Q2 Production of 12,453 Gold Equivalent Ounces ("GEO")

Q2 AISC of $1,318 per ounce

(All numbers reported in US dollars)

TORONTO, ON / ACCESSWIRE / August 24, 2023 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is pleased to announce the operational and financial results for the second quarter 2023 ("Q2/23") 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 July 19, 2023. The Company's quarterly financial results are reported and available on SEDAR as well as on the Company's website (www.cerradogold.com).

Q2 2023 Minera Don Nicolas ("MDN") Operational Highlights:

Gold production of 12,453 GEO in Q2/23, show a 7% improvement year-on-year ("yoy")

AISC of $1,318 per ounce during Q2/23

Mark Brennan, CEO and Chairman, stated: "These results demonstrate another solid quarter of performance from the team at MDN. We are very pleased they have been able to maintain some of the lowest operating costs per ounce in the region. With our initial heap leach project at Las Calandrias now pouring gold, we look forward to increased production rates entering the fourth quarter of this year to meet our full year production target. At Monte Do Carmo, despite the modest delay in completing the feasibility study we expect to capitalize on several opportunities to maximize the value of the Serra Alta deposit. Additionally, we are highly confident our initiation of aggressive exploration programs currently underway in Brazil and Argentina will highlight the robust resource growth opportunities we expect to see in the coming years."

Second Quarter 2023 Operational and Financial Performance
see & read more on
https://www.cerradogold.com/news/cerrado-gold-reports-q2-operating-results/