• MDN completes restructuring phase in Q3 and moves to “normalized” operations with optimized operating metrics expected in Q4
TORONTO, ONTARIO - Cerrado Gold Inc. (TSX.V: CERT) (OTCQX: CRDOF) ("Cerrado" or the "Company”) is pleased to announce its operational and financial results for the third quarter of 2021
(“Q3/21”). The third quarter represents the final quarter of restructuring of operations at its Minera
Don Nicolás (“MDN”) Mine in Santa Cruz Province, Argentina, with the stage set for substantially
improved results from operations in Q4. The financial results are reported and available on SEDAR
as well as on the Company’s website (www.cerradogold.com).
(All numbers reported in US dollars)
Q3 2021 Minera Don Nicolás (“MDN”) Operational Highlights:
• Another consecutive quarter of record gold production of 10,168 ounces, 6% higher than the
previous high of 9,607 ounces
• An all-time high for average gold head grade of 3.57 g/t and a 20% improvement over Q2 2021
• Strong operating margin of $3.5 million and operating cash flows of $2.3 million in the third quarter
• Cash Cost per ounce sold of $1,075, a 12% improvement over Q2 2021 and the fourth consecutive quarter of improvement
• AISC of $1,382/oz, a record low since the Cerrado acquisition and the fourth consecutive quarter of improvement

Mark Brennan, CEO and Co-Chairman stated: “It has been extremely gratifying to see the strong
performance delivered by Cerrado’s Argentinian team in the third quarter. Our restructuring
program implemented post acquisition of MDN continues to bear fruit as demonstrated by our
successful Q3 results. The Company is now positioned well to deliver consistent and strong results
going into Q4 and we fully expect to see continued improvement in all key operating and financial
metrics.”
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Corporate Highlights
• Announced the appointment of Clinton Swemmer as Vice President, Technical Services and
David Ball as Vice President, Business Development.
Third Quarter 2021 Operational and Financial Performance

for more go to
https://c0fa6392-d308-44dd-a6f0-35d71f381b56.filesusr.com/ugd/c9f131_eb7c3ef2eede4d45961dbf23f415cd05.pdf

The Company produced 10,168 ounces of gold and 28,595 ounces of silver during the three months
ended September 30, 2021, as compared to 4,512 ounces of gold and 11,799 ounces of silver in the
three months ended September 30, 2020. Production is 125% higher in the three months ended
September 30, 2021 due to more tonnes mined, higher throughput, higher grade and higher
recoveries. Production of 10,168 ounces of gold in the third quarter 2021 also represented a 6%
improvement over the 9,607 ounces of gold produced in the second quarter of 2021.
-3-
The average gold head grade of 3.57 g/t was the highest quarterly head grade recorded since the
Cerrado acquisition and represents a 59% increase as compared to the average head grade of 2.24
recorded in the third quarter of 2020. The third quarter gold head grade of 3.57 g/t also represents
a 20% improvement over the 2.97 gold head grade recorded in Q2 2021, Cerrado’s previous high for
gold head grade.
Mill throughput of 102,431 tonnes of ore represents a 20% increase in throughput as compared to
the third quarter of 2020. Recovery was also slightly higher in the third quarter 2021, 1% higher as
compared to the third quarter 2020.
The Company generated revenue of $17.9 million for the three months ended September 30, 2021,
from the sale of 9,648 ounces of gold and 25,836 ounces of silver at an average realized price per
gold ounce sold of $1,795. For the three months ended September 30, 2020, the Company
generated revenue of $12.6 million from the sale of 6,635 ounces of gold and 14,771 ounces of
silver. Revenue from sales of gold and silver for the current period was 43% higher than the three
months ended September 30, 2020, due the higher gold sales as a result of higher mining rates,
higher grades and higher throughput. This was offset slightly by the lower realized price in the
current period as compared to the three months ended September 30, 2020.
Cash operating costs per ounce sold was $1,075 per ounce in the three months ended September
30, 2021, which is the lowest achieved in the last five quarters and fourth consecutive quarter of
improvement. Third quarter 2021 cash operating costs per ounce sold represents a 12% reduction
as compared to Q2 2021 and a 22% reduction as compared to Q3 2020.
Net loss for the three months ended September 30, 2021, was $1.4 million as compared to $1.9
million for the three months ended September 30, 2020, an improvement of $0.5 million. The
decrease in net loss is primarily a result of a mine operating margin of $3.5 million (an increase of
$2.6 million) offset by an increase in general and administrative expenses of $0.8 million and an
increase of other expense by $1.0 million. Net loss in the third quarter of 2021 also represented a
$0.4 million improvement as compared to Q2 2021.
The Company incurred general and administrative expenses of $2.5 million for the three months
ended September 30, 2021, a $0.8 million increase compared to the general and administrative
expenses incurred during the three months ended September 30, 2020. During the three months
ended September 30, 2021, the Company had slight increases in professional fees and non-cash
stock-based compensation expenses. These increases in general and administrative expenses were
largely the result of an increase in corporate activities required after the acquisition of MDN in 2020.
Other expense incurred of $0.9 million during the three months ended September 30, 2021, was
$1.0 million higher than the $0.1 million of other income recorded during the three months ended
September 30, 2020. During the three months ended September 30, 2021, the Company recorded
a $1.0 million cost as a result of the working capital settlement agreement with the sellers.
Adjusted EBITDA was $2.6 million in the third quarter of 2021 which is a $2.5 million improvement
as compared to the $0.1 million adjusted EBITDA recorded in the third quarter 2021. Adjusted EBITDA also represented a $0.9 million improvement as compared to the second quarter 2021.

Basic and diluted loss per share for the three months ended September 30, 2021, was $0.02, compared to the basic and diluted loss per share of $0.04 for the three months ended September 30, 2020, a $0.02 per share improvement as a result of the improved operating performance of the mine in 2021.
Technical Disclosure/Qualified Person
The scientific and technical information contained in this press release has been reviewed and
approved by Sergio Gelcich, P.Geo., Vice President, Exploration for Cerrado Gold Inc., who is a "qualified person" as defined in NI 43-101.

Mark Brennan CEO and Nicholas Campbell, CFA