Cerrado Gold (CERT) Lytham Partners Fall 2026 Investor Conference summary

Strategic asset overview

• Three main assets: Don Nicolás Gold Mine (Argentina), Lagoa Salgada (Portugal), and Mont Sorcier iron ore project (Quebec), each at different development stages.

• Gold production has grown from 20,000 oz in 2020 to 50,000–60,000 oz annually, with plans to expand further by 2027.

• Lagoa Salgada aims for construction in Q3 2027 and production in early 2029, with a feasibility study resubmission planned for late 2026.

• Mont Sorcier is advancing toward a new feasibility study targeting 8 million tons annual iron ore output in two stages.

• Recent acquisition of Falcon Properties is expected to boost production and resource base.

Financial performance and funding

• Current cash position is about CAD 35 million, with strong ongoing cash flow and no equity raises since 2023.

• At CAD 2,100 gold, annual cash flow is projected at CAD 50 million, with free cash flow of CAD 25 million.

• Lagoa Salgada project funding is structured with 70% from UKEF and Santander, and the balance likely from offtake agreements.

• Mont Sorcier funding expected to follow a similar structure, minimizing shareholder dilution.

• Market cap stands at approximately CAD 375 million, with a shareholder base of small institutions, family offices, and retail investors.

Growth initiatives and exploration

• Exploration at Don Nicolás targets 50,000 m of drilling in 2026, aiming to extend mine life and increase production.

• Long-term goal is to reach 100,000+ oz gold production, with incremental growth expected through multiple plateaus.

• Annual exploration spend of CAD 15 million planned, with new resource estimates and a PEA due in Q1 2027.

• Heap leach operations account for 80% of current gold output, with ongoing expansion of open-pit and underground mining.

• Falcon Properties acquisition enhances heap leach strategy and property integration.