Mr. Mark Brennan reports

CERRADO GOLD TO HOST MANAGEMENT CONFERENCE CALL TO DISCUSS THE PURPORTED UNFAVOURABLE OPINION OF THE ENVIRONMENTAL IMPACT ASSESSMENT FOR THE LAGOA SALGADA PROJECT, PORTUGAL

Cerrado Gold Inc. will host a management conference call on Monday, Jan. 26, at 10 a.m. Eastern Standard Time, to discuss the purported unfavourable opinion of the environmental impact assessment for the Lago Salgada project in Portugal as reported in a company press release earlier today.

Preparations for the conference call are under way, and the dial-in number and details will be shared by news release before the call on Monday.

Mark Brennan, chief executive officer of Cerrado Gold, commented: "We are shocked and disappointed by APA's response to Lagoa Salgada's project development, and are currently trying to understand the reasoning and the next steps forward. We hope to have a greater understanding to impart to shareholders Monday."

About Cerrado Gold Inc.

Cerrado Gold is a Toronto-based gold production, development and exploration company. The company is the 100-per-cent owner of the producing Minera Don Nicolas and Las Calandrias mine in Santa Cruz province, Argentina. In Portugal, the company holds an 80-per-cent interest in the highly prospective Lagoa Salgada volcanogenic massive sulphide project through its position in Redcorp -- Empreendimentos Mineiros Lda. In Canada, Cerrado Gold is developing its 100-per-cent-owned Mont Sorcier iron project located outside of Chibougamau, Que.

In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas operation through continued operational optimization and is increasing production through its operations at Las Calandrias heap leach project. An extensive campaign of exploration is continuing to further unlock potential resources in its highly prospective land package in the heart of the Deseado massif.

In Portugal, Cerrado focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian pyrite belt in Portugal. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective stepout targets across the large 7,209-hectare property concession. Located just 80 kilometres from Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity, already showing its minable scale and cash flow generation potential.

In Canada, Cerrado is developing its 100-per-cent-owned Mont Sorcier high-purity, high-grade direct reduced iron project, located on the traditional Cree territory of Eeyou Istchee James Bay in the municipality of Chibougamau. The Mont Sorcier high-purity high-grade DRI iron project, which has the potential to produce a premium iron concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high-grade and high-purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces, contributing to the decarbonization of the industry and the achievement of sustainable development goals.

We seek Safe Harbor.