Cerrado Gold Inc. announced additional assay results from its ongoing infill drill program at the Serra Alta deposit at its Monte do Carmo Project located in Tocantins State, Brazil ("MDC"). The infill drill program commenced in Fourth Quarter 2021 with the aim to upgrade resources into the Measured and Indicated categories, target new satellites, extensional zones, condemn areas of project infrastructure and support the ongoing Feasibility Study. This phase of drilling is expected to be completed early in fourth quarter, 2022.

The Company is currently reporting assay results from 21 drill holes, totaling 4,081 m (see Tables 1 & 2) completed from April to July 2022. As of August 26, 2022, a total of 130 drill holes, totaling 31,815m have been completed as part of the 2022 program, including 109 holes at Serra Alta (infill, condemnation, and partial extensions); and 21 holes in the satellite exploration areas namely, Gogó de Onça and Capitao. The Company currently has 5 drill rigs on site actively drilling, with three rigs focused on infill and geotechnical programs and two actively drilling at Gogó de Onça. Drill Hole Highlights (All composites are reported as true thickness): Serra Alta (Infill), FSA-246: 42m at 1.88 g/t Au from 145m; Including 5m at 4.87 g/t Au from 168m; 18m at 7.21 g/t Au from 482; Including 4m at 21.43 g/t Au from 492m.

FSA-254: 15m at 3.71 g/t Au from 138m; Including 2m at 25.68 g/t Au from 140m. FSA-264: 20m at 3.86 g/t Au from 102m; Including 3m at 14.07 g/t Au from 107m; 9m at 7.24 g/t Au from 148m; Including 1m at 55.30 g/t Au from 150m. FSA-271: 28m at 2.13 g/t at 13.78 g/t Au from 44m; 43m at 1.40 g/t Au from 114m; Including 3m at 7.74 g/t Au from 119m.

FSA-252: 53m at 1.61 g/t Au from 75m; Including 3m at 9.51 g/t Au from 92m. FSA-262: 70m at 2.30 g/t Au from 41m; Including 2m at 20.83 g/t Au from 90m. FSA-266: 33m at 2.58 g/t Au from 57m; Including 6m at 10.81 g/t Au from 63m.

Serra Alta Infill: The main objective of the 21 infill drill holes reported is to convert inferred blocks within and in close proximity, to the current open pit constrained resource estimate (Micon, 2021) into the Indicated category, closing the distance between holes informing blocks in the model. Some of these holes were extended beyond the current resource outline to test prospective extensional areas. Holes reported include, 11 collared in the East Zone, 3 in Pit Norte and 7 in Pit Sul.

Drill holes FSA-246, FSA-254, FSA-258, FSA-260, FSA-261, FSA-264, FSA-265, FSA-267, FSA-268, FSA-269 and FSA-271 were collared in the East Zone. The best reported intercepts in the East Zone correspond to holes FSA-246 and FSA-264 which were collared in the central and southern segment of the approximate 400m of strike that comprises the East Zone. Hole FSA-246 was drilled at a very shallow angle (19 degree) to optimize the perpendicularity to the quartz veins (single and as vein domain trend) and to efficiently determine the continuity of these veins at a proximal level to the hosting granite and its contact with the volcanic rocks (loci of best lateral continuity of mineralization).

Hole FSA-264, collared in the southern segment of the east zone intercepted two outstanding segments: a shallower one with 20m at 3.86 g/t Au from 102m, including 3m at 14.07 g/t Au from 107m; and a deeper one with 9m at 7.24 g/t Au from 148m, including 1m at 55.30 g/t Au from 150m. Drill holes FSA-252, FSA-257, and FSA-263 were collared in Pit Norte. Hole FSA-252, drilled in the northern segment of this zone intercepted a laterally extensive continuous zone that in the previous geological model (current resource) encompassed three narrow discrete vein trends separated by barren granitic gaps.

The notable continuity points to the validity of possible "mushroom" shapes in some areas, where mineralization blossoms towards the granitic/volcanic contact. The continuous interval referred above returned 53m at 1.61g/t Au from 75m, including 3m at 9.51 g/t Au from 92m. Drill holes FSA-194, FSA-201, FSA-259, FSA-262, FSA-266, FSA270 and FSA-271 were collared in Pit Sul covering the full 200m strike length of this zone.

Most relevant results are included in hole FSA-262, collared in the middle of the zone which crossed 70m at 2.30 g/t Au from 241 m, including 2m at 14.35 g/t Au from 45m. Hole FSA-262 reaffirms the lateral continuity of shallow mineralization in Pit Sul, which under the current PEA is to be part of the early mining phases.