Cerrado Gold Inc · TSXV:CERT
Cerrado Gold — Investor Presentation (April 2026)
52 slides from Cerrado Gold's investor presentation, April 2026
Slide 1: Driving Substantial Cash Flow with Limited Dilution
TSX-V: CERT OTCQX: CRDOF DRIVING SUBSTANTIAL CASH FLOW WITH LIMITED DILUTION Fully funded, multi-jurisdictional, precious metals producer with DON NICOLAS critical mineral upside April 2026
Slide 2: Disclaimers
Disclaimers All figures in $US unless otherwise noted This presentation contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. All information contained in this news relea
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS DEVELOPING SUBSTANTIALLY WELL-FUNDED STEADY STATE UNDERVALUED & TO DEVELOP GOLD PRODUCTION WELL-ADVANCED ASSETS HIGH-VALUE PROJECTS Precious Metals Production Near-Term Precious and Critical Minimize Dilution to Maximize Value Minerals Production for Shareholders Gold Productio
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS Fully Funded, Diversified Commodity and Multijurisdictional Producer Production Growth Value Proposition Market Cap: C$239M 54,494 50-60,000 52,504 51,688 50,238 CASH: US$22.9M (Q4-2025) 42,267 Argentina: Free Cash Flow US$25M @ $2,100 Au Portugal: NPV US$146M 16,545 (Productio
Slide 5: Exceptional NAV Growth
INVESTMENT HIGHLIGHTS Exceptional NAV Growth – Performa NAV (US$M – 100% Basis)1 Production (Au Equivalent) Current 2028 2030 55,000 oz 97,000 oz 328,000 oz Current and Near-Term Precious and Critical Minerals Production Longer Term Critical Minerals Optionality $488M p.a.6 $112M EBITDA p.a.5 $1,865
Slide 6: A Year of Transition
A YEAR OF TRANSITION ~US$40M Invested to Unlock Value Benefits Beginning in 2026 Heap Leach & Underground Production Surface Exploration Underground Exploration TARGETING MINERA DON NICOLAS 5-6 YEARS Currently Planned in 2026 Targeted in 2026 LIFE OF MINE 55,000 ozs – 3 years LOM 50,000 Metres Optim
Slide 7: Minera Don Nicolas | Argentina
MINERA DON NICOLAS | Argentina Extensive and Underexplored Land Package Largest land package in the prolific Deseado Masiff (330K hectares) Steady state production of ~55koz Au equiv. per year through to 2028 @ AISC of $1,800 - $2,000 EBITDA of $44M per annum at $2,100 Au Mineral Resources M&I: 490K
Slide 8: Minera Don Nicolas
MINERA DON NICOLAS Highlights Operating History Post Acquisition Competitive Producer in Argentina Increased Production & Lower Costs Amongst Peers (AISC 2025) Gold Production of ~55 Koz until 2028 based $2,520 on recent PEA 60,000 50-60,000 $2.000 $1,734 54.494 $2,000 $1.800 Life of Mine average an
Slide 9: Minera Don Nicolas
MINERA DON NICOLAS Well Trodden Path to Production Growth and Resource Expansion Open Pit 23% Heap Leach 9% 6Moz Underground continued to Underground UG & HL 13% 64% grow post acquisition contributed majority of increase 5.9Moz in Resources 6.0Moz 91% 14% 13% 5Moz 73% 5.2Moz 14% MDN remains in the
Slide 10: Minera Don Nicolas - Production
MINERA DON NICOLAS - Production CIL and Heap Leach Production Las Calandrias HL Project Paloma Calandrias (High-Grade UG) (HL) Martinetas (HL) Martinetas (High-grade OP) Paloma Underground Project Central Mill Michelle Chispas (Exploration) (Exploration) 10
Slide 11: Minera Don Nicolas - Production
MINERA DON NICOLAS - Production Calandrias – Steady State Production from Primary Heap Leach Heap Leach Production Continues to grow as expanded crushing capacity and improved recoveries help achieve record throughputs Investments in additional fleet capacity (trucks, loaders, and excavators) suppor
Slide 12: Minera Don Nicolas - Production
MINERA DON NICOLAS - Production Current Underground Production and Exploration Growth Opportunity Underground access commenced with three access portals Underground operations expected to contribute higher- grade ore with ramp-up during Q4 2025 Drilling to date only to a vertical depth of 200 metres
Slide 13: Minera Don Nicolas - Exploration
MINERA DON NICOLAS - Exploration Current Surface Exploration Targets • Martinetas has two identified mineralization systems. The Paula/Andrea–La Verde Trend is over 10 km long • Mara – Armadilo • Reyna – Princesa Veins • Choique – Coyote • Sulfuro East Vein • North Extension Sulfuro and Rocio Veins
