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Driving Substantial Cash Flow With Limited Dilution TSX-V: CERT | OTCQX: CRDOF Fully funded, Multijurisdictional, Precious Metals Producer, with Critical Mineral Upside Au Gold Ag Silver Fe Iron Cu Copper Pb Lead Zn Zinc Sn Tin November 2025
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2 CORPORATE PRESENTATION NOVEMBER 2025 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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3 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF • Gold Production ~55Koz over next three years based on recent PEA at MDN with exploration and expansion potential. • Cash flow: ~$50M/year and free cash flow of ~$25M/year @ $2100 Au 1(PEA 2024), with significant leverage to higher gold price) • Accelerated Exploration: ~20,000 metre ongoing program (50,000 metres planned in 2026); targeting resource additions and CIL plant feed • Underground: Development well underway with 3 access portals, expected contribution of higher -grade ore to production starting in Q3 2025 INVESTMENT HIGHLIGHTS Steady State Gold Production Well-Funded Developing Substantially Undervalued & Well-Advanced Assets • Lagoa Salgada: Defining the next low-cost VMS deposit with district scale discovery and exploration potential on Iberian Pyrite Belt – Construction Decision Q1 2026 • ~$14.5M cash balance, as of June 30, 2025 (including Hochschild prepayment) • Cash expected to grow in H2 2025 through cash flow from higher production rates and additional asset sale proceeds of $5M guaranteed and $10M option • Well funded to develop high value projects and minimize dilution to 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 • 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 Q2 2026 (PEA 2022 - Post Tax NPV: 1.6B)
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4 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF 39% 23% Precious Metals Critical Minerals Lagoa Salgada & MDN LoM Combined Commodity Exposure1 62% Precious Metals 38% MDN LS LS + INVESTMENT HIGHLIGHTS Fully funded, Diversified Commodity and Multijurisdictional Producer Production Growth 1. LOM Commodity Exposure based on NI 43-101 Technical Reports Published: Minera Don Nicolas ( Sep 19, 2024); Lagoa Salgada (Jul 25, 2023) 2. Spot Prices Oct 23, 2025: Zn $1.50, Pb $0.89, Cu $5.09, Sn 15.85, Ag 48.84, Au $4,155 3. 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) Precious Metals Focus CASH: US$14.5M (Q2-2025 & HOC Prepayment) Portugal: NPV US$146M (Production Mid-2027) Argentina: Free Cash Flow US$25M @ $2,100 Au Value Proposition Share Price: C$1.48 Shares Outstanding 134.0M Market Cap: C$198.4M Quebec: NPV US$1.6BN (Longer Term Optionality) 16,545 42,267 52,504 51,688 54,494 50-55,000 2020 2021 2022 2023 2024 2025E Production (Au ozs)
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5 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MDN Precious Metal Exposure Lagoa Salgada Precious / Critical Metals Exposure $258M $1,607M INVESTMENT HIGHLIGHTS Exceptional NAV Growth - Proforma NAV (US$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 $111M $1,865M (NAV) Production (Au Equivalent) 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 Lagoa Salgada Precious / Critical Metals Exposure $111M $147M NAV
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6 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF INVESTMENT HIGHLIGHTS Driving Substantial Cash Flow with Limited Dilution MDN Precious Metal Exposure MDN Replacement Production Current 2027 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 Current 55,000 oz 2030 328,000 oz 2027 97,000 oz Production (Au Equivalent) Lagoa Salgada Precious / Critical Metals Exposure Lagoa Salgada Precious / Critical Metals Exposure
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7 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF A YEAR OF TRANSITION Driving Cerrado’s Value Proposition Minera Don Nicolas Heap Leach & Underground Production 55,000 ozs – 3 years Surface Exploration (20,000 Metre Program underway – 50,000 Metres planned in 2026) Underground Exploration (Targeted in 2026) Targeting LOM of 5-6 years Lagoa Salgada Optimized Feasibility Study (YE 2025) EIA Permit (YE 2025) RECAPE/ Construction Permit (Q2 2026) Construction (Q3 2026) Production (Q1 2028) FCF 1 $75M/year = Mont Sorcier Bankable Feasibility Study (Q2 2026) Submit ESIA (Q3 2026) ECA Project Financing (Q1 2028) Construction Permit (EST) (Q2 2028) Production (Q1 2030) FCF 1 $235M/year = 1.FCF Based on NI 43-101 Technical Reports Published: Minera Don Nicolas (Sep 19, 2024); Lagoa Salgada (Jul 25, 2023); (Mont Sorcier (Jul 2, 2022)
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8 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERA DON NICOLAS Extensive and Underexplored Land Package Largest land package in the prolific Deseado Masiff (330K hectares) Steady state production of ~55koz Au equiv. per year through to 2028 Mineral Resources M&I: 490Koz, Inferred: 121Koz Exploration to date has only focused on near mine targets Underground potential development commenced in Q2 2025 Santa Cruz Cerro Vanguardia AngloGold Minera Don Nicolas Cerrado Gold Cerro Negro Newmont San Jose Hochschild /McEwen Mining Cerro Moro Pan American
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9 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERA DON NICOLAS Well-Trodden Path to Production Growth and Resource Expansion 0.6Moz 31% 69% 34% 66% 73% 13% 14% 86% 14% Cerro Vangaurdia Cerro Negro Cerro Moro 1Moz 2000 2010 2020 2000 2010 2020 2010 2020 6Moz 100% 4.5Moz 4.6Moz 5.2Moz 6.0Moz 21% 79% 9% 91% 3.4Moz 2.2Moz 2.4Moz 5.9Moz 38% 62% 1.5Moz 0.7Moz 1.7Moz Au eq Ounces3Moz 5Moz Gold Corp Acquires Cerro Negro for C$3.6Bn 0.6Moz 100% Initial Resource UG & HL contributed majority of increase in Resources Underground Resource grew to 1.3Moz, a 240 % increase from the initial resource Underground continued to grow post acquisition 220,409m to define this resource Underground grew 280% before sale 97,300m to define this resource Minera Don Nicolas 40%60% 76%24% 2020 1.0Moz 105,000m to define this resource 41% 15% 44% MDN remains in the early stages of discovery Heap Leach resource only now being tested UG remains largely untested 25% 75% 64%13% 23% Open Pit Heap Leach Underground
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10 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERA DON NICOLAS Track Record of Operational Improvement and Competitive Costs Competitive Producer in Argentina Amongst Peers AISC 2024 Operating History Post Acquisition Increased Production & Lower Costs 16,545 42,267 52,504 51,688 54,494 55-60,000 $1,734 $1,356 $1,231 $1,427 $1,651 $1,500 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2020 2021 2022 2023 2024 2025E Production (Au ozs) AISC ($/oz) $1,700 Source: Company’s annual financial and MDA filings $1,334 $1,631 $1,638 $1,651 $1,811 $1,973 Barrick Newmont Hochschild Cerrado Gold AngloGold Fortuna Veladero Cerro Negro San Jose Minera Don Nicolas Cerro Vangaurdia Lindero
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11 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERA DON NICOLAS – Current Production Argentina Highlights • Gold Production of ~55Koz until 2028 based on recent PEA • Life of Mine average annual EBITDA of US$49M and FCF of US$25M at $2,100 Gold (PEA 2024) with significant leverage to higher gold price) • Heap leach development completed with extensive exploration program underway • Strong cash flows targeted to continue debt reduction and fund exploration and development NI 43-101 Grade Values Metal Content Resources Tonnage (kt) Au (g/t) Ag (g/t) Au (k oz) Ag (k oz) M&I 13.4 1.13 15.26 490 6,593 Inferred 3.6 1.05 3.20 121 370 1. Sprott Streaming Agreement has been excluded from this analysis 2. Before royalties and after by-product credits 3. Include C1 cash costs, plus royalties plus sustaining capital 4. Spot Price Au $3116.70, Ag $33.65 Please see appendix for full resource table and notes Expansion Opportunities • Exploration to date has focused on near mine open pit targets, but remains largely unexplored • Paloma underground has commenced with production targeted for Q3. Underground offers significant exploration upside and production growth potential, • Largest land package in the prolific Deseado Massif (330K hectares) PEA Average Annual Gold Equivalent Production (ounces) 55,869 Mine life (years) - Mine Plan start Date 1 April 2024 5.0 NPV @ 5% discount rate (millions, after-tax) $ 111 Gold Price (US$/oz) 2,100.0 Average Annual EBITDA $ 49.2 M Average Annual FCF $ 25.2 M Operating Costs Total cash cost (per ounce sold) 2 864 Mine-site all-in-sustaining cost (per ounce sold) 3 1,146
