Chibougamau notes work on Mont Sorcier reserve estimate

Executive Summary

• Cerrado Gold has completed an infill drilling program of over 17,000 metres at the Mont Sorcier high-purity iron project to update resources to proven and probable categories.
• The updated resource data will support a bankable feasibility study targeted for completion in the second quarter of 2026.
• Recent testwork indicates the ability to produce a high-purity DRI-grade iron concentrate with over 67% iron content, enhancing the project's value proposition for the green steel transition.

Key Details

• Drilling Activity: Completed 17,000 metres of infill drilling to update mineral resources to proven and probable categories.
• Feasibility Study: A bankable feasibility study is underway, targeting completion in Q2 2026.
• Previous Economic Assessment: The 2022 NI 43-101 preliminary economic assessment reported a project NPV (8%) of $1.6 billion (U.S.) based on iron concentrates grading 65% iron.
• Product Quality: New testwork demonstrates the capability to deliver a high-purity DRI-grade iron concentrate product of over 67% iron.
• Project Location: Located in the municipality of Chibougamau on the traditional Cree territory of Eeyou Istchee James Bay.
• Chibougamau Interest: Chibougamau Independent Mines Inc. retains a 2-per-cent gross metal royalty on the Mont Sorcier project.

Notable Quotes

• "At the Mont Sorcier high-purity iron project, all key work streams continued to progress the feasibility study, and the company completed an infill drilling program to update sufficient resources to the proven and probable categories."
• "Cerrado is developing its 100-per-cent-owned Mont Sorcier high-purity, high-grade, direct reduced iron project... The Mont Sorcier project has the potential to produce a premium iron concentrate over a long mine life at low operating costs and low capital intensity."