Cerrado Gold Inc · TSXV:CERT
Cerrado Gold — Investor Presentation (May 2025)
63 slides from Cerrado Gold's investor presentation, May 2025
Slide 1: Driving Substantial Cash Flow With Limited Dilution
Driving Substantial Cash Flow With Limited Dilution Fully funded, Multijurisdictional, Precious Metals Producer, with Critical Mineral Upside TSX-V: CERT | OTCQX: CRDOF Corporate Presentation – May 2025
Slide 2: Disclaimers
DISCLAIMERS OTCQX: CRDOF TSX-V: CERT 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 con
Slide 3: Investment Highlights
OTCQX: CRDOF INVESTMENT HIGHLIGHTS TSX-V: CERT Precious Metals Production • Gold Production ~55Koz over next four years based on recent PEA at MDN with exploration and expansion potential. Steady State • Expect cash flow of ~$50M/year and free cash flow of ~$25M/year @ $2100 Au1 MAY 2025 Gold Produc
Slide 4: Investment Highlights – Proforma Company
OTCQX: CRDOF INVESTMENT HIGHLIGHTS – Proforma Company TSX-V: CERT Fully funded, Diversified Commodity and Multijurisdictional Producer Diverse Geographical Portfolio Precious Metals Focus Value Proposition Mont Sorcier “MS” (Fe) Lagoa Salgada & MDN LoM Commodity Exposure1 Proforma Market Cap: C$91.6
Slide 5: Investment Highlights – Exceptional NAV Growth
OTCQX: CRDOF INVESTMENT HIGHLIGHTS – Proforma Company TSX-V: CERT Exceptional NAV Growth - Proforma NAV (US$M – 100% Basis) 1 Production (Au Equivalent) Current 2027 2030 55,000 oz 97,000 oz 328,000 oz MAY 2025 Longer Term Critical Current and Near-Term Precious and Critical Minerals Production Mine
Slide 6: Driving Substantial Cash Flow with Limited Dilution
OTCQX: CRDOF INVESTMENT HIGHLIGHTS – Proforma Company TSX-V: CERT Driving Substantial Cash Flow with Limited Dilution Longer Term EBITDA Current and Near-Term EBITDA Optionality EBITDA1,2 $488M/annum MAY 2025 Mont Sorcier 2030:$366M @PEA Prices Critical/Bulk Commodity Exposure $112M/annum Lagoa Lago
Slide 7: Extensive and Underexplored Land Package
OTCQX: CRDOF MINERA DON NICOLAS TSX-V: CERT 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 MAY 2025 Mineral Resources M&I: 490Koz, Inferred: 121Koz Exploration to date h
Slide 8: Well-Trodden Path to Production Growth and Resource Expansion
OTCQX: CRDOF MINERA DON NICOLAS TSX-V: CERT Well-Trodden Path to Production Growth and Resource Expansion 23% 9% 6Moz 13% 64% Underground continued to UG & HL contributed grow post acquisition majority of increase 5.9Moz MAY 2025 in Resources 6.0Moz 91% 14% 13% 5Moz 73% 5.2Moz 14% MDN remains in t
Slide 9: Track Record of Operational Improvement and Competitive Costs
OTCQX: CRDOF MINERA DON NICOLAS TSX-V: CERT Track Record of Operational Improvement and Competitive Costs Operating History Post Acquisition Low-Cost Producer in Argentina Amongst Peers Increased Production & Lower Costs AISC 2024 MAY 2025 70,000 $2,000 55-60,000 $1,800 $1,734 $1,973 60,000 54,494 $
Slide 10: Minera Don Nicolas Gold Mine – Current Production
OTCQX: CRDOF MINERA DON NICOLAS GOLD MINE – Current Production TSX-V: CERT Argentina Highlights PEA Base Case1 Spot4 • Gold Production of ~55Koz until 2028 based on recent PEA with Average Annual Gold Equivalent Production (ounces) 55,869 55,263 AISC guided between US$1,300-$1,500 Mine life (years)
Slide 11: Underground Growth Opportunity
OTCQX: CRDOF MINERA DON NICOLAS TSX-V: CERT Underground Growth Opportunity Preliminary Testing of UG potential at Paloma pit Drilling to date only to a vertical depth of 200 metres directly under the high-grade Paloma Pit MAY 2025 Existing Pit provides direct access to the Underground for rapid
Slide 12: Numerous Open Pit & Underground Opportunities
OTCQX: CRDOF MINERA DON NICOLAS EXPLORATION TSX-V: CERT Numerous Open Pit & Underground Opportunities Paula Andrea Paloma Central Chispas MAY 2025 High exploration 50 km form the plant On Strike to Cerro potential, for deeper- Morro’s high-grade Known shoots that seated, large high- Naty zon
Slide 13: Acquisition of Ascendant Resources: Near Term Production & Cash Flow
OTCQX: CRDOF ACQUISTION OF ASCENDANT RESOURCES TSX-V: CERT Near Term Production & Cash Flow Rationale for Transaction: • Buy 80% of Lagoa Salgada VMS Project with a Post-tax NPV8% of US$147 million and a 39% IRR in current Feasibility Study1,3 MAY 2025 • Adds substantial precious and critical metals
Slide 14: Acquisition of Ascendant Resources Inc.