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12 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERA DON NICOLAS Current Steady State Production From Primarily Heap Leach Heap Leach Production Continues to grow as expanded crushing capacity and improved recoveries help achieve record throughputs Q3 2025 saw 10,465 GEO produced from heap leach operations which was a record Investments in additional fleet capacity (trucks, loaders and excavators) support higher throughput rates Final updates to the crushing circuit including final installment of agglomerator and additional conveyors scheduled to be complete in Q4 2025. Esperanza Vein Ramp portal from the bottom of the existing pit
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13 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERA DON NICOLAS Underground Growth Opportunity Preliminary Testing of UG potential at Paloma pit Underground access commenced with three access portals Underground operations expected to contribute to production in late Q3 with ramp-up during Q4 2025 Drilling to date only to a vertical depth of 200 metres directly under the high-grade Paloma Pit Existing Pit provides direct access to the Underground for rapid development Previous operators did not explore for underground targets Permit received for underground operation Esperanza Vein Ramp portals from the bottom of the existing Paloma pit
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14 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERA DON NICOLAS 2025 Drilling Program The Paula/Andrea–La Verde Trend is over 10 km long 2025 Drilling Targets 1. Reyna – Princesa Veins 2. Sulfuro East Vein 3. North Extension Sulfuro and Rocio Veins 4. South Extension Sulfuro Vein 5. Esperanza Vein at depth 6. Paula Andrea System (Baritina & Chulengo) Ramp Down from the Bottom of the pit
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15 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERA DON NICOLAS 2025 Drilling Program Ramp Down from the Bottom of the pit “Sulfuro East” Vein Drills Projects
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16 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERA DON NICOLAS EXPLORATION Numerous Open Pit & Underground Opportunities ChispasPaula Andrea High exploration potential, for deeper- seated, large high- grade deposits Two main targets/ high grade ore bodies have been discovered in this area, Baritina and Chulengo On Strike to Cerro Morro’s high-grade Naty zone 3 km of strike to be drilled Paloma Norte Drilling at Reyna / Princess Target has commenced Characteristics of a low- sulfidation epithermal system Targeting higher grade mineralization about 100 metres below surface Target at 139 Metres
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17 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF LAGOA SALGADA VMS PROJECT • 80% ownership of Lagoa Salgada VMS Project with a Post-tax NPV8% of US$147 million and a 39% IRR in current Feasibility Study1,3 • Adds substantial precious and critical metals exposure at spot prices2 • 40 % Gold & Silver, 27% zinc, 15% copper, and 7% tin) • Expected lowest cost quartile producer • US$0.59/ lb ZnEq for first 5 years • US$0.79/ lb ZnEq for LOM1 • Optimized feasibility and EIA approval this year YE 2025, construction decision in Q1 2026, RECAPE approval in Q2 2026, Construction in Q3 2026, production in Q1 2028 • Limited equity dilution anticipated to bring project to production • Fully funded to construction decision, $5MM budgeted to deliver optimized feasibility study • Construction funding well supported with low-cost UK Export Credit Agency (UKEF) project financing with Banco Santander, ongoing support from Sprott, and potential off-takers 1. Based on Feasibility Study NI 43-101 Technical Reports Published for Lagoa Salgada on July 25, 2023 2. Spot Prices Oct 23, 2025: Zn $1.50, Pb $0.89, Cu $5.09, Sn 15.85, Ag 48.84, Au $4,155 3. Metal Prices used in FS NI 43-101: $1.20/lb (Zn), $1.13/lb (Pb), $3.50/lb (Cu), $12.00/lb (Sn), $1,700/oz (Au), $22.00/oz (Ag) ALJUSTREL NEVES CORVO AGUAS TENIDAS LAGOA SALGADA PROJECT Copper-rich Iberian Pyrite Belt FIRST QUANTUM Atlantic Copper Smelter Setubal Port Sines Port Faro Airport Linha do Sul Railway RIO TINTO GRUPO MEXICO Near Term Production & Cash Flow PIN
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18 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF LAGOA SALGADA VMS PROJECT Portugal • Developing the next VMS Deposit with District Scale Discovery and Exploration Potential on Iberian Pyrite Belt • July 2023 Feasibility Study outlined a NPV 8% post-tax of US$147M and an IRR of 39%1 • EBITDA of $US75.5M during the initial 5 years of operation1 • Low Capex and low operating costs (ZnEq AISC 0.59/lb) during the first 5 years make this a robust, tier 1 asset Lagoa Salgada LoM Revenue by Commodity (%) at Spot Prices2 40% Precious Metals 1. Based on NI 43-101 Technical Reports Published for Lagoa Salgada on July 25, 2023. 2. Spot Prices Oct 23, 2025: Zn $1.50, Pb $0.89, Cu $5.09, Sn 15.85, Ag 48.84, Au $4,155. 2. 3. Source S&P Global Analytics – Primary Zinc Producers Tier 1 AISC Cost3 LoM AISC – Zinc Eq $0.79/lb Resources Please see appendix for full resource table and notes 27% Zinc 11% Lead 15% Copper 7% Tin 19% Gold 21% Silver PIN
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19 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF LAGOA SALGADA VMS PROJECT Rapidly Progressing to Production Lagoa Salgada Timeline to Production 2025 2026 2027 2028 Program Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Exploration Drilling Updated Metallurgical Work Updated Resource Estimate Updated Feasibility Study1 EIS Approval RECAPE (Construction Approval) Project Financing Construction (18 Months) Start Production Key environmental permit revised to include changes that will be incorporated in optimized Feasibility Study Initial production within two years Expected to further enhance economics 1. Based on NI 43-101 Technical Reports Published for Lagoa Salgada on July 25, 2023 PIN
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20 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF LAGOA SALGADA VMS PROJECT Rapidly Advancing an Optimized Feasibility Metallurgy Resources Initial Capital Process Design and TSF Management Mine Plan Optimization Phase II Metallurgical Program being conducted by Wardell Armstrong Targeting increases recoveries, Higher Concentrate Grades and Reduced penalties elements New metallurgical results are targeting a higher NSR/tonne value across each domain May lead to minor increases in the Resources Optimization of Equipment, Staging of capital and new layout targeting an increase in capital efficiency Simplification of Design flowsheet Trade-off study for dry stack tailings Trade-off for increased design capacity or staged development Considering 1.2MTpa – 2.0Mtpa scenarios Optimization Strategy to Increase NPV, Reduce Capex and Operating Costs PIN
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21 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF LAGOA SALGADA VMS PROJECT Portugal PIN
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22 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MONT SORCIER PROJECT – Optionality for the Long Term Green Steel and Direct Reduction Iron (“DRI”) Located 11km from Chibougamau, in Cree traditional territory, Quebec Site located only25km from public rail head >300km of underutilized existing common carry rail line connected directly to ports Existing low-costHydro Power Two deep water ports - Saguenay and Quebec City - with available capacity Single province jurisdiction streamlines permitting Feasibility Study Ready to Commence Port of Saguenay Road to Site Port of Saguenay Mont Sorcier Chibougamau CN Rail Line Mont Sorcier CN Rail Port of Saguenay 25km 370km Excellent Existing Infrastructure
