Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q2 2026 operational metrics at the producing Minera Don Nicolas (MDN) gold mine in Argentina. We discuss the increased life of mine and MDN due to the acquisition of the adjacent Falcon Properties, and the ongoing 70,000 meter exploration program, both at surface and now with an underground drill rig. Additionally we get an update on the permitting process at the Lagoa Salgada VMS Project in Portugal and ongoing tradeoff studies for the coming Feasibility Study at the Mont Sorcier Iron Project in Quebec. Q2 2026 MDN Operating Highlights: Q2 Production of 15,415 vs 11,437 GEO in Q2 2025, 2026 first half Production of 28,257 vs 22,600 GEO in 2025 Heap leach production improved to deliver 9,981 GEO in the quarter Underground development work continued; leading to increased production for H2/26 CIL plant continues to process a blend of stockpile material with an increasing mix of ore from underground operations, resulting in total production of 5,434 GEO in Q2 Acquisition of Falcon Properties has the potential to extend Heap Leach operations based on historical drill results. Combined with the existing exploration program, the acquisition is expected to position the mine to add new mineable material quickly Full year production guidance of 50,000-60,000 GEO maintained Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the combination of heap leach and underground gold equivalent ounce production for the second quarter. He also highlighted the advantages of the Falcon Properties acquisition, and how it adds years to the existing heap leach mine life, as well as substantial exploration upside. We discuss the key objectives from the ongoing 70,000 meter drill program will be looking to extend the project mine life in a substantial way and find new high-grade areas, at surface and underground, for future mine sequencing. On June 17th, the Cerrado gold announced that its wholly owned subsidiary, Redcorp - Empreendimentos Mineiros, Lda. (“Redcorp”) has been granted the injunctive relief it sought in connection with the opinion of the Portuguese Environmental Agency (Agência Portuguesa do Ambiente – “APA”). Granting of the injunction has the effect of suspending the effects of the APA opinion while the legal action commenced by Redcorp to overturn APA’s opinion continues to progress. This decision ensures that Redcorp continues to hold its concession contract and PIN classification for the Lagoa Salgada project valid and in good standing. Mark said the board and management team remain very constructive that a resolution will be found and were pleased that the court agreed with their position. On July 15th the Company announced that it has elected to extend the completion date of the Bankable Feasibility Study at its Mont Sorcier high grade iron project in Quebec, led by Voyager Metals, a 100% owned subsidiary of Cerrado Gold, to review numerous optimization and trade off opportunities that have been identified during the BFS process as having the potential to materially enhance the overall value of the project. Key Optimization Focus Areas Include: Enhanced Mine plan to reduce Overall Strip Ratio, Tailing Dam Construction, CAPEX and OPEX review in light of Ongoing Regional Inflation, Trade-off in Concentrate Quality vs Premium Price. We wrap up discussing the underappreciated current valuation that the company is receiving for the producing MDN mine in Argentina, for both the development-stage Lagoa Salgada and large Net Present Value of the Mont Sorcier Project. If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com. In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time. Click here to see the latest news from Cerrado Gold. For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
