Summary of Cerrado Gold Conference Call Company Overview - **Company**: Cerrado Gold - **Project**: Lagoa Salgada, a high-grade polymetallic VMS deposit in Portugal - **Key Personnel**: Mark Brennan (Chairman and CEO), Jason Brooks (CFO), João Barros (President of Cerrado Europe), and others involved in the call Core Industry Insights - **Mining Industry in Portugal**: Lagoa Salgada is recognized as a project of national interest, aligned with the European Union's Critical Raw Materials Act, aimed at securing European supply of critical metals [17][18] - **Economic Impact**: The project is expected to contribute 23% to the local economy, providing high-paying jobs and supporting the community [6][16] Key Points from the Call 1. **Environmental Impact Assessment (EIA)**: - Initial EIA submitted on December 21, 2023, included comprehensive studies and was accepted by the Portuguese Environmental Agency (APA) [7] - The project received a unanimous favorable opinion from the technical evaluation committee, a first in Portuguese mining history [9] - APA later issued an unfavorable opinion based on concerns regarding a deeper aquifer, which was not previously identified [10][11] 2. **Regulatory Challenges**: - The company believes the unfavorable opinion is legally invalid as new technical issues cannot be introduced at this stage [11][12] - Cerrado is pursuing legal avenues to challenge the APA's decision and is engaging with local authorities for resolution [14][15] 3. **Community and Government Support**: - Strong backing from local communities and government officials, including the Secretary of State for Energy, who previously encouraged investment in the project [5][6] - The project has received support from EDM (Portuguese state-owned mining company) and AICEP (Portuguese Trade and Investment Agency) [14][27] 4. **Operational Updates**: - At Minera Don Nicolás, the company aims to produce 50,000-60,000 ounces of gold in 2026, with plans for significant exploration [19][30] - The Mont Sorcier Iron Project is progressing, with a full feasibility study expected in Q2 2026 [20] 5. **Market Position**: - Cerrado Gold is trading at a significant discount compared to peers in the gold sector, despite producing more gold and having similar life-of-mine profiles [19][21] - The company is financially strong with a robust balance sheet and is not solely reliant on the Lagoa Salgada project [18][40] Additional Important Insights - **Legal and Technical Solutions**: The company has proposed effective technical solutions to mitigate concerns raised by the APA, which can be addressed in the next phase of the project [11][36] - **Future Outlook**: The company remains optimistic about resolving the permitting issues and emphasizes the importance of Lagoa Salgada for both the company and the local community [34][40] - **Shareholder Value**: Anticipation of positive near-term developments that could enhance shareholder value, including the recommencement of a normal course issuer bid [22][40] This summary encapsulates the critical aspects of the conference call, highlighting the challenges and opportunities faced by Cerrado Gold in relation to the Lagoa Salgada project and its broader operational strategy.

Core Viewpoint - Cerrado Gold Inc. is hosting a management conference call to discuss an unfavorable opinion regarding the environmental impact assessment for the Lago Salgada Project in Portugal, scheduled for January 26, 2026 [1]. Company Overview - Cerrado Gold is a Toronto-based gold production, development, and exploration company, owning 100% of the Minera Don Nicolás and Las Calandrias mine in Argentina [3]. - The company holds an 80% interest in the Lagoa Salgada VMS project in Portugal and is developing the Mont Sorcier Iron project in Canada [3]. Operations in Argentina - In Argentina, Cerrado is enhancing asset value at Minera Don Nicolás through operational optimization and increasing production at the Las Calandrias heap leach project [4]. - An extensive exploration campaign is ongoing to unlock potential resources in the Deseado Massif region [4]. Operations in Portugal - The Lagoa Salgada project in Portugal is a high-grade polymetallic project with mineralization of zinc, copper, lead, tin, silver, and gold [5]. - The project covers a large 7,209-hectare property concession, located 80 km from Lisbon, offering significant exploration and development opportunities [5]. Operations in Canada - The Mont Sorcier project in Canada is a high-purity, high-grade Direct Reduced Iron project, with potential for long mine life and low operating costs [6]. - The project supports the transition of steel producers from blast furnaces to electric arc furnaces, aiding in industry decarbonization [6].

