# Cerrado Gold (TSXV:CERT)

> Cerrado Gold Inc.

## About

Cerrado Gold Inc. is a gold mining company focused on the exploration and development of gold projects in the Americas. The company owns 100% of the Minera Don Nicolas project in Argentina, which has an annual production of approximately 55,000 ounces of gold, and is also advancing its Lagoa Salgada and Mont Sorcier projects in Portugal and Quebec, Canada, respectively.

## Key facts

- **Cash position:** not discovered
- **Shares outstanding:** 142.8 M
- **Fully diluted shares:** 158.4 M
- **Warrants:** 2.0 M
- **Options:** 4.3 M
- **Mineral resource:** Mineral Resource estimates were prepared by the May 10, 2014 edition of the Canadian Institute of Mining, Metallurgy and Petroleum (or CIM) Definition Standards for Mineral Resources and Mineral Reserves (“2014 CIM Definition Standards”) and disclosed in accordance with National Instrument 43-101 – Standards of Disclosure for Minerals Project (“NI 43-101”). The Qualified Persons for the estimation of Mineral Resources are Calandrias Sur, Calandrias Norte, Zorro, Paloma Trend and Stockpiles - Orlando Rojas, P.Geo, Member AIG, a GeoEstima SpA employee and Armadillo, Baritina, Baritina NE, Cerro Oro, Coyote, Choique, Mara and Trofeu - Sergio Gelcich, P.Geo, MAusIMM (CP) Geo, Vice President, Exploration, a Cerrado Gold employee. Mineral Resources have an effective date as of: (a) April 1st, 2024, for Calandrias Sur, Calandrias Norte, Zorro, Paloma Trend, Armadillo, Baritina, Baritina NE, Cerro Oro, Coyote, Choique, and Trofeu; (b) August 31st, 2020, for Mara satellite. Mineral Resources estimated using an average long-term metal price of US$2,100.0/oz of Au and US$25.0/oz of Ag. For Mara satellite, an average long-term metal price of US$1,550.0/oz of Au is considered, assuming a mining cost of US$2.65/t, plant cost of US$32.0/t, and selling costs of US$127.0/t. Recoveries depend on the type of host mineralization and the extraction method being utilized for the minerals. For the carbon-in-leach (CIL) process, Au recovery is based on historical metallurgical recovery, which is 90% for Au and 61% for silver. For the Heap Leach process (HL), Au recovery is based on metallurgical test works and depends on the zone. Au recovery is 70% in the Oxide zone, 60% in the Transitional zone, and 40% in the Primary zone. The silver recovery is 30% in all zones. Mineral Resources in open pit are reported within pit shell constrain and above a cut-off grade: Calandrias Sur has a variable cut-off - 0.27 g/t Au for the Oxided zone, 0.31 g/t Au for the Transition zone and 0.46 g/t Au for Primary zone; Calandrias Norte - 1.46 g/t Au; Zorro, Armadillo, Baritina, Baritina NE, Cerro Oro, Coyote, Choique, Mara and Trofeu - 0.3 g/t Au. In Paloma Trend, Mineral Resources are reported within a cut-off grade of 1.95 g/t for underground mining shapes. A minimum mining width of 1.5m was used for resource shapes. The estimated costs are: Calandrias Sur - plant cost of US$11.08/t; Calandrias Norte – plant cost of US$78.33/t; Zorro – plant cost varying from US$ 13.35 for HL process and US$ 68.20 for CIL process; Depleted Satellite – plant cost of US$40.0/t. The selling costs of US$242.90/t and mining costs of US$3.50/t was assumed for all open pit costs of US$3.50/t was assumed for all open-pit mining. For underground shapes, the mining costs are US$40.0/t, plant costs are US$65.0/t and selling costs are US$242.9/t. The exchange rate considered is ARG 917.25 / 1 USD. Density was assigned and interpolated based on specific gravity values by domain. Numbers may not be added due to rounding.
- **Projects:** ["The Minera Don Nicholas property (“MDN”) is **100% owned by Cerrado Gold Inc** and is located in the mineral rich Deseado Massif in the province of Santa Cruz, totalling 333,340 ha’s of concessions. MDN is producing operating mining from two separate open pit areas, La Paloma and Martinetas. Which in turn feed a central 1,000 tpd carbon in leach (“CIL”) gold recovery plant. Throughout the concessions and 333,400 ha hectares the MDN operation consists of over 10 separate deposits discovered to date and a proliferation of priority targets yet to undergo significant exploration. The Deseado Massif hosts numerous Middle to Late Jurassic age geothermal and epithermal features represented by siliceous and calcareous chemical precipitates from hot springs, hydrothermal breccias, quartz veins, and widespread hydrothermal silicification. Gold and silver mineralisation is typically hosted in low sulphidation, epithermal deposits where mineralisation occurs within sub-vertically oriented quartz-breccia veins. MDN is situated within the world renowned Deseado Massif where the underlying geology of the region is dominated by rhyolitic and andesitic volcanic and tuffaceous volcaniclastic lithologies of Middle to Upper Jurassic age (130 to 170 ma). The Deseado Massif region is host to several multi-million ounce epithermal gold and silver deposits including Cerro Vanguardia (Anglo Gold Ashanti), Cerro Negro (Newmont GoldCorp), Cerro Morro (Yamana) with most discoveries major discoveries as recent as 1990’s onwards. At La Paloma, the Sulfuro-Esperanza-Rocio vein system comprises narrow, accurate, steeply dipping quartz-breccia veins. The Sulfuro vein is the main deposit and is represented by a single, well developed quartz vein typically 2 to 8 metres (m) in thickness and has a primarily northwest-south southeast orientation with a steep southwest dip. Associated sulphide minerals include pyrite and minor galena and sphalerite. The La Paloma veins remain open-ended at depth. At Martinetas, multiple mineralised structures occur as “vein swarms” with the development of minor intervening stockwork veins and veinlets. A number of resource areas have been delineated at Martinetas. The principal resource is obtained from the Coyote and Cerro Oro deposits which comprise a series of narrow, sub-parallel, anastomosing quartz veins varying in width from tens of centimetres (cm) to several metres, and typically averaging 1 m in thickness. The mining team consists of approximately 140 employees. Mining is conducted via a company owned and operated mine fleet of drill, truck, excavators and other ancillary mining equipment. The operations commenced in 2019 as an open pit CIL operation with mineralized material produced from deposits in the Paloma and Martinetas regions which are mostly depleted of ready to mine resources. In 2023, MDN added a heap leach operation to process the mineralized material from Calandrias Sur open pit. The PEA is focused on the development and mining of the high grade Calandrias Norte open pit to be processed through the existing 1,000 tpd CIL plant until late 2024 and the ongoing operations and expansion of the Calandrias Sur heap leach operations until at least 2028. In addition, the PEA has envisaged the development of an initial small scale underground mining operation upon which future underground exploration is expected to extend the mine life; and the processing of low-grade mined material in the Martinetas area from several stockpiles."]
- **Leadership:** Mark Brennan
Chief Executive Officer & Chairman