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23 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MONT SORCIER IRON ORE PROJECT Canda • Targeted to be a green steel producer with production at a minimum of 5mpta of high grade, high purity, green Direct Reduction Iron concentrate to support Green Steel manufacturing • Recent metallurgical test works demonstrates ability to produce high purity DRI 67% grade iron conc. With <2.5% Silica and Alumina combined • Mont Sorcier PEA: CF of ~US$350mm, FCF of ~US$235mm per annum for 21 years using 65% concentrate grade • Excellent existing infrastructure including rail, port and hydro electricity expected to lower project capex • Feasibility Study Expected – Q2 2026 – Mont Sorcier adds long-term option value once feasibility study is completed • Construction Financing for 70% of capital requirements already being supported by UKEF/TD Bank Premium Product • High Purity 67% Iron Concentrate significantly reduces green house gas emission in steel production • Significant price premium expected for 67% DRI grade material vs 62% Index price • High Grade material to displace lower grade material as demand increases Bankable Feasibility Study (Q2 2026) Submit ESIA (Q3 2026) ECA Project Financing (Q1 2028) Permit Granted (Est) / Commence Construction (Q2 2028) First Production (Q1 2030) PEA Summary (July 2022) $US Million Production Summary Unit LOM Total / Avg. Annual Production Rate mtpa 5.0 Operating Costs Total Cash Costs US$/t $26.0 All-in Sustaining Costs (AISC) US$/t $28.2 Rail Transport (FOB Port) US$/dmt conc $18.0 Ocean Freight to China (CFR China) US$/dmt conc $20.0 CFR China US$/t sold US$/dmt conc $66.2 Capital Costs Initial Capital Costs kUS$ $456,000 Contingency kUS$ $118,000 Sustaining Capital Costs kUS$ $226,680 Closure Costs kUS$ $50,400 Financials Post-Tax NPV (8%) MUS$ $1,607 Post-Tax IRR % 43.0% Post-Tax Payback Years 1.8 PAYBACK IN UNDER 2 YEARS
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24 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MONT SORCIER PROJECT Well Defined Resources with Upside to Mine Life and/or Production Rate Significant Indicated Resource in place to Backstop Feasibility Study Significant Additional Resources to support Future Expansion potential Updated Metallurgy Confirms Ability to Produce 67% Fe Concentrate with Sub 2.5% Silica & Alumina Resources North Zone Indicated Inferred Unclassified South Zone Voyager Metals Mont Sorcier Macarthur Minerals Lake Gilles Champion Iron Bloom Lake Iron Road Central Eyre Magnetite Mines Razor Back Black Iron Shymanivske 10% 15% 20% 25% 30% 35% 66.00% 66.50% 67.00% 67.50% 68.00% 68.50% Resource and Grade(1) Please see appendix for full resource table with notes
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25 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF WELL-FUNDED TO DELIVERY 1. NI 43-101 PEA Technical Report published Sep 19, 2024 2. CAD EX Rate = 1.28814 +US$5mm Guaranteed: 1. US$5 million (C$6.4 million2 or C$0.06/share) by March 2027 or earlier Free cash flow of ~$25 million per year based on 55Koz gold production at $2,100 Au1 with significant leverage to higher gold price +US$10mm Option Consideration: • US$10 million (C$12.9m or C$0.12/share) upon exercising of the Option Agreement – by 2028 or earlier Expected to grow in H2 2025 through cash flow from higher production rates including budgeted capital expenditures and debt reduction program 1. Cash Balance 3. Free Cash Flow 2. Additional Cash to be received – from asset sale and option agreement US$14.5mm +US$25mm
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26 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF PROJECT FINANCE SUPPORT IN PLACE Export Credit Agency Project Financing Structure Benefits of ECA Supported Project Financing • Typically, Long-Term & Low Cost • Higher leverage covering working capital, pre-construction interest and additional costs • Ability to treat Stream as Equity • Inclusion for exploration budget in capital program Obligations for ECA Supported Project Financing • Meeting minimum UK content requirements (+40%) • Compliance with Global Industry Standards for Tailings Management & Equator Principles • International Standards for Social and Environmental Impact (including climate change) • Standard technical due diligence and credit metric compliance (DSCR >1.25x et. al.) ECA Supported Project Financing Structure Export Credit Agency Lagoa Salgada Project ------------- Mont Sorcier Project Debt 30% 70% Equity Potential Offtake Partners Lagoa Salgada Mont Sorcier Steel Producers
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27 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF HISTORY OF LEADERSHIP Multiple Mines Built, Expanded and Restructured 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 Feb/16 Mar/16 Apr/16 May/16 Jun/16 Jul/16 Aug/16 Sep/16 Oct/16 Nov/16 Dec/16 Jan/17 Feb/17 Mar/17 Volume ('000s) SMT Share Price (C$) : 2.4x for shareholders in under 2 years Apr 2015 • Mark Appointed CEO Apr 2016 • High grade zone discovered at Yauricocha Jan 2017 • Spin-Off of Cautivo Mining Feb 2017 • High-grade discovery at Cusi Mine Mar 2017 • Mark resigns as CEO : +25x return to founders and still growing 53,170 81,272 54,068 110,514 122,152 122,152 121,675 116,862 73,695 75,650 96,715 120,478 135,806 144,695 159,499 177,830 180,000 230,000 270,000 2002 • Desert Sun signs US$2m earn-in for 51% Jacobina Project 2003 • Desert Sun acquires remaining 49% for US$5m 2006 • Desert Sun acquired by Yamana for C$575m 5.0x Production Growth 2004 • Desert Sun signs earn-in for 51% Jacobina Project May 2008 • Largo enters offtake agreement with Glencore : Full development cycle: Market Cap= +C$2.5B High Acquisition Discovery Feasibility Construction Production 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Nov 2006 • Kurt Menchen Appointed Technical Advisor • Initial Resource of 15Mt @ 1.37% V2O5 Jun 2007 • Initial PEA • NPV US$58.7M • After Tax IRR 18.8% Dec 2012 • Acquisition of 100% of the Maracas Project Jan 2013 • Updated & Re-scoped PEA • NPV US$554M • After-Tax IRR 26.3% Jan 2014 • Maracas Achieves First ProductionJul 2012 • Maracas Project Financing Secured Oct 2006 • Acquires initial interest in the Maracas Project Lassonde Curve Mar 2005 • Mark Appointed CEO Oct 2014 • Mark resigns as CEO • Maracas Achieves Record Production Market Cap: 10M Kurt Menchen, Director, Ex-President , Brazil • +42 years of mining experience • 20 years as GM at the Jacobina Gold project in Brazil, key in developing Largo Resources Mark Brennan, CEO & Co-Chairman • Over 20 years of mining experience in Brazil • Multiple successes in the region: Serra Metals, Largo Resources, Desert Sun Casper Groenewald, COO • Metallurgist with over 20 years of mineral processing experience in Africa and the Americas • Part of the team that developed Largo from a greenfield project Veronica Nohara, President, Argentina • Over 20 years' experience working in different Latin American countries • Former Chief Executive Officer for Minera Don Nicolas Joao Barros, President, Ascendant Resources, Portugal • Over 20 years' experience working in mining in Portugal in engineering • Has been working on the development of Lagoa Salgada since 2008 Hubert Vallee, VP Project Development, Voyager Metals, Canada • Over 20 years' experience working in Mining and Manufacturing with a focus on Iron Ore • Worked with Consolidated Thompson (Bloom Lake) as key play in project development Experienced operations team throughout the Americas and Europe
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28 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF CAPITAL STRUCTURE KEY SHAREHOLDERS OWNER PERCENTAGE Management & Board 11% Institutions 14% Free Float 75% (As at October 31, 2025) TSX VENTURE EXCHANGE CERT Share Price C$1.48 52 Week (Low-High) C$0.32 – C$1.65 Shares Outstanding 134.0 million Options 5.4 million Warrants 1.8 million RSUs & DSUs 10.5 million Fully diluted shares 151.8 million Average Total Daily Volume 750K Shares Market Capitalization C$198.4 million Cash position (June 30, 2025, Balance + Hochshild prepayment) US$14.5 million Pending Additional Cash from Sale of Monto Do Carmo and Option of Michelle Property US$15.0 million ANALYST COVERAGE BROKERAGE ANALYST TARGET PRICE HC Wainwright Heiko Ihle C$2.10 Red Cloud Ron Stewart U.R. $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80