OTCQX: CRDOF ACQUISTION OF ASCENDANT RESOURCES INC. (TSX: ASND) TSX-V: CERT Definitive agreement entered to acquire all issued and outstanding shares of Ascendant Resources Terms of the Arrangement Agreement: • Ascendant shareholders would receive: one (1) common share of Cerrado Gold for every seve
Slide 15: Lagoa Salgada VMS Project
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT TSX-V: CERT Portugal Lagoa Salgada LoM Revenue by Commodity (%) at Spot Prices2 • Developing the next VMS Deposit with District Scale Discovery and Exploration Potential on Iberian Pyrite Belt 42% • July 2023 Feasibility Study outlined a NPV 8% post-tax of US$1
Slide 16: Rapidly Progressing to Production
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT TSX-V: CERT Rapidly Progressing to Production Lagoa Salgada Timeline to Production 2025 2026 2027 Program Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 MAY 2025 Exploration Drilling Updated Metallurgical Work Expected to further enhance economics Updated Resource Estimat
Slide 17: Rapidly Advancing an Optimized Feasibility
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT TSX-V: CERT Rapidly Advancing an Optimized Feasibility Optimization Strategy to Increase NPV, Reduce Capex and Operating Costs Phase II Metallurgical Program being conducted by Wardell Armstrong MAY 2025 Metallurgy Targeting increases recoveries, Higher Con
Slide 18: Lagoa Salgada VMS Project – Portugal
TSX-V: CERT CORPORATE PRESENTATION MAY 2025 OTCQX: CRDOF Portugal LAGOA SALGADA VMS PROJECT 18
Slide 19: Mont Sorcier Project – Optionality for the Long Term
MONT SORCIER PROJECT – Optionality for the Long Term OTCQX: CRDOF TSX-V: CERT Green Steel and Direct Reduction Iron (“DRI”) Located 11km from Chibougamau, in Cree traditional territory, Quebec Site located only 25km from public rail head MAY 2025 >300km of underutilized existing common carry r
Slide 20: Mont Sorcier Iron Ore Project
OTCQX: CRDOF MONT SORCIER IRON ORE PROJECT TSX-V: CERT Canda PEA Summary (July 2022) $US Million Production Summary Unit LOM Total / Avg. • Targeted to be a green steel producer with production at a minimum of 5mpta of high grade, high purity, green Direct Reduction Iron concentrate to Annual Produc
Slide 21: Well-Funded to Delivery
OTCQX: CRDOF WELL-FUNDED TO DELIVERY TSX-V: CERT 1. Cash Balance Budgeted to end year flat after capital expenditures and debt reduction program +US$21mm MAY 2025 3. Free Cash Flow +US$25mm Free cash flow of ~$25 million per year based on 55Koz gold production at $2,100 Au1 CORPORATE PRESENTATION 2.