Mark Brennan is CEO and Chairman and a founding partner of Cerrado Gold. He was also a founding partner and officer of Ascendant Resources Inc. and Voyager Metals. Mr. Brennan has more than 30 years of financial and operating experience in the Americas and Europe. Mr. Brennan most recently served as president and CEO of Sierra Metals Inc., a major zinc-lead-silver-copper mining company with operations in Peru and Mexico. Prior to that, he was the president and CEO of Largo Resources Ltd., and a founder of several resource companies, including Desert Sun Mining, Brasoil Corp., James Bay Resources, Morumbi Oil and Gas, and Admiral Bay Resources.

Cliff Hale-Sanders, MBA, CFA
President

Mr. Hale-Sanders is President of Cerrado Gold and one of its founding partners. In addition, he was one of the founding partners in the formation of Ascendant Resources Inc. and CEO of Voyager Metals.  Prior to this, Mr. Hale-Sanders had a career spanning over 20 years in the capital markets industry, working as a leading base metals and bulk commodities research analyst in Canada at RBC Capital Markets, TD Securities, CIBC World Markets, and Cormark Securities. During this period, Mr. Hale-Sanders visited and reviewed numerous mining operations and corporate entities worldwide. Mr. Hale-Sanders holds a B.Sc. in Geology and Chemistry, an MBA from McMaster University, and is a CFA Charterholder.

Jason Brooks, CPA, CA
Chief Financial Officer

Mr. Brooks is a Chartered Professional Accountant with over 28 years of experience in finance and accounting at international mining companies. Prior to joining Cerrado Gold, he was Vice President, Finance of Caldas Gold until it was acquired by Aris Gold. Prior to his time at Caldas, Mr. Brooks served in progressively senior roles at several international mining companies, including Golden Star Resources, New Gold, and Barrick Gold.

Casper Groenewald
Chief Operating Officer

Mr. Groenewald is a qualified metallurgist and has over 20 years of mineral processing experience in Africa and the Americas. He was the Senior Vice-President of DRA America and former Technical Director for Largo Resources where he led the commissioning and optimization of its Vanadium processing facility in Brazil. He is the former Operations director at Minopex, where he managed the operation of five diamond mines, and has also worked for Vantech (Xstrata’s Vanadium division), Highveld Steel and Vanadium Corporation.

