CERRADO GOLD announces of the new NI 43-101 Preliminary Economic Assessment ("PEA") entitled "Independent Technical Report - Update Preliminary Economic Assessment for Serra Alta Deposit". The report was completed by GE21 Consultoria Mineral Ltda ("GE21"). The report was prepared in accordance with Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101") Standards of Disclosure for Mineral Projects. A summary of the results is highlighted below. As announced on August 23, 2021 the new PEA incorporated results from the NI 43-101 Mineral Resource Estimate produced by MICON International dated July 21, 2021. Average annual gold production of 149,000 ounces over first 5 years and 131,000 ounces over LOM 8 years Annual Average Free cash flow of US$150 million over the first 5 years @ $1,600 Au Total cumulative, after tax, free cash flow estimated US$901 million over 8 years Average AISC of US$431/oz over the first 5 years Low Initial Capex of US$126 million (including US$25 million contingency) Payback of 1.3 years Further upside potential from continued exploration drilling & resource expansion Development program including Feasibility Study to begin immediately, EIS Underway Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), MAIG, director of GE21 Consultoria Mineral Ltda and B. Terrence Hennessey, P.Geo., Vice President of MICON International Limited, are the Qualified Persons as defined in NI 43-101 responsible for the Technical Report and are both independent of the Company.