Cerrado Gold (CERT) Q2 2026 earnings summary

Executive summary

• Q2 2026 gold equivalent production reached 15,415 ounces, up from 11,437 ounces in Q2 2025, with 6M 2026 production at 28,257 ounces versus 22,600 for 6M 2025.

• Adjusted EBITDA for Q2 2026 was $28.2 million, with net income of $9.2 million, and a strong cash position of $25.3 million at quarter end.

• Annual production guidance for 2026 remains at 50,000–60,000 GEO, with expectations to reach the higher end, supported by operational improvements and cost-cutting.

• Strategic capital deployment focused on exploration, development, and sustaining mine life, with ongoing cost-cutting despite wage inflation in Argentina.

• Full-year production is expected at the higher end of guidance, supported by the Falcon acquisition and robust exploration programs.

Financial highlights

• Produced 15,415 gold equivalent ounces in Q2 2026, up 35% year-over-year; heap leach ounces rose 27%, CIL ounces 52%.

• All-In Sustaining Cost (AISC) was $1,933/oz, up from $1,799/oz in Q2 2025, mainly due to labor and fuel inflation in Argentina.

• Revenue for Q2 2026 was $64.6 million, up from $29.6 million in Q2 2025, driven by higher realized gold and silver prices and increased GEO sales.

• Near record EBITDA of $28.2M; net income of $9.2M vs. $1.2M in Q2 2025; pre-tax income $23M vs. $2M prior year.

• Ended Q2 with $25.3M in cash.

Outlook and guidance

• 2026 production guidance maintained at 50,000–60,000 gold equivalent ounces, with expectations to reach the upper end.

• Ongoing improvements in heap leach and CIL operations, with increased underground development expected to boost future production and grades.

• Updated PEA and mineral resource estimate for MDN expected in Q1 2027.

• Lagoa Salgada feasibility study delayed due to permitting; Mont Sorcier BFS now targeted for H1 2027.

• Construction at Lagoa Salgada could occur in H2 2027, subject to permits and financing.