Andrew Croal, MBA, P.Eng.
Chief Technical Officer

Mr. Croal is a Mining Engineer with 40 years of global mining experience in gold and base metal commodities. He is a versatile and practical mining professional with a proven track record of providing fit for purpose, workable solutions. His competence ranges to all aspects of mine planning, control, reporting and evaluation and combines technical expertise with safe operating requirements for all facets of the mining cycle. He has experience in Canada, South America, Africa, Australia and Papua New Guinea, having held senior roles in both Senior and Junior mining firms. He was a key member of several mine-building teams, most notably Rosebel (Iamgold), Detour Gold and Buzwagi (Barrick Gold). Andrew is a Professional Engineer in Ontario and has a BSc Mining Engineering from Queen’s and an MBA from the University of Toronto.

Ed Guimaraes
Executive Vice President

Mr. Guimaraes has over 30 years of experience in the mining industry, most recently in an executive advisory capacity and through several board directorships.  His career spans a broad range of base and precious metals producers, having supported the development, expansion, and ongoing operations of copper, zinc, lead, gold, and silver mines in Canada, Chile, Peru, Mexico and Argentina.  Mr. Guimaraes previously acted as the Chief Financial Officer at Sierra Metals between 2014 and 2023, and he was with Aur Resources between 1995 and 2007, ultimately serving as Executive Vice-President, Finance and Chief Financial Officer, until its acquisition by Teck Resources in 2007 for US$4.1 billion. Prior to 1995, he worked in the Toronto mining group of PricewaterhouseCoopers.  Mr. Guimaraes is a Chartered Professional Accountant (CPA, CA), a graduate of the ICD-Rotman Directors Education Program (ICD.D) and holds a Bachelor of Arts in Administrative and Commercial Studies from Western University.

Carl Calandra, LL.B., MBA
Vice President, General Counsel & Corporate Secretary

Mr. Calandra is a legal executive with more than 20 years of advisory, deal-making and public company experience. Prior to joining Cerrado, Mr. Calandra was Vice President and General Counsel of Dundee Corporation, a Canadian investment company focused on mining, and was an associate at a top-tier Canadian national law firm. Carl holds a Bachelor of Laws from the University of Western Ontario and a Master of Business Administration from the Ivey Business School. Carl has been a member of the Law Society of Ontario since 2006.

Veronica Nohara
CEO, Minera Don Nicolas

Mrs. Veronica Nohara is an international business professional with more than 20 years experience in executive positions across various industries. Prior to joining Cerrado Veronica was Chief Executive Officer for Minera Don Nicolas and was instrumental in the successful start-up and operation of the gold facility. Veronica has a long history managing and directing businesses in different industries in Argentina, Uruguay, Brazil, Chile, Paraguay and Japan. Veronica has served on different chambers such as ABC (Argentine Beef Consortium), AFARTE, CAEM and is Honorary Director of Women in Mining. She is currently the President of the Chamber of Mining for the Province of Santa Cruz).Veronica holds a Bachelors Degree in international trade from Universidad Argentina de la Empresa, a Posgrade in International Business and a Master of Business Administration from University Torcuato Di Tella.

Joao Barros
President Europe

Mr. Barros has over 18 years of mining experience including green fields and near mine exploration, environmental impact studies for open pit and underground mine operations as well as mine development and operations. Mr. Barros was responsible for licensing the underground gold mine operation from exploration to development, for Minaport-Minas de Portugal, Lda, and the planning and execution of the exploration and licensing for Blackheath Resources (TXS: BHR), Borralha EML tungsten project. Mr. Barros is the President of Redcorp – Empreendimentos Mineiros, Lda., and has been with that company since 2008, responsible for managing, coordinating and executing the exploration works in the Lagoa Salgada VMS Project. Mr. Barros is also a Member of the Portuguese Engineers Association.

Alonso Lujan
Vice President, Exploration

Mr. Lujan has over 34 years of international experience in mineral exploration with a positive track record for increasing companies' resources, output, and company value. He joined Cerrado as a consultant in February 2025 and is now the Vice President of Exploration.  Most recently he spent eight years with Sierra Metals as their Vice President of Exploration where he was successful at significantly expanding the mineral resources by 25 million ounces of silver and 300 million pounds of copper at their mines and as the General Manager for the company’s Mexican Operations where he successfully expanded production and lowered AISC at the mines.  Before that, he spent six years with Matsa-Trafigura as the General Manager where he significantly helped to increase the value of the company from US$300 million to US$1.6 billion by successfully discovering and commissioning 50 million tonnes of mineral resources in less than two years, and doubling production to from 2.2 to 4.6 million tonnes per year. Prior to that, he worked with Hochschild Mining and Minas de Bacis SA de CV, where he helped to increase production at the mine.

