Cerrado Gold (CERT) H.C. Wainwright 28th Annual Global Investment Conference summary

Operational performance and growth plans

• Current annual gold-equivalent production is 55,000–60,000 oz, with expectations to reach the upper end of guidance this year and increase toward 100,000 oz in the next few years through higher grades and new areas coming online.

• Significant exploration underway: 50,000 m surface and 20,000 m underground drilling at the Argentina mine, aiming to extend mine life and increase grades, with a PEA update expected in Q1 2027.

• Regional consolidation strategy in Argentina targets acquisition of smaller deposits, potentially adding 1 million oz to the mine plan.

• New Falcon property acquisition adds 150,000–200,000 oz, with ongoing drilling to integrate into future production.

• In-house assay lab to be operational by late October/early November, expected to accelerate exploration results.

Project pipeline and development milestones

• Lagoa Salgada (Portugal) feasibility study and permitting expected by late Q2 next year, with construction to start around the same time and first production targeted for Q2 2029.

• Mont Sorcier (Quebec) feasibility study due early next year, permitting to follow, with construction permits targeted for Q1 2029 and production expected in about four years.

• Lagoa Salgada projected to add 50,000 oz gold-equivalent annually; Mont Sorcier to produce 8 million tons/year of 67% iron ore concentrate, supporting green steel transition.

• Combined, these projects could lift total gold-equivalent production above 300,000 oz and free cash flow to over CAD 500 million annually.

• Both projects benefit from strong infrastructure and favorable locations, with significant resource expansion potential.

Financials, capital structure, and valuation

• Current market cap is about CAD 367 million, with CAD 25 million in cash and another CAD 50 million expected from asset sales and options.

• EBITDA for the year projected to exceed CAD 100 million at current metal prices; future projects could push annual free cash flow above CAD 500 million.

• Analyst price targets average CAD 3.50–3.90, with management and institutions holding about 33% of shares; retail float is 68%.

• Shares outstanding are 142 million (160 million fully diluted); recent share price high was CAD 2.83.

• Company believes it is undervalued relative to peers, even before accounting for development projects.