Including an After-Tax NPV5% of Us$401.4 Million and an IRR of 34%

Highlights

After-Tax NPV of US$401.4 million and IRR of 34%
Average annual gold production of 94,797 ounces per annum over 9 year Life of Mine ("LOM")
Average AISC of US$711 per ounce over LOM
Initial Capex of US$186.6 million (including US$15.8 million contingency)
Annual average free cash flow of $90 million over the LOM, with total cumulative after-tax free cash flow of $607 million over LOM
Initial Proven and Probable Reserves of 895 koz of Gold (16.8 Mt at 1.66 g/t Au)
Updated Measured and Indicated Resources of 1,012 koz of Gold (18.4 Mt at 1.72 g/t Au) and Inferred Resources of 66.1koz of Gold (1.1 Mt at 1.95 g/t Au)
(All numbers reported in US dollars, unless specifically stated otherwise)

TORONTO, ON / ACCESSWIRE / November 2, 2023 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is pleased to announce the very positive results of an independent Feasibility Study ("FS") prepared by DRA Global Limited ("DRA") in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") on its 100% owned Monte do Carmo gold project located in Tocantins State, Brazil. The results of the Feasibility Study supersede the 2021 Updated Preliminary Economic Assessment dated April 23, 2020 entitled "Independent Technical Report - Update Preliminary Economic Assessment for Serra Alta Deposit" filed on SEDAR by GE21 LTDA on October 7, 2021.

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