Cerrado Gold (CERT) Sidoti March Small-Cap Virtual Conference summary

Strategic focus and operational overview

• Emphasis on maximizing cash flow and shareholder returns with minimal dilution, leveraging strong production from Argentina and upcoming projects in Portugal and Quebec.

• Current operations in Argentina target 50,000–60,000 ounces of gold annually, with a development project in Portugal aiming for production by late 2028 and a Quebec iron ore project expected to start in 2030.

• Combined, the three projects are projected to reach 400,000–500,000 ounces of gold equivalent production by 2030.

• Exploration programs are underway, including a 50,000-meter drill campaign in Argentina, aiming to expand resources and life of mine.

• Underground mining and heap leach operations are being optimized to enhance production and resource growth.

Financial performance and funding

• Annual cash flow is estimated at $120 million, with $90 million in free cash at current prices; a drop in prices would still yield $75 million annually.

• Cash balance as of September 30 was CAD 16.5 million, with significant growth since due to higher gold prices.

• NAV for the main asset in Argentina is estimated at CAD 111 million based on a prior PEA, potentially double at current prices; adding Portugal and Quebec could raise NAV to CAD 500 million within five years.

• Project financing is secured for 70% of capital needs in Portugal and Quebec through UK Export Finance and TD Bank, with the remainder expected from traders and off-take agreements.

• Gold is sold into the spot market, benefiting from current high prices.

Project development and growth potential

• Argentina’s Minera Don Nicolás mine has expanded from under 20,000 to 50,000–60,000 ounces of annual production, with ongoing exploration and underground development.

• The Lagoa Salgada project in Portugal is a polymetallic VMS deposit, with construction targeted for early 2027 and production by late 2028; feasibility and permitting are in final stages.

• The Quebec Mont Sorcier iron ore project is expected to produce high-grade ore with a premium price, with feasibility completion and permitting targeted for 2028 and production in 2030.

• All projects are considered conventional, with strong technical teams and no anticipated need for significant dilution.