Slide 14: Minera Don Nicolas – Current Exploration Targets
MINERA DON NICOLAS – Current Exploration Targets Central Block Calandrias South Block Martinetas 14
Slide 15: Lagoa Salgada VMS Project | Portugal
LAGOA SALGADA VMS PROJECT | Portugal PIN Cerrado is focused on the development and exploration of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. Fully funded to a construction decision, $5M budgeted to deliver an optimized feasibility study
Slide 16: Lagoa Salgada VMS Project | Portugal
LAGOA SALGADA VMS PROJECT | Portugal PIN Near Term Production & Cash Flow 80% ownership of Lagoa Salgada VMS Project with a Post-tax NPV8% of US$147 million and a 39% IRR in current Feasibility Study1,3 Adds substantial precious and critical metals exposure at spot prices2 • 40 % Gold & Silver, 27%
Slide 17: Lagoa Salgada VMS Project
LAGOA SALGADA VMS PROJECT PIN Lagoa Salgada LoM Revenue by Commodity (%) at Spot Prices2 Developing the next VMS Deposit with District Scale 21% Discovery Potential on the Iberian Pyrite Belt Silver 27% Zinc July 2023 Feasibility Study outlined an NPV 8% post- 40% tax of US$147M and an IRR of 39%1 P
Slide 18: Rapidly Progressing to Production
LAGOA SALGADA VMS PROJECT PIN Rapidly Progressing to Production Lagoa Salgada Timeline to Production 2025 2026 2027 2028 Program Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Exploration Drilling Expected to further Updated Metallurgical Work enhance economics Updated Resource Estimate Updated Feasib
Slide 19: Rapidly Advancing an Optimized Feasibility Study
LAGOA SALGADA VMS PROJECT PIN Rapidly Advancing an Optimized Feasibility Study Optimization Strategy to Increase NPV, Reduce Capex and Operating Costs Phase II Metallurgical Program conducted by Wardell Armstrong Metallurgy Increase recoveries, Higher Concentrate Grades and Reduced penalties ele
Slide 20: Significant Resource Growth Potential
LAGOA SALGADA VMS PROJECT PIN Significant Resource Growth Potential 20
Slide 21: Mont Sorcier Project | Québec, Canada
MONT SORCIER PROJECT | Québec, Canada Green Steel and Direct Reduction Iron (“DRI”) Optionality for the Long Term and Excellent Existing Infrastructure Located 11 km from Chibougamau, in Cree traditional territory, Québec Site located only 25 km from the public rail head >300 km of underutilized exi
Slide 22: Mont Sorcier Project
MONT SORCIER PROJECT Targeted to be a green steel producer with production at a minimum of 8mpta PEA Summary (July 2022) $US Million (4mpta + 4mpta) of high-grade, high-purity, green Direct Reduction Iron Production Summary Unit LOM Total / Avg. concentrate to support Green Steel manufacturing Annua
Slide 23: Mont Sorcier Project
MONT SORCIER PROJECT Well Defined Resources with Upside to Mine life and/or production rate Updated Metallurgy Confirms Ability to Produce 67% Iron Concentrate with sub 2.5% Silica and Alumina Resources Significant Indicated Resource in place to support Feasibility Study Significant Additional Resou
Slide 24: Well-Funded to Delivery
WELL-FUNDED TO DELIVERY Expected to continue growing in 2026 through cash flow from higher production rates, CASH BALANCE including budgeted capital expenditures and a debt reduction program Expected to grow in H2 2025 and into 2026 through cash flow from higher production FREE CASH FLOW rates, incl
Slide 25: Export Credit Agency Project Financing Structure
WELL-FUNDED TO DELIVERY Export Credit Agency Project Financing Structure Potential Offtake Partners Lagoa Salgada Debt Mont Sorcier Steel Producers Equity Benefits of ECA-Supported Project Financing • Typically, Long-Term & Low Cost Export Credit Agency • Higher leverage covering working capital, pr
Slide 26: History of Leadership
HISTORY OF LEADERSHIP Multiple Mines Built, Expanded and Restructured : 2.4x for shareholders in under 2 years : +25x return to founders and still growing 4.0 Volume ('000s) SMT Share Price (C$) Mar 2017 • Mark resigns 3.5 5.0x Production Growth 270,000 2006 as CEO 230,000 • Desert Sun acquired by Y
Slide 27: Capital Structure