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29 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF Steady State Gold Producer Well-Funded INVESTMENT HIGHLIGHTS – Proforma Company Building Shareholder Value by Driving Substantial Cash Flow Developing Substantially Undervalued & Well Advanced Assets • Gold Production of ~55Koz over next four years based on recent PEA with exploration and expansion potential. Cash flow of ~$50M/year and free cash flow of ~$25M/year @ $2100 Au1 with significant leverage to higher gold price) • MDN: Expansion potential at Minera Don Nicolas, Argentina from underexplored extensive land package • Lagoa Salgada: Defining the next low-cost VMS deposit with district scale discovery and exploration potential on Iberian Pyrite Belt, Portugal • Mont Sorcier: Offers long-term value with 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 • $14.5M cash balance, expected to grow in H2 2025 through cash flow from higher production rates and additional asset sale proceeds of $5M guaranteed and $10M option • Fully funded to construction decisions with strong support for construction funding Mont Sorcier Quebec, Canada Minera Don Nicolas Santa Cruz, Argentina Lagoa Salgada Portugal 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)
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Appendix - Operations
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Stable Precious Metals Production and Cashflow in the Deseado Masiff MINERA DON NICOLAS
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32 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERA DON NICOLAS Positive PEA and Mineral Resource Estimate Notes: 1. Sprott Streaming Agreement has been excluded from this analysis 2. Before royalties and after by-product credits 3. Include C1 cash costs, plus royalties plus sustaining capital 4. Spot Prices: $3,300 (Au), $33.10 (Ag) as at, April 29, 2025 5. See next Slide for Mineral Resource Table PEA Base Case1 Average Annual Gold Equivalent Production (ounces) 55,869 Mine life (years) - Mine Plan start Date 1 April 2024 5.0 Total Gold Equivalent Production (ounces) 279,345 NPV @ 5% discount rate (millions, after-tax) $ 111 NPV @ 8% discount rate (millions, after-tax) $ 105 Gold Price (US$/oz) 2,100.0 Silver Price (US$/oz) 25.0 Average Annual EBITDA $ 49.2 M Average Annual FCF $ 25.2 M Capital Costs Initial capital expenditure (Initial Capex) $ 0 M Sustaining capital expenditures $ 9.5 M Reclamation cost $ 7 M Salvage Value $ 3.3 M Operating Costs Total cash cost (per ounce sold) 2 864 Mine-site all-in-sustaining cost (per ounce sold) 3 1,146
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33 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERA DON NICOLAS CIL and Heap Leach Production Hub and Spoke Production Model Calandrias (HL) Paloma (High-grade OP&UG) Martinetas (HL) Michelle (Exploration) Chispas (Exploration) Central Mill Martinetas (High-grade OP) Las Calandrias HL Project Paloma Underground Project Additional 165koz of lower grade resources added to the mine plan Additional 5 years of low-cost production at ~20-25koz per annum Expected to Commence in June 2026 Existing Pit provides direct access to the Underground for rapid development
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34 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERAL RESOURCES Minera Don Nicolas Project – Effective Date: April 1, 2024 Notes: ¹ Included in economic evaluation, ² Not included in economic evaluation, ³ Satellites include Armadillo, Baritina, Baritina NE, Cerro Oro, Coyote,, Choique, Mara, and Trofeu, ⁴ Include the stocks from: Armadillo, Cerro Oro, Coyote, Choique, and Mara. Grade Values Metal Content Mine Classification Tonnage Au Ag Au Ag kt g/t g/t k oz k oz Calandrias Sur ¹ (Open pit) Measured 5,192.24 0.91 17.07 151.32 2,849.04 Indicated 7,642.16 1.02 14.16 249.40 3,479.94 M+I 12,834.40 0.97 15.34 400.72 6,328.98 Inferred 2,261.42 0.62 3.32 44.99 241.64 Calandrias Norte ¹ (Open Pit) Measured 8.12 18.66 25.98 4.87 6.78 Indicated 70.67 14.52 22.79 32.98 51.79 M+I 78.79 14.94 23.12 37.85 58.57 Inferred 10.58 10.69 12.17 3.64 4.14 Zorro ¹ (Open pit) Measured 69.09 2.15 8.74 4.78 19.42 Indicated 136.50 1.32 7.38 5.80 32.39 M+I 205.59 1.60 7.84 10.58 51.81 Inferred 120.88 0.81 6.38 3.16 24.79 Depleted Satellites ² ³ (Open Pit) Measured 29.91 2.04 0.00 1.96 0.00 Indicated 14.99 1.80 0.00 0.87 0.00 M+I 44.90 1.96 0.00 2.83 0.00 Inferred 1,117.03 1.62 1.72 58.14 61.62 Paloma Trend ¹ (Underground) Measured 128.86 4.73 18.98 19.58 78.62 Indicated 145.96 4.00 15.97 18.78 74.94 M+I 274.82 4.34 17.38 38.36 153.56 Inferred 88.91 3.93 13.15 11.22 37.58 Total Measured 5,428.22 1.05 16.93 182.52 2,953.87 Indicated 8,010.27 1.20 14.13 307.82 3,639.05 M+I 13,438.50 1.13 15.26 490.34 6,592.92 Inferred 3,598.83 1.05 3.20 121.15 369.77 Stockpiles 4 Measured 0.00 0.00 0.00 0.00 0.00 Indicated 0.00 0.00 0.00 0.00 0.00 M+I 0.00 0.00 0.00 0.00 0.00 Inferred 951.74 0.54 2.05 16.57 62.58
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35 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERAL RESOURCES NOTES Minera Don Nicolas Project – Effective Date: April 1, 2024 Notes to Mineral Resources Mineral Resource estimates were prepared by the May 10, 2014 edition of the Canadian Institute of Mining, Metallurgy and Petr oleum (or CIM) Definition Standards for Mineral Resources and Mineral Reserves (“2014 CIM Definition Standards”) and disclosed in accordance with National Instrument 43- 101 – Standards of Disclosure for Minerals Project (“NI 43-101”). The Qualified Persons for the estimation of Mineral Resources are Calandrias Sur, Calandrias Norte, Zorro, Paloma Trend and Stockpiles - Orlando Rojas, P.Geo, Member AIG, a GeoEstima SpA employee and Armadillo, Baritina, Baritina NE, Cerro Oro, Coyote, Choique, Mara and Trofeu - Sergio Gelcich, P.Geo, MAusIMM (CP) Geo, Vice President, Exploration, a Cerrado Gold employee. Mineral Resources have an effective date as of: (a) April 1st, 2024, for Calandrias Sur, Calandrias Norte, Zorro, Paloma Trend, Armadillo, Baritina, Baritina NE, Cerro Oro, Coyote, Choique, and Trofeu; (b) August 31st, 2020, for Mara satellite. Mineral Resources estimated using an average long-term metal price of US$2,100.0/oz of Au and US$25.0/oz of Ag. For Mara satellite, an average long-term metal price of US$1,550.0/oz of Au is considered, assuming a mining cost of US$2.65/t, plant cost of US$32.0/t, and selling costs of US$127.0/t. Recoveries depend on the type of host mineralization and the extraction method being utilized for the minerals. For the carbon-in-leach (CIL) process, Au recovery is based on historical metallurgical recovery, which is 90% for Au and 61% for silver. For the Heap Leach process (HL), Au recovery is based on metallurgical test works and depends on the zone. Au recovery is 70% in the Oxide zone, 60% in the Transitional zone, and 40% in the Primary zone. The silver recovery is 30% in all zones. Mineral Resources in open pit are reported within pit shell constrain and above a cut-off grade: Calandrias Sur has a variable cut-off - 0.27 g/t Au for the Oxided zone, 0.31 g/t Au for the Transition zone and 0.46 g/t Au for Primary zone; Calandrias Norte - 1.46 g/t Au; Zorro, Armadillo, Baritina, Baritina NE, Cerro Oro, Coyote, Choique, Mara and Trofeu - 0.3 g/t Au. In Paloma Trend, Mineral Resources are reported within a cut-off grade of 1.95 g/t for underground mining shapes. A minimum mining width of 1.5m was used for resource shapes. The estimated costs are: Calandrias Sur - plant cost of US$11.08/t; Calandrias Norte – plant cost of US$78.33/t; Zorro – plant cost varying from US$ 13.35 for HL process and US$ 68.20 for CIL process; Depleted Satellite – plant cost of US$40.0/t. The selling costs of US$242.90/t and mining costs of US$3.50/t was assumed for all open pit costs of US$3.50/t was assumed for all open pit were assumed for all open-pit mining. For underground shapes, the mining costs are US$40.0/t, plant costs are US$65.0/t and selling costs are US$242.9/t. The exchange rate considered is ARG 917.25 / 1 USD. Density was assigned and interpolated based on specific gravity values by domain. Numbers may not be added due to rounding.
