Cerrado Gold (CERT) Q2 2025 earnings summary

Executive summary

• Q2 2025 marked a transition year with significant debt reduction, the completed acquisition of Ascendant Resources, and operational improvements, including ramp-up in heap leach and underground production.

• Acquisition of Ascendant Resources added the Lagoa Salgada property in Portugal, consolidating financials and expanding the project portfolio.

• Full-year production guidance of 55,000–60,000 GEO is maintained, with production weighted to H2 2025 as higher-grade underground mining ramps up.

• Significant progress at Lagoa Salgada and Mont Sorcier, including feasibility studies, metallurgical improvements, and ongoing exploration.

• Adjusted EBITDA for Q2 2025 was $7.4M, with net income from continuing operations at $1.2M.

Financial highlights

• Q2 2025 production was 11,437 GEO, down from 16,255 in Q2 2024, with record heap leach output of 7,864 GEO.

• Adjusted EBITDA was $7.4M, compared to $15M in Q2 2024 and $4.8M in Q1 2025.

• Revenue for Q2 2025 was $29.6M, down from $34.7M in Q2 2024, with a higher realized gold price of $2,684/oz.

• All-in sustaining costs were $1,779/oz, up from $1,233/oz in Q2 2024 but down from $1,932/oz in Q1 2025.

• Cash balance at quarter-end was $5.7M, reduced due to debt repayment and capital investments.

Outlook and guidance

• Full-year production guidance reiterated at 55,000–60,000 GEO, with increased output expected in H2 2025 from underground operations.

• AISC is expected to decline to $1,500–$1,700 per GEO in H2 2025 as production ramps up.

• Anticipated strong cash position of $15–20M by year-end 2025, with lower CapEx expected in 2026.

• Feasibility studies for Lagoa Salgada and Mont Sorcier targeted for completion by year-end 2025 and Q1 2026, respectively.

• Ongoing 20,000-meter exploration program at MDN aims to expand resources and extend mine life.