Cerrado Gold Inc · TSXV:CERT
Cerrado Gold — Investor Presentation (September 2026)
50 slides from Cerrado Gold's investor presentation, September 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 September 2026
Slide 2: Disclaimers
Disclaimers All figures in $US unless otherwise noted This presentation contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. All information contained in this news relea
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS DEVELOPING SUBSTANTIAL WELL-FUNDED STEADY STATE UNDERVALUED & TO DEVELOP GOLD PRODUCTION WELL-ADVANCED ASSETS HIGH-VALUE PROJECTS Precious Metals Production Near-Term Precious and Critical Minimize Dilution to Maximize Value Minerals Production for Shareholders Gold production
Slide 4: Investment Highlights: Exceptional NAV Growth
INVESTMENT HIGHLIGHTS Exceptional NAV Growth – Performa NAV (US$M – 100% Basis)1 Production (Au Equivalent) Current 2029 2031 55,000 oz 97,000 oz 328,000 oz Current and Near-Term Precious and Critical Minerals Production Longer-Term Critical Mineral Optionality $488M p.a.6 $112M $1,865M $44M p.a.5 M
Slide 5: Investment Highlights: Strategic growth via mine life expansion
INVESTMENT HIGHLIGHTS Strategic growth via mine life expansion and additional production from new projects Stable Production Base with Growth Potential Value Proposition 100,000 Brownfield Growth Project Growth 50-60,000 Long-term unrealized value Lagoa Salgada 54,494 52,504 51,568 50,238 Exte
Slide 6: Capital Structure
CAPITAL STRUCTURE ANALYST COVERAGE TSX VENTURE EXCHANGE CERT TARGET BROKERAGE ANALYST PRICE Share Price (As at September 4, 2026) C$2.70 HC Wainwright Heiko Ihle C$3.90 52 Week (Low-High) C$0.93 – C$2.83 Red Cloud Ron Stewart C$3.00 Atrium Research Riley Venton C$3.50 Shares Outstanding 142.8 millio
Slide 7: Peer Group Trading Analysis
Peer Group Trading Analysis Company Valuation Against Small to Mid-Sized Gold Producers P/NAV Multiples (Consensus)1 P/CF Multiples (2026E) 1 1.00x 6.60x 0.70x 4.40x 3.80x 0.50x 0.50x 0.50x 3.40x 3.50x 3.50x 3.60x 3.70x 2.90x 0.40x 0.40x 0.40x 0.40x 2.40x 2.40x 0.30x 2.00x 2.00x 2.30x 0.20x 0.20x 0.
Slide 8: 2025 a Year of Transition – 2026 Focus on Growth
2025 A YEAR OF TRANSITION – 2026 FOCUS ON GROWTH 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 Planned in 2026 LIFE OF MINE Currently Targeted in 2026 50,000 Metres on
Slide 9: Minera Don Nicolas | Santa Cruz Province, Argentina
MINERA DON NICOLAS | Santa Cruz Province, 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 Minera
Slide 10: 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 on recent PEA $2.000 $2,520 50-60,000 Life of Mine average annual EBITDA of US$49M 60,000 $1.800
Slide 11: Minera Don Nicolas Au eq Ounces
MINERA DON NICOLAS Well Trodden Path to Production Growth and Resource Expansion Open Pit 23% Heap Leach 9% Underground continued to Underground 6Moz UG & HL 13% 64% grow post acquisition contributed 5.9Moz majority of increase in Resources 6.0Moz 91% 14% 13% 5Moz 73% 5.2Moz 14% MDN remains in the
Slide 12: Minera Don Nicolas - Production
MINERA DON NICOLAS - Production CIL and Heap Leach Production Paloma Calandrias (High-Grade UG) (HL) Martinetas (HL) Martinetas (High-grade OP) Central Mill Michelle Chispas (Exploration) (Exploration) 12
Slide 13: Minera Don Nicolas – CIL and Heap Leach Production
MINERA DON NICOLAS – CIL and Heap Leach 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
Slide 14: Minera Don Nicolas - Exploration
MINERA DON NICOLAS - Exploration Current Surface Exploration Targets Current Surface Exploration Targets Exploration Plans for 2026 focus on the North, Central, and South Blocks Evaluating Physical Targets Drilling occurring at Sulfuro, Barantina, and Falcon 50,000 meters surface drilling / 20,000 m
Slide 15: Minera Don Nicolas - Exploration
MINERA DON NICOLAS - Exploration Sulfuro Underground Cross Section Falcon Exploration Targets B A 14
Slide 16: Minera Don Nicolas – Falcon Acquisition
MINERA DON NICOLAS – Falcon Acquisition Central Block • The acquisition of Falcon has the potential to extend Heap Leach operations based on historical drill results. • Combined with the existing exploration program, the acquisition is expected to position the mine to add new mineable material quick
Slide 17: 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 18: Lagoa Salgada VMS Project | Near Term Production & Cash Flow
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 the current Feasibility Study1,3 Adds substantial precious and critical metals exposure at spot prices2 • 40 % Gold & Silver,
Slide 19: Lagoa Salgada: Significant Resource Growth Potential
LAGOA SALGADA VMS PROJECT PIN Significant Resource Growth Potential 19
Slide 20: Mont Sorcier Project | Québec, Canada
MONT SORCIER PROJECT | Québec, Canada Green Steel and Direct Reduction Iron (“DRI”) Excellent Existing Infrastructure Located 11 km from Chibougamau, in Cree traditional territory, Québec Site located only 25 km from the public railhead >300 km of underutilized existing common carrier rail line conn
