• Strong Production of 16,685 Gold Equivalent Ounces ("GEO") for the 3^rd Quarter 2026, up 21% from Q3/25
• Production of 44,942 GEO Year-to-Date
• Exploration is ongoing, with a key focus now on the Falcon property to support resource growth for a new Preliminary Economic Assessment targeted for late Q1 2027
• Full-year 2026 production is now expected at the upper end of annual guidance of 50,000 to 60,000 GEO
  
  

TORONTO, Oct. 19, 2026 (GLOBE NEWSWIRE) -- Cerrado Gold Inc. [TSX.V: CERT] [OTCQX: CRDOF] ("Cerrado" or the "Company") reports production results for the third quarter ended September 30, 2026 ("Q3 2026") from the Minera Don Nicolas Mine in Santa Cruz Province, Argentina ("MDN"). Full quarterly financial results are expected to be released prior to November 23, 2026.

Q3 Operating Highlights

• Q3 production of 16,685 GEO, up 21% from 13,832 GEO in Q3 2025. Year-to-date production of 44,942 GEO, up 23% from 36,432 GEO in the comparable 2025 period
• Heap leach production remained steady at 9,649 GEO in the quarter, similar to Q2 2026
• CIL production increased to 7,036 GEO in Q3, primarily driven by the selective routing of high-grade Calandrias feed to the Martinetas mill rather than the heap leach pad
  
  

Operations in Q3 2026 delivered continued strong production, reflecting improvements completed over the past year. Heap leach operations continued to benefit from the resolution of prior irrigation issues and improvements to the crushing circuit. The new crushing plant is undergoing commissioning and is expected to support increased feed delivery to the pad. The new tailings dam is now operating and provides approximately five years of capacity at planned operating rates. The new heap leach pad is expected to be completed by late Q1 2027 and will provide 12 million tonnes of additional capacity.

Higher gold prices have enabled MDN to incorporate additional low-grade material into the heap leach feed, improving resource utilization. At the same time, selected high-grade Calandrias material originally earmarked for the pad has been redirected to the Martinetas CIL mill to achieve higher recoveries. This material therefore contributes to CIL production rather than heap leach production, and performance should be considered across the combined operation.

Selected high-grade material from Calandrias, generally above 2.5 g/t gold, was transported to Martinetas for CIL processing rather than placing it on the heap leach pad. Routing decisions are supported by laboratory bottle-roll testing on milled samples, with some selected material achieving gold recoveries of up to 95%, compared with approximately 60% expected through heap leaching as outlined in the current NI 43-101 technical report for MDN. These are laboratory results for selected material, rather than overall plant recovery. The additional gold recovered provides an economic benefit, even after accounting for higher processing and transportation costs.

The focus on underground development continued during the quarter, with higher amounts of fresh feed becoming available toward quarter-end. Additional underground mineralized material is expected in Q4 2026, supporting increased production in the second half of 2026 compared with the first half. Underground operations continue to alternate between development and feed extraction as the workings follow the mineralized material zone deeper beneath the Paloma pit.

Cerrado is now expecting to be at the high end of its annual guidance range of 50,000 to 60,000 GEO.

Table 1. Key Operating Information

Note: Gold Equivalent Ounces calculated as Gold Ounces + (Silver ounces x Silver price)/Gold price

Mark Brennan, CEO and Chairman, commented, “We are very pleased to see continued strong operational performance at MDN, with both CIL and Heap Leach operations performing exceptionally. We continue to generate strong cash flows that support our key growth initiatives to extend mine life and increase production as we move forward. We are currently positioning the Company to combine the results from our ongoing exploration programs and the expected resource growth from our recent regional acquisitions to complete a new Preliminary Economic Assessment by the end of Q1 2027. The primary objective will be delivering a new consolidated mine plan with an extended mine life and an increased production profile.”

Preliminary Economic Assessment Progressing        

As the Company continues to advance its exploration program at MDN and drills out the potential resources from the recently acquired Falcon and Calandrias II properties, the Company continues with its plans to complete a new, third-party, independent Preliminary Economic Assessment (“PEA”) by late Q1 2027. The Preliminary Economic Assessment is expected to incorporate resources anticipated to be outlined for both heap leach production and production via the CIL plant. The objective of the new PEA is to demonstrate the anticipated growth in MDN’s mineral resource base, the corresponding extension in mine life, and the potential to increase production rates. Over the last two years, MDN has invested heavily in creating twin production streams via both the CIL and heap leach production routes. The CIL and heap leach facilities provide flexibility to process both high- and low-grade material through the most suitable route, based on metallurgical performance and economics. Combined with surface and underground mining capability, this allows MDN to draw on multiple feed sources and optimize the overall production mix.

