Cerrado Gold

What Cerrado Gold does

Cerrado Gold Inc. is a Toronto-headquartered, TSX Venture Exchange-listed (CERT) precious metals and critical minerals producer with operations across three jurisdictions. Its core producing asset is the Minera Don Nicolas (MDN) mine in Santa Cruz, Argentina, a high-grade open-pit gold operation with a 1,000 tonne-per-day carbon-in-leach (CIL) gold recovery plant achieving greater than 90% recovery, complemented by heap leach processing at Las Calandrias and an underground ramp-up at Paloma. The portfolio also includes the Lagoa Salgada volcanogenic massive sulphide (VMS) polymetallic project in Portugal (80% interest via Redcorp, with zinc, lead, copper, tin, silver and gold mineralization and a 2023 DFS showing US$147M post-tax NPV8% and 39% IRR) and the Mont Sorcier high-purity magnetite iron ore and vanadium project in Quebec, Canada (100% owned via Voyager Metals, targeting DRI-grade concentrate for the green steel market).

The company generates revenue by selling refined gold and silver at market-determined prices to global precious metals refineries and commodity traders, with Q1 2026 realized prices of $4,235/oz gold and $83/oz silver, total cash costs of $1,277/oz and all-in sustaining costs of $1,348/oz. Production is steady at 50,000–60,000 gold equivalent ounces per year. The company is now fully unhedged to capture high gold prices, holds a $31.4 million cash position, and supplements direct commodity sales with investor relations outreach (Atrium Research, VSA Capital, Red Cloud and HC Wainwright analyst coverage).

Strategic activity in 2025–2026 has been heavily weighted toward portfolio expansion through the Ascendant Resources acquisition ($27.7 million for 80% of Lagoa Salgada), regional consolidation around MDN via the Falcon Properties and Las Calandrias II acquisitions at minimal cost, and additional claim staking at Mont Sorcier. Capital markets activity has been strong, with Cerrado ranking 22nd in the 2026 TSX Venture Exchange Top 50 based on 329% share price appreciation and 460% market capitalization growth in 2025. The company has launched a Normal Course Issuer Bid allowing repurchase of up to 5% of outstanding shares, signaling management confidence.

Name

Cerrado Gold

Legal name

Cerrado Gold Inc.

Website

https://cerradogold.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

Cerrado Gold is a Toronto-based, TSX Venture-listed precious metals and critical minerals producer operating the Minera Don Nicolas gold mine in Argentina, the advanced Lagoa Salgada polymetallic VMS project in Portugal, and the Mont Sorcier iron ore project in Quebec. Revenue is generated through direct sales of refined gold and silver to global commodity markets.

Ownership category

akta.pro rank

Product category

Precious Metals Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Other Metal Ore Mining (212290)

SIC

Gold And Silver Ores (1040), Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Precious Metals Smelting & Refining (IMAKAEAE), Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Precious metals mining
• Gold production
• Polymetallic exploration
• Iron ore mining
• Mineral resource development

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Gold and Silver Production Sales: Revenue generated from the sale of gold and silver produced at Minera Don Nicolas mine in Argentina. The company sells gold and silver at market prices with realized prices of $4,235/oz for gold in Q1 2026.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Cerrado Gold is a Toronto-based mining company that produces and explores for precious and base metals across three jurisdictions. The company operates the Minera Don Nicolas gold mine in Argentina (producing approximately 50,000-60,000 gold equivalent ounces annually), holds an 80% interest in the Lagoa Salgada polymetallic VMS project in Portugal (zinc, lead, copper, tin, silver, gold), and owns the Mont Sorcier high-grade iron ore and vanadium project in Quebec, Canada. Gold and silver are sold at market prices to global refineries and commodity traders.

Product overview

Cerrado Gold operates a multi-asset mining portfolio spanning three jurisdictions. The core producing asset is Minera Don Nicolas (MDN) in Argentina, a high-grade gold mine with CIL and heap leach processing capabilities producing approximately 50,000-60,000 gold equivalent ounces annually. The portfolio includes the advanced-stage Lagoa Salgada polymetallic VMS project in Portugal (80% owned) targeting zinc, copper, lead, tin, silver, and gold production, and the Mont Sorcier high-purity iron ore and vanadium project in Quebec, Canada (100% owned). Recent acquisitions include the Falcon Properties and Las Calandrias II exploration concessions adjacent to MDN's operations, supporting the company's regional consolidation and mine life extension strategy.

