Cerrado Gold Inc · TSXV:CERT
Cerrado Gold — Investor Presentation (January 2026)
59 slides from Cerrado Gold's investor presentation, January 2026
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 January 2026 Au Ag Gold Silver Cu Zn Pb Sn Fe Copper Zinc Lead Tin Iron
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 three years based on recent PEA at MDN with exploration and expansion potential. • Cash flow: ~$50M/year and free cash flow of ~$25M/year @ $2100 Au1(PEA 2024), with significant leverage to J
Slide 4: Investment Highlights: Fully funded, Diversified Commodity Producer
OTCQX: CRDOF INVESTMENT HIGHLIGHTS TSX-V: CERT Fully funded, Diversified Commodity and Multijurisdictional Producer Production Growth Precious Metals Focus Value Proposition Lagoa Salgada & MDN LoM Market Cap: C$215.3M JANUARY 2026 Combined Commodity Exposure1 54,494 50-55,000 52,504 51,688 CASH: US
Slide 5: Exceptional NAV Growth - Proforma NAV
OTCQX: CRDOF INVESTMENT HIGHLIGHTS TSX-V: CERT Exceptional NAV Growth - Proforma NAV (US$M – 100% Basis) 1 Production (Au Equivalent) Current 2028 2030 JANUARY 2026 55,000 oz 97,000 oz 328,000 oz Longer Term Critical Current and Near-Term Precious and Critical Minerals Production Minerals Optionalit
Slide 6: Driving Substantial Cash Flow with Limited Dilution
OTCQX: CRDOF INVESTMENT HIGHLIGHTS TSX-V: CERT Driving Substantial Cash Flow with Limited Dilution Production (Au Equivalent) Current 2028 2030 JANUARY 2026 55,000 oz 97,000 oz 328,000 oz Longer Term EBITDA Current and Near-Term EBITDA Optionality $488M/annum EBITDA 1,2 CORPORATE PRESENTATION Mont S
Slide 7: A Year of Transition
OTCQX: CRDOF A YEAR OF TRANSITION TSX-V: CERT Driving Cerrado’s value proposition through ~$40 million of investments into our projects, beginning to reap benefits in 2026 Minera Don Nicolas JANUARY 2026 Heap Leach & Underground Surface Exploration Underground Production Exploration Targeting LOM (2
Slide 8: Minera Don Nicolas: 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 JANUARY 2026 Mineral Resources M&I: 490Koz, Inferred: 121Koz Exploration to da
Slide 9: Minera Don Nicolas: 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% Open Pit 9% 6Moz UG & HL contributed 13% 64% Underground continued to Heap Leach grow post acquisition majority of increase Underground JANUARY 2026 in Resources 5.9Moz 6.0Moz 91% 14% 13% 5M
Slide 10: 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 Competitive Producer in Argentina Amongst Peers Increased Production & Lower Costs AISC 2024 JANUARY 2026 70,000 $2,000 50-55,000 $1,800 $1,734 54,494 $1,973 6
Slide 11: Minera Don Nicolas - Current Production
OTCQX: CRDOF MINERA DON NICOLAS – Current Production TSX-V: CERT Argentina PEA Highlights Average Annual Gold Equivalent Production (ounces) 55,869 • Gold Production of ~55Koz until 2028 based on recent PEA JANUARY 2026 Mine life (years) - Mine Plan start Date 1 April 2024 5.0 • Life of Mine average
Slide 12: Calandrias - Steady State Production From Primarily Heap Leach
OTCQX: CRDOF MINERA DON NICOLAS – Current Production TSX-V: CERT Calandrias - Steady State Production From Primarily Heap Leach Heap Leach Production Continues to grow as expanded crushing capacity and improved recoveries help achieve JANUARY 2026 record throughputs Q3 2025 saw 10,465 GEO produc
Slide 13: Paloma Underground
OTCQX: CRDOF MINERA DON NICOLAS – Paloma Underground TSX-V: CERT Current Underground Production and Exploration Growth Opportunity Underground access commenced with three access portals Underground operations expected to contribute higher JANUARY 2026 grade ore with ramp-up during Q4 2025 Dril
Slide 14: Minera Don Nicolas - Exploration Targets
MINERA DON NICOLAS – Exploration Targets OTCQX: CRDOF TSX-V: CERT Current Surface Exploration Targets JANUARY 2026 CORPORATE PRESENTATION Central Block South Block • Martinetas has two identified mineralization systems. The Paula/Andrea–La Verde Trend is over 10 km long • Mara – Armadilo • Reyna – P
Slide 15: Minera Don Nicolas - Current Exploration Targets
MINERA DON NICOLAS – Current Exploration Targets OTCQX: CRDOF TSX-V: CERT Central Block Martinetas JANUARY 2026 CORPORATE PRESENTATION South Block Calandrias 15
Slide 16: Lagoa Salgada VMS Project: Near Term Production & Cash Flow
