Cerrado Gold (CERT) Q4 2025 earnings summary

Executive summary

• Annual gold equivalent production reached 50,238 ounces in 2025, with all-in sustaining costs (AISC) of $1,746/oz, meeting guidance despite operational challenges from dry conditions impacting heap leach output.

• 2025 marked a successful transitional year with strong financial and operational performance, significant investments in three projects, and a robust treasury position heading into 2026.

• Adjusted EBITDA for 2025 was $46.1 million, with Q4 adjusted EBITDA at $22.3 million, reflecting strong operational performance and higher gold prices.

• Transition from heap leach to a mix of underground, heap leach, and stockpile production at MDN is underway, with underground expected to stabilize in late Q2 2026.

• Organizational improvements in cost control and reporting enabled early financial results release.

Financial highlights

• Produced 50,238 gold equivalent ounces in 2025, with 13,806 GEO in Q4; production stable year-over-year.

• Adjusted EBITDA was $46.1 million for 2025 and $22.3 million in Q4, driven by stable costs and higher gold prices.

• All-in sustaining costs (AISC) for 2025 were $1,746/oz, dropping to $1,391/oz in Q4 due to higher production and cost control.

• Year-end cash balance exceeded $22 million, supporting ongoing project development and optimization.

• Q4 revenue was $47.7 million, up from $24.4 million in Q4 2024, driven by higher realized gold prices.

Outlook and guidance

• 2026 production guidance: 50,000–60,000 GEO, with AISC of $1,800–$2,000/oz; production weighted to H2 as underground ramps up.

• Additional $30 million CapEx planned at MDN in 2026, including expanded heap leach pad, new tailings area, and fleet enhancements.

• Surface exploration program targeting 50,000 m, plus 10,000–20,000 m underground drilling; new underground rig arriving by August.

• Feasibility studies at Mont Sorcier (Quebec) and Lagoa Salgada (Portugal) expected to advance, with a production decision at Lagoa Salgada targeted for Q3.

• Production will be unhedged in 2026, providing full leverage to high gold prices.