Cerrado Gold (CERT) Status update summary

Lagoa Salgada EIA process and regulatory update

• Lagoa Salgada received Project of National Interest (PIN) status in 2022, with strong local and federal support in Portugal.

• The environmental impact assessment (EIA) was submitted in December 2023, with comprehensive studies and public consultations.

• APA requested specific changes: elimination of cyanide, enhanced aquifer protection, and dry stack tailings, all of which were addressed in the November 2025 resubmission.

• The statutory deadline for APA's decision lapsed in January 2026, resulting in tacit approval under Portuguese law.

• APA subsequently issued an unfavorable opinion, with only the water resources entity objecting, citing new concerns about a deep aquifer not previously raised.

Company response and legal position

• Management asserts that new technical objections cannot be lawfully introduced at this stage and that the process was not followed correctly.

• The company was not granted the legally required prior hearing period, further supporting their view that APA's opinion is invalid.

• EDM (15% project partner) and AICEP are also seeking clarification and supporting efforts to resolve the issue.

• The company is engaging with authorities and may pursue legal action if a resolution is not reached.

Technical and community aspects

• The EIA is described as one of the most comprehensive in Portugal, with modifications exceeding environmental standards.

• Solutions for aquifer concerns have been proposed and can be addressed in the next project phase.

• Renowned mine water expert Rafael Rubio contributed to the water management plan.

• The project is expected to add 23% to the local economy and provide high-quality jobs.