Cerrado Gold (CERT) investor relations material

Strategic and operational highlights

• Invested $40 million in assets and reduced debt by $40 million, positioning for growth.

• Main operation, Minera Don Nicolás (MDN) in Argentina, produces 55,000 oz/year at $1,700 AISC, generating $50 million free cash flow.

• Development projects include Lagoa Salgada in Portugal (feasibility by year-end, construction by Q3 2025) and Mont Sorcier in Quebec (feasibility by Q2 2026).

• Ongoing surface and underground exploration at MDN aims to extend mine life to five years and increase resources.

• Strong cash position: $15 million as of June 30, expected to reach $20–25 million by year-end.

Project development and growth plans

• MDN exploration program expanded from 20,000 m in 2024 to 50,000 m in 2025, with four rigs operating.

• Underground mining at MDN to begin producing profitable ounces by late 2024, targeting higher grades.

• Lagoa Salgada shifting focus to precious metals, with feasibility study due by year-end and construction targeted for Q3 2025.

• Mont Sorcier iron ore project in Quebec targets high-purity market, feasibility by Q2 2026, with strong local and indigenous support.

• Project financing supported by UK Export Credit Agency and local banks for Portugal and Quebec.

Financial outlook and valuation

• MDN production increased from 20,000 oz in 2021 to 55,000 oz, with 81% precious metals at spot prices.

• NAV expected to rise from $111 million to $258 million with Lagoa Salgada construction, and up to $2 billion with Mont Sorcier.

• Projected cash flow: $50 million in 2026 (MDN), $75 million in 2027 (Lagoa), $500 million by 2030 (Mont Sorcier).

• Asset sales, including a Brazilian asset for $60 million, have strengthened the cash position.

• Minimal shareholder dilution expected due to strong internal cash generation and project-level financing.