Mr. Jack Stoch reports

MONT SORCIER IRON VANADIUM UPDATE

Chibougamau Independent Mines Inc. and Globex Mining Enterprises Inc. have provided an update, as reported by Cerrado Gold Inc. on April 15, 2025, regarding the Mont Sorcier iron-vanadium deposit near Chibougamau, Que. Chibougamau Independent holds a 2-per-cent gross metal royalty on all iron and vanadium produced from the property, and Globex holds a 1-per-cent gross metal royalty on all iron production.

Cerrado's Mont Sorcier project update is reproduced herein in full.

"At the Mont Sorcier high-purity iron project, detailed metallurgical testwork and flowsheet design continued during the quarter. As announced in early December, 2024 (see press release dated Dec. 4, 2024), testwork has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67 per cent iron with silica and alumina content below 2.3 per cent. Ongoing testwork is focused on flotation testing, greater detailed variability tests, grind size and reagent optimization programs, as well as equipment sizing.

"Current testwork and overall process design are to be at the core of the NI 43-101 [National Instrument 43-101] bankable feasibility study (BFS), which is targeted to be completed by the end of Q1 2026. The bankable feasibility study will look to provide greater detail of the potential for the project that was highlighted in the previous 2022 NI 43-101 preliminary economic assessment (PEA) that delivered a project NPV8% [net present value at an 8-per-cent discount] of $1.6-billion (U.S.) based upon iron concentrates grading 65 per cent iron. All principal consultants are now actively engaged in the BFS process."

Jack Stoch wrote this press release in his capacity as president of both Chibougamau Independent Mines and Globex Mining Enterprises.

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