Slide 22: Project Finance Support in Place
OTCQX: CRDOF PROJECT FINANCE SUPPORT IN PLACE TSX-V: CERT Export Credit Agency Project Financing Structure ECA Supported Project Financing Structure Potential Offtake Partners MAY 2025 Lagoa Salgada Debt Mont Sorcier Steel Producers Equity Benefits of ECA Supported Project Financing • Typically, Lon
Slide 23: History of Leadership
HISTORY OF LEADERSHIP OTCQX: CRDOF TSX-V: CERT Multiple Mines Built, Expanded and Restructured : 2.4x for shareholders in under 2 years : +25x return to founders and still growing 4.0 Volume ('000s) SMT Share Price (C$) Mar 2017 • Mark resigns 3.5 5.0x Production Growth 270,000 2006 as CEO 230,000 •
Slide 24: Capital Structure
CAPITAL STRUCTURE OTCQX: CRDOF TSX-V: CERT (As at April 30, 2025) TSX VENTURE EXCHANGE CERT Proforma ANALYST COVERAGE Share Price C$0.70 MAY 2025 TARGET BROKERAGE ANALYST PRICE 52 Week (Low-High) C$0.15 – C$0.74 Red Cloud Tim Lee C$1.70 Shares Outstanding 105.0 million 133.3 million Options (avg str
Slide 25: Appendix - Operations
De | CERRADO GOLD INC. Appendix - Operations
Slide 26: Minera Don Nicolas
MINERA DON NICOLAS Stable Precious Metals Production and Cashflow in the Deseado Masiff
Slide 27: Extensive and Underexplored Land Package
OTCQX: CRDOF MINERA DON NICOLAS TSX-V: CERT 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 MAY 2025 Mineral Resources M&I: 490Koz, Inferred: 121Koz Exploration to date h
Slide 28: Well-Trodden Path to Production Growth and Resource Expansion
OTCQX: CRDOF MINERA DON NICOLAS TSX-V: CERT Well-Trodden Path to Production Growth and Resource Expansion 23% 9% 6Moz 13% 64% Underground continued to UG & HL contributed grow post acquisition majority of increase 5.9Moz MAY 2025 in Resources 6.0Moz 91% 14% 13% 5Moz 73% 5.2Moz 14% MDN remains in t
Slide 29: Track Record of Operational Improvement and Competitive Costs
OTCQX: CRDOF MINERA DON NICOLAS TSX-V: CERT Track Record of Operational Improvement and Competitive Costs Operating History Post Acquisition Low-Cost Producer in Argentina Amongst Peers Increased Production & Lower Costs AISC 2024 MAY 2025 70,000 $2,000 55-60,000 $1,800 $1,734 $1,973 60,000 54,494 $
Slide 30: Positive PEA and Mineral Resource Estimate
OTCQX: CRDOF MINERA DON NICOLAS TSX-V: CERT Positive PEA and Mineral Resource Estimate Base Case1 4 PEA Spot Average Annual Gold Equivalent Production (ounces) 55,869 55,263 Mine life (years) - Mine Plan start Date 1 April 2024 5.0 5.0 MAY 2025 Total Gold Equivalent Production (ounces) 279,345 276,3
Slide 31: Mineral Resources
OTCQX: CRDOF MINERAL RESOURCES TSX-V: CERT Minera Don Nicolas Project – 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 MAY 2025 Calandrias Sur ¹ Indicated 7,642.16 1.02 14.16 249.40 3,
Slide 32: Mineral Resources Notes
OTCQX: CRDOF MINERAL RESOURCES NOTES TSX-V: CERT Minera Don Nicolas Project – 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
Slide 33: CIL and Heap Leach Production
OTCQX: CRDOF MINERA DON NICOLAS TSX-V: CERT CIL and Heap Leach Production Hub and Spoke Production Additional 165koz Las Calandrias HL Project Model of lower grade Paloma Calandrias resources added MAY 2025 (High-grade OP&UG) (HL) to the mine plan Additional 5 years of low-cost production at ~20
Slide 34: Lagoa Salgada Project
Proposed Acquisition of: LAGOA SALGADA PROJECT Uncovering The Next World Class VMS Deposit in the Iberian Pyrite Belt with near-term production potential PIN
Slide 35: Critical Metals Production
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT TSX-V: CERT Critical Metals Production Zn Zinc’s global demand is expected to steadily increase while supply is expected to continue to fall Cu Copper Supply and Demand Gap (2030- Zinc Copper 2050) systematically starting in 2025 creating a 6.9 Mil tonne 9.7 Mi
Slide 36: Uncovering the next World Class VMS Deposit
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT TSX-V: CERT PIN 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 O c e a n continue to grow MAY 2025 Initial anchor Dis