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LAGOA SALGADA PROJECT Uncovering The Next World Class VMS Deposit in the Iberian Pyrite Belt with near-term production potential PIN
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37 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF 60% Galvanizing 15% Die-Casting… 14% Brass and Casting 8% Oxides and Chemicals 3% Misc. LAGOA SALGADA VMS PROJECT Critical Metals Production $23B/Year Is needed in new projects’ investment, to close the copper supply gap Copper Supply and Demand Gap (2030- 2050) 9.7 Mil tonnes of new copper supply is needed over the next 10 years. Global demand is expected to grow 35% by 2050. Cu Copper Zn Zinc Zinc's unique properties make it an essential metal for everyday life. Zinc plays a crucial role in: Renewable Energy Transportation Food Security Energy Storage Healthcare Infrastructure Industrial Applications Electronics Zinc’s global demand is expected to steadily increase while supply is expected to continue to fall systematically starting in 2025 creating a 6.9 Mil tonne global supply gap by 2040 1. Zinc’s unique properties make it an extremely versatile metal, essential for everyday life, playing a critical role in: Sources: Wood Mackenzie, CRU, IZA, BGRIMM, SMM, TeckSource: Gov’t of Canada “Zinc Facts” 2023 PIN
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38 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF LAGOA SALGADA VMS PROJECT Uncovering the next World Class VMS Deposit PAYBACK UNDER 2 YEARSDistrict Scale Discovery Iberian Pyrite Belt (“IBP”) is the largest VMS district; host to many world class deposits that continue to grow Initial anchor Discovery, Venda Nova continues to grow Drilling new Geophysical anomalies with potential for multiples of Resource expansion Limited exploration to date: Very high ratio of tonnes found (27 tonnes) to metres drilled (approx. 401 metres): 0.67511t/m District Scale Exploration Potential Large and prospective land package in the IBP Venda Nova is open in all directions, under drilled and under explored Numerous drill targets identified for the next discovery Anchored by Robust Economics July 2023 Feasibility Study outlined a NPV 8% post-tax of US$147M and an IRR of 39% Significant annual EBITDA generation of $US75.5M during the initial 5 years of operation Low Capex and low operating costs make this a robust asset Right Jurisdiction All necessary infrastructure in place: power, water, roads and port all located adjacent to the project Granted Project of National Interest in Portugal: a mining jurisdiction with favourable labour rates and tax regime Financed to Construction UK Export Credit Agency and Santander have been Mandated as Lead Arranged for Non- Resource Project Financing for up to 70% of Upfront Capital Requirements PIN IBERIAN PENINSU LA Atlantic Ocean Lagoa Salgada GRÂNDOLA Vale do Gaio Water Reservoir 5 km0 A2 Highway IC 1 Mining Concession Water Supply 60Kv Power Line Highway and National RoadsConcession Boundary
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39 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF LAGOA SALGADA VMS PROJECT Large Underexplored Land Package with significant future Potential 2018 IP survey identified 1.7km long by 200-300m wide chargeability anomaly covering the North, South and Central Zones that make up the Mineral Resource Deposits, located in LS West area. Strong correlation between IP and drilling proven by success in extension of massive sulphides in North Zone. Very high ratio of tonnes found (27 tonnes) to metres drilled (approx. 401 metres): 0.67511t/m Strong IP anomaly in Central and South Zones associated with gravity anomaly. IP 3D model suggests strong anomaly and future target east of the Stockwork Zone. Gravity anomalies identified in the LS North, LS East and Rio de Moinhos satellite areas covering potential strike length of 8km. Strong Correlation between Induced Polarization (IP) results and mineralization REGIONAL RESIDUAL BOUGUER GRAVITY MAP 8 km Anomaly North Zone (massive suphide) Central & South Zone (stockwork) PIN
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40 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERAL RESERVES Lagoa Salgada Project – Effective Date: July 24, 2023 Metal Prices: Zn price – 2,646 USD/t, Pb price – 2,205 USD/t Cu price – 7,716 USD/t Ag price – 22,00 USD/oz Au price – 1,700 USD/oz Sn price – 26,455 USD/lb For each relevant product, its net value is estimated as the sum of the revenue streams generated by its contributing metal r ecovered masses (i.e., zinc, lead, copper, silver, gold, and tin) minus all costs of metal refining, concentrate treatment, element penalties, concentrate freight, and other relevant deductions and charges. Where: o i: Saleable Payable metal (i.e., Zn, Pb, Cu, Ag, Au, Sn) in product. o j: Penalty metal (i.e., Zn, Pb, Cu, Ag, Au, Sn) in j-eth product. o Met: In-situ metal mass. o %Pay: Percentage of payable metal mass. o %Rec: Percentage of recovered metal in product. o TC: Treatment or smelting charge per dry tonne of product. o FC: Freight charge per dry tonne of product. o RC: Refining and shipment cost of payable metal. o Ded: Deleterious metal deduction. Mineral Reserves by Domain Zone Lithology Mass (kt) NSR ($/t) Cu (%) Pb (%) Zn (%) Sn (%) Ag (g/t) Au (g/t) North Gossan 1,197 84 0.10 2.39 0.41 0.25 51.72 1.02 Transition 883 107 0.98 2.23 0.23 0.18 108.93 1.14 Massive Sulphides 4,433 87 0.25 2.73 3.60 0.12 62.34 0.68 Stringer 547 19 0.23 0.18 0.54 0.06 13.39 0.06 Total North 7,060 84 0.31 2.41 2.40 0.14 63.57 0.74 South Stockwork 7,763 50 0.41 0.71 1.27 - 14.63 0.05 Total South 7,763 50 0.41 0.71 1.27 - 14.63 0.05 Lagoa Salgada Total Reserves 14,823 66 0.36 1.52 1.81 0.07 37.46 0.38
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41 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERAL RESOURCES Lagoa Salgada Project – Effective Date: July 24, 2023 1. Mineral resources unlike mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. 2. The mineral resources have been estimated in accordance with the CIM Best Practice Guidelines (2019) and the CIM Definition Standards (2014). Coherent and contiguous mining shapes backing reasonable prospect for economic extraction were considered. 3. Mineralized Zones: Gos=Gossan, tMS= transition massive sulphides pMS= primary massive sulphides, Str=Stringer, FR= -Fissural Remobilizations. 4. ZnEq% = ((Zn Grade*26.46)+(Pb Grade*22.05)+(Cu Grade * 77.16)+(Au Grade*54.66)+(Ag Grade*0.71)+(Sn Grade * 264.55))/2 5. CuEq% = ((Zn Grade*26.46)+(Pb Grade*22.05)+(Cu Grade * 77.16)+(Au Grade*54.66)+(Ag Grade*0.71)+(Sn Grade * 264.55))/77.16 6. Metal Prices: Cu $7,716/t, Zn $2,646/t, Pb $2,205/t, Au $1,700/oz, Ag $22.00/oz, Sn $26,455/t. 7. NSR-MRE: Gos= ((Sn%*0.40)*Sn$)+((Pb%*0.20)*Pb$)+((Au ppm*0.91)*Au$)+((Ag ppm*0.89)* Ag$) tMS= ((Sn%*0.40)*Sn$)+((Pb%*0.50)*Pb$)+((Ag ppm*0.65)* Ag$)+((Zn% *0.5)*Zn$) pMS= ((Sn%*0.40)*Sn$)+((Pb%*0.60)*Pb$)+((Ag ppm*0.45)* Ag$)+((Zn%*0.70)*Zn$) str= ((Cu%*0.60)*Cu$)+((Pb%*0.5)*Pb$)+((Ag ppm*0.4)* Ag$)+((Zn%*0.70)*Zn$) South Deposit= ((Cu%*0.65)*Cu$)+((Zn%*0.75)*Zn$)+((Pb%*0.65)*Pb$)+((Au ppm*0.05)*Au$)+((Ag ppm*0.80)*Ag$) 8. NSR-MRE cut-off: Gos= $48.24, tMS= $46.54, pMS= $41.06, str= $37.83, South Deposit= $37.83 Mineral Resources by Domain Zone Category Mass (kt) NSR ($/t) Zn (%) Pb (%) Cu (%) Sn (%) Ag (g/t) Au (g/t) ZnEq (%) North Gossan 1,890 109 0.46 2.51 0.10 0.26 44.4 0.86 8.38 Transition 920 108 0.25 2.47 1.08 0.20 121.6 1.24 13.27 Massive Sulphides 5,460 144 3.79 2.90 0.28 0.13 66.5 0.72 11.58 Stringer 630 45 0.75 0.24 0.48 0.08 22.1 0.06 3.82 Measured + Indicated 8,900 126 2.50 2.58 0.34 0.16 64.4 0.75 10.52 Gossan 350 81 0.42 1.67 0.10 0.10 36.9 0.79 5.77 Transition 70 76 0.27 2.12 0.84 0.14 74.3 1.14 10.74 Massive Sulphides 60 89 2.78 1.47 0.11 0.07 33.6 0.40 6.73 Stringer 10 45 0.58 0.38 0.46 0.13 29.4 0.20 4.75 Inferred 490 81 0.68 1.70 0.22 0.11 42.0 0.83 6.62 Zone Category Mass (kt) NSR ($/t) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) CuEq (%) South C1 FR 6,430 63 1.26 0.75 0.40 13.13 0.07 1.21 C2 FR 2,500 68 1.23 0.64 0.50 15.58 0.13 1.28 C3 FR 1,110 63 1.17 0.54 0.39 20.77 0.04 1.16 Indicated 10,040 64 1.24 0.70 0.42 14.58 0.08 1.22 C1 FR 830 50 0.47 0.23 0.61 12.26 0.04 1.04 C2 FR 3,660 62 0.96 0.42 0.54 17.32 0.04 1.20 C3 FR 3,640 60 0.69 0.22 0.67 16.62 0.06 1.16 Inferred 8,130 60 0.79 0.31 0.60 16.49 0.07 1.16
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42 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF LAGOA SALGADA VMS PROJECT FEASIBILITY STUDY Robust Economics Demonstrated for Venda Nova, Stated on a 100% Basis Opportunity for further optimization to further enhance Project economics and operational efficiencies target for completion by Q2 2024. Potential for material expansion with future exploration work to increase resources, extend mine life and increase the scale of the outlined operation. Feasibility Study Key Highlights* July 2023 Project IRR after-tax 39% NPV8% after-tax $147 million Payback period 2 years Mine Life 14.5 years All in Sustaining Cost - First 5 Years $0.59/lb ZnEq Average EBITDA - First 5 Years $76 million Initial Capital Expenditure - Including Contingency $164 million Average ZnEq Payable Production – First 5 years 124 mm lbs pa. Average ZnEq Payable Production -LOM 77 mm lbs pa. Total Equivalent Production 1,155 mm lbs Zn Pb Cu Au Ag Sn Feasibility Metal Price Assumption $1.20/lb $1.00lb $3.50/lb $1,700/oz $22.0/oz $12.00/lb Long Term Consensus Pricing1 $1.21/lb (+1%) $0.92lb (-8%) $4.20/lb (+20%) $2,184/oz (+28%) $27.4/oz (25%) $12.81/lb (7%) Total Metal Production 381,018 kt 259,428 kt 50,965 kt 96 koz 9,826 koz 8,800 kt Note: The Technical Report for the Preliminary Economic Assessment of the Lagoa Salgada project was prepared in accordance with NI 43-101 and is available on the Company’s website and SEDAR. MS = Massive Sulfide, G = Gossan. 1. CIBC Analyst Consensus Commodity Forecast – Jan 2025: Sn values sourced from BMO