Differentiator

Problem solved

Functional benefit

Brands

• Minera Don Nicolas: Producing gold mine in Santa Cruz, Argentina with heap leach and CIL processing operations
• Lagoa Salgada Project
• Mont Sorcier

Products and services

• Minera Don Nicolas (MDN) A producing high-grade open pit gold mine located in Santa Cruz, Argentina, with an associated 1,000 tpd carbon-in-leach (CIL) gold recovery plant and heap leach operations. Currently produces approximately 50,000-60,000 gold equivalent ounces annually. Output is sold to global refineries and commodity traders at market prices.
• Lagoa Salgada Project An advanced-stage polymetallic volcanogenic massive sulphide (VMS) deposit containing zinc, lead, copper, tin, silver, and gold mineralization. Cerrado holds 80% interest through its Redcorp subsidiary. The 2023 DFS shows 14+ year mine life potential and is currently advancing through permitting.
• Mont Sorcier Iron Project A 100% owned high-purity magnetite iron ore and vanadium project near Chibougamau, Quebec, Canada. Designed to produce 67% iron concentrate with low titanium content for DRI and green steel markets. Benefits from available infrastructure and access to low-cost Quebec hydro power.

Quantifiable outcome

• Q1 2026 production of 12,842 GEO with 15% year-over-year increase
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• Pan American Silver Corp. (subsidiary YASSA)minorChannel Partner/ Reseller/ Distributor · 26 May 2026Acquisition of Falcon Properties from Pan American Silver's subsidiary for $0.2 million cash plus 2% NSM royalty. Approximately 20,026 hectares adjacent to MDN Calandrias operations.
• Ascendant Resources Inc.coreStrategic or Co-development Partner · 6 February 2025Cerrado Gold acquired Ascendant Resources through a plan of arrangement valued at approximately $27.7 million. This acquisition provided Cerrado with an 80% interest in the Lagoa Salgada polymetallic project in Portugal through its Redcorp subsidiary.
• Empresa de Desenvolvimento Mineiro (EDM)coreStrategic or Co-development PartnerEDM holds 15% interest in the Lagoa Salgada project as a Portuguese Government-owned company supporting strategic development of the country's mining sector.
• TH Crestgate GmbHcoreStrategic or Co-development PartnerOriginal owner of Redcorp - Empreendimentos Mineiros, Lda. Ascendant (now Cerrado) acquired interest through agreement to earn up to 80% interest upon completion of milestones.
• Mineral & Financial Investments LimitedcoreStrategic or Co-development PartnerOwns 75% of Redcorp which holds 85% interest in Lagoa Salgada project. Cerrado has option to increase ownership to 80%.
• Atrium Research CorporationminorGTM or Marketing PartnerEngaged for company-sponsored research reports and investor outreach services at $12,600 per quarter for 18 months starting June 2026.
• VSA Capital LimitedminorGTM or Marketing PartnerLondon-based investment banking and broking firm engaged for research and investor outreach at annual fee of C$12,000 for 12-month term.
• McGovern Hurley LLPcoreOthersAppointed as the company's auditor at the 2026 Annual Meeting of Shareholders.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Argonaut Gold: Intermediate gold producer with producing mines in North America (Magino, El Castillo) and previously in South America; closely comparable to Cerrado in scale, single-commodity exposure to gold, and reliance on ramp-up at a flagship producing asset.
• GoldMining Inc. Precious-metals acquisition and development company with a multi-asset portfolio across the Americas; mirrors Cerrado's strategy of consolidating gold/base-metals development projects rather than operating a single flagship mine.
• Atalaya Mining: Copper producer operating Proyecto Riotinto in the Spanish portion of the Iberian Pyrite Belt; highly comparable to Lagoa Salgada for geology, jurisdiction, permitting profile, and base-metals focus.
• MAG Silver Corp. Mid-tier precious metals developer (Juanicipio joint venture in Mexico); similar in scale to Cerrado and comparable in leveraging a single development asset while building optionality on byproducts (silver, base metals, gold).
• Wesdome Gold Mines: Canadian-listed intermediate gold producer (Eagle River, Kiena); comparable to Cerrado in market cap band, geographic focus on a mid-tier single-jurisdiction operation, and growth orientation via exploration at producing assets.
• Sandfire Resources: Base-metals producer with VMS-style operations (DeGrussa historically, MATSA in Spain, Motheo in Botswana); directly comparable to Lagoa Salgada as a copper-zinc-lead VMS developer expanding into Tier-1 jurisdictions.

Emerging players

• Champion Iron: Pure-play high-purity iron-ore concentrate producer in Quebec (Bloom Lake); directly comparable to Mont Sorcier on geography (Quebec), infrastructure access, hydropower, and the DRI/green-steel end market.

Broad incumbents

• IAMGOLD: Established mid-tier gold producer with operations across the Americas and West Africa; comparable to Cerrado as a larger but similarly growth-stage gold producer focused on South American jurisdictions.
• Lundin Mining: Diversified mid-tier base-metals producer that operates Neves-Corvo on the Portuguese Iberian Pyrite Belt — the same geological district as Lagoa Salgada — making it a directly relevant incumbent benchmark for permitting, capex, and project economics.

Others

• Equinox Gold:

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/CerradoGold
• Facebookfacebook.com/Cerrado.Gold.Inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cerrado Gold