CERRADO GOLD INC - CRDOF STOCK NEWS

Cerrado Gold has received the Preliminary License (LP) for its Monte Do Carmo gold project from the state environmental regulatory authority in Tocantins. The LP is the first stage in the three-stage licensing process and outlines the basic parameters of the project. The subsequent installation license is expected within the next 3 to 4 months. Discussions for project financing are ongoing.

Cerrado Gold Inc. has commenced loading ore onto the heap leaching pad at its Las Calandrias project in Santa Cruz, Argentina. Leaching is anticipated to start within 10 days, with gold production expected by early June 2023. The project aims to produce 25,000 ounces of gold annually, enhancing the company's capacity. A second heap leach project at Martinetas is planned, with production starting in early 2024 and an additional 20,000 ounces per year. These initiatives are expected to lower costs and improve cash flow. The CEO emphasized the importance of maintaining growth through these projects, which are aligned with Cerrado's strategic objectives for its Argentinian operations.

Cerrado Gold Inc. (CRDOF) reported a strong performance for Q1 2023, achieving 13,951 Gold Equivalent Ounces (GEO) production, aligned with expectations. The Gold production reached 13,794 ounces, increasing from 13,499 ounces in Q1 2022. GEO sales also grew to 16,255 ounces compared to 15,044 ounces in the prior year. Operating highlights included stable mill throughput exceeding 1,000 tonnes per day and improved gold head grades of 4.59 g/t with recoveries at 91.9%. The Las Calandrias heap leach project is on track for its first gold pour in Q2 2023. Full financial results are expected on June 8, 2023.

Cerrado Gold Inc. expects to release its Feasibility Study for the Monte do Carmo gold project in Brazil by the end of May 2023. The study will evaluate the incorporation of underground mining, anticipated to lower operating costs. The company is also enhancing its operational team and expects to receive the Preliminary License (LP) soon, with construction expected to begin later this year. Cerrado has appointed SD Capital Advisory and GKB Ventures to arrange project finance through Export Credit Agencies (ECA). These firms have a strong track record in securing substantial ECA financing for mining projects.

Cerrado Gold Inc. (OTCQX: CRDOF) reported a strong performance for Q4 and the full year 2022, showcasing a 23% annual increase in gold equivalent ounces (GEO) production to 53,672 from 43,559 in 2021. Q4 production reached 17,360 GEO, reflecting a 13% year-on-year improvement.

Financially, Q4 adjusted EBITDA was $7.3 million, up 76% from 2021, with an annual EBITDA of $20.7 million. The all-in sustaining costs (AISC) per ounce decreased 10% to $1,231, demonstrating operational efficiency.

Looking ahead, Cerrado anticipates gold production of 60,000 - 70,000 GEO in 2023, driven by additional projects like Las Calandrias, expected to add 25,000 - 30,000 ounces in production.

Cerrado Gold Inc. (OTCQX:CRDOF) has announced the strengthening of its operational team ahead of construction at the Monte do Carmo project in Brazil, anticipated to begin later this year. Key appointments include Antonio Peixoto as Director of Operations, Mauricio Coletti as Chief Mining Engineer, and Mauro De Silva as Chief Processing Engineer. Together, they bring decades of mining experience from previous roles in notable companies. CEO Mark Brennan expressed confidence in the team's ability to efficiently bring the mine into production by early 2025, aiming for a successful operation.