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43 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF LAGOA SALGADA VMS PROJECT Clear and Transparent Permitting – Well Advanced Project Of National Interest Issued April 4, 2022 PIN recognition provides expedited procedures and shorter implementation periods for permitting and construction Emphasizes strong local and Government support Lagoa Salgada is the first mining project to receive recognition of this kind in Portugal Definitive Exploitation Rights Issued Nov 8, 2021 Contract term for 20 years renewable for two extension periods of 15 years each; 3% royalty on the value of concentrate 2/3 being paid to the DGEG and 1/3 being paid to the Municipalities Reclamation bonding not required until 5 (five) years after the start of the commissioning of the mine Environmental Permitting PDA EIA (Under analysis by APA) RECAPE Regulator Response 45 days 180 days 90 days Scope of the EIA Approved Guarantees Authority commitment to the scope Ascendant submitted during Q122 Environmental Impact Assessment (“EIA”) Issued: Defines area of impact Environmental management Procedures for construction and operation RECAPE issuing: Allows construction of the project Target EIA approval date is February 28, 2026 PIN
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44 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF LAGOA SALGADA VMS PROJECT Gravity Survey Results Identify High Impact Near Deposit Massive Sulphide Exploration Targets New High Resolution Gravity Survey Target 1: SW North Zone Target Bulge in the gravity anomaly located to the west of the southern half of the North Massive Sulphide ore body High density mass source of the SW bulge sits deeper than the known ore deposits Center of the SW bulge coincides with the projection of notable volume that has identical chargeability and resistivity features of known massive sulphides Deeper source to the west can be explained geologically by a faulted displaced block of the known ore body or by a new Lense occurring in the western limb of the north zone anticline Downward (-60 m) Continuity Bouguer gravity map SW Gravity Anomaly IP/RES Massive sulphide signature Higher Confidence Predictor Current Drilling Intercepted a New Stringer Zone at Depth
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45 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF LAGOA SALGADA VMS PROJECT Copper Potential largely untouched NORTH ZONE • Met_MS_05: 10.0m @ 3.08% Cu • Met_MS_02: 6.0m @ 1.16% Cu • MS_07: 5.0m @ 6.74% Cu • MS_19: 6.2m @ 2.91% Cu • MS_16: 5.0m @ 2.62% Cu • PX_04A: 12.0m @ 1.31% Cu North Zone is Open and Copper Rich Existing High-Grade Cu zone SOUTH ZONE • ST_27: 4m @ 1.49% Cu • ST_27: 10m @ 1.90% Cu • ST_31: 16m @ 2.60% Cu • ST_31: 10m @ 1.57% Cu • ST_32: 4m @ 1.75% Cu • ST_32: 6m @ 1.07% Cu • ST_39: 6m @ 1.17% Cu • ST_42: 8m @ 1.59% Cu South Zone is Open and Copper Rich ST_27 ST_31 ST_32 ST_39 ST_42 Inventory of Inferred Resources
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MONT SORCIER IRON ORE PROJECT, QUEBEC Longer Term Optionality for High Purity Iron in a Top Tier Jurisdiction: Positioned for the Green Steel Industry Transition
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47 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MONT SORCIER PROJECT Green Steel and Direct Reduction Iron HYDRO % IRON HIGH PURITY 67 MAGNETIC SEPERATION Hydro Powered 85% of the power used to run the operation will be from renewable sources; mainly hydro power Magnetic Separation The deposit is magnetite allowing for Magnetic separation; an environmentally friendly method High Purity Iron Will benefit steel producers and the environment through lower EGE and coal use due to magnetite ore High Purity DRI Grade Iron For the Green Steel Revolution • High Purity 67% Iron Concentrates significantly reduces green house gas emission in steel production • Significant price premium expected for 67% DRI grade material vs 62% Index price • High Grade material to displace lower grade material going forward as demand increases
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48 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MONT SORCIER PROJECT Existing Infrastructure creates a capital efficiencies Mont Sorcier is one of the most Capital Efficient Projects Globally BlackRock ( Strategic Resources ) Central Eyre ( Iron Road ) Lake Giles ( Macarthur Minerals ) Apurimac ( Strike Resources ) Bekisopa ( Akora Resources ) Ungava Bay ( Oceanic Iron ) Mont Sorcier ( Cerrado Gold ) 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x 3.50x $- $50 $100 $150 $200 $250 $300 $350 $400 $450 NPV/Initial Capex Intial Capex / LoM Av Production Rate (US$/tonne concentrate) Increasing Return on Capital Decreasing Capital Cost of Production NPV/Initial Capex: 2.8x Initial Capex/ LoM Production: US$115/tonne
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49 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MONT SORCIER PROJECT Premium Product High grade 67% Fe concentrate with <2.5% Silica and Alumina Combined Concentrate suitable for Direct Reduction Iron and blast furnace-steel Production High grade material offers significant price premium and environmental benefits via reduced green house gas emission the steel making process 67% Concentrate Grade + Low Deleterious Metals = High Purity Product 65.3% 65.5% 65.5% 67.0% 67.0% 68.0% Mont-Wright Scully Mine IOC Bloom Lake Mont Sorcier Shymanivske ArccelorMittal Tacora Rio Tinto Champion Cerrado Gold Black Iron Concentrate Grade *Not including Vanadium Credit 1.5% 1.8% 3.0% 3.2% 4.5% 0.3% 0.5% 0.2% 0.4% Bloom Lake Mont Sorcier Scully Mine IOC Shymanivske Champion Cerrado Gold Tacora Rio Tinto Black Iron Silica Alumina Gangue 1.8% 2.3% 3.0% 4.9% 3.4%
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50 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MONT SORCIER PROJECT Well Defined Resources with Upside to Mine Life and/or Production Rate Significant Indicated Resource in place to Backstop Feasibility Study Significant Additional Resources to support Future Expansion potential Updated Metallurgy Confirms Ability to Produce 67% Fe Concentrate with Sub 2.5% Silica & Alumina Resources North Zone Indicated Inferred Unclassified South Zone Voyager Metals Mont Sorcier Macarthur Minerals Lake Gilles Champion Iron Bloom Lake Iron Road Central Eyre Magnetite Mines Razor Back Black Iron Shymanivske 10% 15% 20% 25% 30% 35% 66.00% 66.50% 67.00% 67.50% 68.00% 68.50% Resource and Grade(1) Please see appendix for full resource table with notes
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51 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MINERAL RESOURCES NOTES Mont Sorcier Project • The independent and qualified persons for the Mineral Resource Estimate, as defined by NI 43-101, are Marina Iund, P.G e o., Carl Pelletier, P.G e o., Simon Boudreau, P .Eng. all from InnovExplo Inc. and Mathieu Girard P .Eng. from Soutex. The effective date is June 6th, 2022 • These mineral resources are not mineral reserves, as they do not have demonstrated economic viability. The Mineral Resource Estimate follows current CIM Definition Standards. • The results are presented undiluted and are considered to have reasonable prospects for eventual economic extraction by having constraining volumes applied to any blocks using Whittle software and by the application of cut-off grades for potential open-pit extraction method. • The estimate encompasses two (2) deposits (North and South), subdivided into 8 individual zones (7 for North, 1 for South). • No high-grade capping was applied. • The estimate was completed using sub-block models in GEOVIA Surpac 2021. • Grade interpolation was performed with the ID2 method on 4 m composites for the North deposit and on 10 m composites for the South deposit. • The density of the mineralized zones was interpolated with the ID2 method. When no density analysis was available, the density value was estimated using linear regression with Fe2O3 analysis. For the unmineralized material, a density value of 2.8 g/cm3 (anorthosite and volcanics), 3.5 g/cm3 (Massive sulfide formation) and 2.00 g/cm3 (overburden) was assign. • The Mineral Resource Estimate is classified as Indicated and Inferred. The Inferred category is defined with a minimum of two (2) drill holes for areas where the drill spacing is less than 400 m, and reasonable geological and grade continuity have been shown. The Indicated category is defined with a minimum of three (3) drill holes within the areas where the drill spacing is less than 200 m, and reasonable geological and grade continuity have been shown. Clipping boundaries were used for classification based on those criteria. • The Mineral Resource Estimate is locally pit-constrained for potential open-pit extraction method with a bedrock slope angle of 50° and an overburden slope angle of 30°. It is reported at a rounded cut-off grade of 2.30 % Weight Recovery. The cut-off grade was calculated for the concentrate using the following parameters: royalty = 3%; mining cost = CA$3.30; mining overburden cost = CA$2.45; processing cost = CA$3.62; G&A = CA$0.75; selling costs = CA$58.36; Fe price = CA$190/t; USD:CAD exchange rate = 1.3; and mill recovery = 100% (concentrate). The cut-off grades should be re-evaluated considering future prevailing market conditions (metal prices, exchange rates, mining costs etc.). • The number of metric tonnes was rounded to the nearest thousand, following the recommendations in NI 43-101 and any discrepancies in the totals are due to rounding effects. • The authors are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues, or any other relevant issue not reported in the Technical Report, that could materially affect the Mineral Resource Estimate.
