Cerrado Gold (CERT) Nordic Funds & Mines Conference 2025 summary

Operational performance and strategy

• Achieved four consecutive years of over 50,000 ounces of gold production in Argentina, maintaining costs between $1,500-$1,700 per ounce.

• Cash flow from Argentina is being used to fund exploration and development in Portugal and Quebec.

• Management and directors hold 11% of shares, aligning interests with shareholders.

• Each jurisdiction has a dedicated technical team, leveraging industry experience for project development.

• Cash generated will be reinvested into projects until Mont Sorcier is operational, after which shareholder returns may be considered.

Project updates and financial outlook

• Lagoa Salgada in Portugal is advancing, with updated feasibility study due by year-end and environmental approval expected in Q1.

• Project financing discussions are ongoing for up to 70% of capital requirements, with construction targeted to start mid-next year.

• Lagoa Salgada projected to generate at least $75 million in annual free cash flow for the first five years, with upside from higher metal prices and improved recoveries.

• Mont Sorcier in Quebec has a 21-year mine life, $1.6 billion NPV, and is positioned to benefit from federal infrastructure investment.

• Free cash flow from current operations is expected to grow as new projects come online, supporting further development and potential rerating.

Growth potential and market positioning

• Lagoa Salgada holds 15 million tons in proven and probable reserves, with 20 million tons measured and indicated, offering significant expansion potential.

• Both European and Argentinian assets provide 80% precious metals exposure, while also producing critical minerals like copper, zinc, and tin.

• Mont Sorcier targets high-grade iron ore for green steel, with logistics supported by existing rail and port infrastructure.

• The company is well positioned to avoid significant equity dilution by leveraging internal cash flows and strategic financing.

• Industry connections and a strong track record in multi-jurisdictional project development underpin asset acquisition and growth.