David Ball
Vice President, Business Development

Mr. Ball was most recently Chief Financial Officer of Santiago Metals Limitada, a private Chilean based copper producer and portfolio company of US Private Equity group, Denham Capital. Prior to his current role he held several positions at Macquarie Capital, an Australian Investment Bank During his career in the metals and mining sector, Mr. Ball has been actively involved in M&A, corporate advisory and fund raising of both equity and debt Mr. Ball brings mining focused operational and capital markets experience from Australia, South East Asia and North South America Mr. Ball holds a Bachelor of Commerce with Distinction (Curtin University) and a Masters of Finance (INSEAD).

Mike McAllister, CPIR
Vice President, Investor Relations

Mike McAllister has over 19 years of experience working with public mining companies, the last 12 as a mining specialized investor relations professional. He most recently was with Superior Gold and prior to that Sierra Metals where he helped the company complete the dual US listing progress and helped see the company progress from a small to a mid-tier diversified producer. Mr. McAllister also has worked at Avion Gold Corp., which was acquired by Endeavour Mining. Before working in investor relations roles, he worked at BMO Capital Markets in the Metals & Mining Group. Mike holds the Certified Professional Investor Relations (CPIR) designation completed at the Ivey School of Business, University of Western Ontario

Chris MacInnis
Chris MacInnis, P. Geo., Vice President, Geology

Mr. MacInnis is a professional Geologist with over 20 years of experience in mineral resource definition and exploration. Prior to joining Cerrado Gold, Mr. MacInnis was the head of the Mineral Resource division at GoldSpot, where he helped develop AI algorithms to leverage big data and identify new exploration targets for precious and critical minerals worldwide. Prior to that, he was with SRK Consulting as a Senior Geologist, co-authoring and contributing to dozens of 43-101 compliant reports on properties across the US, Canada and Mexico, and producing new resource estimations for many commodities, including narrow vein and stockwork gold, silver, copper, PGE’s and base metals. Mr. MacInnis also worked at Datamine Canada, is a former elected Board Member for the Professional Geoscientists of Ontario, and holds a BSc from St. Mary’s University.

Board of Directors

Mark Brennan

Kurt Menchen
Director

Mr. Menchen is the past-President of Operations, Brazil, of Largo Resources Ltd, and has over 42 years of experience operating and managing mining projects, including over 20 years as General Manager at the Jacobina Gold project in Bahia State, Brazil. His prior experience also includes Anglo American’s Vaal Reefs underground gold mine in South Africa and De Beers Diamonds in Angola. Mr. Menchen holds a degree in mining engineering from the Federal University of Rio Grande do Sul, Brazil.

Robert Sellars
Director

Mr. Sellars has 40 years experience in capital markets and financial services and has significant experience on investment industry committees within the IIROC. Mr. Sellars previously sat on the board of directors of Android Industries, United Hydrocarbons International and Mutual Fund Dealers Association of Canada and currently serves on the board of directors for Dundee Sustainable Technologies. Mr. Sellars holds the position of Chief Financial Officer at Red Cloud Financial Services Inc. Previously, Mr. Sellars served as Chief Financial Officer & Executive Vice President for Dundee Corp., Chief Financial Officer at Dundee Energy Ltd., Chief Financial Officer & Director at CMP 2017 Resource LP, Chief Financial Officer & Director at CMP 2019 Resource LP, Chief Financial Officer & Director at CMP 2021 Resource LP, Chairman for Dundee 360 Real Estate Corp., President of Dundee Securities, Inc., Chief Financial Officer & Chief Operating Officer at Dundee Securities Ltd., Chief Financial Officer & Executive Vice President at Dundee Insurance Agency Ltd. and Chief Financial Officer of Dundee Global Investment Management, Inc.

Christopher Jones, CA, CFA
Director

Mr. Jones is an experienced professional chartered accountant, business valuator, Chief Financial Officer and financial advisor. His significant experience, keen strategic insight and ability to form partnerships with his clients lead to the ultimate goal of increasing their net worth while achieving significant corporate growth. His diverse experience enables him to offer unique solutions for maximum success and profitability. Chris is a Chartered Professional Accountant (CPA), Chartered Accountant (CA), Licensed Public Accountant (LPA), Chartered Financial Analyst (CFA) and Chartered Business Valuator (CBV). As the youngest Partner at Williams & Partners, he advises on complex taxation strategies, growth strategies, cash flow management, financing strategies, wealth management, and succession planning. Chris advises several private equity firms on acquisition targets and appropriate due diligence requirements highlighting key risk areas and maximizing target potential while serving as an advisor to high-net worth clients and families. Chris has served as CFO to several mid-market companies. He is the CFO of both AGTA Home Health Care and Bloom Care Solutions. He currently acts as Audit Committee Chair for Lara Exploration Ltd.

