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.

Company Overview - Champion Iron has a nameplate capacity of 15 million tonnes per annum (mtpa) of high-purity 66.2% Fe iron ore concentrate[18] - The company's enterprise value is approximately C$2.5 billion with EBITDA of C$348 million over the last 12 months[19] - Management ownership is 9.0% and the government of Québec owns 8.3%[19] Green Steel Transition - Steelmaking represents approximately 10% of global CO2 emissions, with 85% of these emissions generated by the reduction and smelting of iron ore[24] - DRI production grew at a compounded annual growth rate of 6.2% since 2020, while crude steel production saw a slight decline[32] - Europe has invested approximately €14.6 billion to support 15 DRI/EAF projects[35] Product Quality and Market Position - Champion's DRPF project is expected to produce a market-leading DR quality product with 69% Fe[42] - Australia's major iron ore producers' average contaminants increased by 12% over the last decade[47] - Bloom Lake's emission intensity is 8.95 kg of CO2 per tonne of iron ore produced[49] Recent Results and Financials - FY25 production was 13.8M wmt, representing 92.2% of Bloom Lake's nameplate capacity of 15M wmt[54] - FY25 saw record annual iron ore concentrate sales of 13.5M dmt, a 15.9% year-over-year increase[65] - Total cash cost for FY25 was $78.3/dmt[68] - The company has $176.1 million in cash and cash equivalents and $185.3 million in working capital as of June 30, 2025[73] Growth Initiatives - The DRPF project is progressing as scheduled, with commissioning planned to start in December 2025 and commercial shipments expected in the first half of calendar 2026[92] - Cumulative investments in the DRPF project totaled $387.0 million as of June 30, 2025, out of an estimated total capital expenditure of $470.7 million[92] - Nippon Steel and Sojitz made initial cash contributions of $68.6M to Kami Iron Mine Partnership for a 49% interest in the Kami Project[98]