Latest news with #Cerrado
Yahoo
3 days ago
- Business
- Yahoo
Cerrado Gold Announces First Quarter 2025 Financial Results
Gold equivalent production of 11,163 Gold Equivalent Ounces ("GEO") for Q1 Full year guidance of 55,000-60,000 GEO maintained Adjusted EBITDA of $4.8 million for Q1, 2025 and Cash balance over US$20m Management to host conference call on 29th of May, 11AM EDT TORONTO, ON / / May 29, 2025 / Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF)(FRA:BAI0) ("Cerrado" or the "Company") announces its operational and financial results for the first quarter ("Q1/25") including its Minera Don Nicolas ("MDN") gold mine in Santa Cruz Province, Argentina, and its Mont Sorcier High Purity DRI Iron Project in Quebec. Production results for MDN were previously released on April 15, 2025. The Company's financial results are reported and available on SEDAR+ ( and the Company's website ( Q1/25 MDN Operating Highlights Q1/25 production of 11,163 GEO and AISC of $1,932/oz Unit costs set to decline as production increases (target US$1,500-1,700) Q1/25 Adjusted EBITDA of $4.8 million Record heap leach production of 6,897 GEO During the Quarter Secondary crusher operational and underground development started Operational results for the first quarter saw gold production in line with Q1/24, with the heap leach operation reaching a new production record of 6,897 GEO for the quarter. The expanded crusher is now fully operational and the quantity of ore being placed on the pad has increased. With higher gold prices, the CIL plant continues to process lower-grade stockpiles and is planned to continue processing low grade stockpiles through Q2/25, after which it will be blended with new high-grade material from the underground mining operations which will increase the average grade throughput at the mill. Mark Brennan, CEO and Chairman commented, "The results from the first quarter demonstrate robust and improving production from our Heap leach operations; delivering strong cashflow to support our growth initiatives. We have successfully expanded and improved our crushing capacity at MDN, which will yield greater production and cashflows moving forward. Likewise, the preparation for underground development and production have added costs but will add to our production and cash flows starting in July. The strong cash flow combined with our cash balance has enabled us to continue to pay down debt at MDN, and will allow us to continue to deploy capital at our high-grade Mont Sorcier DRI iron project and our well advanced and highly prospective Lagoa Salgada Project." Operating Results for the Quarter The addition of the new crusher circuit was completed just after quarter end, providing increased ore availability to the pad. While supporting higher production, additional crushing facilities are also expected to reduce the feed size to the pad and thus improve recoveries. As the reduced size feed and larger pad stockpiles are leached, it should lead to higher production rates and unit costs are expected to decline as a result. Post quarter end saw the initiation of activities at our underground operation. The Paloma pit has been dewatered, orders for long lead items have been placed and initial development of the portal commenced in May. The development of the underground remains on schedule for initial production during the 3rd quarter of this year. Cerrado has continued to make improvements to its balance sheet during the quarter. The cash balance remained strong at over US$20m as at March 31, 2025, while debt levels and payables continued to fall. The Company recently announced it had made the final payment to the Sellers of its MDN property, reducing an additional US$5m in debt. The focus at MDN remains to ramp up production rates at its heap leach operation to 4,000-4,500 GEO per month, initiate underground production from the Paloma area in Q3, and ramp up a new targeted exploration program across our 330k Ha property targeted to increase resources and mine life. The Company is well positioned to continue its debt and payables reduction program at MDN as well as to fund future development and exploration at MDN and push forward its development projects in Quebec and in Portugal. In Portugal, we aim to complete the optimized feasibility study in Q3 and reach a construction decision by year end. In Quebec, work on advancing the feasibility study for the Mont Sorcier High grade iron project formally commenced during the quarter and remains on target for completion in Q1/2026. Q1 Financial Performance Table 1. Q1 2025 Operational and Financial Performance The Company produced 11,163 gold equivalent ounces ("GEO") during the three months ended March 31, 2025, as compared to 11,204 GEO for the three months ended March 31, 2024. Production is consistent with the prior year period. In the period ended March 31, 2025, heap leach production was significantly higher compared to prior year due to 36% higher gold head grade, 53% higher recovery and 462,000 additional tonnes placed on the pad. This was offset by a 6,136 ounce decrease in production from the CIL operation as the Company's focus moved towards heap leach operations in 2025 and the plant only processed low grade ore in Q1 2025. The