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Q4 and Full Year 2024 Financial Results Conference Call TSX-V: CERT | OTCQX: CRDOF May 1, 2025
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2024 Q4 & ANNUAL FINANCIAL RESULTS APRIL 2025 2 TSX-V: CERT OTCQX: CRDOF This presentation contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations of these or similar words) and statements that certain actions, events or results "may", "could", "would", "should", "might" "occur" or "be achieved" or "will be taken" (and variations of these or similar expressions). Forward-looking information is also identifiable in statements of currently occurring matters which may continue in the future, such as "providing the Company with", "is currently", "allows/allowing for", "will advance" or "continues to" or other statements that may be stated in the present tense with future implications. All of the forward-looking information in this presentation is qualified by this cautionary note. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Cerrado Gold (“Cerrado”) at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. Forward-looking statements involve known and unknown risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, relating to the execution and completion of the transactions described in this presentation, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), uncertainties related to the development and operation of Cerrado’s and Ascendant Resource Inc.’s (“Ascendant”) projects, dependence on key personnel and employee and union relations, risks related to political or social unrest or change, rights and title claims, operational risks and hazards, including unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks, failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, volatile financial markets that may affect Cerrado’s ability to obtain additional financing on acceptable terms, the failure to obtain required approvals or clearances from government authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, tax refunds, hedging transactions, as well as the risks discussed in Cerrado’s most recent management’s discussion and analysis filed with the Canadian provincial securities regulatory authorities and available on SEDAR+ at www.sedarplus.com. Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information . Accordingly, the reader should not place undue reliance on forward-looking information. Cerrado does not assume any obligation to update or revise any forward-looking information after the date of this presentation or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law. The scientific and technical information in this presentation has been reviewed and approved by Cid Bonfim, P. Geo., Senior Geologist Cerrado Gold and consultant to Ascendant Resources, and Pierre Jean LaFleur, P. Geo., VP Exploration for Voyager Metals, a 100% owned subsidiary of Cerrado Gold, each of whom are Qualified Persons as defined in National Instrument 43-101. DISCLAIMERS All figures in US$ unless otherwise noted
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2024 Q4 & ANNUAL FINANCIAL RESULTS APRIL 2025 3 TSX-V: CERT OTCQX: CRDOF 2024 FINANCIAL AND OPERATIONAL HIGHLIGHTS FOR MINERA DON NICOLAS Annual Production with 54,494 Gold Equivalent Ounces (“GEO”); in- line with guidance vs. 52,230 GEO in 2023, a 4% increase • Q4 Production of 10,431 GEO vs. 15,744 GEO in Q4 2023 Annual Adjusted EBITDA of $24.4 million vs. $17.7 million in 2023, a 38% increase • Q4 Adjusted EBITDA of $4.5 million vs $2.4 million for Q4 2023, an 88% increase Annual AISC of $1,651 per ounce vs. $1,427 in 2023 • Q4 AISC $1,953 per ounce vs $1,594 per ounce in Q4 2023; Primarily due to lower production – cost reduction initiatives have begun Continued strengthening of Balance Sheet with a $54.5 million improvement in working capital position in 2024 Received proceeds totaling $34 million from Asset Sale and Option payments during the quarter, significantly strengthening the balance sheet. Received $49 million for the full year with up to $25 million ($15 million guaranteed) due in the coming years Focus remains on ramping up heap leach production to 4,000 to 5,000 GEO per month.
