Filing of Annual Financial Statements satisfies conditions to receive the US$7 million Third Advance from Hochschild
1st Quarter 2024 Financial Statements expected to be filed by the end of June
MDN production for March, April and May exceeded 17,000 ounces, supporting the ongoing turnaround of operations at MDN
TORONTO, ON / ACCESSWIRE / June 13, 2024 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is pleased to announce operational and financial results for the fourth quarter ("Q4/23") and year-end 2023 at its Minera Don Nicolas ("MDN") gold project in Santa Cruz Province, Argentina and for its ongoing activities at the Monte Do Carmo gold project in Brazil and Mont Sorcier Iron Project in Quebec.

Production results for MDN were previously released on January 24, 2024. The Company's annual financial results are reported and available on SEDAR as well as on the Company's website (www.cerradogold.com). As previously disclosed, the filing of the company's operational and financial results were delayed due to the Company and its auditors, KPMG LLP, requiring additional time to complete the audit and quality control procedures. The Company notes that there have been no disagreements between the Company and the auditor regarding any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during this process. Filing of the Company's Q1/2024 results is anticipated by the end of June, 2024.

The Company is also pleased to announce it has appointed Santiago Abbruzzini as a Senior Accountant to supplement the existing accounting team at Minera Don Nicolas, Argentina. Mr. Abbruzzini has over 17 years of auditing experience with KPMG in Argentina.

Q4/23 and Full Year 2023 MDN Highlights:

2023 Annual production of 52,230 Gold Equivalent Ounces ("GEO")
Q4 Adjusted EBITDA of $0.8 million and annual adjusted EBITDA of $13.8 million
Q4 AISC of $1,594 per ounce and annual AISC of $1,427 per ounce
Ramp-up of production from the Las Calandrias Heap Leach was delayed due to crusher commissioning issues; commercial production is expected Q2 2024.
Mining at Calandrias Norte is currently contributing higher-grade ore feed to the mill; which is expected to improve production levels moving forward.
Focus remains on delivering cashflow and rebuilding the balance sheet with exploration focusing on mine life extension and future growth opportunities.

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