Mr. Mark Brennan reports

CERRADO GOLD GRANTED INJUNCTION ON ITS LAGOA SALGADA PROJECT IN PORTUGAL

Cerrado Gold Inc.'s wholly owned subsidiary, Redcorp -- Empreendimentos Mineiros Lda., has been granted the injunctive relief it sought in connection with the opinion of the Portuguese Environmental Agency (Agencia Portuguesa do Ambiente -- APA).

• Granting of injunction sought by Cerrado suspends the effects of the opinion of the Portuguese environmental agency;
• Concession contract for Lagoa Salgada remains valid and in good standing.

Granting of the injunction has the effect of suspending the effects of the APA opinion while the legal action commenced by Redcorp to overturn APA's opinion continues to progress. This decision ensures that Redcorp continues to hold its concession contract and PIN classification for the Lagoa Salgada project valid and in good standing.

Mark Brennan, chief executive officer and chairman, commented: "We are pleased that the court has agreed with our position. The company continues to work with relevant stakeholders in Portugal towards a resolution that would see the Lagoa Salgada mine permitted and built."

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 VMS (volcanogenic massive sulphide) project through its position in Redcorp-Empreendimentos Mineiros. 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 (MDN) operation through continued operational optimization and is growing production through its operations at the Las Calandrias heap leach project. An extensive campaign of exploration is ongoing to further unlock potential resources in the company's highly prospective land package in the heart of the Deseado Masiff.

In Portugal, Cerrado is focused on the development and exploration 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 existing infrastructure, Lagoa Salgada offers a low-cost entry to a significant development and exploration opportunity, already showing its mineable 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 project 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.