Cerrado Gold Announces Q1 Financials and Operational Performance

Cerrado Gold Inc. has reported its Q1 financials and operational results for the Minera Don Nicolas (MDN) mine in Argentina. The company produced 11,204 Gold Equivalent Ounces (GEO) with production stabilizing in March due to the new Calandrias Norte deposit. Total production in March, April, and May exceeded 17,000 ounces, marking a turnaround in operations.

Despite challenges in January and February, production increased significantly in March, reaching 5,747 GEO. April produced 6,641 GEO and May brought in 5,486 GEO. The company's goal is to maintain steady production levels while enhancing its financial position by paying down debts and liabilities.

Financially, Cerrado reported a Q1 Adjusted EBITDA loss of $3.0 million due to lower production and higher operating costs. However, revenue for Q1 2024 stood at $20.4 million from the sale of gold and silver. The All-in Sustaining Costs (AISC) per ounce were $2,045, higher compared to the previous year.

Looking ahead, Cerrado plans to strengthen its balance sheet further and stabilize production at the Calandrias Norte and Sur operations. The company aims to release a NI 43-101 Resource Update and a Preliminary Economic Assessment for MDN in early Q3 2024.

In other ventures, Cerrado's Mont Sorcier iron and vanadium project in Quebec has shown promising results in metallurgical testing, producing a high-purity DRI product. The company continues to progress with development discussions for the project.