Cerrado Gold Inc. announced the very positive results of an independent Feasibility Study ("FS") prepared by DRA Global Limited ("DRA") in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") on its 100% owned Monte do Carmo gold project located in Tocantins State, Brazil. The results of the Feasibility Study supersede the 2021 Updated Preliminary Economic Assessment dated April 23, 2020 entitled "Independent Technical Report - Update Preliminary Economic Assessment for Serra Alta Deposit" filed on SEDAR by GE21 LTDA on October 7, 2021. The FS outlines a robust project, with low capital costs and low operating costs generating significant Free Cash Flow over a 9 year mine life.

The FS is focused on the principal Serra Alta deposit and the smaller satellite deposit of Gogo Do Onca and provides a scalable base of production for future potential exploration success. Monte do Carmo is expected to commence production at a rate of 1.92Mtpa from the open pit for total production of 709,920 ounces. In Year 4, simultaneous underground development will be initiated contributing an additional 143,252 ounces over five years of operation.

Two open pit operating scenarios were analyzed for cost estimation purposes. The first scenario involved a traditional owner-operated model, while the second scenario explored a contractor-operated model. Over the 9-year life of the mine, it was found that the owner-operated option produced a higher NPV although with some reduction in IRR.

Consequently, this study adopted the owner-operated option for both the Open Pit and Underground Operations. Ore is processed at the plant using conventional concentration and cyanide leaching of gold concentrates. Tailings will be disposed of using a combination of best in practice dry stack, co-stacking and in-pit filling techniques.

The Company remains on track to receive the construction permit by the end of this year and is progressing Project Financing with an aim to make a fully financed construction decision in Second Quarter 2024. The Monte do Carmo Gold Project is located in the state of Tocantins, Brazil; 2 km east of the town of Monte do Carmo, 40 km from Porto Nacional and 100 km from Palmas, the capital of Tocantins state. The Serra Alta deposit has been the main focus of exploration and development at the Monte do Carmo Project.

Cerrado has conducted preliminary drilling on several analogue satellite deposits however the Company has been mostly focused on infill drilling at Serra Alta to support the Feasibility Study. The Project benefits from convenient access to essential infrastructure including paved roads, energy, 69 kV electrical power line, water supply, and an international airport, and is well supported by the local community. The regional geology of the Monte do Carmo area is characterized by multiple volcanic-sedimentary sequences with a number of intrusive suites spanning from the Lower to Upper Proterozoic eras, as well as younger Paleozoic sedimentary successions.

The Serra Alta deposit itself is hosted by a cupola of the Monte do Carmo Granite (Paleoproterozoic Ipueiras Intrusive Suite) within the Neoproterozoic Araguaia Belt of Tocantins state, located within the broader Trans-Brazilian Lineament. At the deposit scale, the Monte do Carmo Granite, along with other later felsic and mafic-ultramafic layered intrusions, intrudes felsic volcanic rocks of the Santa Rosa Suite with an overlying (faulted contact) discontinuous quartzite remnant, possibly of the Upper Proterozoic Monte do Carmo Formation. The entire package is in turn unconformably overlain by flat-lying Paleozoic (Meso-Neo Devonian) ferruginous sediments of the Pimenteiras Formation, subject to relatively intense subaerial weathering (i.e., laterite and saprolite development).

The Serra Alta deposit is interpreted as an intrusion-related gold system, with mineralization associated with hydrothermally altered and locally veined granitic rocks. Abundant mineralized shoots are clearly controlled by varying densities of vein and veinlet swarms that are weakly enriched in sulphides (pyrite, galena, sphalerite and chalcopyrite). The deposit currently comprises 8 main zones that span approximately 2 km of strike length (oriented 190-195o) with an overall width of ~600 m, and dip moderately to steeply (55-75o) to the west-northwest with a vertical extent on the order of 200 m. In general, individual mineralized lenses (i.e., shoots) range from approximately 5 m to greater than 30 m in width.

Sheeted vein sets mostly follow the overall deposit trend; however, the presence of multiple mineralized vein orientations indicates a more complex system that evolved over several mineralization and deformation events, as evidenced by the structural history of the area. There are two main northeast-trending (~N30oE) faults that flank the mineralization at Serra Alta, with a series of smaller east-west (± 30o) faults that delimit the deposit into discrete structural blocks; as such, each zone was modelled and estimated individually to respect these constraining features. The lateral extent of the sheeted vein swarms is wider towards the intrusive ontact between the main granitic host rocks and overlying felsic volcanics; this intrusive contact acts as acap throughout much of the deposit.