CERRADO GOLD INC - CRDOF STOCK NEWS

Cerrado Gold's subsidiary Minera Don Nicolas (MDN) has received a US$4 million option payment from Cerro Vanguardia SA (CVSA), a subsidiary of AngloGold Ashanti Holdings. The payment is part of a larger US$14 million agreement where CVSA has the option to purchase a 100% interest in certain exploration properties in the south region of MDN's project in Santa Cruz, Argentina. The remaining US$10 million is payable within 3 years upon exercise of the option.

Additionally, Cerrado has issued a US$275,000 loan to Ascendant Resources Inc., bearing 10% annual interest and maturing on demand with minimum 366 days notice. The loan, despite commonality of directors between the companies, is not considered a related party transaction.

Cerrado Gold (CRDOF) has entered into an option agreement with AngloGold Ashanti's subsidiary, Cerro Vanguardia SA (CVSA), for the sale of its Michelle Properties in Argentina for US$14 million. The agreement includes an initial US$4 million payment and US$10 million upon exercise within 3 years.

The Michelle Properties comprise 14 exploration concessions totaling 14,000 hectares, located 100 km southeast of the MDN plant. CVSA will take operational control during the option period. The transaction strengthens Cerrado's balance sheet and allows focus on core properties, including the operating Minera Don Nicolas gold mine and Mont Sorcier iron ore project.

The company has secured consents from royalty holders Royal Gold, Sandstorm, and Sprott, with outstanding royalty payments being settled and interest penalties waived.

Cerrado Gold provides an update on its Mont Sorcier iron ore project in Quebec, highlighting ongoing metallurgical testing that confirms production of DRI grade iron concentrate with 67%+ purity and combined Silica and Alumina below 2.5%. The company has appointed DRA Global to deliver a NI 43-101 Bankable Feasibility Study by Q1 2026.

The project's 2022 PEA showed an NPV8% of US$1.6 Billion for a 21-year mine life, projecting 5MT of Iron Concentrate production annually, generating US$348M per annum in cash flow with initial capex of US$574M. UKEF and TD Bank have agreed to sponsor 70% of project capital required.

The metallurgical program, conducted by Soutex Inc. and SGS Canada, shows promising results with potential for further improvements in iron grade and purity.

Cerrado Gold reported Q3 2024 production of 16,604 Gold Equivalent Ounces (GEO), maintaining its full-year guidance of 50,000-60,000 GEO. The company achieved Adjusted EBITDA of $7.4 million and reduced its working capital deficit by over $20 million year to date. The company completed the sale of Monte Do Carmo gold project to Amarillo for a total consideration of US$60 million, with US$45 million already received and US$15 million expected within 28 months. Q3 revenue reached $36.7 million from selling 15,505 ounces of gold at an average price of $2,329 per ounce.

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.