Company generated revenue of $28.8 million for the three months ended March 31, 2025, from the sale of 10,992 ounces of gold and 42,623 ounces of silver at an average realized price per gold ounce sold of $2,520. For the three months ended March 31, 2024, the Company generated revenue of $20.4 million from the sale of 10,120 ounces of gold 18,749 ounces of silver. Revenue is higher for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, due primarily to higher production and the average realized gold price. Cost of sales for the three months ended March 31, 2025, were $26.6 million as compared to $23.6 million for the three months ended March 31, 2024. The Company incurred $3.0 million higher production costs for the three months ended March 31, 2025 due to higher costs of equipment rentals, and higher labour costs in 2025 as compared to 2024. Total cash costs (including royalties) per ounce sold was $1,902 per ounce in the three months ended March 31, 2025, as compared to $2,042 per ounce for the three months ended March 31, 2024 a $140 per ounce or 7% decrease (refer to reconciliation of Non-IFRS performance metrics). The decrease is a result of higher ounces sold in 2025 as compared to 2024. Net loss from continued and discontinued operations for the three months ended March 31, 2025, was $4.2 million as compared to a net loss of $7.3 million for the three months ended March 31, 2024. The decrease in net loss is primarily a result of $8.4 million increase in metal sales, $0.4 million decrease in general and administrative expenses, offset by higher depreciation expense of $2.1 million and an increase in loss on remeasurement of MDN stream obligation of $1.4 million. The Company incurred general and administrative expenses of $2.1 million for the three months ended March 31, 2025, as compared to $2.4 million of general and administrative expenses incurred during the three months ended March 31, 2024. The decrease was primarily as result of a decrease in stock-based compensation of $0.6 million, and professional fees of $0.1 million for the three months ended March 31, 2025. Other loss of $3.7 million during the three months ended March 31, 2025, includes finance expense of $2.1 million and loss on fair value remeasurement of MDN stream obligation of $3.3 million offset by finance income of $0.9million and foreign exchange gain of $0.9 million. Hedging Program On April 26, 2025 the Company extended its limited hedging program with Ocean Partners UK Ltd. The hedge is constructed as a zero-cost collar with lower and upper boundaries of US$3,100 and US$3,250 per ounce respectively. The hedging volume is for 2,000 ounces per month for a period of 7 months beginning May 2025 and terminating on December 2025. With the expanded hedging program, the Company is focused on ensuring more than sufficient cash flows to further enhance its balance sheet and support funding requirements for its various growth projects. Outlook Entering the second quarter of 2025 and beyond, Cerrado's MDN Heap Leach operations are set to benefit from the completion of its crushing infrastructure to grow and improve production. Higher gold prices have enabled the plant to remain operational by processing lower grade stockpiles through March and April. The underground operations have begun and production is expected to begin in Q3. As noted in the Press Release dated April 15, 2025, the Company raised its 2025 annual production guidance to 55,000 - 60,000 GEO. AISC costs are expected to be modestly higher than previously anticipated with an AISC of between $1,500 - $1,700 per GEO. The increased costs are the result of the inclusion of underground mining, ongoing processing of low-grade ores and continued inflationary pressure in Argentina. A new Exploration initiative began in Q1 with the focus on growing the known resources at MDN beyond those outlined in the recent Mineral Resource Estimate ("MRE"). The focus remains on defining high grade-near surface targets that can readily be brought into the mine plan, underground exploration and a regional program to better understand the potential of known anomalies on the significant land package Cerrado holds at MDN. Drilling is expected to commence in early June. At the Mont Sorcier high grade and high purity DRI iron project operated by Cerrado's wholly owned subsidiary Voyager Metals Inc., work continued to advance the project with several workstreams related to permitting, social license and the initiation of the Feasibility Study which is targeted to be completed during Q1 2026. The high quality of the concentrate, grading over 67% iron, from the Mont Sorcier project is well positioned to support growing demand from the global Green Steel transition due to the reduced emissions generated by steel producers using high grade concentrates. The Company recently closed the acquisition of all of the outstanding common shares of Ascendant Resources Inc. not already owned by the Company. The Company will continue to advance the Lagoa Salgada VMS project through several key workstreams, including the ongoing metallurgical test work, which is currently on track to be completed towards the end of Q2 2025, completion of the optimized feasibility study by Q3 2025 and advancing