Cerrado Gold Inc. Reports First Quarter Gold Production Results

Cerrado Gold Inc., stated its first quarter 2024 gold production outputs from its Minera Don Nicolas Mine, located in Santa Cruz Province, Argentina. During this period, the company produced 11,024 Gold Equivalent Ounces (GEO). Notably in March, production achieved 5,747 GEO and forecasts for April are anticipated to exceed 6,000 GEOs, primarily attributed to the Calandria Norte site.

The earlier part of the quarter witnessed suboptimal yields due to poor ore grades and operational issues within the crushing circuits at Calandrias Norte. However, substantial enhancements in production were observed as operations continued. The implementation of fiscal policy changes in Argentina post-November 2023 elections also transiently affected logistics and supply chain dynamics, placing financial strains on operations.

Looking forward, the company anticipates a production upswing for the second quarter as the Calandrias Heap Leach is projected to reach designated production rates by June. Additionally, on April 26, 2024, Cerrado announced entering into a limited hedging program to safeguard part of its cash flow against potential gold price decreases. Total production figures and precise financial outcomes for Q1 2024 are scheduled for publication in May 2024.