Cerrado Gold Inc.
Cerrado Gold's 100%-owned Minera Don Nicolas open-pit/underground gold operation in Santa Cruz, Argentina produced 50,238 ounces in 2025 and 12,842 gold-equivalent ounces in Q1 2026 at an AISC of US$1,348/oz. The company is separately advancing a bankable feasibility study on its 100%-owned Mont Sorcier iron-vanadium project in Quebec, whose completion it put back in July 2026 to add optimisation work, without a new completion date, while still expecting to submit the environmental and social impact assessment in the second quarter of 2027 -- a real project outside this site's tracked commodities, noted for context only.
Notable vs. Peers
- Financials score of 3.7/10 is weaker than the peer average of 6.5/10.
- 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 26% lower than the peer producer average of $1,811/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Mar 2023 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · 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.
Not in place: grid power.
Jurisdiction (40%)6/10
Santa Cruz, Argentina: Fraser PPI 2025 is 73.35 of 100 (rank 36 of 68), which maps to 9 on this site's scale, less 3 for Argentina's national currency, capital-control and export-duty risk, so 6. Argentina has an established, producing gold sector and an improving macro/regulatory backdrop, but still carries materially higher currency-control and provincial-permitting risk than Tier-1 jurisdictions.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at Minera Don Nicolas Gold Mine, Santa Cruz, Argentina.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Cerro Moro (Pan American Silver Corp.), 69 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:4.4/10
Nearest producing mine: Cerro Moro (Pan American Silver Corp.), 69 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Argentina: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer, Chairman and a founding partner of Cerrado Gold Inc. More than 30 years of financial and operating experience in the Americas and Europe; most recently President and CEO of Sierra Metals Inc.
Chief Financial Officer of Cerrado Gold Inc. Previously Vice President, Finance of Caldas Gold until its acquisition by Aris Gold, with earlier senior roles at Golden Star Resources, New Gold and Barrick Gold.
Executive Vice President of Cerrado Gold Inc. Over 30 years of mining industry experience, including roles as CFO at Sierra Metals (2014-2023) and Executive VP Finance & CFO at Aur Resources (1995-2007).
Chief Technical Officer of Cerrado Gold Inc.
Vice President and Legal Counsel of Cerrado Gold Inc.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Institutional ownership is negligible and no named specialist or strategic equity holder is on record; Sprott's only exposure was a metal stream (a debt-like royalty facility), which Cerrado fully repurchased in July 2026. Every visible insider-register entry is the company's own on-market share buyback program, not personal buying or selling by a director or officer.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Cerrado Gold owns 100% of the Minera Don Nicolás gold mine in Santa Cruz, Argentina, an open-pit operation with a newer underground area on the Paloma Trend, which produced 50,238 oz in 2025, and it is also advancing the Mont Sorcier iron-vanadium project in Quebec. Minera Don Nicolás holds 490,340 oz of gold in measured and indicated resources (182,520 oz measured and 307,820 oz indicated) plus 121,150 oz inferred, effective 1 April 2024. The August 2024 preliminary economic assessment shows an after-tax NPV5% of US$111M at US$2,100/oz gold over a 5-year mine life from April 2024, averaging 55,869 gold-equivalent ounces a year. Production was 15,415 gold-equivalent ounces in Q2 2026 and 28,257 in the first half, against 2026 guidance of 50,000-60,000, and all-in sustaining cost was US$1,348/oz in Q1 2026; a new preliminary economic assessment is planned by early 2027.