Cerrado Gold Inc. reports Q3 2025 production of 13,832 GEO with AISC of $1,915/oz and adjusted EBITDA of $11.8 million. Cash balance at $16.5 million with partial hedge expiring end December. Full year guidance of 50,000-55,000 GEO maintained. Expansion of exploration program by 50,000 metres with significant progress at Lagoa Salgada and Mont Sorcier projects.

MDN operations see Q3 production increase to 13,832 GEO, up 21% from Q2. Heap leach production reaches record high of 10,429 GEO, up 33% from Q2. Underground development at Paloma progressing well, with CIL plant ramping up production. Three new rigs acquired to accelerate exploration drilling and reduce assay turnaround times.

Exploration program continues with initial promising results, though full assay results pending. Acquisition of three new rigs to expedite drilling in Q4. Optimized Feasibility Study nearing completion at Lagoa Salgada, with Bankable Feasibility Study at Mont Sorcier targeted for Q2 2026. Strong cash flow supports exploration and development efforts.

CEO Mark Brennan pleased with Q3 results and progress at MDN, Lagoa Salgada, and Mont Sorcier projects. Expecting higher production rates in Q4 with increased cash flow. Anticipates unlocking significant value in projects as Feasibility Studies are completed. Excited for potential shareholder value in 2026 with higher grade material and expanded exploration.

Operational results for Q3 show increased production driven by heap leach operations. Heap leach performance steadily improving with planned upgrades in Q4. Stable production from stockpiled material via CIL plant. Underground operations delayed slightly due to stabilization works. Future focus on exploration and development efforts. MDN’s underground mining operations are set to contribute significantly to production starting in Q4 2025. Updates to the crusher circuit will be finalized by then, boosting ore processing capacity. Initial production has been slightly delayed due to structural support needs but is expected to ramp up in 2026.

Exploration efforts are underway with a 20,000 meter drill program focusing on high-grade targets near the Paloma deposits. Positive initial results have led to an expansion of the program by 50,000 meters. MDN’s annual production guidance for 2025 has been adjusted to 50,000 – 55,000 GEO with higher AISC costs due to ongoing expenses and inflationary pressures.

MDN is making progress in reducing its debt through operational cash flow while investing in exploration and feasibility studies for other projects. Financially, the company generated $41 million in revenue in Q3 2025, with higher revenue compared to the same period in 2024. Total cash costs per ounce sold increased by 16% due to a decrease in ounces sold.

In Q3 2025, MDN produced 13,832 gold equivalent ounces, with heap leach operations driving higher production compared to the previous year. Revenue increased to $41 million from the sale of 11,970 ounces of gold and 81,290 ounces of silver. However, total cash costs per ounce sold increased by 16% primarily due to lower ounces sold and slightly higher production costs.

The company reported a net loss of $12.2 million in Q3 2025, a decrease from the net income in Q3 2024. This was mainly due to higher income tax expenses. The focus remains on expanding production, reducing costs, and advancing exploration efforts to drive future growth and profitability. Cerrado Gold reported a net loss increase due to various factors, including a decrease in foreign exchange gain and an increase in losses on remeasurement of obligations. General and administrative expenses also rose, primarily from higher salaries. Other losses included finance expenses and fair value remeasurements. The company extended its hedging program to ensure strong cash flows and support growth initiatives.

Looking ahead, Cerrado anticipates improved production rates at its MDN Heap Leach operations. The CIL plant will benefit from processing higher-grade ore, boosting profitability. The company maintains its 2025 annual production guidance despite higher AISC costs. An expanded exploration program aims to grow known resources, with additional drill rigs ordered to expedite the process.

At the Lagoa Salgada project, progress continues towards a construction decision in H1 2026. Positive improvements in metallurgical testing and cost efficiency are encouraging. The company is advancing EIA approval and expects completion of the Optimized Feasibility Study by year end. Work at the Mont Sorcier iron project is ongoing, with a focus on completing the Feasibility Study by Q2 2026 based on revised development plans.

Cerrado Gold has engaged DS Market Solutions for market making services, subject to TSX Venture Exchange approval. DS Market will provide equity trading advisory and liquidity services to maintain an orderly market for the company’s securities. In exchange, Cerrado will pay a monthly fee from available cash, with the option to renew the agreement on a monthly basis. Cerrado Management will host a conference call and webcast on December 1, 2025, at 11:00 AM EST to discuss Q3 Financial and Operational results. The presentation can be found on Cerrado Gold’s investor page. Dial-in numbers and PINs will be provided upon conference registration completion or through the “Call Me” feature.

Cerrado Gold is a Toronto-based gold production, development, and exploration company. They own the Minera Don Nicolás and Las Calandrias mine in Argentina, as well as the Lagoa Salgada VMS project in Portugal and the Mont Sorcier Iron project in Canada. They are focused on operational optimization, production growth, and exploration to unlock resources.

In Argentina, Cerrado is optimizing asset value at Minera Don Nicolas and expanding production at Las Calandrias. In Portugal, they are exploring the highly prospective Lagoa Salgada VMS project. In Canada, they are developing the Mont Sorcier high-purity, high-grade, Direct Reduced Iron project to contribute to the decarbonization of the steel industry.

The scientific and technical information in Cerrado’s press release has been reviewed and approved by Andrew Croal P.Eng, Chief Technical Officer. For more information, visit their website at www.cerradogold.com. CEO and Chairman is Mark Brennan, and Vice President of Investor Relations is Mike McAllister.

The press release contains forward-looking statements regarding Cerrado’s business, operations, improvements, production estimates, cashflows, operating costs, exploration activities, feasibility studies, and environmental impact assessments. The statements are based on expectations and projections as of the date of the release. Cerrado has released forward-looking statements, cautioning that actual results may differ due to risks and uncertainties. Factors such as economic conditions and competition may impact outcomes. The company disclaims any obligation to update statements. A photo is available with the announcement.

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