Slide 37: Large Underexplored Land Package with Significant Future Potential
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT TSX-V: CERT Large Underexplored Land Package with significant future Potential REGIONAL RESIDUAL BOUGUER GRAVITY MAP Strong Correlation between Induced Polarization MAY 2025 North Zone (massive suphide) (IP) results and mineralization 8 km Anomaly Central & Sou
Slide 38: Mineral Reserves
OTCQX: CRDOF MINERAL RESERVES TSX-V: CERT Lagoa Salgada Project – Effective Date: July 24, 2023 Mineral Reserves by Domain Mass NSR Cu Pb Zn Sn Ag Au Zone Lithology (kt) ($/t) (%) (%) (%) (%) (g/t) (g/t) MAY 2025 Gossan 1,197 84 0.10 2.39 0.41 0.25 51.72 1.02 Transition 883 107 0.98 2.23 0.23 0.18 1
Slide 39: Mineral Resources
OTCQX: CRDOF MINERAL RESOURCES TSX-V: CERT Lagoa Salgada Project – Effective Date: July 24, 2023 Mineral Resources by Domain Mass NSR Zn Pb Cu Sn Ag Au ZnEq Zone Category (kt) ($/t) (%) (%) (%) (%) (g/t) (g/t) (%) Gossan 1,890 109 0.46 2.51 0.10 0.26 44.4 0.86 8.38 MAY 2025 Transition 920 108 0.25 2
Slide 40: Lagoa Salgada Feasibility Study
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT FEASIBILITY STUDY TSX-V: CERT Robust Economics Demonstrated for Venda Nova, Stated on a 100% Basis Feasibility Study Key Highlights* July 2023 Project IRR after-tax 39% MAY 2025 NPV8% after-tax $147 million Payback period 2 years Mine Life 14.5 years All in Sus
Slide 41: Clear and Transparent Permitting – Well Advanced
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT TSX-V: CERT PIN Clear and Transparent Permitting – Well Advanced Definitive Exploitation Rights Issued Nov 8, 2021 Project Of National Interest Issued April 4, 2022 MAY 2025 Contract term for 20 years renewable for two extension periods of 15 PIN recognitio
Slide 42: Rapidly Advancing an Optimized Feasibility
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT TSX-V: CERT Rapidly Advancing an Optimized Feasibility Optimization Strategy to Increase NPV, Reduce Capex and Operating Costs Phase II Metallurgical Program being conducted by Wardell Armstrong MAY 2025 Metallurgy Targeting increases recoveries, Higher Con
Slide 43: Lagoa Salgada Exploration Potential
OTCQX: CRDOF LAGOA SALGADA EXPLORATION POTENTIAL TSX-V: CERT Massive Sulphides Occur in Clusters MAY 2025 1.7km 7.0km 4.0km Strike Length -100m Lagoa Salgada -200m Aguas Tenidas Magdalena -300m Sotiel Depth From Surface -400m -500m Zambual San Pedro Neves -600m Discovery Corvo CORPORATE PRESENTATION
Slide 44: Gravity Survey Results Identify Exploration Targets
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT TSX-V: CERT 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 MAY 2025 Bulge in the gravity
Slide 45: Gravity Survey Results: South Sector Flanks
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT TSX-V: CERT Gravity Survey Results Identify High Impact Near Deposit Massive Sulphide Exploration Targets New High Resolution Gravity Survey Target 2 & 3: South Sector West & East Flanks MAY 2025 Gravity Anomaly CORPORATE PRESENTATION Inferred West Flank Geomet
Slide 46: Copper Potential largely untouched
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT TSX-V: CERT Copper Potential largely untouched NORTH ZONE SOUTH ZONE MAY 2025 North Zone is Open and Copper Rich • Met_MS_05: 10.0m @ 3.08% Cu Inventory of Inferred Resources ST_27 CORPORATE PRESENTATION • Met_MS_02: 6.0m @ 1.16% Cu • MS_07: 5.0m @ 6.74% Cu ST_
Slide 47: Mont Sorcier Iron Ore Project, Quebec
MONT SORCIER IRON ORE PROJECT, QUEBEC Longer Term Optionality for High Purity Iron in a Top Tier Jurisdiction: Positioned for the Green Steel Industry Transition
Slide 48: Mont Sorcier Project – Green Steel and DRI
OTCQX: CRDOF MONT SORCIER PROJECT TSX-V: CERT Green Steel and Direct Reduction Iron (“DRI”) Located 11km from Chibougamau, in Cree traditional territory, Quebec Site located only 25km from public rail head MAY 2025 >300km of underutilized existing common carry rail line connected directly to p
Slide 49: Existing Infrastructure creates capital efficiencies