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52 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF MONT SORCIER PROJECT Premium Product PEA Summary (July 2022) $US Million Production Summary Unit LOM Total / Avg. LOM Magnetite Payable kt 104,303 Annual Production Rate mtpa 5.0 Operating Costs Total On-site Operating Costs US$/t $21.9 Royalties US$/t $4.1 Total Cash Costs US$/t $26.0 Sustaining Capital US$/t $2.2 All-in Sustaining Costs (AISC) US$/t $28.2 Rail Transport (FOB Port) US$/dmt conc $18.0 Ocean Freight to China (CFR China) US$/dmt conc $20.0 CFR China US$/t sold $66.2 Capital Costs Initial Capital Costs kUS$ $456,000 Contingency kUS$ $118,000 Sustaining Capital Costs kUS$ $226,680 Closure Costs kUS$ $50,400 Financials Post-Tax NPV (8%) MUS$ $1,607 Post-Tax IRR % 43.0% Post-Tax Payback Years 1.8 Pricing Iron Ore Price 62% US$/t $100 Vanadium Price US$/t $15 Premium Price 65%* US$/t $20 Annual average EBITDA of US$348MM Average annual free cash flow of US$235MM 21-year life of mine Significant expansion potential: Mine plan includes only 45.6% of the total resource Initial Capex estimated at US$574 million including US$118 million contingency Total operating costs of US$66/t of concentrate over LOM (freight to China included) Robust economics generate significant tax base for all levels of government PEA Does Not factor in DRI Grade product Premium now anticipated UK Export Credit Agency and TD Bank have been Mandated as Lead Arranged for Non- Resource Project Financing for up to 70% of Upfront Capital Requirements PAYBACK UNDER 2 YEARS
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53 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF Steady State Gold Producer Well-Funded INVESTMENT HIGHLIGHTS – Proforma Company Building Shareholder Value by Driving Substantial Cash Flow Developing Substantially Undervalued & Well Advanced Assets • Gold Production of ~55Koz over next four years based on recent PEA with exploration and expansion potential. Cash flow of ~$50M/year and free cash flow of ~$25M/year @ $2100 Au1 with significant leverage to higher gold price • MDN: Expansion potential at Minera Don Nicolas, Argentina from underexplored extensive land package • Lagoa Salgada: Defining the next low-cost VMS deposit with district scale discovery and exploration potential on Iberian Pyrite Belt, Portugal • Mont Sorcier: Offers long-term value with 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 • $14.5M cash balance, expected to grow in H2 2025 through cash flow from higher production rates and additional asset sale proceeds of $5M guaranteed and $10M option • Fully funded to construction decisions with strong support for construction funding Mont Sorcier Quebec, Canada Minera Don Nicolas Santa Cruz, Argentina Lagoa Salgada Portugal 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)
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Appendix
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55 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF CERRADO GOLD Leadership - Management Mark Brennan, Chief Executive Officer, Chairman & Founder Mark Brennan is Cerrado Gold’s CEO and Co-Chairman. He is a Founding Partner and Executive Chairman of Ascendant Resources Inc. and Executive Chairman of Vanadium One Iron Corp., and has more than 30 years of financial and operating experience in the Americas and Europe. Mr. Brennan most recently served as president and CEO of Sierra Metals Inc., a major zinc-lead-silver-copper mining company with operations in Peru and Mexico. Prior to that, he was the president and CEO of Largo Resources Ltd., and a founder of several resource companies, including Desert Sun Mining, Brasoil Corp., James Bay Resources, Morumbi Oil and Gas, and Admiral Bay Resources. Cliff Hale-Sanders, MBA, CFA, President Mr. Hale-Sanders is one of the founding partners in the formation of Ascendant Resources Inc. Prior to this Mr. Hale Sanders’ had a career that spanned over 20 years in the capital markets industry working as a leading Base Metals and Bulk Commodities research analyst in Canada working at RBC Capital Markets, TD Securities, CIBC World Markets and Cormark Securities. During this period, Mr. Hale Sanders visited and reviewed numerous mining operations and corporate entities around the world. Mr. Hale-Sanders holds a B.Sc. in Geology and Chemistry, an MBA from McMaster University and is a CFA Charterholder. Casper Groenewald, Chief Operating Officer Mr. Groenewald is a qualified metallurgist and has over 20 years of mineral processing experience in Africa and the Americas. He was the Senior Vice-President of DRA America and former Technical Director for Largo Resources where he led the commissioning and optimization of its Vanadium processing facility in Brazil. He is the former Operations director at Minopex, where he managed the operation of five diamond mines, and has also worked for Vantech (Xstrata’s Vanadium division), Highveld Steel and Vanadium Corporation. Jason Brooks, CPA, Chief Financial Officer Mr. Brooks is a Chartered Professional Accountant with over 18 years of experience in finance and accounting at international mining companies. Prior to joining Cerrado Gold, he was Vice President, Finance of Caldas Gold until it was acquired by Aris Gold. Prior to his time at Caldas, Mr. Brooks served in progressively senior roles at several international mining companies including Golden Star Resources, New Gold and Barrick Gold.
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56 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF CERRADO GOLD Leadership - Management Veronica Nohara, CEO, Minera Don NIcolas Mrs. Veronica Nohara is an international business professional with more than 20 years experience in executive positions across various industries. Prior to joining Cerrado Veronica was Chief Executive Officer for Minera Don Nicolas and was instrumental in the successful start-up and operation of the gold facility. Veronica has a long history managing and directing businesses in different industries in Argentina, Uruguay, Brazil, Chile, Paraguay and Japan. Veronica has served on different chambers such as ABC (Argentine Beef Consortium), AFARTE, CAEM and is Honorary Director of Women in Mining. She is currently the President of the Chamber of Mining for the Province of Santa Cruz).Veronica holds a Bachelors Degree in international trade from Universidad Argentina de la Empresa, a Posgrade in International Business and a Master of Business Administration from University Torcuato Di Tella. Joao Barros, CEO, Ascendant Resources Mr. Barros has over 18 years of mining experience including green fields and near mine exploration, environmental impact studies for open pit and underground mine operations as well as mine development and operations. Mr. Barros was responsible for licensing the underground gold mine operation from exploration to development, for Minaport-Minas de Portugal, Lda, and the planning and execution of the exploration and licensing for Blackheath Resources (TXS: BHR), Borralha EML tungsten project. Mr. Barros is the President of Redcorp – Empreendimentos Mineiros, Lda., and has been with that company since 2008, responsible for managing, coordinating and executing the exploration works in the Lagoa Salgada VMS Project. Mr. Barros is also a Member of the Portuguese Engineers Association. Andrew Croal, P.Eng., Chief Technical Officer Mr. Croal is a Mining Engineer with 40 years of global mining experience in gold and base metal commodities. He is a versatile and practical mining professional with a proven track record of providing fit for purpose, workable solutions. His competence ranges to all aspects of mine planning, control, reporting and evaluation and combines technical expertise with safe operating requirements for all facets of the mining cycle. He has experience in Canada, South America, Africa, Australia and Papua New Guinea, having held senior roles in both Senior and Junior mining firms. He was a key member of several mine-building teams, most notably Rosebel (Iamgold), Detour Gold and Buzwagi (Barrick Gold). Andrew is a Professional Engineer in Ontario and has a BSc Mining Engineering from Queen’s and an MBA from the University of Toronto. Ed Guimaraes, Executive Vice President Mr. Guimaraes has over 30 years of experience in the mining industry, most recently in an executive advisory capacity and through several board directorships. His career spans a broad range of base and precious metals producers, having supported the development, expansion, and ongoing operations of copper, zinc, lead, gold, and silver mines in Canada, Chile, Peru, Mexico and Argentina. Mr . Guimaraes previously was the Chief Financial Officer at Sierra Metals between 2014 and 2023, and he was with Aur Resources between 1995 and 2007, ultimately serving as Executive Vice-President, Finance and Chief Financial Officer, until its acquisition by Teck Resources. Prior to 1995, he worked in the Toronto mining group of PricewaterhouseCoopers. Mr. Guimaraes is a Chartered Professional Accountant (CPA, CA), a graduate of the ICD-Rotman Directors Education Program (ICD.D) and holds a Bachelor of Arts in Administrative and Commercial Studies from Western University.
