Cerrado Gold (CERT) investor relations material

Strategic project overview

• Three key assets: producing gold mine in Argentina, polymetallic project in Portugal, and high-grade iron ore project in Quebec, each at different development stages.

• Argentina mine targets 50,000–60,000 ounces gold in 2024, with major exploration underway to extend mine life and increase production.

• Portugal’s Lagoa Salgada project is advancing toward a Q3 construction decision, with production expected by mid-2028 and significant expansion potential.

• Quebec’s Mont Sorcier iron ore project aims for phased production starting in 2030, leveraging high-grade ore and existing infrastructure.

• All projects are structured to advance without shareholder dilution, using internal cash flow and strategic financing.

Financial performance and outlook

• Cash balance at year-end exceeds $20 million, with projections of $60–$90 million for 2024 depending on gold prices.

• Argentina mine’s free cash flow could surpass $60 million annually at current gold prices; Portugal and Quebec projects have NPVs of $146 million and $1.6 billion, respectively.

• EBITDA expected to exceed $100 million by 2028 and reach nearly $500 million annually by 2030 as new projects come online.

• Over $40 million invested in property development, now yielding increased production and cash flow.

• Additional cash inflows expected from asset sales and outstanding receivables.

Exploration and resource expansion

• 50,000-meter exploration program in Argentina targets both surface and high-grade underground zones, aiming to extend mine life and boost output.

• Underground drilling at Paloma could significantly increase resource size and production rates.

• Large, underexplored land package in Argentina (330,000 hectares) offers substantial growth potential.

• Lagoa Salgada’s resource base expected to grow with ongoing drilling, including a newly identified third ore body.

• Mont Sorcier’s 1.3 billion ton resource supports a potential mine life of 50 years, with only a third included in current plans.