Cerrado Gold (CERT) investor relations material

Executive summary

• Q1 2026 delivered record adjusted EBITDA of $28.7 million and net income of $12.9 million, supported by operational improvements, higher gold prices, and an unhedged gold position.

• Gold equivalent production reached 12,842 ounces, up from 11,163 ounces in Q1 2025, with steady CIL plant output and improved heap leach performance.

• Strong cash position of $31.4 million at quarter end, providing liquidity for growth initiatives.

• Strategic focus on regional consolidation, highlighted by the Falcon property acquisition, aims to extend mine life and boost production.

• Ongoing exploration and development at MDN, Lagoa Salgada, and Mont Sorcier target long-term growth and operational sustainability.

Financial highlights

• Q1 2026 revenue was $53.0 million, up from $28.8 million in Q1 2025, driven by higher realized gold and silver prices.

• All-in sustaining cost per ounce dropped to $1,348 from $1,932 year-over-year, aided by increased silver credits and operational optimizations.

• Heap leach production was 8,787 GEOs; CIL plant contributed 4,055 GEOs.

• Operating cash flow before working capital movements was $20.4 million, up from $5.4 million.

• Cash and cash equivalents increased to $31.4 million from $20.1 million year-over-year.

Outlook and guidance

• 2026 gold equivalent ounce production guidance maintained at 50,000–60,000 ounces.

• Anticipates higher production rates and strong cash flows in H2 2026, supported by operational improvements and unhedged gold position.

• Construction at Lagoa Salgada could begin in H2 2027, pending permitting and financing.

• Mont Sorcier feasibility study completion targeted for end of June 2026; construction could start in Q1 2029.

• Anticipated improvements in ore access and head grades at MDN in Q2 and Q3.