarily in South America. The company's key assets include the producing Minera Don Nicolás and Las Calandrias mines in Argentina, as well as the Monte Do Carmo development project in Brazil. With a strategic focus on operational optimization, debt reduction, and resource expansion, Cerrado aims to unlock the full potential of its high-grade gold assets while advancing sustainability goals in the mining industry.
Cerrado Gold has announced that the TSX Venture Exchange has accepted its notice to implement a normal course issuer bid (NCIB). The company can repurchase up to 5,170,903 common shares (5% of outstanding shares) for cancellation. The NCIB will run from November 15, 2024 to November 14, 2025, with a limitation of acquiring no more than 2,068,361 shares in any 30-day period. The Board believes the current market price doesn't reflect the company's true value and assets. Eight Capital will act as the broker for the NCIB, which will be executed through TSXV facilities at market prices.
Cerrado Gold has completed the sale of its Monte Do Carmo gold project in Brazil to Amarillo Mineração do Brasil, a subsidiary of Hochschild Mining. The transaction includes US$30 million in closing cash payments, plus US$15 million previously received for granting the option, totaling US$60 million (approximately C$83 million). Additional future payments of US$15 million are guaranteed by Hochschild, with US$10 million due by June 27, 2026, and US$5 million due by the earlier of commercial production start or March 31, 2027.
Cerrado Gold announces that Hochschild Mining's subsidiary, Amarillo Mineração, will exercise its option to acquire 100% of the Monte Do Carmo (MDC) gold project in Brazil for US$60 million. The transaction includes US$30 million in closing cash payments and an additional US$15 million in future milestone payments, with US$15 million previously received. The deal, approved by 96.56% of shareholders, is expected to close on November 5, 2024. The proceeds will support growth at Cerrado's MDN gold mine in Argentina, fund a feasibility study for the Mont Sorcier Iron Ore Project, improve the balance sheet, and enable pursuit of new growth opportunities.
Cerrado Gold Inc. (TSX.V:CERT, OTCQX:CRDOF) has announced its Q3 2024 production results for the Minera Don Nicolas Mine in Argentina. Key highlights include:
Q3 Production of 16,604 Gold Equivalent Ounces (GEO), slightly up from 16,255 GEO in Q2 and significantly higher than 11,204 in Q1, 2024. The Calandrias Norte high-grade ore was supplemented by additional pits, extending CIL operation into 2025. Heap leach operations produced 3,404 GEO during the quarter, with a record of 1,644 GEO in August.
The company's balance sheet has improved, with approximately US$12m in current liabilities repaid since March 2024. Cerrado is focusing on doubling crushing capacity at Calandrias Sur and aiming to increase heap leach production to 4,500 GEO per month. The installation of a new secondary crusher is expected by the end of Q4, which should reduce fleet and operating costs.
Cerrado Gold Inc. (TSX.V: CERT)(OTCQX:CRDOF) has announced the appointment of Andrew Croal as Chief Technical Officer. Mr. Croal brings 40 years of global mining experience in gold and base metal commodities. He has worked in various countries and held senior roles in both senior and junior mining firms. The company has issued 250,000 restricted share units (RSUs) to Mr. Croal, vesting over two years.
Additionally, Cerrado Gold has entered into an agreement with German Mining Networks GmbH (GMN) to provide investor relations services, focusing on marketing the company to European investors. The initial three-month agreement includes a fee of C$6,800 per month, with the possibility of extension.
Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) has released its Q2 2024 operational and financial results for the Minera Don Nicolas (MDN) gold project in Argentina. Key highlights include:
- Gold equivalent production of 16,255 GEO
- Adjusted EBITDA of $14.7 million
- AISC of $1,233 per ounce
- Revenue of $34.7 million from the sale of 15,484 ounces of gold and 23,509 ounces of silver
The company also announced a recent 43-101 Mineral Resource Update and Preliminary Economic Assessment (PEA) for MDN, showing an NPV5% of $111 million at $2,100/oz gold price over a 5-year mine life. The PEA highlights average annual production of 56,000 GEO and LOM average annual EBITDA of $49 million.
Cerrado Gold is on track to meet its full-year guidance of 50,000-60,000 GEO and is focusing on cost reduction initiatives and strengthening its balance sheet.
Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) has launched a new exploration campaign at its Minera Don Nicolás (MDN) mine in Argentina. The initial 3,000-metre drill program targets two high-grade areas: the Goleta zone and Calandrias North downward plunge extension. This campaign aims to extend the mine's life and increase mineral resources, building on the recent mineral resource estimate that provided a 5-year mine life and US$111 million Net Present Value at $2,100 gold.
The Goleta zone, located 7 km northwest of the Martinetas mill, shows potential for a high-grade quartz vein system beneath a breccia cover. At Calandrias North, currently the primary source of high-grade feed, the program seeks to prove the continuity of the mineralized trend, with potential for low-capital underground development.
Cerrado Gold (TSXV:CERT)(OTCQX:CRDOF) announces the resumption of trading on August 8, 2024, and provides updates on its Minera Don Nicholas (MDN) mine in Argentina. Key highlights include:
1. Q2/24 production of 16,255 Gold Equivalent Ounces (GEO)
2. Full-year 2024 guidance: 50,000-60,000 GEO at AISC of US$1,200-1,400/oz
3. Recent PEA results show NPV (5%) of $111MM at $2100/oz gold over a 5-year mine plan
4. Life of Mine Average annual EBITDA of US$49 Million and FCF of US$25 Million
5. Additional US$45 million cash expected from the sale of the Monte do Carmo project in Brazil
The company is focusing on expanding heap leach operations and strengthening its balance sheet through improved operating performance and strong gold prices.
Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) has clarified its prior agreements with Red Cloud Financial Services and Feneck Consulting Group for capital markets and investor relations services. The Red Cloud agreement, terminated in January 2024, cost $10,000 monthly. The Feneck agreement, ended in December 2023, was $3,500 monthly. Neither received bonus fees or stock options.
Cerrado also disclosed a shared services agreement with Ascendant Resources effective March 30, 2023, formalizing an existing arrangement. Expenses are split approximately 70% to Cerrado and 30% to Ascendant. As of March 31, 2024, Ascendant owes Cerrado $3.2 million for shared services. Additionally, Cerrado provided Ascendant with a $1.5 million USD unsecured promissory note at 10% annual interest, with $0.8 million outstanding as of March 31, 2024.
Cerrado Gold (TSXV:CERT)(OTCQX:CRDOF) announced Q2 2024 production results for its Minera Don Nicolas Mine in Argentina. Highlights include:
- Q2 production of 16,255 Gold Equivalent Ounces (GEO), up from 11,204 GEO in Q1 2024
- High-grade ore from Calandrias Norte and ramp-up of heap leach operations supporting strong production
- Approximately US$10 million in current liabilities repaid since Year End 2023
- Significant cost reductions made to reduce corporate expenses
- Heap leach production improved from 491 GEO in April to 943 GEO in June, despite harsh weather
- Additional crushing capacity being added to support increased production
The company expects to release full Q2 financial results in August 2024 and anticipates announcing an updated 43-101 Preliminary Economic Assessment and Mineral Resource Estimate shortly.
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