Cerrado Gold reports Q2 2026 production at Minera Don Nicolas, Argentina

Strong Production of 15,415 Gold Equivalent Ounces ("GEO") for the 2 nd Quarter 2026 and 28, 257 GEO for the first 6 months of 2026

Higher Grade Ore Production from the Underground ramping up on schedule

Ongoing exploration program combined with Falcon acquisition expected to support resource growth, leading to increased mine life and structural increases in production levels

Preliminary Economic Assessment targeted for Q1/27

Annual Production Guidance of 50,000 to 60,000 GEO maintained for 2026

TORONTO, July 13, 2026 (GLOBE NEWSWIRE) -- Cerrado Gold Inc. [TSX.V: CERT] [OTCQX: CRDOF] ("Cerrado" or the "Company") reports production results for the second quarter ended June 2026 ("Q2 2026") from the Minera Don Nicolas Mine in Santa Cruz Province, Argentina ("MDN"). Full quarterly financial results are expected to be released prior to August 30, 2026.

Q2 Operating Highlights

Q2 Production of 15,415 vs 13,835 GEO in Q2 2025, 2026 first half Production of 28,257 vs 22,600 GEO in 2025

Heap leach production improved to deliver 9,981 GEO in the quarter

Underground development work continued; leading to increased production for H2/26

CIL plant continues to process a blend of stockpile material with an increasing mix of ore from underground operations, resulting in total production of 5,434 GEO in Q2

Operations for Q2 2026 showed strong production results relative to the previous quarter and prior years. Production rates increased at the heap leach versus the previous quarter as irrigation issues due to water shortages were addressed, and the benefits from the improvements to the crushing circuit continued to support improved recoveries and production. Silver recovery rates showed a marked improvement at the heap leach operations due to adjustments in the circuit, enhancing overall GEO production.

The focus on underground development continued during the quarter, with higher amounts of fresh ore becoming available towards the end of the quarter. Additional ore is expected to be delivered in Q3 and Q4, supporting an expected increase in overall production levels in the latter half of the year compared with the first half of 2026. During 2026, underground ore operations will continue to alternate between development activities and ore extraction, as the underground workings follow the ore zone deeper under the Paloma pit.

Table 1. Key Operating Information

Mark Brennan, CEO and Chairman, commented, “We are very pleased to continue to see strong operational performance at MDN, with both Underground and Heap Leach operations performing exceptionally well. We continue to generate strong cash flows, which support our key growth initiatives of extending the mine life and increasing production levels. We are currently positioning the company to combine the results from our ongoing exploration program and the expected resource growth from our recent regional acquisitions to complete a new Preliminary Economic Assessment by Q1/27. The primary objective will be delivering a new consolidated mine plan with an extended mine life and an increased production profile.”

New Preliminary Economic Assessment Planned

As the Company continues to advance its exploration program and consolidate the results with potential resources from the recently acquired Falcon and Calandrias II properties, the Company plans to complete a new third-party, independent Preliminary Economic Assessment by Q1/2027. The Preliminary Economic Assessment is expected to incorporate resources anticipated to be outlined for both heap leach production and production via the CIL plant. The objective of the new PEA is to demonstrate the anticipated growth in MDN’s mineral resource base, the corresponding extension in mine life, and the potential to increase production rates. Over the last two years, the MDN has invested heavily in creating twin production streams via both the CIL and heap leach production routes. This combined infrastructure is now in place and has positioned MDN to deliver strong operational performance irrespective of the type of ore that is recovered.

Exploration work continued throughout the quarter across the existing property and in the newly acquired Falcon area. At both the newly acquired properties, on-site sampling and mapping have been initiated, and a drill program has been designed and should commence in Q3/2026. Given the extent of existing drilling and the level of work completed at Falcon to date, the planned drill program is expected to add mineral resources to support the expansion of heap leach operations. Completion of the drill program and associated testing is expected before year-end supporting the completion of the PEA in Q1/27. Further regional consolidation remains a key corporate strategy.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Andrew Croal, P.Eng., Chief Technical Officer for Cerrado Gold, who is a Qualified Person as defined in National Instrument 43-101.

About Cerrado

Cerrado Gold is a Toronto-based gold production, development, and exploration company. The Company is the 100% owner of the producing Minera Don Nicolás and Las Calandrias mines in Santa Cruz province, Argentina. In Portugal, the Company holds an 80% interest in the highly prospective Lagoa Salgada VMS project through its position in Redcorp - Empreendimentos Mineiros, Lda. In Canada, Cerrado Gold is developing its 100% owned Mont Sorcier Iron project located outside of Chibougamau, Quebec.

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 ongoing to further unlock potential resources in our highly prospective land package in the heart of the Deseado Masiff.

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 deposit and at prospective step-out targets across the large 7,209-hectare property concession. Located just 80km from Lisbon and surrounded by existing infrastructure, Lagoa Salgada offers a low-cost entry to a significant development and exploration opportunity, already showing its mineable scale and cash flow generation potential.

In Canada, Cerrado is developing its 100% 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.

For more information about Cerrado, please visit our website at: www.cerradogold.com .

Mark Brennan CEO and Chairman

Mike McAllister Vice President, Investor Relations Tel: +1-647-805-5662 mmcallister@cerradogold.com

Disclaimer

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cer rado, production forecasts for 2026 including the expectation of increased production levels in the second half of 2026, the time required to complete a preliminary economic assessment at MDN and the anticipated results of such assessment including the Company’s ability to deliver a new consolidated mine plan with an extended mine life and an increased production profile for which no assurance is provided, progress and potential of underground development at MDN, exploration potential at MDN and the ability of prospective targets and recently acquired properties such as Falcon and Calandrias II properties to materially add to mine life and production levels and the discovery of ore capable of feeding the heap leach and CIL operations, and the risks and uncertainties described under the heading “Risks & Uncertainties” in the Company’s Management Discussion and Analysis and other filings made with the securities commissions in Canada. In making the forward-looking statements contained in this press release, Cerrado has made certain assumptions. Although C errado believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

Minera Don Nicolas Mine Mill at MDN

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