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2024 Q4 & ANNUAL FINANCIAL RESULTS APRIL 2025 4 TSX-V: CERT OTCQX: CRDOF FOCUS ON IMPROVING CAPITAL WORKING POSITION Net Debt (USD) Working Capital (USD) US$54m improvement in Working Capita Position over the last 12 Months 52% Reduction in Net Debt levels over the last 12 months 64% reduction from peak in June 2024
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2024 Q4 & ANNUAL FINANCIAL RESULTS APRIL 2025 5 TSX-V: CERT OTCQX: CRDOF UPCOMING PERFORMANCE DELIVERABLES & VALUE TARGETS Ascendant Shareholder Vote on May 6, 2025 – with a favourable outcome the transaction is expected to be finalized by mid May 2025 Receipt of EIA Permit for Lagoa Salgada expected in May 2025 Q1 2025 Financial Results for MDN expected last week of May 2025 Updated Feasibility Study for the Lagoa Salgada Project in Q2 2025 Commencement of significant high-value targeted drilling program at Minera Don Nicolas commencing in June 2025 with results expected in Q3 2025 Feasibility Study for Mont Sorcier High Purity Iron Ore (67%) Project in Q1 2026 Construction decision for the Lagoa Salgada Project in Q3 2025
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2024 Q4 & ANNUAL FINANCIAL RESULTS APRIL 2025 6 TSX-V: CERT OTCQX: CRDOF INVESTMENT HIGHLIGHTS • [XXXX] Multiple Assets, Singular Vision Maximizing Cashflow, Minimizing Dilution High Quality Assets, Significant Upside Steady State Gold Production Well-Funded Developing Substantially Undervalued & Well-Advanced Assets • Gold Production ~55Koz over next four years based on recent PEA at MDN with exploration and expansion potential. • Expect cash flow of ~$50M/year and free cash flow of ~$25M/year @ $2100 Au 1 • Exploration: New program derived ; drilling to start in June 2025 targeting a further potential 300- 800Koz • Lagoa Salgada: Defining the next low-cost VMS deposit with district scale discovery and exploration potential on Iberian Pyrite Belt – Construction Decision 2025 • Mont Sorcier: Feasibility study underway to support annual production of 5Mtpa 67% iron concentrate2 suitable for the direct reduction iron and the green steel transition located in Quebec, Canada – BFS Q1 2026. (PEA 2022 - Post Tax NPV: 1.6B) • $21M cash balance, as of February 3, 2025, supplemented by cash flow from production and additional asset sale proceeds of $15M guaranteed and $10M option • Leveraging existing Cashflow and Project Financing to drive development of well-advanced mines • Well funded to construction decision to minimize dilution and maximize value for shareholders 1. NI 43-101 PEA Technical Reports Published Minera Don Nicolas ( Sept 19, 2024); 2. NI 43-101 PEA Technical Reports Published Mont Sorcier (July 2, 2022) Near-Term Precious and Critical Minerals Production Longer Term Critical Mineral Optionality Precious Metals Production
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2024 Q4 & ANNUAL FINANCIAL RESULTS APRIL 2025 7 TSX-V: CERT OTCQX: CRDOF INVESTMENT HIGHLIGHTS Exceptional NAV Growth - Proforma NAV (US$M – 100% Basis) 1 1. Proforma NPV Based on NI 43-101 Technical Reports Published: Minera Don Nicolas (Sep 19, 2024); Lagoa Salgada (Jul 25, 2023); (Mont Sorcier (Jul 2, 2022) MDN Precious Metal Exposure MDN Replacement Production Mont Sorcier Critical/Bulk Commodity Exposure MDN Precious Metal Exposure $111M $258M $1,865M $111M $147M $1,607M Production (Au Equivalent) Lagoa Salgada Precious / Critical Metals Exposure Lagoa Salgada Precious / Critical Metals Exposure Current 55,000 oz 2030 328,000 oz 2027 97,000 oz Current and Near-Term Precious and Critical Minerals Production Longer Term Critical Minerals Optionality
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2024 Q4 & ANNUAL FINANCIAL RESULTS APRIL 2025 8 TSX-V: CERT OTCQX: CRDOF INVESTMENT HIGHLIGHTS Driving Substantial Cash Flow with Limited Dilution MDN Precious Metal Exposure MDN Replacement Production Lagoa Salgada Precious and Critical Metals Exposure Current 2027 Lagoa Salgada Precious and Critical Metals Exposure Mont Sorcier Critical/Bulk Commodity Exposure 2030+ MDN Precious Metal Exposure 2025:$44M 2027:$39M 2030:$39M (assumed) @ Au $2,100 2027: $73M 2030: $95M @ BFS Prices Zn: US$1.20/lb 2030:$366M @PEA Prices EBITDA1,2 1. Proforma NPV Based on NI 43-101 Technical Reports Published: Minera Don Nicolas (Sep 19, 2024); Lagoa Salgada (Jul 25, 2023); (Mont Sorcier (Jul 2, 2022) 2. LOM Commodity Exposure based on NI 43-101 Technical Reports Published: Minera Don Nicolas ( Sep 19, 2024); Lagoa Salgada (Jul 25, 2023) $44M/annum $112M/annum $488M/annum Current and Near-Term EBITDA Longer Term EBITDA Optionality