Cerrado Gold Commences Heap Leach Operations at Its Las Calandrias Project in Santa Cruz, Argentina

• Initial ore has been placed on the pad; leaching expected to commence within 10 days
• Gold production expected in early June

TORONTO, April 27, 2023 - Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is pleased to announce that it has commenced loading ore onto the heap leaching pad at its inaugural heap leach project in Las Calandrias, Santa Cruz Province, Argentina. The Company expects to commence leaching in the next 7-10 days, with the first gold pour in early June.

As previously announced, the Las Calandrias project is expected to add 25k ounces per annum of gold production capacity commencing in June of this year. Las Calandrias is the first of two heap leach projects that are planned to be initiated this year to grow the overall gold production from Cerrado's Argentinian operations. The second anticipated heap leach at Martinetas, is expected to be constructed later this year and start production in early 2024 adding an additional 20k ounces of production capacity.

Additionally, production from the two heap leach projects is expected to lower the total all-in-sustaining costs and strengthen cash flows by increasing ounces and reducing fixed costs produced per ounce in Argentina.

Photos: Ore being loaded onto the heap leach pad

Mark Brennan, CEO and Chairman commented, "With Las Calandrias now set to enter production, we are thrilled to be delivering on our growth strategy for Argentina, outlined in early 2022. We continue to expect further growth from the Martinetas heap leach Project as well as future underground development and exploration efforts which are anticipated to grow the resource base for both heap leach and CIL production."

About Cerrado

Cerrado Gold is a Toronto-based gold production, development, and exploration company focused on gold projects in South America. The Company is the 100% owner of both the producing Minera Don Nicolás mine in Santa Cruz province, Argentina, and the highly prospective Monte Do Carmo development project, located in Tocantins State, Brazil.

At Minera Don Nicolas, Cerrado is maximizing asset value through continued operational optimization and further production growth. An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective land package in the heart of the Deseado Masiff.

At Monte Do Carmo, Cerrado is rapidly advancing the Serra Alta deposit through Feasibility and into production. Serra Alta is expected to be a high-margin and high-return project with significant exploration potential on an extensive and highly prospective 82,542-hectare land package.

For more information about Cerrado please visit our website at: www.cerradogold.com.

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Disclaimer

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This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, all statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado. In making the forward- looking statements contained in this press release, Cerrado has made certain assumptions, including, but not limited to the commencement date for leaching at Las Calandrias, the likelihood of further growth from the Martinetas Project andunderground development and exploration and the ability to grow the resource base . Although Cerrado believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

SOURCE: Cerrado Gold Inc.