CAPITAL STRUCTURE (As at April 17, 2026) ANALYST COVERAGE TSX VENTURE EXCHANGE CERT TARGET BROKERAGE ANALYST PRICE Share Price C$1.76 HC Wainwright Heiko Ihle C$3.30 52 Week (Low-High) C$0.55 – C$2.41 Red Cloud Ron Stewart C$2.50 Shares Outstanding 135.7 million KEY SHAREHOLDERS Options 5.0 million
Slide 28: Investment Highlights
INVESTMENT HIGHLIGHTS DEVELOPING SUBSTANTIALLY WELL-FUNDED STEADY STATE UNDERVALUED & TO DEVELOP GOLD PRODUCTION WELL-ADVANCED ASSETS HIGH-VALUE PROJECTS Precious Metals Production Near-Term Precious and Critical Minimize Dilution to Maximize Value Minerals Production for Shareholders Gold Productio
Slide 29: Appendix - Operations
APPENDIX - OPERATIONS 29
Slide 30: Minera Don Nicolas
MINERA DON NICOLAS Current Production PEA Highlights Average Annual Gold Equivalent Production (ounces) 55,869 • Gold Production of ~55Koz until 2028 based on recent PEA Mine life (years) - Mine Plan start Date 1 April 2024 5.0 NPV @ 5% discount rate (millions, after-tax) $ 111 • Life of Mine averag
Slide 31: Minera Don Nicolas
MINERA DON NICOLAS Positive PEA and Mineral Resource Estimate 1 PEA Base Case Average Annual Gold Equivalent Production (ounces) 55,869 Mine life (years) - Mine Plan start Date 1 April 2024 5.0 Total Gold Equivalent Production (ounces) 279,345 NPV @ 5% discount rate (millions, after-tax) $ 111 NPV @
Slide 32: Minera Don Nicolas - Mineral Resources
Minera Don Nicolas - Mineral Resources Effective Date: April 1, 2024 Grade Values Metal Content Mine Classification Tonnage Au Ag Au Ag kt g/t g/t k oz k oz Measured 5,192.24 0.91 17.07 151.32 2,849.04 Calandrias Sur ¹ Indicated 7,642.16 1.02 14.16 249.40 3,479.94 (Open pit) M+I 12,834.40 0.97 15.34
Slide 33: Minera Don Nicolas - Mineral Resources
Minera Don Nicolas - Mineral Resources Effective Date: April 1, 2024 Notes to Mineral Resources Mineral Resource estimates were prepared by the May 10, 2014 edition of the Canadian Institute of Mining, Metallurgy and Petroleum (or CIM) Definition Standards for Mineral Resources and Mineral Reserves
Slide 34: Lagoa Salgada VMS Project
Lagoa Salgada VMS Project Critical Metals Production Zn Zinc’s global demand is expected to steadily increase while supply is expected to continue to fall systematically starting Cu Copper Supply and Demand Gap (2030-2050) Zinc Copper 9.7 Mil tonnes of new copper supply is needed over the in 2025 cr
Slide 35: Lagoa Salgada VMS Project
Lagoa Salgada VMS Project Uncovering the next World Class VMS Deposit District Scale Discovery PAYBACK UNDER 2 YEARS Iberian Pyrite Belt (“IBP”) is the largest VMS district; host to many world class deposits that continue O c e a n to grow Initial anchor Discovery, Venda Nova continues to grow
Slide 36: Lagoa Salgada VMS Project
Lagoa Salgada VMS Project Large Underexplored Land Package with significant future Potential REGIONAL RESIDUAL BOUGUER GRAVITY MAP Strong Correlation between Induced Polarization (IP) results and mineralization North Zone (massive suphide) 8 km Anomaly Central & South Zone 2018 IP survey identifie
Slide 37: Lagoa Salgada VMS Project
Lagoa Salgada VMS Project Lagoa Salgada Project – Effective Date: July 24, 2023 Mineral Reserves by Domain Mass NSR Cu Pb Zn Sn Ag Au Zone Lithology (kt) ($/t) (%) (%) (%) (%) (g/t) (g/t) Gossan 1,197 84 0.10 2.39 0.41 0.25 51.72 1.02 Transition 883 107 0.98 2.23 0.23 0.18 108.93 1.14 North Massive
Slide 38: Lagoa Salgada VMS Project
Lagoa Salgada VMS Project Effective Date: July 24, 2023 Mineral Resources by Domain Mass NSR Zn Pb Cu Sn Ag Au ZnEq Zone Category (kt) ($/t) (%) (%) (%) (%) (g/t) (g/t) (%) Gossan 1,890 109 0.46 2.51 0.10 0.26 44.4 0.86 8.38 Transition 920 108 0.25 2.47 1.08 0.20 121.6 1.24 13.27 Massive Sulphides 5
Slide 39: Robust Economics Demonstrated for Venda Nova
Lagoa Salgada VMS Project Robust Economics Demonstrated for Venda Nova, Stated on a 100% Basis Feasibility Study Key Highlights* July 2023 Project IRR after-tax 39% NPV8% after-tax $147 million Payback period 2 years Mine Life 14.5 years All in Sustaining Cost - First 5 Years $0.59/lb ZnEq Average E
Slide 40: Clear and Transparent Permitting – Well Advanced
