Mr. Mark Brennan reports

CERRADO GOLD APPOINTS CHRIS MACINNIS AS VICE PRESIDENT, GEOLOGY

Cerrado Gold Inc. has appointed Chris MacInnis to the position of vice-president, geology, effective immediately. Mr. MacInnis joined Cerrado as a director of geology and resources in March, 2023.

Mr. MacInnis is a professional geologist with over 20 years of experience in mineral resource definition and exploration. Prior to joining Cerrado Gold, Mr. MacInnis was the head of the mineral resource division at GoldSpot, where he helped develop AI (artificial intelligence) algorithms to leverage big data and identify new exploration targets for precious and critical minerals around the world. Prior to that, he was with SRK Consulting as a senior geologist, co-writing and contributing to dozens of National Instrument 43-101-compliant reports on properties across the United States, Canada and Mexico and producing new resource estimations for many commodities, including narrow-vein and stockwork gold, silver, copper, platinum group elements and base metals. Mr. MacInnis also worked at Datamine Canada, is a former elected board member for the Professional Geoscientists of Ontario and holds a BSc from St. Mary's University.

Mark Brennan, chief executive officer and chairman, commented: "On behalf of the company's board of directors and management team, I am pleased to announce the appointment of Chris as vice-president, geology. It is well earned. The depth of his experience and strong track record in exploration and resource definition speaks for itself. His experience will continue to support the company as it continues to execute on its ongoing 50,000-metre surface and 20,000-metre underground drill programs under way at Minera Don Nicolas as well as the infill drilling program planned at the Mont Sorcier project in Quebec."

In addition, the company has issued 325,000 restricted share units to eligible participants under the company's amended and restated omnibus incentive plan. The RSUs shall vest in 12 months. Once vested, each RSU represents the right to receive one common share of the company.

About Cerrado 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 Ltda. 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 continuing to further unlock potential resources in the company's 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 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 development and exploration 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 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.

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