the approval in the Environment Impact Assessment, expected to be received in June. The Company remains focused on advancing the Project to reach a construction decision , which is currently expected by year end. Conference Call Details Cerrado Management will host a conference call on May 29, 2025, at 11:00 AM EDT to discuss the Q1 Financial and Operational results. The presentation for the call can be found on the investor page on Cerrado Gold's website at Call details are as follows: Pre-Registration for Conference Call Participants can preregister for the conference by navigating to: Participants will receive dial-in numbers to connect directly upon registration completion. Those without internet access or unable to pre-register may dial in by calling: PARTICIPANT DIAL IN (TOLL FREE): 1-833-752-3576 PARTICIPANT INTERNATIONAL DIAL IN: 1-647-846-8340 Review of Technical Information The scientific and technical information in this press release has been reviewed and approved by Andrew Croal Chief Technical Officer for Cerrado Gold, who is a Qualified Person as defined in National Instrument 43-101. About Cerrado Cerrado Gold is a Toronto-based gold production, development, and exploration company. The Company is the 100% owner of the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina. In Portugal, the Company holds an 80% interest in the highly prospective Lagoa Salgada VMS project through its position in Redcorp - Empreendimentos Mineiros, Lda. In Canada, Cerrado Gold is developing its 100% owned Mont Sorcier Iron project located outside of Chibougamou, Quebec.. In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas operation through continued operational optimization and is growing production through its operations at the Las Calandrias heap leach project. 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. In Portugal, Cerrado focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver, and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209-hectare property concession. Located just 80km from Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity, already showing its mineable scale and cashflow generation potential. In Canada, Cerrado holds a 100% interest in the Mont Sorcier Iron project, which has the potential to produce a premium iron ore concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high grade and high purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces, contributing to the decarbonization of the industry and the achievement of sustainable development goals. For more information about Cerrado please visit our website at: Mark BrennanCEO and Chairman Mike McAllisterVice President, Investor RelationsTel: +1-647-805-5662mmcallister@ Disclaimer NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. 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, anticipated continued improvements in operating results and working capital position, expectations regarding the CIL plant processing lower grade stockpiles, the potential for improvement at MDN's heap leach operation, expectations regarding improvements in operating costs at MDN including AISC, additional capacity being added at the heap leach operation, the potential of and timing for the anticipated underground operation at MDN the anticipated timing of completing the feasibility study at the Mont Sorcier project, the potential for a construction decision at Lagoa Salgada by year end and the expected timing and likelihood of receiving approval of the environmental impact assessment at Lagoa Salgada.. In making the forward- looking statements contained in this press release, Cerrado has made certain assumptions. 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. View the original press release on ACCESS Newswire
New York Times
25-05-2025
- Science
- New York Times
These Plants Protect Larvae From Wildfires
Living things have long needed to find ways to survive wildfires. Some of them, researchers recently discovered, can even build their own flameproof panic rooms. Galls are outgrowths induced on plants by other organisms. In some instances, they form when parasitic insects like midges, moths and wasps release substances that prompt the plant to produce more cells. Galls shelter the larvae of the insects that made them grow, and they protect newborns from predators, parasitoids and adverse weather conditions. It turns out that this perfect nursery can also protect some insect larvae from the flames and heat of wildfires. The discovery, announced this month in the journal Ecology, came from Jean Carlos Santos, an ecologist at the Federal University of Sergipe in Brazil, who was working in Minas Gerais, a state in the Cerrado, a region of savannas in the heart of the country. At that time, in 2012, 'a massive fire erupted in the area,' he recalled, burning for 24 hours. While walking through the area devastated by the flames, he cut open the galls of Solanum lycocarpum, a common plant living in the Cerrado that is also known as wolf's fruit. These galls were made by females of the Boheman weevil, which lay their eggs on the wolf fruit's shoots, inducing thick, multichambered galls that host many larvae. To his surprise, weevil larvae were still hanging on inside. 