Slide 21: Mont Sorcier Project
MONT SORCIER PROJECT Targeted to be a green steel producer with production at a minimum of 8mpta PEA Summary (July 2022) $US Million (4mpta + 4mpta) of high-grade, high-purity, green Direct Reduction Iron Production Summary Unit LOM Total / Avg. concentrate to support Green Steel manufacturing Annua
Slide 22: Mont Sorcier: Well Defined Resources
MONT SORCIER PROJECT Well Defined Resources with Upside to Mine life and/or production rate Updated Metallurgy Confirms Ability to Produce 67% Iron Concentrate with sub 2.5% Silica and Alumina Resources Significant Indicated Resource in place to support Feasibility Study Significant Additional Resou
Slide 23: Cerrado Is Well-Funded to Delivery
CERRADO IS WELL-FUNDED TO DELIVERY CASH BALANCE Expected to continue growing in 2026 through cash flow from higher production rates, including budgeted capital expenditures and a debt reduction program FREE CASH FLOW Expected to continue growing during 2026 into 2027 through cash flow from higher pr
Slide 24: Well-Funded to Delivery
WELL-FUNDED TO DELIVERY Export Credit Agency Project Financing Structure Potential Offtake Partners Lagoa Salgada Debt Mont Sorcier Steel Producers Equity Benefits of ECA-Supported Project Financing • Typically, Long-Term & Low Cost Export Credit Agency • Higher leverage covering working capital, pr
Slide 25: History of Leadership
HISTORY OF LEADERSHIP Multiple Mines Built, Expanded and Restructured : 2.4x for shareholders in under 2 years : +25x return to founders and still growing 4.0 Volume ('000s) SMT Share Price (C$) Mar 2017 • Mark resigns 3.5 5.0x Production Growth 270,000 2006 as CEO 230,000 • Desert Sun acquired by Y
Slide 26: Investment Highlights
INVESTMENT HIGHLIGHTS DEVELOPING SUBSTANTIAL 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 production
Slide 27: Appendix - Operations
G APPENDIX - OPERATIONS G ceRRADO GOLD ING
Slide 28: 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 29: Minera Don Nicolas: Positive PEA and Mineral Resource Estimate
MINERA DON NICOLAS Positive PEA and Mineral Resource Estimate PEA Base Case1 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 30: 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 31: Minera Don Nicolas - Mineral Resources Notes
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 32: Lagoa Salgada VMS Project: Critical Metals Production
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 33: Lagoa Salgada: Large Underexplored Land Package
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 34: Lagoa Salgada: Mineral Reserves by Domain
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) ($/t) (%) (%) (%) (%) (g/t) (g/t) Gossan 1,197 84 0.10 2.39 0.41 0.25 51.72 1.02 Transition 883 107 0.98 2.23 0.23 0.18 108.93 1.14 North Massive
Slide 35: Lagoa Salgada: Mineral Resources by Domain
Lagoa Salgada VMS Project Effective Date: July 24, 2023 Mineral Resources by Domain Mass NSR Zn Pb Cu Sn Ag Au ZnEq Zone Category (kt) ($/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 36: Lagoa Salgada: Robust Economics Demonstrated
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 37: 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 38: Lagoa Salgada: Gravity Survey Results
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 39: Lagoa Salgada: 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 40: Mont Sorcier: 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 41: 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 42: Mont Sorcier: 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 43: Mont Sorcier: 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 44: Management Team
Management Team Mark Brennan, Chief Executive Officer, Chairman & Founder Mark Brennan is CEO and Chairman and a founding partner of Cerrado Gold. He was also a founding partner and officer of Ascendant Resources Inc. and Voyager Metals. Mr. Brennan has more than 30 years of financial and operating
Slide 45: Management Team
Management Team Veronica Nohara, CEO, Minera Don NIcolas 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 was Chief Executive Officer for Minera Don Nicolas and was in
Slide 46: Management Team
Management Team Chris MacInnis, P. Geo., Vice President, Geology Mr. MacInnis is a professional Geologist with over 20 years of experience in mineral resource definition and exploration. Prior to joining Cerrado Gold, Mr. MacInnis was the head of the Mineral Resource division at GoldSpot, where he h
Slide 47: 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 48: 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 49: Notes
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Slide 50: Investor Relations
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:
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