Core Viewpoint - Cerrado Gold Inc. has received an unfavorable opinion from the Portuguese Environmental Agency regarding the Environmental Impact Assessment for the Lagoa Salgada Project, despite the project being deemed approved due to the expiration of the statutory deadline for a final decision [1][2][9]. Regulatory Context - Under Portuguese law, the APA was required to issue an Environmental Impact Declaration within 50 business days, which lapsed on January 22, 2026, leading to tacit approval of the EIA submitted on November 8, 2025 [2]. - The project has undergone significant improvements based on previous feedback from the APA, addressing concerns raised in May 2025 [6][10]. - The unfavorable opinion from the APA is based on potential risks to the hydrodynamic balance of aquifers, which the company argues were not previously identified and thus should not be grounds for a negative opinion [8][12]. Company Actions - The company is currently reviewing the APA's unfavorable opinion and is engaging with local authorities to seek a resolution that benefits all stakeholders [4][14]. - If constructive engagement does not yield a favorable outcome, the company plans to file a legal claim to enforce the RJAIA and confirm the project's tacit approval [5][14]. Strategic Significance - The Lagoa Salgada Project is recognized as a Project of National Interest by the Portuguese Government and aligns with the EU Critical Raw Materials Act, contributing to the secure supply of critical metals in Europe [5][15]. - The project is a high-grade polymetallic deposit containing zinc, copper, lead, tin, silver, and gold, with significant exploration potential [15][20].

Minera Don Nicolas Mine Mill at MDN Gold Equivalent Ounce ("GEO") Production of 13,806 GEO for the 4th Quarter 2025Full year production of 50,238 GEO; in line with guidance Underground Operations now delivering ore to the plant, supporting higher grade throughput and growing production 2026 Production Guidance of 50,000 to 60,000 GEO weighted to H2/26Exploration Program positioned to support resource growth at MDN with four new drill rigs now on siteDevelopment activities continue to progress at both th ...

Core Viewpoint - MetalQuest Mining Inc. has amended the royalty provisions for its Lac Otelnuk Iron Project, simplifying the agreement and providing greater flexibility for future operations [1][2][3]. Royalty Structure Amendments - The existing royalty has been replaced with a 2.5% gross overriding royalty (GOR) based on the gross invoiced value from arm's-length sales of iron products, with no deductions for costs [4]. - The company has the option to reduce the GOR by 1.0% to 1.5% through the issuance of 500,000 common shares, pending necessary approvals [4]. - The GOR will remain attached to the mineral claims of the Lac Otelnuk Iron Project [4]. Project Development and Financials - Approximately $120 million has been invested in the Lac Otelnuk Iron Project to date, with ongoing efforts to gather technical data [8]. - The company is collaborating with the Naskapi First Nation and has engaged AtkinsRéalis for a comprehensive gap analysis of the 2015 Feasibility Study [8]. - The company also owns approximately 1.8 million free trading shares and 2.5 million warrants of Canadian Copper Inc., with CCI shares trading at $0.61 as of January 19, 2026 [11]. New Acquisitions and Future Plans - MetalQuest has secured the ROF-1 Project in Ontario's Ring of Fire, covering approximately 20,800 hectares, indicating a strategic move to expand its portfolio in critical minerals [9]. - Initial work at the Superior Iron Project is planned for Winter/Spring 2026, focusing on geological surveys and environmental studies to support future exploration [10].

Core Insights - MetalQuest Mining has acquired a 100% interest in the Superior Iron Project, significantly expanding its land position in the Labrador Trough, Québec [1][2] - The acquisition increases the company's total claims to 875, covering 42,175 hectares, making it one of the largest claim holders in the region [2][4] - The Superior Iron Project adjoins the Lac Otelnuk Iron Project, which is recognized as one of North America's largest undeveloped high-purity iron deposits [4][7] Company Expansion - The Superior Iron Project adds 27,425 hectares to MetalQuest Mining's portfolio, solidifying its status as a major player in the iron exploration and development sector [4][7] - The company has invested approximately $120 million in the Lac Otelnuk Iron Project over the past three years, which includes drilling and a historic feasibility study [7][19] - The initial work programs for the Superior Iron Project will include ground truthing, geophysics, and environmental baseline studies to outline future drill targets [5][18] Strategic Importance - High-purity iron was added to the Critical Strategic Minerals Lists in Québec and Canada in 2024, highlighting its importance in the energy transition and green economy [5][14] - The company aims to strengthen North America's critical mineral supply chains amid rising supply deficits and geopolitical pressures [13][14] - The management emphasizes the need for local processing capacity and partnerships with First Nations to ensure sustainable development [14][20] Investment and Market Dynamics - New Age Metals Inc. increased its equity ownership in MetalQuest Mining from 6.44% to 19.05%, indicating growing institutional confidence in the company's iron assets [5][22] - The Gap Analysis conducted by AtkinsRéalis will guide the next phase of technical work for the Lac Otelnuk Project, addressing current market conditions and regulatory changes [5][12][23] - The mining sector is experiencing historic levels of investment, with significant commitments from companies like Champion Iron and Vale S.A. to advance iron projects [16][17] Community Engagement - MetalQuest Mining maintains a comprehensive Exploration and Pre-Development Agreement with the Naskapi First Nation, ensuring long-term cooperation and shared benefits [8][20]

