Cerrado Gold Provides Update on Cease Trade Order and Announces Resultant Possible Late Filing of Q1 Interim Financial Statements and MCTO Application

TORONTO, ON / ACCESSWIRE / May 15, 2024 / Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is providing an update on the status of the cease trade order (the "CTO") imposed on May 7, 2024, the Ontario Securities Commission (the "OSC"), under National Policy 11-207, following the Company's failure to file its audited annual financial statements for the year ended December 31, 2023, its management's discussion and analysis of financial statements for the year ended December 31, 2023, its annual information form for the year ended December 31, 2023, and related filings (collectively, the "Required Annual Filings"). Under National Instrument 51-102, the Required Annual Filings were required to be made by April 29, 2024.

Management of the Company continues to work diligently with its auditors to complete the Required Annual Filings, at which time it expects the CTO to be lifted within two days following filing. The Company expects the Required Annual Filings to be completed on or around May 31, 2024.

There is no material information concerning the affairs of the Company that has not been generally disclosed.

As a result of the delay in filing the Required Annual Filings, the Company expects that it will be unable to file its interim financial statements for the three months ended March 31, 2024, its management's discussion and analysis of financial statements for the three months ended March 31, 2024, and related filings (collectively, the "Required Interim Filings") by the May 31, 2024 filing deadline.

The Corporation has applied to the OSC for a management cease trade order (an "MCTO") in respect of the delay in filing of the Required Interim Filings.

If the MCTO is granted, the Company will comply with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Required Interim Filings have not been filed. During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's Chief Executive Officer, Chief Financial Officer, and Directors will not be able to trade in the Company's common shares.