Maria Virginia Anzola
Director

Ms. Anzola has over 20 years of experience advising companies in the extraction industry. Ms. Anzola previously held the role of General Counsel and Corporate Secretary for Ascendant Resources and Cerrado gold where she provided leadership and direction on all legal matters. In 2017, Ms. Anzola served as Assistant General Counsel for Primero Mining Corp, and prior to that she served as Senior Counsel for Hudbay Minerals Inc. In addition, Ms. Anzola served as Consultant to the Tax Group of Borden Ladner Gervais LLP for over two years. Prior to moving to Canada, Ms. Anzola spent 11 years in private practice in her home country of Venezuela, mostly advising international companies engaged in the oil and gas business. Ms. Anzola has been called to the BAR in Ontario and Venezuela and has an LL.M from the University of Michigan, Ann Arbor and from Osgoode Hall Law School.

Rui Santos
Director

Mr. Santos is a lawyer based in Portugal who is widely regarded as a leading authority in the mining sector in Portugal. Mr. Santos has spent over 20 years representing/assisting domestic and international corporations in negotiations and disputes with the State regarding land acquisitions, exploration, extraction and environmental licenses, for both the mining and oil and gas industries in Portugal, Angola, Brazil and East Timor. Most notably, he was the legal advisor for major privatization transaction regarding the acquisition of Somincor by EuroZinc, which is now Lundin Mining’s Portuguese subsidiary operating the large-scale Neves-Corvo mine in Portugal. Mr. Santos is a Partner of CRA - Coelho Ribeiro e Associados – Portuguese Law Firm, where he leads the firm’s Arbitration and Mining practices. Mr. Santos is a member of the Portuguese Bar Association, the Brazilian Bar Association, the Lawyers’ Association of the Republic of Timor-Leste and the Lawyers’ Association of Macau. Mr. Santos is also a recognized author on arbitration and dispute resolution.

_Verified data last updated: 2026-09-18_

## Recent filings

- 2026-09-16 — other — [cert_2026-09-16_13-40-48.pdf](https://ai-chat-dev-red.vercel.app/crdof/preview/121451?documentId=121451)
- 2026-09-09 — material_change — [cert_2026-09-09_20-35-01.pdf](https://ai-chat-dev-red.vercel.app/crdof/preview/121452?documentId=121452)
- 2026-09-09 — other — [cert_2026-09-09_20-27-57.pdf](https://ai-chat-dev-red.vercel.app/crdof/preview/121453?documentId=121453)
- 2026-09-03 — press_release — [cert_2026-09-03_09-23-27.pdf](https://ai-chat-dev-red.vercel.app/crdof/preview/121454?documentId=121454)
- 2026-08-31 — press_release — [cert_2026-08-31_09-16-43.pdf](https://ai-chat-dev-red.vercel.app/crdof/preview/121455?documentId=121455)
- 2026-08-24 — press_release — [cert_2026-08-24_09-09-19.pdf](https://ai-chat-dev-red.vercel.app/crdof/preview/121456?documentId=121456)
- 2026-08-18 — press_release — [cert_2026-08-18_20-13-30.pdf](https://ai-chat-dev-red.vercel.app/crdof/preview/121457?documentId=121457)
- 2026-08-18 — other — [cert_2026-08-18_20-12-29.pdf](https://ai-chat-dev-red.vercel.app/crdof/preview/121458?documentId=121458)

## Investor FAQ

### [Latest News](https://ai-chat-dev-red.vercel.app/crdof/faq/latest-news)

The latest news from Cerrado Gold includes a press release dated September 3, 2026, which may contain important updates regarding the company's operations or projects. For more detailed information, please refer to the specific press release.

### [Projects Overview](https://ai-chat-dev-red.vercel.app/crdof/faq/projects-overview)

Cerrado Gold Inc. owns 100% of the Minera Don Nicolas project in Argentina, which produces approximately 55,000 ounces of gold annually. The company is also advancing its Lagoa Salgada and Mont Sorcier projects located in Portugal and Quebec, Canada, respectively.

## Live AI chat

- https://ai-chat-dev-red.vercel.app/crdof/chat
- Investor website: https://cerradogold.com/