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Re:

Cerrado Gold at the Small Cap Showcase: Q2 Cash Flow and Growth Plans

Cerrado Gold reported Q2 2026 production of 15,415 GEO and US$25.3 million in quarter-end cash. Its separate US$25 million annual free-cash-flow figure is a scenario, not a reported result.
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Cerrado Gold’s latest reported figures show Q2 2026 production of 15,415 gold-equivalent ounces (GEO), US$28.2 million in adjusted EBITDA and US$25.3 million in cash at quarter end. Those are company-reported results; the often-cited projection of about US$25 million in annual free cash flow is a separate, conditional scenario—not cash flow the company reported earning. Cerrado was listed to present at The Small Cap Showcase in New York on October 1, 2026, at 10:30 a.m. ET, but a conference-specific presentation or transcript was not available in the sources cited here.

What Cerrado reported for Q2 2026

In its August 18, 2026 results release, Cerrado Gold reported the following figures for the second quarter and reiterated its production guidance for the full year:

Measure Company-reported figure Period or qualification
Gold-equivalent production 15,415 GEO Q2 2026
All-in sustaining cost (AISC) US$1,933 per gold ounce Q2 2026; reported by Cerrado
Adjusted EBITDA US$28.2 million Q2 2026
Cash US$25.3 million At the end of Q2 2026
Production guidance 50,000–60,000 GEO Full-year 2026 guidance, reiterated in the Q2 release

Cerrado’s August 18, 2026 Q2 results release also said strong operating cash flow continued to support its growing cash balance. That statement is not a separate amount of operating cash flow: the release figures above distinguish adjusted EBITDA from cash on hand, and neither is the same measure as free cash flow.

Is the US$25 million free-cash-flow figure actual?

No. Cerrado’s March 2026 corporate presentation described approximately US$25 million per year in projected free cash flow under a scenario based on 55,000 ounces of gold production and a gold price of US$2,100 per ounce. The slide ties the case to the NI 43-101 preliminary economic assessment (PEA) published September 19, 2024. It is a modeled projection contingent on those assumptions, not a Q2 result or a reported annual cash-flow figure.

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Cerrado’s March 2026 corporate presentation does not make the projection interchangeable with the Q2 measures. A reader assessing cash generation should keep reported operating cash flow, adjusted EBITDA, cash at quarter end and projected free cash flow separate.

What Cerrado presented at the Small Cap Showcase

The event listing confirms Cerrado Gold’s scheduled October 1, 2026 appearance in New York, with a presentation time of 10:30 a.m. ET. The organizer describes The Small Cap Showcase as an investor conference featuring company presentations and one-on-one meetings. The available sources do not establish what Cerrado management said at the event: no conference-specific deck, recording or transcript was located. The March 2026 presentation is earlier company material, not evidence of the October presentation’s content.

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Cerrado’s past-events listing and the Small Cap Showcase event description establish the scheduled appearance and general event format, not event-specific remarks.

Which growth plans matter to investors?

Cerrado’s Q2 release describes ongoing underground development at its Minera Don Nicolas operation in Argentina. The company also points to exploration and recent property acquisitions as ways to support resource growth and extend mine life, and targets a preliminary economic assessment in Q1 2027. These are company plans and expectations; the release does not establish that they have already increased production or extended mine life.

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The same release reports continued progress at two other projects: the Lagoa Salgada polymetallic project in Portugal and the Mont Sorcier high-purity direct-reduction iron project in Quebec. For both, “progress” is not a substitute for a completed study, permit, financing package or construction decision.

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Questions to track after the presentation

  • Mine development: Is underground development delivering the anticipated higher-grade feed, and does that translate into production performance?
  • Resources and mine life: Do exploration and acquisitions result in a quantified resource update or demonstrably longer mine life?
  • Project milestones: What are the next permitting, study, financing and construction steps for Lagoa Salgada and Mont Sorcier, and are they reached on the stated timelines?
  • Cash-flow assumptions: Does management update the production and gold-price assumptions behind the March free-cash-flow scenario, and how does any new projection compare with reported cash flow?

These are diligence questions rather than established outcomes. The figures and plans cited above are issuer disclosures; they are not independent, peer-comparable measures.

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