Episode Details

Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q1 2026 financial and operational metrics at the producing Minera Don Nicolas (MDN) gold mine in Argentina.  We discuss the aggressive 70,000 meter exploration program on tap for MDN into 2026, review the permitting process at the Lagoa Salgada VMS Project in Portugal and the key development catalysts on tap at the Mont Sorcier Iron-Vanadium project in Quebec.

Q1/26 MDN Operating Highlights:

• Q1 Gold equivalent production of 12,842 Gold Equivalent Ounces (“GEO”) 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 higher-grade ore to the CIL plant, 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
• Acquisition of Falcon Properties has the potential to extend Heap Leach operations based on historical drill results.
• Combined with the existing exploration program, the acquisition is expected to position the mine to add new mineable material quickly

• Full year production guidance of 50,000-60,000 GEO maintained
• AISC of $1,348/oz Au during Q1 2026
• Record Adjusted EBITDA of $28.7 million for Q1 2026, benefiting from unhedged gold position
• Strong Cash Position of $31.4 million at quarter end

Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the combination of heap leach and underground gold equivalent ounce production for the first quarter. He also highlighted the advantages of the Falcon Properties acquisition, and how it adds years to the existing heap leach mine life, as well as substantial exploration upside.  We discuss the key objectives from the ongoing 70,000 meter drill program will be looking to extend mine life in a substantial way and find new high-grade areas, at surface and underground, for future mine sequencing.

Next we got an update on the ongoing work from the previously announced unfavourable opinion of the environmental impact assessment (EIA) for the Lago Salgada VMS Project in Portugal. This ‘unfavourable opinion’ was issued after expiry of statutory deadline under Portuguese EIA legislation. The Company maintains its position that the project has been tacitly approved. Mark reiterated that the purported unfavorable opinion was issued despite the project being the first mining project in Portuguese history to receive unanimous favourable opinion for the Project by all 17 people that make up the Technical Evaluation Committee. The Company is working on a resolution and will update the market when it has more information.

Moving on to the Mont Sorcier Iron Project in Quebec, there are final workstreams feeding into the Bankable Feasibility Study slated for release here in Q2 of 2026. Recent metallurgical test work has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%, which gets a premium in the iron marketplace.  The NPV(8%) of the is project in the prior PEA was US$1.6Billion, so even at a very low multiple being applied to this Project, it more than underpins the current market cap that the company is currently receiving, and yet the market cap doesn’t even fully reflect the gold production asset.

We wrap up discussing the underappreciated valuation that the company is receiving for the both the producing MDN mine in Argentina, the development-stage