Q1 Production of 13,951 Gold Equivalent Ounces ("GEO")

Q1 Adjusted EBITDA of $8.2 million and operating cash flow of $17.3 million

Q1 AISC of $1,145 per ounce

(All numbers reported in US dollars)

TORONTO, ON / ACCESSWIRE / May 31, 2023 / Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is pleased to announce the operational and financial results for the first quarter 2023 ("Q1/23") at its Minera Don Nicolas ("MDN") gold project in Santa Cruz Province, Argentina and report on its ongoing activities at the Monte Do Carmo gold project ("MDC") in Brazil. Production results at MDN were previously released on April 24, 2023. The Company's quarterly financial results are reported and available on SEDAR as well as on the Company's website (www.cerradogold.com).

Q1 2023 Minera Don Nicolas ("MDN") Operational Highlights:

Gold production of 13,951 GEO in Q1/23, a 3% improvement year-on-year ("yoy")

Operating margin of $6.8 million and operating cash flows of $17.3 million in the first quarter

AISC of $1,145 per ounce during Q1/23

Mark Brennan, CEO and Chairman, stated: "These results demonstrate another solid quarter of production and operating performance from the team at MDN. We are now looking forward to the next stage of growth at MDN from the ramp up of our initial heap leach project at Las Calandrias which is on schedule for first gold production in June. In addition, work to complete the feasibility study at the Monte Do Carmo project in Brazil is progressing well, with completion expected in June. We expect the feasibility study to demonstrate the significant value of MDC as well as highlight the robust growth profile we expect to see in the coming years."

First Quarter 2023 Operational and Financial Performance
see & read more on
https://www.cerradogold.com/news/cerrado-gold-reports-q1-cashflow-and-operating-performance-at-its-minera-don-nicolas-mine/