Exploration work continued throughout the quarter across the existing property and in the recently acquired Falcon area. Sampling and mapping have been initiated, and diamond drilling has commenced in these new areas. Given the extent of existing drilling and the level of work completed at Falcon and other areas to date, the planned drill program is intended to test the potential to add mineral resources to support the expansion of heap leach operations. The Company expects to complete the drill program and associated testing is expected before year-end to be included in the PEA. Exploration drilling will continue thereafter. Further regional consolidation remains a key corporate strategy objective.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Andrew Croal, P.Eng., Chief Technical Officer for Cerrado Gold, who is a Qualified Person as defined in National Instrument 43-101.

   About Cerrado

Cerrado Gold is a Toronto-based gold production, development, and exploration company. The Company is the 100% owner of the producing Minera Don Nicolás and Las Calandrias mines in Santa Cruz province, Argentina. In Portugal, the Company holds an 80% interest in the highly prospective Lagoa Salgada VMS project through its position in Redcorp - Empreendimentos Mineiros, Lda. In Canada, Cerrado Gold is developing its 100% owned Mont Sorcier Iron project located outside of Chibougamau, Quebec.

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 our highly prospective land package in the heart of the Deseado Massif.

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 the deposit and at prospective step-out targets across the large 7,209-hectare property concession. Located just 80km 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% 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.

For more information about Cerrado, please visit our website at: www.cerradogold.com.

Mark Brennan                        
CEO and Chairman        

Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
mmcallister@cerradogold.com                                

Disclaimer and Cautionary Note Regarding Forward-Looking Information

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statements that discuss predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado; production guidance and targets for 2026, including the expectation that full-year 2026 production will exceed 60,000 GEO and that production in the second half of 2026 will exceed the first half; the availability of additional underground mineralized material in Q4 2026; the commissioning of the new crushing plant and its expected effect on delivery to the heap leach pad; the capacity of the new tailings facility; the timing of completion and the capacity of the new heap leach pad; the incorporation of lower-grade material into heap leach feed; the routing of higher-grade Calandrias material to the Martinetas CIL plant and the expected recoveries and economic benefit of doing so; expected cash flow generation; the timing, scope and anticipated results of the new PEA, including a consolidated mine plan with an extended mine life and an increased production profile, for which no assurance is provided; the timing, completion and results of exploration and drilling at MDN, Falcon and Calandrias II, and their potential to add mineral resources; future regional consolidation; the expected timing of release of the Company’s Q3 2026 financial results; and the potential of the Lagoa Salgada and Mont Sorcier projects.

In making these forward-looking statements, Cerrado has made certain assumptions, including: gold and silver prices and foreign exchange rates consistent with current levels; mining, processing and recovery performance consistent with recent results and laboratory testwork; the timely commissioning of the crushing plant and completion of the new heap leach pad on schedule and on budget; continued access to underground mineralized material as planned; the availability of drilling contractors, assay laboratories and the independent consultants engaged to prepare the PEA; exploration results consistent with management’s expectations; and stable political, economic, fiscal and regulatory conditions in Argentina, including with respect to permitting, import controls and currency controls.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially, including: gold and silver price volatility; variations in grade, recovery and throughput; delays or cost overruns in construction and commissioning; equipment, labour, supply chain or weather disruptions; the risk that exploration does not outline additional mineral resources or that the PEA does not support an extended mine life or higher production; the speculative nature of a PEA, which may include inferred mineral resources; political, economic, inflation, currency and regulatory risks in Argentina; the risks associated with operating MDN without a feasibility study of mineral reserves demonstrating economic and technical viability; and the other risks described under “Risks & Uncertainties” in the Company’s MD&A and other filings with the Canadian securities regulators. Although Cerrado believes these assumptions are reasonable, it can give no assurance that the expectations in any forward-looking statement will prove correct. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.