Group 1 - The company held its 2025 Annual General Meeting in a hybrid format, allowing remote participation via the Compuserve platform [1] - The new Chairman, Brett Smith, introduced the nonexecutive directors and the executive team present at the meeting [2] - A quorum was confirmed, and the meeting was officially opened with a Chairman's address followed by formal business and a CEO's address [3] Group 2 - A significant rockfall incident at Koolan has led to the suspension of mining operations in the Main Pit due to safety concerns [4] - The Chairman shared a personal anecdote related to safety risks in mining, emphasizing the importance of addressing such incidents [4]

Core Insights - Globex Mining Enterprises Inc. holds a 1% Gross Metal Iron Royalty on the Mont Sorcier high purity iron deposit, with significant progress reported by Cerrado Gold on the project [1][2] Project Update - The Mont Sorcier project has completed an infill drilling program of over 17,000 metres to update resources to the Proven and Probable categories, with a feasibility study expected by Q2 2026 [2][3] - The Bankable Feasibility Study aims to provide an updated economic assessment, building on a previous 2022 Preliminary Economic Assessment (PEA) that indicated a project NPV8% of US$1.6 billion based on iron concentrates with 65% iron content [3] Product Quality and Market Demand - New test results indicate the potential to produce a high-purity Direct Reduced Iron (DRI) concentrate with over 67% iron, which aligns with the increasing demand for sustainable steel production methods [3][4] - The Mont Sorcier project is positioned to produce a premium iron concentrate at low operating costs, supporting the transition from traditional blast furnaces to electric arc furnaces, thus contributing to industry decarbonization [4]

Core Insights - CoTec Holdings Corp. has engaged BBA Inc. to complete the bankable Feasibility Study for the Lac Jeannine Iron Tailings Project in Québec, Canada [1] - The project aims to engineer and design an iron tailings reclamation initiative, aligning with CoTec's strategy of utilizing innovative and environmentally responsible technologies [1] Company Developments - The engagement of BBA Inc. signifies a strategic move by CoTec to advance its Lac Jeannine project, which is focused on transforming legacy waste sites into valuable resources [1] - CEO Julian Treger emphasized the project's role in demonstrating the company's commitment to sustainability and innovation in the mining sector [1]

Core Viewpoint - Cerrado Gold Inc. announces the resignation of Mr. Robert Campbell from its board of directors as he intends to retire, with management expressing gratitude for his contributions and wishing him well in retirement [1] Group 1: Company Overview - Cerrado Gold is a Toronto-based gold production, development, and exploration company, fully owning the Minera Don Nicolás and Las Calandrias mines in Argentina [2] - The company holds an 80% interest in the Lagoa Salgada VMS project in Portugal and is developing the Mont Sorcier Iron project in Canada, which it fully owns [2] Group 2: Operations in Argentina - In Argentina, Cerrado is enhancing asset value at the Minera Don Nicolás operation through operational optimization and increasing production at the Las Calandrias heap leach project [3] - An extensive exploration campaign is ongoing to unlock potential resources in the Deseado Masiff region [3] Group 3: Operations in Portugal - In Portugal, Cerrado is focused on the Lagoa Salgada VMS project, which is located on the Iberian Pyrite Belt and is characterized by high-grade polymetallic mineralization including zinc, copper, lead, tin, silver, and gold [4] - The project has significant exploration potential across its 7,209-hectare property and is strategically located 80 km from Lisbon, benefiting from excellent infrastructure [4] Group 4: Operations in Canada - Cerrado's Mont Sorcier Iron project has the potential to produce premium iron concentrate with low operating costs and a long mine life [5] - The high-grade and high-purity product supports the transition of steel producers to electric arc furnaces, aiding in the decarbonization of the industry [5]