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57 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF CERRADO GOLD Leadership - Management Carl Calandra, LL.B., MBA, Vice President, General Counsel & Corporate Secretary Mr. Calandra is a legal executive with more than 15 years of advisory, deal-making and public company experience. Prior to joining Cerrado, Mr. Calandra was Vice President and General Counsel of Dundee Corporation, a Canadian investment company focused on mining, and was an associate at a top-tier Canadian national law firm. Carl holds a Bachelor of Laws from the University of Western Ontario and a Master of Business Administration from the Ivey Business School. Carl has been a member of the Law Society of Ontario since 2006. David Ball, Vice President, Business Development Mr. Ball was most recently Chief Financial Officer of Santiago Metals Limitada, a private Chilean based copper producer and portfolio company of US Private Equity group, Denham Capital. Prior to his current role he held several positions at Macquarie Capital, an Australian Investment Bank During his career in the metals and mining sector, Mr. Ball has been actively involved in M&A, corporate advisory and fund raising of both equity and debt Mr. Ball brings mining focused operational and capital markets experience from Australia, Southeast Asia and North South America Mr. Ball holds a Bachelor of Commerce with Distinction (Curtin University) and a Masters of Finance (INSEAD). Mike McAllister, CPIR, Vice President, Investor Relations Mike McAllister has over 20 years of experience working with public mining companies, the last 14 as a mining specialized investor relations professional. He most recently was with Superior Gold and prior to that Sierra Metals where he helped the company complete the dual US listing progress and helped see the company progress from a small to a mid-tier diversified producer. Mr. McAllister also has worked at Avion Gold Corp., which was acquired by Endeavour Mining. Before working in investor relations roles, he worked at BMO Capital Markets in the Metals & Mining Group. Mike holds the Certified Professional Investor Relations (CPIR) designation completed at the Ivey School of Business, University of Western Ontario. Alonso Lujan, Vice President, Exploration Mr. Lujan has over 34 years of international experience in mineral exploration with a positive track record for increasing companies' resources, output, and company value. He joined Cerrado as a consultant in February 2025 and is now the Vice President of Exploration. Most recently he spent eight years with Sierra Metals as their Vice President Exploration where he was successful at significantly expanding the mineral resources by 25 million ounces of silver and 300 million pounds of copper at their mines and as the General Manager for company’s Mexican Operations where he successfully expanded production and lowered AISC at the mines. Before that he spent six years with Matsa-Trafigura as the General Manager where he significantly helped to increase the value of the company from US$300 million to US$1.6 billion by successfully discovering and commissioning 50 million tonnes of mineral resources in less than two years, and doubling production to from 2.2 to 4.6 million tonnes per year. Prior to that, he worked with Hochschild Mining and Minas de Bacis SA de CV, where he helped to increase production at the mine.
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58 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF CERRADO GOLD Leadership – Board of Directors Mark Brennan, Chief Executive Officer, Chairman & Founder Mark Brennan is Cerrado Gold’s CEO and Co-Chairman. He is a Founding Partner and Executive Chairman of Ascendant Resources Inc. and Executive Chairman of Vanadium One Iron Corp. and has more than 30 years of financial and operating experience in the Americas and Europe. Mr. Brennan most recently served as president and CEO of Sierra Metals Inc., a major zinc-lead-silver-copper mining company with operations in Peru and Mexico. Prior to that, he was the president and CEO of Largo Resources Ltd., and a founder of several resource companies, including Desert Sun Mining, Brasoil Corp., James Bay Resources, Morumbi Oil and Gas, and Admiral Bay Resources. Kurt Menchen, Director Mr. Menchen is the past President and Country Manager for Brazil at Cerrado Gold and prior to that the President of Operations, Brazil, of Largo Resources Ltd, and has over 45 years of experience operating and managing mining projects, including over 20 years as General Manager at the Jacobina Gold project in Bahia State, Brazil. His prior experience also includes Anglo American's Vaal Reefs underground gold mine in South Africa and De Beers Diamonds in Angola. Mr. Menchen holds a degree in mining engineering from the Federal University of Rio Grande do Sul,Brazil. Robert Sellars, Director Mr. Sellars has 40 years experience in capital markets and financial services and has significant experience on investment industry committees within the IIROC. Mr. Sellars previously sat on the board of directors of Android Industries, United Hydrocarbons International and Mutual Fund Dealers Association of Canada and currently serves on the board of directors for Dundee Sustainable Technologies. Mr. Sellars holds the position of Chief Financial Officer at Red Cloud Financial Services Inc. Previously, Mr. Sellars served as Chief Financial Officer & Executive Vice President for Dundee Corp., Chief Financial Officer at Dundee Energy Ltd., Chief Financial Officer & Director at CMP 2017 Resource LP, Chief Financial Officer & Director at CMP 2019 Resource LP, Chief Financial Officer & Director at CMP 2021 Resource LP, Chairman for Dundee 360 Real Estate Corp., President of Dundee Securities, Inc., Chief Financial Officer & Chief Operating Officer at Dundee Securities Ltd., Chief Financial Officer & Executive Vice President at Dundee Insurance Agency Ltd. and Chief Financial Officer of Dundee Global Investment Management, Inc.
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59 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF CERRADO GOLD Leadership – Board of Directors Christopher Jones, CA, CFA, Director Mr. Jones is an experienced professional chartered accountant, business valuator, Chief Financial Officer and financial advisor. His significant experience, keen strategic insight and ability to form partnerships with his clients lead to the ultimate goal of increasing their net worth while achieving significant corporate growth. His diverse experience enables him to offer unique solutions for maximum success and profitability. Chris is a Chartered Professional Accountant (CPA), Chartered Accountant (CA), Licensed Public Accountant (LPA), Chartered Financial Analyst (CFA) and Chartered Business Valuator (CBV). As the youngest Partner at Williams & Partners, he advises on complex taxation strategies, growth strategies, cash flow management, financing strategies, wealth management, and succession planning. Chris advises several private equity firms on acquisition targets and appropriate due diligence requirements highlighting key risk areas and maximizing target potential while serving as an advisor to high-net worth clients and families. Chris has served as CFO to several mid-market companies. He is the CFO of both AGTA Home Health Care and Bloom Care Solutions. He currently acts as Audit Committee Chair for Lara Exploration Ltd. Maria Virginia Anzola, Director Ms. Anzola has over 20 years of experience advising companies in the extraction industry. Ms. Anzola previously held the role of General Counsel and Corporate Secretary for Ascendant Resources and Cerrado gold where she provided leadership and direction on all legal matters. In 2017, Ms. Anzola served as Assistant General Counsel for Primero Mining Corp, and prior to that she served as Senior Counsel for Hudbay Minerals Inc. In addition, Ms. Anzola served as Consultant to the Tax Group of Borden Ladner Gervais LLP for over two years. Prior to moving to Canada, Ms. Anzola spent 11 years in private practice in her home country of Venezuela, mostly advising international companies engaged in the oil and gas business. Ms. Anzola has been called to the BAR in Ontario and Venezuela and has an LL.M from the University of Michigan, Ann Arbor and from Osgoode Hall Law School Rui Santos, Director Mr. Santos is a lawyer based in Portugal who is widely regarded as a leading authority in the mining sector in Portugal. Mr. Santos has spent over 20 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 is now Lundin Mining’s Portuguese 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.
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60 CORPORATE PRESENTATION NOVEMBER 2025 TSX-V: CERT OTCQX: CRDOF Investor Relations Mike McAllister Vice President, Investor Relations T : 1.647.805.5662 E: info@cerradogold.com 200 Bay Street, Suite 3205 Toronto, ON M5J 2J2 www.cerradogold.com Follow us: