Cerrado Gold: Update at Monte Do Carmo Gold Project, Brazil

Highlights

Installation License Application to be Filed in Early August
Serra Alta Feasibility Completion Postponed for Approximately Three Months due to Material Opportunities That Require Changes in Scope

Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) announced that it intends to file its License of Installation (“LI”) application with the Instituto Natureza do Tocantins or NATURATINS, the state environmental regulatory authority, on or around August 10, 2023, for the development of the Serra Alta deposit at the Monte Do Carmo project. Subject to acceptance of the application, the Company anticipates it will be granted the Installation License approximately three months thereafter, which will allow for construction activities to commence at the project.

In addition, the Cerrado is also updating the expected completion schedule for the Feasibility Study (“FS”) for the Serra Alta deposit at its Monte Do Carmo project in Brazil. In finalizing various components of the FS, Cerrado has identified material new opportunities that require changes in scope to ensure they are captured within the project economics. This will require approximately three additional months to complete the FS. As such, the updated completion is now targeted by the end October 2023.

We are pleased to be making steady progress in permitting at the Serra Alta project and expect the granting of the LI to continue to support our ongoing development. Further, while we are disappointed with the delay in completing the FS, we believe it is a prudent step to ensure that the best value for shareholders is achieved by implementing the best potential design for the long-term development of the project.Mark Brennan, CEO and Chairman, Cerrado Gold

Duane Hope

Duane Hope is a Partner at Capital 10X, he brings over 15 years of communications and research experience to the firm. His research and writing has appeared in publications for North American, European and Asian audiences.