Cerrado Gold Inc. announced positive metallurgical test results confirming the ability to produce High Purity, DRI Grade iron concentrates at its Mont Sorcier magnetite iron ore project located near Chibougamau, Quebec held through its 100% owned subsidiary, Voyager Metals Inc. The metallurgical tests were the initial phase in determining the final flow sheet design for the feasibility study at Mont Sorcier targeted for later this year. The design and analysis of the metallurgical test work program was conducted by Soutex Inc., a consultancy firm specializing in ore processing and metallurgical processes based in Quebec City, Quebec, with test work completed by SGS Canada, one of the world's leading testing, inspection and certification companies based in Quebec City. The results of this initial phase of test work demonstrate that the Mont Sorcier project has the potential to produce a high purity iron concentrate grading 67% iron with low Silica and Alumina; making it suitable to be classified as a Direct Reduction Iron ("DRI") grade product.

Such a product significantly reduces the overall emission of greenhouse gases in steel production compared to other lower grade concentrates. It has the potential to be used in electric arc furnaces to produce steel products, further reducing emissions. Also, as the Mont Sorcier project is a magnetite material, reducing the use of coal in the steel making process and when combined with the availability of Hydroelectric power in Quebec, lowers overall emission levels.

As the global demand for Green Steel increases, it is expected that the demand and price premium paid for higher grade products will continue to increase to a level above the most commonly traded iron products and replace demand for lower grade materials. The ability to produce High Purity iron concentrates places Mont Sorcier as a project capable of delivering Critical and Strategic High Purity Iron as outlined by the Quebec Government, as it aspires to become a leader to support energy transition through the development of critical and strategic minerals and reduce overall global emissions. The rougher concentrate was then reground to a P80 of 38um, and magnetite was recovered in a final cleaning magnetic separation stage.

The magnetic concentrate was then processed through a hydroseparation step to remove low density fine material, followed by a sulfur flotation step aimed at reducing the sulfur content in the concentrate. These processing steps led to the production of a concentrate grading 65% Iron, 3% silica with a sulfur content below 0.4%, for an iron recovery of 75%, which was in accordance with the previous PEA results. The concentrate was then processed through an additional reverse iron flotation stage to assess the capability of producing a low silica concentrate.

Successful tests led to the production of a 67% iron concentrate, with combined silica and alumina grades below 2.3% (SiO2 1.8% Al2O3 0.5%) and sulfur content below 0.4% for an iron recovery of 61%. The results generated from this test work program represent a significant step forward compared to previous results and demonstrate not only that a base case of 65% iron concentrate is readily achievable but also that the production of high purity 67% iron concentrates is now possible. Going forward, continued work will focus on flowsheet and grind size optimization, in addition to confirmation of the test work results obtained on the composite on variability samples.

Currently, the deposit is defined by five domains, and work will now shift to understanding the best sequence for mining and processing to deliver the optimal production profile and enhance project economics.