Summary of Cerrado Gold Conference Call - October 09, 2025 Company Overview - **Company**: Cerrado Gold (OTCPK:CRDO.F) - **Focus**: Gold and precious metals production, with projects in Argentina and Portugal Key Points Industry and Market Context - Argentina is becoming increasingly attractive for new mining endeavors, particularly at a larger scale [2][3] - The European market, specifically Portugal, is supportive of mining projects, with the Lagoa Salgada project deemed a project of national interest [2][3] Production and Financial Performance - The company has repositioned its Argentinian mine to achieve over 50,000 ounces of production annually for four consecutive years [1] - Targeting all-in sustaining costs between $1,500 to $1,700 per ounce [1] - Anticipated free cash flow from Minera Don Nicolás is approximately $25 million, which will be reinvested into projects in Portugal and Quebec [11] Project Updates - **Lagoa Salgada Project**: - Previous feasibility study indicated an NPV of $150 million and a 39% IRR [3] - Updated feasibility study expected by year-end, focusing on metallurgical improvements to enhance metal recoveries and concentrate quality [3] - Environmental approval anticipated in Q1 2026, which is crucial for project confidence [6] - Project construction expected to take about 18 months, with first production targeted for Q1 2028 [7][6] - **Mont Sorcier Project**: - Focused on producing high-grade iron ore concentrate (67% grade), suitable for green steel production [8] - Initial PEA outlined a 21-year mine life, consuming only 25% of the defined resources [9] - Expected to generate over $350 million in EBITDA and $235 million in free cash flow annually [10] Strategic Outlook - The company aims to maintain a steady state gold production of at least 55,000 ounces for the next three years, using cash flow to fund exploration and development [12] - Plans to minimize equity dilution while funding the development of Lagoa Salgada and Mont Sorcier [12][17] - Management is aligned with shareholders, owning 11% of the company [11] Future Considerations - Potential for significant rerating of Cerrado Gold as both Lagoa Salgada and Mont Sorcier projects progress [17] - Future cash flow may be reinvested into projects or returned to shareholders once Mont Sorcier is operational [18] Additional Insights - The company has a clean capital structure with 134 million shares outstanding [11] - The management team has a strong track record in mining and resource development across multiple jurisdictions [14] Conclusion Cerrado Gold is positioned for growth with its strategic projects in Argentina and Portugal, focusing on enhancing production and financial performance while minimizing dilution and leveraging cash flow for future developments.

Summary of Cerrado Gold Incorporated Q3 Investor Summit Company Overview - **Cerrado Gold Incorporated** is a gold producing company with a current production of approximately **55,000 ounces** of gold annually from the **Minera Don Nicolás mine** in **Santa Cruz, Argentina** [2][4] - The company anticipates generating **$50 million** per year in cash flow at a gold price of **$2,100** [2] Key Development Projects - **Lagoa Salgada VMS Project** in **Portugal**: - An updated feasibility study is expected to be completed in **Q4 2024** with a construction decision anticipated in early **2026** [3][9] - The project is projected to generate **$75 million** in free cash flow based on historical feasibility study metrics [10] - **Mont Sorcier Project** in **Quebec**: - A high-grade iron mine with an initial NPV of **$1.6 billion** [5] - The feasibility study is expected to be completed by **Q1/Q2 2026**, with initial production targeted for **2030** [10][26] Financial Position - The company has **$15 million** in cash as of June 2024, bolstered by asset sales and expected cash flow growth due to rising gold prices [4][8] - The company aims to minimize shareholder dilution by using cash generation from existing assets to fund new developments [8] Production and Cost Structure - The company expects to maintain a steady production profile of **55,000 to 60,000 ounces** per year for the next several years [4][14] - All-in sustaining costs are projected to decline as production ramps up, with costs expected to remain in the range of **$1,500 to $1,700** per ounce [14][29] Exploration and Resource Growth - An exploration program has commenced to grow mineral resources and extend the mine life of Minera Don Nicolás from **three years** to **five to six years** [9][11] - The company has a **330,000 hectares** land package in the Deseado Massif, which is a prolific gold belt in Argentina [10][11] Market Position and Valuation - The company believes it has significant room for value accretion, with potential NPVs of **$1.8 billion** by **2030** when considering all assets [6][8] - The current market valuation is perceived to be lower than comparable companies producing similar amounts of gold [13] Environmental and Regulatory Considerations - The permitting process for Lagoa Salgada is ongoing, with local support noted for the project [28] - The company does not anticipate issues with permitting in Portugal and expects to submit final environmental permits by the end of **2024** [21][28] Conclusion - Cerrado Gold is focused on unlocking the value of its assets through steady production, exploration, and development of its key projects, while maintaining a strong financial position to support growth initiatives [31]