'This was both fantastic and intriguing!' Dr. Santos wrote in an email. 'I was eager to understand how this was possible.' To investigate further, Dr. Santos came back to the area a few days later with his students. They collected dozens of galls from 40 wolf fruits; some had been exposed to the fire and some had not. Back in the lab, the team cut the galls open and checked whether the weevil larvae and pupae survived. The galls were at a height on the plants where they 'were clearly exposed to extreme heat from the fire. All the galls in the burned areas bore signs of charring,' Dr. Santos said. 'Initially, we assumed that no insects could have survived within the galls.' Despite that, the survival rate of larvae sheltering in burned galls was about 66 percent. Inside 20 galls, all larvae survived; in 23, only some of them came out alive; while in nine galls all weevils succumbed to the flames. 'The thicker the epidermis, the greater the weevil survival,' Dr. Santos also said. Nadir Erbilgin, a forest entomologist at the University of Alberta who was not involved in the study, said the findings align with many other examples of adaptations by plants and insects to survive fires, especially where fires are recurring events. For example, some bark beetles survive fires by sheltering in the galleries they dig beneath a tree's bark. 'Nature has a lot of these kinds of surprises,' Dr. Erbilgin said. He added that he would have liked the researchers to focus more on comparing the burned galls where all the weevils survived with the burned galls where only some of them, or none, survived. Doing so, he added, could have offered more clues to how exactly the weevils outlasted the flames. It's possible, he added, that such a mechanism has evolved in other parts of the world. However, as the climate shifts, bringing increasing severity and recurrence of fires, those plant and insect adaptations to survive the flames might not be enough in some places. 'Climate change screwed up all the balance,' Dr. Erbilgin said. For example, more frequent, stronger fires might put to the test the gall's sheltering ability that allowed the Boheman weevils to survive. 'Eventually, the system is going to break up,' Dr. Erbilgin said. The fire from the study, in fact, only lasted one day. 'If another fire comes next week or the next month, they may not have that survival ability,' he warned.
Miami Herald
23-05-2025
- Business
- Miami Herald
Cerrado Gold Announces First Quarter Financial Results Release Date and Conference Call
TORONTO, ON / ACCESS Newswire / May 22, 2025 / Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF)(FRA:BAI0) ("Cerrado" or the "Company") announces that it will file its first quarter 2025 financial results on May 29, 2025, before the market opens. Financial results will be posted on SEDAR+ ( under Cerrado's issuer profile and on the Company website at Conference Call Details Cerrado Management will also host a conference call on May 29, 2025, at 11:00 AM ET to discuss the Q1 Financial and Operational results as well as the outlook for the Company. The accompanying presentation for the call can be found on the investor page on Cerrado Gold's website at Call details are as follows: Pre-Registration for Conference Call Participants can preregister for the conference by navigating to: Participants will receive dial-in numbers to connect directly upon registration completion. Those without internet access or unable to pre-register may dial in by calling: PARTICIPANT DIAL IN (TOLL FREE): 1-833-752-3576 PARTICIPANT INTERNATIONAL DIAL IN: 1-647-846-8340 About Cerrado Cerrado Gold is a Toronto-based gold production, development, and exploration company. The Company is the 100% owner of the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina. In Portugal, the Company holds an 80% interest in the highly prospective Lagoa Salgada VMS project through its position in Redcorp - Empreendimentos Mineiros, Lda. In Canada, Cerrado Gold is developing its 100% owned Mont Sorcier Iron project located outside of Chibougamou, Quebec. In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas operation through continued operational optimization and is growing production through its operations at the Las Calandrias heap leach project. 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. In Portugal, Cerrado focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver, and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209-hectare property concession. Located just 80km from Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity, already showing its mineable scale and cashflow generation potential. In Canada, Cerrado holds a 100% interest in the Mont Sorcier Iron project, which has the potential to produce a premium iron ore concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high grade and high purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces, contributing to the decarbonization of the industry and the achievement of sustainable development goals. For more information about Cerrado please visit our website at: Mark BrennanCEO and Chairman Mike McAllisterVice President, Investor RelationsTel: +1-647-805-5662mmcallister@ NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. SOURCE: Cerrado Gold Inc.