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT PIN TSX-V: CERT 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 JANUARY 2026 • Adds substantial precious and critical metals exposure at spot pri
Slide 17: Lagoa Salgada VMS Project
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT PIN TSX-V: CERT Portugal Lagoa Salgada LoM Revenue by Commodity (%) at Spot Prices2 • Developing the next VMS Deposit with District Scale 40% 21% JANUARY 2026 Discovery and Exploration Potential on Iberian Pyrite Belt Precious Metals Silver 27% • July 2023 Feas
Slide 18: Rapidly Progressing to Production
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT PIN TSX-V: CERT Rapidly Progressing to Production Lagoa Salgada Timeline to Production 2025 2026 2027 2028 Program JANUARY 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Exploration Drilling Updated Metallurgical Work Expected to further enhance economics Updated
Slide 19: Rapidly Advancing an Optimized Feasibility
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT PIN TSX-V: CERT Rapidly Advancing an Optimized Feasibility Optimization Strategy to Increase NPV, Reduce Capex and Operating Costs JANUARY 2026 Phase II Metallurgical Program being conducted by Wardell Armstrong Metallurgy Targeting increases recoveries, Hi
Slide 20: Portugal - Lagoa Salgada VMS Project
TSX-V: CERT CORPORATE PRESENTATION JANUARY 2026 OTCQX: CRDOF Portugal LAGOA SALGADA VMS PROJECT PIN 20
Slide 21: 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 JANUARY 2026 Site located only 25km from public rail head >300km of underutilized existing common car
Slide 22: 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 8mpta (4mpta + 4mpta) of high grade, high purity, green Direct Reduction Annual Production
Slide 23: Mont Sorcier: 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 JANUARY 2026 Resources Significant Indicated Resource in place to Backstop Feasibili
Slide 24: Well-Funded to Delivery
OTCQX: CRDOF WELL-FUNDED TO DELIVERY TSX-V: CERT 1. Cash Balance Expected to grow in H2 2025 through cash flow from higher production rates including budgeted capital JANUARY 2026 US$16.5mm expenditures and debt reduction program 3. Free Cash Flow +US$25mm Free cash flow of ~$25 million per year bas
Slide 25: Project Finance Support in Place
OTCQX: CRDOF PROJECT FINANCE SUPPORT IN PLACE TSX-V: CERT Export Credit Agency Project Financing Structure ECA Supported Project Financing Structure Potential Offtake Partners JANUARY 2026 Lagoa Salgada Debt Mont Sorcier Steel Producers Equity Benefits of ECA Supported Project Financing • Typically,
Slide 26: History of Leadership
HISTORY OF LEADERSHIP OTCQX: CRDOF TSX-V: CERT Multiple Mines Built, Expanded and Restructured : 2.4x for shareholders in under 2 years : +25x return to founders and still growing 4.0 Volume ('000s) SMT Share Price (C$) Mar 2017 • Mark resigns 3.5 5.0x Production Growth 270,000 2006 as CEO 230,000 J
Slide 27: Capital Structure
OTCQX: CRDOF CAPITAL STRUCTURE TSX-V: CERT (As at January 1, 2026) TSX VENTURE EXCHANGE CERT ANALYST COVERAGE TARGET BROKERAGE ANALYST Share Price C$1.66 PRICE JANUARY 2026 HC Wainwright Heiko Ihle C$2.20 52 Week (Low-High) C$0.34 – C$1.83 Red Cloud Ron Stewart C$2.20 Shares Outstanding 135.4 millio
Slide 28: Investment Highlights - Proforma Company
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 JANUARY 2026 and expansion potent
Slide 29: Appendix - Operations
De | CERRADO GOLD INC. Appendix - Operations
Slide 30: Minera Don Nicolas
MINERA DON NICOLAS Stable Precious Metals Production and Cashflow in the Deseado Masiff
Slide 31: Minera Don Nicolas: Positive PEA and Mineral Resource Estimate
OTCQX: CRDOF MINERA DON NICOLAS TSX-V: CERT 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 JANUARY 2026 Total Gold Equivalent Production (ounces) 279,345 NPV @ 5% discount
Slide 32: Minera Don Nicolas: 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 JANUARY 2026 Paloma Calandrias resources added (High-grade OP&UG) (HL) to the mine plan Additional 5 years of low-cost production at
Slide 33: Mineral Resources - Minera Don Nicolas
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 JANUARY 2026 Measured 5,192.24 0.91 17.07 151.32 2,849.04 Calandrias Sur ¹ Indicated 7,642.16 1.02 14.16 249.4
