Q1 2023 production of 13,951 Gold Equivalent Ounces ("GEO")

Production for the quarter in line with expectations

Las Calandrias heap leach construction on-track for first gold pour Q2 2023

TORONTO, ON / ACCESSWIRE / April 24, 2023 / Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") announces production results for the first quarter of 2023 ("Q1 2023") from the Minera Don Nicolas Mine in Santa Cruz Province, Argentina ("MDN"). Full financial results are expected to be released on June 8, 2023.

Q1 Operating Highlights

Q1 2023 Gold production of 13,794 ounces and Gold Equivalent Ounce production of 13,951 ounces as compared to 13,499 in Q1 2022

GEO sales in Q1 of 16,255 ounces compared to 15,044 ounces in Q1 2022

Results demonstrate ongoing stability in mill throughput combined with improving head grades and recoveries

Gold head grades 4.59 g/t and Gold Recoveries of 91.9% for the quarter.

Mark Brennan, CEO and Chairman commented, "We are very pleased with the results from Minera Don Nicolas in Q1/2023, confirming the sustainability of the improvements that have been implemented over the past several quarters, which continues to highlight the skill and dedication of the operational team." He added, "Work continues to focus on unlocking the significant resource growth potential at MDN. Management's continued objective is to build MDN's life of mine and develop a strategic plan that will encompass the same strategies employed at other nearby mines, namely open pit, underground, and heap leach mining operations. We are making significant progress, and during 2023 we will continue to execute on these production and exploration-based growth initiatives."

Operational results presented for the first quarter 2023 highlight the stability of the Company's continued operations. Since Cerrado acquired the Minera Don Nicolas mine, operations, and production rates have continuously improved despite difficult Covid conditions during the first two years. Over the next few quarters, some variability is expected to continue, given the seasonal challenges in the winter months and given the Company is still developing and implementing its Life of Mine ("LOM") strategy.

Ore milled remained stable throughout the quarter, above 1,000 tonnes per day each quarter, demonstrating the success of the teams' efforts to normalize operations. Production increases were driven primarily by ongoing efforts to reduce dilution and thus increase head grades. Please see Table 1. for a summary of key highlights for the first quarter of 2023. Sales for the quarter exceeded production due to inventory accumulated in Q4 2022, which was drawn down this quarter.

The consolidation of mine sequencing and exploration work to upgrade and define new sources of resources remains the key focus given the early stage of development at MDN. The operations team is focused on numerous new growth projects aside from expanding current open pit resources, including; the construction of the Las Calandrias Heap Leach operation (first gold pour Q2 2023), underground development and production at Paloma, and a new Heap Leach operation at Martinetas. These development initiatives are expected to be operational later in 2023 and should support a production capacity delivering between 75,000 and 90,000 ounces per year.

Table 1. Key Operating Information. see & read more on
https://www.cerradogold.com/news/cerrado-gold-announces-q1-gold-production-results-for-its-minera-don-nicolas-mine-in-argentina/