Cerrado Gold Stock Price, News & Analysis

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.

Cerrado Gold announced the successful outcomes of its Annual and Special Meeting held on June 27, 2024. Notably, all proposed resolutions were approved by shareholders. Around 40.6 million common shares, representing 39.49% of all outstanding shares, were voted.

The election of eight directors saw overwhelming support, with each director receiving over 96% of the votes. The company also approved McGovern Hurley LLP as the new auditors for the upcoming year, after KPMG LLP resigned.

Shareholders also approved the sale of the company’s subsidiary, Serra Alta Mineração Ltda, to Amarillo Mineração Do Brasil Ltda., marking a significant step towards finalizing the deal contingent on certain conditions and TSXV approval. This sale involves the Monte Do Carmo project in Brazil.

Additionally, upon shareholder approval, all existing credit obligations under a prior Loan Agreement were deemed repaid, terminating the agreement.

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.