Cerrado Gold (CERT) Small Cap Growth Hybrid Investor Conference summary

Minera Don Nicolás production and exploration

• FY26 gold guidance is 50,000–60,000 oz, with the upper end expected; H1 production was just under 30,000 oz AuEq and AISC was $1,680/oz.

• Argentina EBITDA is expected to exceed $120 million in FY26; higher-grade feed to the CIL plant supports a production target of 100,000 oz in the coming years.

• FY26 drilling totals 75,000 m: 50,000 m on surface, 20,000 m underground and 5,000 m at Falcon; an updated PEA and resource estimate are expected in Q1 2027.

• The Q1 2027 PEA is intended to demonstrate a 5–6-year mine life and higher-grade material; four drills are expected to continue operating next year.

• The Argentina land package covers 330,000 hectares, with less than 10% explored; an in-house assay lab was targeted to come online in November 2026.

Lagoa Salgada development

• An updated feasibility study is expected later in 2026; environmental and construction permit applications are planned for December 2026, with a permit decision expected by Q2 2027.

• Construction is targeted for 2027, with an approximately 18-month build and first production expected in early 2029.

• The project has over 26 million tonnes of resource and a 14-year mine life; metals include 40% precious metals alongside zinc, copper and tin.

• The prior study showed $147 million NPV and 39% IRR; updated metallurgy, sequencing and cost work is expected to improve project economics.

• Planned output is about 50,000 oz AuEq; throughput is currently about 2.5 million tonnes per year, with potential to exceed 4 million tonnes per year.

Mont Sorcier development

• The feasibility study is expected in H1 2027; permitting is planned to start around Q2 2027, with permits targeted by Q1 2029 and production by Q1 2031.

• The study is evaluating 8 million tonnes per year of 67% iron ore concentrate, staged as 4 million tonnes initially and another 4 million tonnes a couple of years later.

• The 2022 PEA outlined 5 million tonnes per year of 65% concentrate, $1.6 billion NPV, 43% IRR and 1.8-year payback.

• The resource is 1.3 billion tonnes; the 21-year mine plan uses about one-third of it, with potential for up to 50 years at the planned rate or higher output.

• Existing rail and port infrastructure and Quebec hydropower are expected to support project development; a 25 km rail spur is the identified rail connection requirement.