Slide 34: 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 35: Lagoa Salgada Project
LAGOA SALGADA PROJECT Uncovering The Next World Class VMS Deposit in the Iberian Pyrite Belt with near-term production potential PIN
Slide 36: Critical Metals Production
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT PIN 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 JA
Slide 37: Uncovering the next World Class VMS Deposit
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT PIN TSX-V: CERT 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 JANUARY 2026 continue to grow Initial anchor
Slide 38: Large Underexplored Land Package with Significant Future Potential
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT PIN TSX-V: CERT Large Underexplored Land Package with significant future Potential REGIONAL RESIDUAL BOUGUER GRAVITY MAP Strong Correlation between Induced Polarization JANUARY 2026 (IP) results and mineralization North Zone (massive suphide) 8 km Anomaly Centr
Slide 39: Mineral Reserves - Lagoa Salgada
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) JANUARY 2026 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.
Slide 40: Mineral Resources - Lagoa Salgada
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 JANUARY 2026 Transition 920 108 0.
Slide 41: Lagoa Salgada Feasibility Study: Robust Economics
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% JANUARY 2026 NPV8% after-tax $147 million Payback period 2 years Mine Life 14.5 years All in
Slide 42: 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 JANUARY 2026 Contract term for 20 years renewable for two extension periods of 15 PIN recogn
Slide 43: Gravity Survey Results Identify Near Deposit 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 JANUARY 2026 Target 1: SW North Zone Target Bulge in the gra
Slide 44: Copper Potential largely untouched
OTCQX: CRDOF LAGOA SALGADA VMS PROJECT TSX-V: CERT Copper Potential largely untouched NORTH ZONE JANUARY 2026 SOUTH ZONE 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
Slide 45: 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 46: 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 JANUARY 2026 • Significant price premium expected for 6
Slide 47: 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 JANUARY 2026 Decreasing Capital Cost of Production 3.50x Mont Sorcier ( Cerrado Gold ) 3.00x Bekisopa ( Akora Resources ) Increasin
Slide 48: Premium Product
OTCQX: CRDOF MONT SORCIER PROJECT TSX-V: CERT Premium Product 67% Concentrate Grade + Low Deleterious Metals = High Purity Product JANUARY 2026 High grade 67% Fe concentrate with <2.5% Silica and Alumina Combined Concentrate suitable for Direct Reduction Iron and blast furnace-steel Production
Slide 49: Mont Sorcier: 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 JANUARY 2026 Resources Significant Indicated Resource in place to Backstop Feasibili
Slide 50: Mineral Resources Notes - Mont Sorcier
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 51: Mont Sorcier 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 JANUARY 2026 Annual Production Rate mtpa 5.0 Operating Costs Annual average EBITDA of US$348MM Total On-
Slide 52: Investment Highlights - Proforma Company
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 JANUARY 2026 and expansion potent
Slide 53: Appendix
De | CERRADO GOLD INC. Appendix
Slide 54: 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 55: Leadership - Management
OTCQX: CRDOF CERRADO GOLD TSX-V: CERT Leadership - Management 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 p
Slide 56: Leadership - Management
OTCQX: CRDOF CERRADO GOLD TSX-V: CERT Leadership - Management 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 JANUARY 2026 value. He joined C
Slide 57: 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 JANUARY 2026 Vanad
Slide 58: Leadership - Board of Directors
OTCQX: CRDOF CERRADO GOLD TSX-V: CERT Leadership – 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 JANUARY 2026 strategic insight
Slide 59: Investor Relations
OTCQX: CRDOF Investor Relations Mike McAllister T: 1.647.805.5662 TSX-V: CERT Vice President, Investor Relations E: info@cerradogold.com 200 Bay Street, Suite 3205 www.cerradogold.com Toronto, ON M5J 2J2 Follow us: JANUARY 2026 CORPORATE PRESENTATION 59