OTCQX: CRDOF MONT SORCIER PROJECT TSX-V: CERT Existing Infrastructure creates a capital efficiencies Mont Sorcier is one of the most Capital Efficient Projects Globally MAY 2025 Decreasing Capital Cost of Production 3.50x Mont Sorcier ( Cerrado Gold ) 3.00x Bekisopa ( Akora Resources ) Increasing Re
Slide 50: Green Steel and Direct Reduction Iron
OTCQX: CRDOF MONT SORCIER PROJECT TSX-V: CERT 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
Slide 51: Premium Product
OTCQX: CRDOF MONT SORCIER PROJECT TSX-V: CERT Premium Product 67% Concentrate Grade + Low Deleterious Metals = High Purity Product High grade 67% Fe concentrate with <2.5% Silica and Alumina Combined MAY 2025 Concentrate suitable for DRI and blast furnace-steel Production High grade material o
Slide 52: Well Defined Resources with Upside
OTCQX: CRDOF MONT SORCIER PROJECT TSX-V: CERT Well Defined Resources with Upside to Mine Life and/or Production Rate Updated Metallurgy Confirms Ability to Produce 67% Fe Concentrate with Sub 2.5% Silica & Alumina Resources MAY 2025 Significant Indicated Resource in place to Backstop Feasibility S
Slide 53: Mineral Resources Notes
OTCQX: CRDOF MINERAL RESOURCES NOTES TSX-V: CERT Mont Sorcier Project • 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 So
Slide 54: Premium Product – PEA Summary
OTCQX: CRDOF MONT SORCIER PROJECT TSX-V: CERT Premium Product PEA Summary (July 2022) $US Million Production Summary Unit LOM Total / Avg. LOM Magnetite Payable kt 104,303 PAYBACK UNDER 2 YEARS Annual Production Rate mtpa 5.0 MAY 2025 Operating Costs Annual average EBITDA of US$348MM Total On-site
Slide 55: Upcoming Milestones
OTCQX: CRDOF MONT SORCIER PROJECT TSX-V: CERT Upcoming Milestones • Updated metallurgical testing results expected Q1 2025 MAY 2025 • Feasibility Study expected in Q1 2026 building upon an existing strong PEA • UK Export Credit Agency and TD Bank have been Mandated as Lead Arranged for Non- Resource
Slide 56: Building Shareholder Value by Driving Substantial Cash Flow
OTCQX: CRDOF INVESTMENT HIGHLIGHTS – Proforma Company TSX-V: CERT Building Shareholder Value by Driving Substantial Cash Flow Mont Sorcier Steady State Gold Producer Quebec, Canada • Gold Production of ~55Koz over next four years based on recent PEA with exploration and expansion potential. Expect c
Slide 57: Appendix
De | CERRADO GOLD INC. Appendix
Slide 58: Leadership - Management
OTCQX: CRDOF CERRADO GOLD TSX-V: CERT Leadership - Management 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., a
Slide 59: Leadership - Management
OTCQX: CRDOF CERRADO GOLD TSX-V: CERT Leadership - Management Veronica Nohara, President & Country Manager, Argentina Mrs. Veronica Nohara is an international business professional with more than 20 years experience in executive positions across various industries. Prior to joining Cerrado Veronica
Slide 60: Leadership – Board of Directors
OTCQX: CRDOF CERRADO GOLD TSX-V: CERT Leadership – 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
Slide 61: Leadership – Board of Directors
OTCQX: CRDOF CERRADO GOLD TSX-V: CERT Leadership – Board of Directors Robert Sellars, Director Mr. Sellars has 40 years experience in capital markets and financial services and has significant experience on investment industry committees within the IIROC. Mr. Sellars previously sat on the board of d
Slide 62: Peer Comparison
OTCQX: CRDOF PEER COMPARISON TSX-V: CERT As at 20 Feb 2025 CADUSD 0.704 AUDUSD 0.639 GBPUSD 1.2638 EUROUSD 1.05023 Junior Producers (Sth America) MAY 2025 Analyst Concensus Analyst Cash Flow Company Name Principal Asset Name Location Development Stage Enterprise Value Concensus NAV 2025E EV/NAV EV/C
Slide 63: Peer Comparison – Junior Base Metals Producers
OTCQX: CRDOF PEER COMPARISON TSX-V: CERT Junior Base Metals Producers Analyst Analyst Concensus Cash Principal Asset Development Enterprise Concensus Flow Company Name Name Location Stage Value NAV 2025E EV/NAV EV/CF 2025 Sources US$mm US$mm US$mm x x Financial Technical & Forecasts Titan Mining Emp