Cerrado Gold Posts Q3 2025 Results With Strong Heap‑Leach Output, Eyes Underground Ramp Up

Cerrado Gold Inc. has released its Q3 2025 results, highlighting robust operational growth at its Minera Don Nicolás (MDN) mine in Argentina and progress across its wider project portfolio. For the three months ended September 30, 2025, the company produced 13,832 gold‑equivalent ounces (GEO) — up ~21% from Q2 2025. Heap‑leach production reached a new quarterly record of 10,429 GEO, boosted by expanded crushing capacity and improved ore recovery. While underground operations at the “Paloma” area are still ramping up, three access portals have been developed, with full underground ore expected to contribute to output in Q4 2025. The company has also begun feeding underground ore into its CIL plant, anticipating higher‑grade material to supplant lower‑grade stockpile feed — which should further improve production and margins. On the financial side, Q3 generated US$41.0 million in revenue, from the sale of 11,970 ounces of gold and 81,290 ounces of silver, at an average realized gold price of US$3,182 per ounce — a notable increase from comparable 2024 levels. Operating cash flow rose, cash on hand ended at US$16.5 million, and adjusted EBITDA for the quarter stood at US$11.8 million. However, the quarter wasn’t all smooth: the company reported a net loss of US$12.2 million, compared to net income in Q3 2024. The swing was primarily due to a sharp increase in income tax expense, a reduction in foreign‑exchange gains, and higher losses related to remeasurement of certain financial obligations. Looking ahead, Cerrado keeps its 2025 production guidance at 50,000–55,000 GEO, banking on further ramp-up of underground mining and continued improvements in heap‑leach throughput. The company also expanded its exploration program — adding 50,000 metres of drilling planned for 2026 — and expects to finalize feasibility studies for its other assets in the near future: the polymetallic Lagoa Salgada Project (Portugal) by early 2026 and the high‑grade iron Mont Sorcier Project (Canada) by Q2 2026. Cerrado’s leadership expressed optimism that the combination of improved production, ongoing exploration, and advancing development projects should unlock significant shareholder value by 2026. #CerradoGold #MiningResults #GoldProduction #Q32025 #SlimScan #GrowthStocks #CANSLIM