Chibougamau notes Mont Sorcier FS completion by Q2 2026

Executive Summary

• Cerrado Gold Inc. announced that the Mont Sorcier iron‑magnetite project feasibility study will target a 60 % higher throughput – up to 8 Mt/yr versus the 5 Mt/yr in the September 2022 PEA.
• The phased production plan moves from 4 Mt/yr at start‑up to 8 Mt/yr by year 3, with Phase 1 capital costs expected to rise 30–40 % relative to the original PEA while Phase 2 capital is projected to be lower due to early construction of key facilities.
• The project remains on schedule for an environmental and social impact assessment filing in Q4 2026 and a potential construction start in mid‑2028, assuming permits and financing are secured.

Key Details

• Throughput Increase: Feasibility study now contemplates 8 Mt of ore per annum (60 % higher than the PEA’s 5 Mt/yr).
• Phased Production Schedule:
• Phase 1 – start‑up at 4 Mt/yr.
• Ramp‑up to 8 Mt/yr by approximately Year 3 of operation.
• Capital Cost Implications:
• Phase 1 capital estimated to be 30–40 % higher than PEA due to revised flow‑sheet design and larger infrastructure to accommodate Phase 2 throughput.
• Phase 2 capital expected to be “significantly lower” because certain facilities will be built in Phase 1 rather than deferred.
• Resource Definition: Additional 17,890 m of drilling added to the resource database; assay results pending.
• Mine Life: Expected to remain at 20 years despite higher throughput, contingent on forthcoming mineral resource update.
• Regulatory Timeline: Environmental and Social Impact Assessment (ESIA) submission planned for Q4 2026.
• Construction Outlook: Targeted construction commencement in mid‑2028, conditional upon receipt of all required permits and financing.
• Royalty Position: Chibougamau Independent Mines Inc. holds a 2 % gross metal royalty on iron and vanadium production from Mont Sorcier.

Notable Quotes

(No direct CEO/President quotes were provided in the release.)