• Strong Production of 12,842 Gold Equivalent Ounces for the 1^st Quarter 2026
• Improved realized gold prices with close-out of hedges in January
• 2026 Production Guidance of 50,000 to 60,000 GEO maintained
• Underground development ramping up to support increased production in Q2/Q3
• Exploration Program advancing rapidly to support resource growth at MDN with four drill rigs operating on site
• Development activities continue to progress at both the Lagoa Salgada and Mont Sorcier projects

Cerrado Gold Inc. [TSX-V: CERT] [OTCQX: CRDOF] announces production results for the first quarter ended March 2026 from the Minera Don Nicolas Mine in Santa Cruz Province, Argentina. Full quarterly financial results are expected to be released prior to May 31, 2026.

Q1 Operating Highlights

• Q1 Production of 12,842 vs 11,163 GEO in Q1 2025
• Heap leach production of 8,787 GEO continues to increase as water availability improves
• Underground development work continued at an accelerated pace, with record development meters during the period
• Access to new underground ore zones expected in Q2 2026, delivering high-grade ore to the CIL, improving head feed grade, and increasing production
• CIL plant continues to process a blend of stockpile material and additional ore from underground development, resulting in total production of 4,055 GEO in Q1 through the CIL plant

Operational results for Q1 2026 showed production remained consistent relative to the previous quarter. Production rates increased at the heap leach versus the previous quarter; however, irrigation issues continued to limit production. Water availability continues to improve as we move into the wetter months and remains supported by ongoing purchases and additional water from expanded borehole water production. As more water for irrigation becomes available, the gold inventory on the pad that has not been fully irrigated will be recovered over time. Average recovery rates remained lower than planned due to the mix of primary ore placed on the leach pads as per the mine sequence, as wel l as reduced irrigation. This was offset by steady production from the CIL plant, maintaining overall production rates.

The focus on underground development continued during the quarter, which reduced the ore available for immediate processing, but the increased development (See Figure 1 below) will allow access to more material amounts of ore during the coming quarters and is expected to lift production and improve head grades to the plant during Q2/Q3. During 2026, underground ore operations are expected to follow a cycle of development and then ore extraction, as the underground workings follow the ore zone deeper under the current pit.

Table 1. Key Operating Information