• Q4 2022 production of 17,360 Gold Equivalent Ounces (“GEO”)
• Full year production at top end of range of guidance at 53,672 GEO (45-55,000 GEO)
• Las Calandrias heap leach construction on-track for first gold pour late Q2 2023
• 2023 Production Guidance: 60,000 – 70,000 GEO at an AISC of US$1,100-1,300 per
ounce
TORONTO, ONTARIO - Cerrado Gold Inc. [TSX.V: CERT][OTCQX:CRDOF] ("Cerrado" or the
"Company”) announces production results for the fourth quarter of 2022 (“Q4 2022”) from its Minera Don Nicolas Mine in Santa Cruz Province, Argentina (“MDN”). Full financial results are expected to be released on April 14, 2023.
Q4 Operating Highlights
• Q4 production of 17,360 GEO compared to Q3 2022 production of 11,284 GEO (+54%)
• Full year production of 53,672 GEO compared to 43,559 GEO for 2021 (+23%)
• Results demonstrate ongoing stability in mill throughput combined with improving head grades and recoveries;
o Gold head grades increased to 5.83 g/t from 4.40 g/t quarter-on-quarter (“QoQ”) and to 4.56 g/t from 3.51 g/t year-on-year (“YoY”)
o Gold Recoveries increased from 91.0% to 94.9% QoQ and from 88.7% to 91.6%
YoY
Mark Brennan, CEO and Co-Chairman commented “We are very pleased with the progress at Minera Don Nicolas in 2022; the production growth and asset development seen over the past year is a testament to the skill and dedication of the MDN operational team.” He added, “While we are in
production with operations that have now been normalized, MDN remains a Discovery asset and is still in its start-up phase. Management’s objective over the last year has been focused on driving production but also on building MDN’s life of mine strategic plan that will incorporate the same
opportunities seen at the neighboring operations of Anglo, Yamana and Newmont.”
He continued, “We are making significant headway with our heap leach and underground development and during 2023 we will continue to be focused on growth initiatives, both production
and exploration based, to more fully define the world class potential we see in this asset.”
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Operational results presented for 2022 highlight the Company’s first full year of normalized
operations. Since Cerrado acquired the Minera Don Nicolas mine, operations and production rates
have seen continuous growth and improvement in spite of initially difficult Covid conditions. Over
the next few quarters, variability is expected to continue given the Company is still developing and
implementing its Life of Mine (“LOM”) strategy. The consolidation of mine sequencing and
exploration work to upgrade and define new sources of resources remains the key focus given the
early stage of development at MDN.
The operations team is focused on numerous new growth projects aside from expanding current
open pit resources, including: the construction of the Las Calandrias Heap Leach operation (first gold
pour anticipated Q2 2023); underground development and production at Paloma; and a new Heap
leach operation at Martinetas. These development initiatives are expected to be operational later
in 2023 and should support the production capacity of up to approximately 90,000 ozs per year.
Both ore mined and ore milled remained stable throughout the year, above 1,000 tonnes per day
each quarter, demonstrating the success of the teams’ efforts to normalize operations during
2020/21. Production increases were driven primarily by ongoing efforts to reduce dilution and thus
increase head-grades. Additionally, ore from new pits opened during Q2 and Q3, are delivering
higher grade ore than predicted by the mine plan. Gold production for the year also benefited by
cumulative increases in the recoveries over the year. Please see Table 1. for a summary of key
highlights from all four quarters for 2022. We note sales in Q4 were below production due to the
timing of shipments over the holiday period.
Annual Guidance for 2023
Production is expected to be between 60,000 – 70,000 GEO and the Company expects to deliver
an AISC of US$1,100-1,300 per ounce for the upcoming year.
Table 1. Key Operating Information

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