Cerrado Gold Inc.

Notable vs. Peers

• Financials score of 2.9/10 is weaker than the peer average of 6.4/10.
• Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
• All-in sustaining cost of $1,348/oz is 31% lower than the peer producer average of $1,963/oz.
• Trading within 1% of its 52-week high — strong recent price momentum.

Lifecycle Milestones

1. Permit granted

   Mar 2023 · Cerrado Gold secured all required environmental permits for the Las Calandrias heap leach project (at its Minera Don Nicolas mine) as of 3 March 2023. Construction itself had already begun in Q4 2022 under earlier partial approvals -- a real, sourced case of construction preceding final permit completion (same pattern as ARTG/SKE in Task #305's get-stage-milestone-violations.ts), not a data error. · Source
2. Construction decision (FID)

   Reached — date not disclosed · No separately labelled board/FID release found for Las Calandrias distinct from the Q4 2022 construction-commencement update (permitting was 'well advanced' with remaining approvals expected Q4 2022, long-lead items ordered, ~US$25M development capital budgeted 2022-2023). Recorded reached-but-undated to that Q4 2022 update. · Source
3. Construction start

   Reached — date not disclosed · Construction of the Las Calandrias heap leach pad was planned to commence Q4 2022 per the company's own update, ahead of the March 2023 permit completion (see PERMIT_GRANTED note) and the 10 July 2023 first-gold-pour announcement. Exact construction-start day not confirmed; recorded reached-but-undated. · Source
4. First pour / production

   Reached — date not disclosed · Minera Don Nicolas was already an operating mine when Cerrado Gold completed its acquisition on March 17, 2020. Pre-acquisition construction/first-pour dates under prior ownership (the mine has run since ~2017) were not independently verified this pass. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single Cerrado-era date exists: Minera Don Nicolas (MDN, Santa Cruz, Argentina)'s open-pit CIL production commenced under prior ownership (Compania Invesora En Minas / Compania Invesora Argentina, itself having acquired the project from Minera IRL Limited in 2014) between 2017-2019, predating Cerrado Gold's acquisition of MDN in March 2020 -- matching the Hemlo Mining Corp/ARG precedent (batch5), the operation predates the current company's ownership under a different prior operator. Monte do Carmo (Brazil) remains a development-stage project, not yet producing, and is not the basis. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.