Cerrado Gold Reports 21% Year-Over-Year Increase in Q3 2026 Production Results at Minera Don Nicolas

Cerrado Gold Inc. (CERT) released a quarterly production update for the third quarter ended September 30, 2026, covering operations at the Minera Don Nicolas ("MDN") mine in Santa Cruz, Argentina. Full financial statements for the period are scheduled to be issued prior to November 23, 2026.

Key production metrics for the quarter include:

• Q3 2026 production of 16,685 GEO, up 21% versus 13,832 GEO in Q3 2025 and up about 8% sequentially from 15,415 GEO in Q2 2026.
• Year-to-date 2026 production of 44,942 GEO, up 23% versus 36,432 GEO in the comparable 2025 period.
• Heap leach production was 9,649 GEO, essentially flat versus Q2 2026 (9,981 GEO).
• CIL production rose to 7,036 GEO from 5,434 GEO in Q2 2026, driven by selective routing of high-grade Calandrias feed (generally above 2.5 g/t gold) to the Martinetas mill rather than the heap leach pad.

The company now expects full-year 2026 production to land at the upper end of its unchanged guidance range of 50,000 to 60,000 GEO. During the quarter, Cerrado Gold sold 16,187 GEO at a realized price of $4,256/oz gold.

Operational milestones include a new crushing plant currently in commissioning and a new tailings dam that is now operating with approximately five years of capacity. A new heap leach pad, which will add 12 million tonnes of capacity, is expected to be completed in late Q1 2027. Additionally, a new third-party Preliminary Economic Assessment (PEA) is targeted for late Q1 2027. This study will incorporate Falcon and Calandrias II resources and is intended to demonstrate extended mine life and higher production.

The release contains a drafting inconsistency regarding forward-looking statements. The boilerplate text states an expectation that "full-year 2026 production will exceed 60,000 GEO," which contradicts the body of the release that cites the "high end of its annual guidance range of 50,000 to 60,000 GEO."

Cerrado Gold Inc. (CERT) released a production update for the third quarter, providing context for prior-period performance rather than serving as an earnings release. The company reported 16,685 ounces of gold equivalent (GEO), marking its best quarterly result in visible history. This figure compares to 15,415 ounces in the second quarter of 2026 and 13,832 ounces in the third quarter of 2025.

Management had previously guided for a second-half-weighted 2026, citing underground ramp-up and heap leach optimization. The Q3 results confirm this narrative without altering the company’s outlook. The guidance adjustment represents a tilt toward the top of the unchanged 50,000-60,000 ounce range rather than a raise above it.

The most significant operational development involves the CIL plant now processing high-grade Calandrias feed that was previously directed to the heap leach pad. This shift has increased CIL output and validates the company’s twin-production-stream strategy. While this development is strategically relevant for the pending preliminary economic assessment (PEA), it does not change near-term guidance.

Following the Q2 earnings report on August 18, the stock traded around C$2.28, reached a high of C$2.70 on September 4, and returned to C$2.28 by October 16.

Cerrado Gold Inc. (TSX-V: CERT) is a Toronto-based gold production, development, and exploration company operating three assets across three jurisdictions. Its sole producing asset, Minera Don Nicolas (MDN), is located in Santa Cruz, Argentina. The 100%-owned project features twin heap leach and CIL production streams and sits within a 330,000-hectare land package in the Deseado Massif.

The company’s development and exploration portfolio includes the Las Calandrias, Calandrias II, and Falcon properties, which are heap leach and exploration sites contiguous to MDN. These assets are central to regional consolidation and the resource-growth narrative feeding the late Q1 2027 Preliminary Economic Assessment (PEA).

Internationally, Cerrado Gold holds an 80% interest in the Lagoa Salgada project in Portugal via Redcorp. Located on the Iberian Pyrite Belt approximately 80 km from Lisbon, the 7,209-hectare high-grade polymetallic VMS project has been declared a Project of National Interest but remains stalled on environmental permitting. Additionally, the company owns 100% of the Mont Sorcier project in Quebec, near Chibougamau. This high-purity DRI-grade iron project possesses a large resource and benefits from rail and deep-water port access, though its Feasibility Study (BFS) is delayed.

Jurisdictional risk remains a defining characteristic of the company’s operations. Production is concentrated in Argentina, where the company faces currency controls, inflation, and export repatriation challenges. Meanwhile, the two development assets are subject to distinct regulatory hurdles: Lagoa Salgada faces permitting risks in Portugal, while Mont Sorcier contends with a long permitting runway in Canada.