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Cerrado Gold (CERT) investor relations material
Cerrado Gold Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary1 Dec, 2025
Executive summary
Q3 2025 gold equivalent production reached 13,832 ounces, up 21% sequentially, with heap leach output at 10,429 ounces, a 33% increase from Q2, and underground mining ramping up for higher-grade ore in Q4.
Adjusted EBITDA for Q3 2025 was $11.8 million, up 60% year-over-year and sequentially, with cash on hand at $16.5 million and continued deleveraging.
2025 is a transition year, with ~$40 million invested across MDN (Argentina), Lagoa Salgada (Portugal), and Mont Sorcier (Quebec), setting up for higher returns in 2026.
Revenue for Q3 2025 was $41.0 million, up from $36.7 million in Q3 2024, driven by higher realized gold prices despite lower ounces sold.
Net loss from continuing and discontinued operations was $12.2 million for Q3 2025, mainly due to higher income tax expense and lower foreign exchange gains.
Financial highlights
Gross margin from mining operations was $11.0 million in Q3 2025, up from $7.4 million in Q3 2024.
Q3 Adjusted EBITDA was $11.8 million, compared to $7.4 million in both Q3 2024 and Q2 2025.
Operating cash flow for Q3 2025 was $14.4 million, up from $6.8 million in Q3 2024.
Capital expenditures for Q3 2025 totaled $10.2 million, significantly higher than $1.7 million in Q3 2024, reflecting increased investment in exploration and development.
Cash balance stood at $16.5 million at quarter end, expected to grow in Q4 as production and gold prices rise.
Outlook and guidance
Full-year 2025 production guidance reaffirmed at 50,000–55,000 ounces, with potential to exceed 60,000 ounces in 2026 as underground operations stabilize.
All-in sustaining cost (AISC) guidance targeted at the higher end of $1,600–$1,800/oz for 2025.
Cash flow projected at ~$50 million/year and free cash flow at ~$25 million/year at $2,100/oz gold price.
Feasibility studies for Lagoa Salgada and Mont Sorcier are on track for completion in early and mid-2026, with construction at Lagoa Salgada targeted for Q3 2026 and Mont Sorcier production for Q1 2030.
Underground mining at Paloma is expected to ramp up in Q4, contributing higher-grade ore and supporting increased production rates.
Future gold price hedging strategy
How to bridge asset valuation gap?
MDN exploration and production ramp-up plan
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Next Cerrado Gold earnings date
Q4 202517 Apr, 2026
Next Cerrado Gold earnings date
Q4 202517 Apr, 2026
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