CERRADO GOLD INC - CRDOF STOCK NEWS

Cerrado Gold has filed its Q1 2024 financials, aiming to revoke a Cease Trade Order (CTO) from the Ontario Securities Commission (OSC). The company has addressed its compliance issues under National Policy 11-207 regarding continuous disclosure obligations.

Cerrado plans to submit an application to the TSX Venture Exchange for trading resumption once the CTO is lifted by the OSC. Trading is expected to resume within two business days post-approval by the TSX Venture Exchange.

Cerrado Gold, operating under the stock symbol CRDOF, has received the third and final advance of $7 million from Hochschild Mining's subsidiary, Amarillo Mineração do Brasil. This brings total funds from the Signing Loan to $15 million. According to the option agreement, upon shareholder approval, the loan and associated interest will be repaid by setting off an equivalent amount from the purchase price due by Amarillo. If shareholders don't approve the transaction by June 30, 2024, the loan will mature on September 30, 2024, but Hochschild may accelerate it from July 1, 2024. Additionally, Cerrado has appointed McGovern Hurley LLP as its new auditor, pending shareholder approval at the annual meeting on June 27, 2024.

Cerrado Gold has released their Q4 and year-end 2023 financial results for their Minera Don Nicolas (MDN) gold project in Argentina. The company reported an annual production of 52,230 gold equivalent ounces (GEO) and a Q4 adjusted EBITDA of $0.8 million, with the annual figure reaching $13.8 million. The All-In Sustaining Cost (AISC) for Q4 stood at $1,594 per ounce, and the annual AISC was $1,427 per ounce. Despite delays in the ramp-up of their Las Calandrias Heap Leach due to crusher issues, production levels improved significantly from March to May 2024, averaging over 6,000 GEO per month. The company's annual revenue was $100.1 million, up from $90.4 million in 2022, while the net loss for 2023 was $6.8 million compared to a $5.9 million loss in 2022. High production costs and increased tax expenses contributed to the losses. The company aims to stabilize operations, reduce debt, and focus on cash flow and exploration activities to extend mine life.

Cerrado Gold has filed proxy materials for its annual and special shareholders meeting on June 27, 2024.

The company expects to file its audited financial statements for 2023 this week, a condition for receiving a US$7 million advance from Hochschild Mining's subsidiary.

The third advance will complete a US$15 million interest-bearing loan, which will be repaid if Cerrado secures shareholder approval for selling its Monte Do Carmo project for US$60 million.

If approval is not obtained by June 30, the loan matures on September 30, but Hochschild may accelerate repayment starting July 1.

Cerrado Gold has provided an update regarding the cease trade order (CTO) issued on May 7, 2024, by the Ontario Securities Commission (OSC) due to the company's failure to file its audited annual financial statements for the year ending December 31, 2023. The filings were initially due by April 29, 2024.

Despite efforts to work with auditors KPMG LLP, Cerrado expects to complete and file the annual statements by June 6, 2024. Consequently, the company anticipates missing the May 30, 2024, deadline for its interim financial statements for the first quarter of 2024. An application for a management cease trade order (MCTO) was denied as the CTO is already in effect and will remain until the interim filings are completed, expected two weeks post-annual filings.

No insolvency proceedings or undisclosed material information were reported.

Cerrado Gold has provided an update on the cease trade order (CTO) imposed by the Ontario Securities Commission (OSC) on May 7, 2024, due to its failure to file audited financial statements for the year ended December 31, 2023. The filings were due by April 29, 2024. The company expects to complete the filings by May 31, 2024, after which the CTO may be lifted within two days. Cerrado Gold has applied for a management cease trade order (MCTO) due to possible late filing of Q1 interim financial statements for the period ending March 31, 2024. If granted, the general public can still trade shares, but executives will be restricted.

Cerrado Gold Inc. announces a failure to file cease trade order issued by the Ontario Securities Commission, preventing trading of its securities in Canada due to delays in filing annual financial statements. The Company, along with its auditors, require more time to complete audit procedures. Despite the delay, there have been no disagreements with auditors, and the Company expects to file the Annual Filings by May 15, 2024.

Cerrado Gold Inc. announces receiving a second advance of US$1 million under a signing loan agreement with a subsidiary of Hochschild Mining Plc. The total amount received is US$8 million, with an additional US$7 million expected in June. The funds are being used to address short-term capital needs in Argentina and support deleveraging efforts.

Cerrado Gold Inc. announces Q1 2024 production results for its Minera Don Nicolas Mine in Argentina. The company produced 11,024 Gold Equivalent Ounces in Q1, with significant improvements in March and April. Calandrias Norte has been a key contributor to production growth, focusing on cash flow and balance sheet rebuilding. The company is developing a long-term production plan for Argentina.