Cerrado Gold's Q3 2025 Performance and 2026 Growth Catalysts: A Dual-Track Strategy for Near-Term and Long-Term Value Creation

Cerrado Gold (TSX: CER) has emerged as a compelling case study in strategic operational execution and forward-looking project development. The company's Q3 2025 results underscore its ability to scale near-term production while laying the groundwork for transformative growth in 2026. With a dual focus on ramping up output from existing assets and advancing high-potential projects, Cerrado Gold is positioning itself as a multi-asset miner with a clear path to value creation.

Q3 2025: A Foundation for Sustained Growth

Cerrado Gold's third-quarter performance demonstrated its operational agility. The company reported 13,832 Gold Equivalent Ounces in Q3 2025, a 21% increase compared to Q2 2025. This growth was driven by a 33% surge in heap leach production, which contributed 10,429 GEO to the total. The ramp-up reflects efficient management of existing resources and highlights the company's capacity to optimize low-cost, near-mine operations.

Looking ahead, the underground development at Paloma is set to accelerate in Q4 2025. Three access portals are expected to reach production stopes, enabling the CIL plant to transition to higher-grade underground ore. This shift is critical: as lower-grade stockpile feed is phased out, the mill's throughput quality will improve, directly boosting margins. Additionally, Cerrado Gold has expanded its 20,000-metre exploration program by 50,000 metres and acquired three new rigs to accelerate drilling. These investments signal a proactive approach to resource expansion, ensuring the company's production base remains robust beyond 2025.

2026 Catalysts: From Exploration to Project Execution

The company's 2026 roadmap is anchored by three key pillars: exploration expansion, underground development, and project feasibility studies. At its Minera Don Nicolás (MDN) gold mine in Argentina, Cerrado Gold plans to increase drilling to 50,000 metres in 2026, supported by the addition of two diamond and one RC drill rigs. This aggressive exploration strategy is complemented by the certification of an on-site laboratory, which will reduce assay turnaround times and accelerate decision-making. The goal is clear: to validate a life-of-mine (LOM) extension and unlock significant growth potential by year-end.

In Canada, the Mont Sorcier High Purity DRI Iron Project is nearing a pivotal milestone. The feasibility study, targeted for completion in Q2 2026, will outline a phased development plan to produce 8 million tonnes per annum of 67% iron concentrate. The project's alignment with the green steel industry-thanks to its high-purity magnetite-positions it as a strategic asset in a decarbonizing global economy. Meanwhile, in Portugal, the Lagoa Salgada polymetallic project is finalizing its optimized feasibility study, with results expected in early 2026. The project's potential to produce zinc, copper, lead, tin, silver, and gold underscores its versatility and economic resilience.

Long-Term Project Development: A Portfolio of Opportunities

Cerrado Gold's executive team, with extensive experience in advancing projects from exploration to production, is a key enabler of its long-term strategy. The Mont Sorcier project, for instance, is designed for low capital intensity and high margins, with infrastructure optimization already underway to minimize environmental impacts. Environmental permitting is progressing, with the Environmental and Social Impact Assessment (ESIA) slated for submission in Q4 2026. For Lagoa Salgada, the feasibility study is expected to highlight its exploration upside and polymetallic potential, potentially leading to a construction decision by mid-2026.

Conclusion: A Dual-Track Strategy for Shareholder Value

Cerrado Gold's Q3 2025 results and 2026 roadmap illustrate a disciplined approach to growth. The near-term production ramp-up at Paloma and MDN ensures immediate cash flow, while the Mont Sorcier and Lagoa Salgada projects offer long-term, high-margin opportunities. With exploration programs accelerating and feasibility studies nearing completion, the company is well-positioned to capitalize on both gold and iron markets in 2026. For investors, this dual-track strategy represents a compelling blend of operational execution and strategic foresight.