Cerrado Gold Reports Q3 Financial Results and Production Highlights

Cerrado Gold Inc. announced its third-quarter financial results, highlighting significant achievements in production and finance. The company produced 16,604 Gold Equivalent Ounces ("GEO") in Q3, 2024, maintaining its trajectory towards annual guidance of 50,000-60,000 GEO. Adjusted EBITDA for the quarter reached $7.4 million, while a marked improvement in working capital deficit, over US$20 million, was recorded year-to-date.

The sale of the Monte Do Carmo gold project to Amarillo Mineração do Brasil Ltda. was finalized post-quarter, resulting in closing cash payments of US$30 million, with an additional US$15 million expected within 28 months. Cerrado's Q3 revenue stood at $36.7 million, a rise attributed to increased gold prices and volume sold, leading to a net income of $1.5 million compared to a net loss of $0.4 million last year.

The company continues to focus on cost reduction and enhancing production stability. The CIL plant's shift to heap leach production is progressing, supported by ongoing facility expansion efforts.