Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q3 2025 financial and operational metrics at the producing Minera Don Nicolas (MDN) gold mine in Argentina.  We discuss the aggressive 70,000 meter exploration program on tap for MDN into 2026, and unpack the key upcoming development catalysts at the Lagoa Salgada VMS Project in Portugal and the Mont Sorcier Iron-Vanadium project in Quebec.

Q3 2025 Financial Highlights

• Gold equivalent production of 13,832 Gold Equivalent Ounces (“GEO”) vs 11,437 GEOs in Q2 2025 (+21%) at an AISC of $1,915/oz
• Adjusted EBITDA of $11.8 million for Q3 2025, and Cash at $16.5 million
• Partial hedge expires end December increasing future gold sale prices
• Full year guidance of 50,000-55,000 GEO maintained:
• Heap leach production growing as expanded crushing capacity and improved recoveries result in another record of quarterly production of 10,429 GEO (+33% vs Q2)

• Q4 Underground mining production ramping up with underground development at Paloma advancing, and three access portals targeted to reach production stopes by year-end.

• CIL plant starting to receive ore from underground development, production expected to ramp up in Q4/2025 as higher-grade underground material supplants lower grade stockpile feed in the mill
• 20,000 meter exploration program expanded by 50,000 meters to a 70,000 meter surface program, with additional rigs to arrive in the fourth quarter

Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the record heap leach gold equivalent ounce production for the quarter. There is expanded and improved crushing capacity at the heap leach, from the newly installed secondary crusher, and this will continue to be impactful on a move-forward basis in Q4 and beyond, with the quantity of ore being placed on the pad having increased, and with it helping to reduce down unit costs in the latter part of H2 2025.

Next we unpacked the growing value proposition at the Lagoa Salgada VMS Project  in Portugal, with a Post-tax NPV of US$147 million and a 39% IRR in the current Feasibility Study. This Project adds both substantial precious metals resources along with critical minerals exposure (42 % Gold & Silver, 24% zinc, 14% copper, and 5% tin) to the future production profile.  We also discuss the various work streams leading to optimized Feasibility Study in Q4, a construction decision by mid-2026, and with first production slated for early 2028.

We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards a Bankable Feasibility Study which has been moved back to Q2 of 2026 at the Mont Sorcier Iron Project in Quebec. Recent metallurgical test work, has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%.

If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.

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