Yahoo
22-05-2025
- Business
- Yahoo
Cerrado Gold Announces First Quarter Financial Results Release Date and Conference Call
TORONTO, ON / / May 22, 2025 / Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF)(FRA:BAI0) ("Cerrado" or the "Company") announces that it will file its first quarter 2025 financial results on May 29, 2025, before the market opens. Financial results will be posted on SEDAR+ ( under Cerrado's issuer profile and on the Company website at Conference Call Details Cerrado Management will also host a conference call on May 29, 2025, at 11:00 AM ET to discuss the Q1 Financial and Operational results as well as the outlook for the Company. The accompanying presentation for the call can be found on the investor page on Cerrado Gold's website at Call details are as follows: Pre-Registration for Conference Call Participants can preregister for the conference by navigating to: Participants will receive dial-in numbers to connect directly upon registration completion. Those without internet access or unable to pre-register may dial in by calling: PARTICIPANT DIAL IN (TOLL FREE): 1-833-752-3576 PARTICIPANT INTERNATIONAL DIAL IN: 1-647-846-8340 About Cerrado Cerrado Gold is a Toronto-based gold production, development, and exploration company. The Company is the 100% owner of the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina. In Portugal, the Company holds an 80% interest in the highly prospective Lagoa Salgada VMS project through its position in Redcorp - Empreendimentos Mineiros, Lda. In Canada, Cerrado Gold is developing its 100% owned Mont Sorcier Iron project located outside of Chibougamou, Quebec. In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas operation through continued operational optimization and is growing production through its operations at the Las Calandrias heap leach project. 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. In Portugal, Cerrado focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver, and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209-hectare property concession. Located just 80km from Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity, already showing its mineable scale and cashflow generation potential. In Canada, Cerrado holds a 100% interest in the Mont Sorcier Iron project, which has the potential to produce a premium iron ore concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high grade and high purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces, contributing to the decarbonization of the industry and the achievement of sustainable development goals. For more information about Cerrado please visit our website at: Mark BrennanCEO and Chairman Mike McAllisterVice President, Investor RelationsTel: +1-647-805-5662mmcallister@ NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. SOURCE: Cerrado Gold Inc. View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
20-05-2025
- Business
- Miami Herald
Cerrado Gold and Ascendant Resources Announce Completion of Business Combination Transaction
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, ON / ACCESS Newswire / May 20, 2025 / Cerrado Gold Inc. ("Cerrado") (TSXV:CERT)(OTCQX:CRDOF) and Ascendant Resources Inc. (TSX:ASND)(OTCQB:ASND) ("Ascendant" or the "Company") are pleased to announce the successful completion of the previously announced plan of arrangement (the "Arrangement") under the Business Corporations Act (Ontario) pursuant to which Cerrado has acquired all of the issued and outstanding common shares of Ascendant ("Ascendant Shares") that it did not already own. The Arrangement was carried out pursuant to the terms of the arrangement agreement between Ascendant and Cerrado dated February 3, 2025, as amended, (the "Arrangement Agreement") and became effective on May 16, 2025, resulting in Ascendant becoming a wholly owned subsidiary of Cerrado. Pursuant to the Arrangement, each former shareholder of Ascendant, other than Cerrado, is entitled to receive 1/7.8th of a common share in the capital of Cerrado (the "Consideration"). Further in connection with the Arrangement, the holders of options that were outstanding at the effective time of the Arrangement received replacement options of Cerrado that are exercisable for Cerrado shares as adjusted by the Exchange Ratio. In addition, holders of warrants of Ascendant will receive replacement warrants of Cerrado that will be exercisable for Cerrado shares as adjusted by the Exchange Ratio. Cerrado has issued 27,721,684 common shares, 4,903,822 replacement options and 1,730,601 replacement warrants to holders of Ascendant securities in connection with the Arrangement. Cerrado now has 132,753,478 common shares issued and outstanding on an undiluted basis. In order to receive the Consideration in exchange for their Ascendant shares, registered Ascendant shareholders are reminded that they must complete, execute and submit the letter of transmittal (a copy of which was included in the meeting materials previously mailed to Ascendant shareholders) to TSX Trust Company, in its capacity as depositary under the Arrangement, together with their certificate(s) or DRS advice(s) representing their Ascendant shares, in accordance with the tender procedures described in the Circular (as defined below) and the letter of transmittal. Registered shareholders are encouraged to tender their Ascendant shares as soon as possible in exchange for the Consideration. For any questions about completing the letter of transmittal in connection with the Arrangement, please contact TSX Trust Company at 416-342-1091 or by email at tsxtis@ Beneficial shareholders should contact their intermediary and arrange for the intermediary to complete the necessary steps to ensure they receive the Consideration for their Ascendant shares as soon as possible following the completion of the Arrangement. Following completion of the Arrangement, the Ascendant Shares are expected to be de-listed from the TSX as soon as reasonably practicable, currently anticipated on or about May 21, 2025. In connection therewith, Ascendant intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations. In connection with the Arrangement, Rui Santos, a long-standing director of Ascendant has been appointed to the board of directors of Cerrado. Mr. Santos is a lawyer widely regarded as a leading authority in the mining sector in Portugal. Mr. Santos has spent over 25 years representing/assisting domestic and international corporations in negotiations and disputes with the State regarding land acquisitions, exploration, extraction and environmental licenses, for both the mining and oil and gas industries in Portugal, Angola, Brazil and East Timor. Most notably, he was the legal advisor for major privatization transaction regarding the acquisition of Somincor by EuroZinc, which was acquired by Lundin Mining in 2006. Somincor is a Boliden subsidiary operating the large-scale Neves-Corvo mine in Portugal. Mr. Santos is a Partner of CRA - Coelho Ribeiro e Associados - Portuguese Law Firm, where he leads the firm's Arbitration and Mining practices. Mr. Santos is a member of the Portuguese Bar Association, the Brazilian Bar Association, the Lawyers' Association of the Republic of Timor-Leste and the Lawyers' Association of Macau. Mr. Santos is also a recognized author on arbitration and dispute resolution. Further details regarding the Arrangement are set out in Ascendant's management information circular dated April 3, 2025 (the "Circular"), which is available on SEDAR+ ( under Ascendant's issuer profile. Advisors Stifel Nicolaus Canada Inc. acted as financial advisor to the special committee of Ascendant and Sotos LLP acted as legal counsel to Ascendant in connection with the Arrangement. WeirFoulds LLP acted as legal counsel to Cerrado in connection with the Arrangement. About Ascendant Resources Inc. Ascendant Resources is a Toronto-based mining company focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver, and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209-hectare property concession. Located just 80km from Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity, already showing its mineable scale and cashflow generation potential. Ascendant currently holds an 80% interest in the Lagoa Salgada project through its position in Redcorp - Empreendimentos Mineiros, Lda. Ascendant's common shares are principally listed on the Toronto Stock Exchange under the symbol "ASND". For more information on Ascendant, please visit our website at Additional information relating to Ascendant is available on SEDAR+ at About Cerrado Gold Inc. Cerrado Gold is a Toronto-based gold production, development, and exploration company focused on gold projects in South America. Cerrado is the 100% owner of both the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina. In Canada, Cerrado Gold is developing it's 100% owned Mont Sorcier Iron Ore and Vanadium project located outside of Chibougamou, Quebec. In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas operation through continued operational optimization and is growing production through its operations at the Las Calandrias Heap Leach project. 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. In Canada, Cerrado holds a 100% interest in the Mont Sorcier Iron Ore and Vanadium project, which has the potential to produce a premium iron ore concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high grade and high purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces, contributing to the decarbonization of the industry and the achievement of SDG goals. For more information about Cerrado please visit Cerrado's website at: Additional information relating to Cerrado is available on SEDAR+ at For further information regarding Cerrado or Ascendant, contact: Mark Brennan Mike McAllisterExecutive Chairman Vice President, Investor RelationsTel: +1-647-805-5662mmcallister@ Forward Looking Information 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 of Ascendant and Cerrado, statements and information concerning the Arrangement, statements concerning the issuance of Cerrado replacement options and warrants, the de-listing of Ascendant shares from the TSX, and the intention to obtain an order to cease being a reporting issuer in the applicable jurisdictions and terminate its public reporting requirements. In making the forward-looking statements contained in this press release, Ascendant and Cerrado have made certain assumptions. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the assumptions, plans, intentions or expectations upon which they are placed will occur. Although Ascendant and Cerrado believe 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, Ascendant and Cerrado disclaim 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. Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risks Factors" in the Circular and under the heading "Risk Factors" in Ascendant's Annual Information Form dated March 27, 2025 and under the heading "Risks and Uncertainties" in Ascendant's most recent Management's Discussion and Analysis and other risks identified in Cerrado's and Ascendant's filings with Canadian securities regulators, which filings are available on SEDAR+ at The risk factors referred to above are not an exhaustive list of the factors that may affect any of Ascendant's or Cerrado's forward-looking information. The statements containing forward-looking information are based on the respective beliefs, expectations and opinions of management of the companies on the date the statements are made, and Ascendant and Cerrado do not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE: Cerrado Gold Inc.