Lagoa Salgada VMS Project Clear and Transparent Permitting – Well Advanced Definitive Exploitation Rights Issued Nov 8, 2021 Project Of National Interest Issued April 4, 2022 Contract term for 20 years renewable for two extension periods of 15 years PIN recognition provides expedited procedures
Slide 41: Gravity Survey Results Identify Exploration Targets
Lagoa Salgada VMS Project Gravity Survey Results Identify High Impact Near Deposit Massive Sulphide Exploration Targets Current Drilling Intercepted a New Stringer Zone at Depth New High Resolution Gravity Survey Target 1: SW North Zone Target Bulge in the gravity anomaly located to the west of th
Slide 42: Copper Potential Largely Untouched
Lagoa Salgada VMS Project Copper Potential Largely Untouched NORTH ZONE SOUTH ZONE North Zone is Open and Copper Rich • Met_MS_05: 10.0m @ 3.08% Cu Inventory of Inferred Resources ST_27 • Met_MS_02: 6.0m @ 1.16% Cu • MS_07: 5.0m @ 6.74% Cu ST_31 ST_32 • MS_19: 6.2m @ 2.91% Cu South Zone is Open and
Slide 43: Green Steel and Direct Reduction Iron
Mont Sorcier Project Green Steel and Direct Reduction Iron High Purity DRI Grade Iron For the • High Purity 67% Iron Concentrates significantly reduces green house gas emission in steel production Green Steel Revolution • Significant price premium expected for 67% DRI grade material vs 62% Index pri
Slide 44: Increasing Return on Capital
Mont Sorcier Project Existing Infrastructure creates a capital efficiencies Mont Sorcier is one of the most Capital Efficient Projects Globally Decreasing Capital Cost of Production 3.50x Mont Sorcier ( Cerrado Gold ) 3.00x Bekisopa ( Akora Resources ) Increasing Return on Capital 2.50x NPV/Initial
Slide 45: Premium Product
Mont Sorcier Project Premium Product 67% Concentrate Grade + Low Deleterious Metals = High Purity Product High grade 67% Fe concentrate with <2.5% Silica and Alumina Combined Concentrate suitable for Direct Reduction Iron and blast furnace-steel Production High grade material offers significan
Slide 46: Mineral Resource & Notes
Mont Sorcier Project Mineral Resource & Notes • The independent and qualified persons for the Mineral Resource Estimate, as defined by NI 43-101, are Marina Iund, P.Geo., Carl Pelletier, P.Geo., Simon Boudreau, P.Eng. all from InnovExplo Inc. and Mathieu Girard P.Eng. from Soutex. The effective date
Slide 47: Management Team
Management Team Mark Brennan, Chief Executive Officer, Chairman & Founder Mark Brennan is Cerrado Gold’s CEO and Co-Chairman. He is a Founding Partner and Executive Chairman of Ascendant Resources Inc. and Executive Chairman of Vanadium One Iron Corp. and has more than 30 years of financial and oper
Slide 48: Management Team
Management Team Andrew Croal, P.Eng., Chief Technical Officer Mr. Croal is a Mining Engineer with 40 years of global mining experience in gold and base metal commodities. He is a versatile and practical mining professional with a proven track record of providing fit for purpose, workable solutions.
Slide 49: Management Team
Management Team Alonso Lujan, Vice President, Exploration Mr. Lujan has over 34 years of international experience in mineral exploration with a positive track record for increasing companies' resources, output, and company value. He joined Cerrado as a consultant in February 2025 and is now the Vice
Slide 50: Board of Directors
Board of Directors Mark Brennan, Chief Executive Officer, Chairman & Founder Mark Brennan is Cerrado Gold’s CEO and Co-Chairman. He is a Founding Partner and Executive Chairman of Ascendant Resources Inc. and Executive Chairman of Vanadium One Iron Corp. and has more than 30 years of financial and o
Slide 51: Board of Directors
Board of Directors Christopher Jones, CA, CFA, Director Mr. Jones is an experienced professional chartered accountant, business valuator, Chief Financial Officer and financial advisor. His significant experience, keen strategic insight and ability to form partnerships with his clients lead to the ul
Slide 52: Notes
Investor Relations Mike McAllister T: 1.647.805.5662 Notes Vice President, Investor Relations E: info@cerradogold.com 200 Bay Street, Suite 3205 www.cerradogold.com Toronto, ON M5J 2J2 Follow us: