Cerrado Gold Announces Possible Late Filing of Annual Financial Statements

• Delays in audit at its MDN Subsidiary in Argentina to impact annual filing
• Company to satisfy payment of accrued interest on Sprott Note by the issuance of common shares of the Company

TORONTO, ON / ACCESSWIRE / April 25, 2024 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") announces that the filing of its annual financial statements and accompanying management's discussion and analysis for the fiscal year ended December 31, 2023 (the "Annual Filings") may not be finalized by April 29, 2024 (the "Filing Deadline"), being the date that such filings are due under applicable Canadian securities law requirements.

Significant policy changes in Argentina following the change in government in December 2023 have had significant impacts upon, among other things, currency controls and inflation in Argentina which changes have significantly increased complexities and challenges in conducting business in the country, including at the Company's Minera Don Nicolas ("MDN") mine in Santa Cruz province, Argentina. These recent challenges and accompanying complexities are being addressed by the Company and its management team in Argentina, however it has resulted in delays for information at its operating subsidiary in Argentina that is required to complete the audit process. As a result, the Company expects that there may be a delay in completing the audit and finalizing the Annual Filings.

The Company applied to the Ontario Securities Commission (the "OSC") for a management cease trade order (the "MCTO") in connection with the possible delay in the Annual Filings, however the OSC determined not to grant the Company's application for an MCTO on the basis that the application made less than two weeks prior to the Filing Deadline. The Company continues to be in discussion with the OSC regarding the granting of an MCTO. If the OSC maintains its decision not to grant the MCTO application and, in the event the Company is unable complete the Annual Filings by the Filing Deadline, the OSC will impose a failure-to-file-cease-trade-order ("CTO") pursuant to National Policy 11-207. A CTO would prohibit the trading by any person of any securities of the Company in Canada, including trades in the Company's common shares made through the TSX Venture Exchange. Once issued, the CTO will remain in place until such time as the Annual Filings are filed by the Company.