Cerrado Gold (CERT) Precious Metals & Critical Minerals Virtual Investor Conference summary

Strategic positioning and growth outlook

• Currently produces 50,000–60,000 oz of gold annually, with steady-state operations and robust cash flow at current gold prices.

• Accelerated exploration at Minera Don Nicolás in Argentina aims to extend mine life to at least 5–6 years by year-end.

• Plans to bring Lagoa Salgada (Portugal) to a construction decision by Q3 2024, targeting an 18-month build and strong financial backing.

• Mont Sorcier iron project in Quebec targets a bankable feasibility study by Q2 2026, environmental application by year-end, and production by early 2030.

• Pathway to over 325,000 oz gold equivalent production by 2030–2031 through phased project development.

Financial performance and funding

• Q4 EBITDA exceeded CAD 30 million; annual free cash flow from Argentina projected at CAD 25 million at CAD 2,100 gold, higher at current prices.

• Ended 2023 with just under CAD 23 million in cash, plus additional payments expected from asset sales and options.

• Well-funded for near-term growth, with strong cash generation expected through 2028 and minimal dilution anticipated.

• Share repurchase program ongoing, averaging 10,000–20,000 shares per day.

• Management and insiders own over 11% of shares, aligning interests with shareholders.

Project updates and operational highlights

• Minera Don Nicolás transitioned to include CIL, heap leach, and underground operations, with a major greenfield exploration program underway.

• Lagoa Salgada feasibility study shows NPV of CAD 147 million and 39% IRR; project remains 65% precious metals focused at current prices.

• Mont Sorcier upgraded to 67% iron ore concentrate, targeting green steel markets with strong infrastructure and export credit agency support.

• Mont Sorcier PEA indicates CAD 1.6 billion NPV and $235 million annual free cash flow over 21 years.

• Exploration at all sites aims to expand resources and production, with a focus on high-grade underground ore to boost output and reduce costs.