Cerrado Gold Reports 8.6m at 14.1g/t Au and 16.2m at 3.4g/t Au and 27m at 2.6g/t Au from Its Phase I Drill Program at Its Monte Do Carmo Open Pit Project

• Numerous high-grade gold intercepts above current resource grade discovered during Serra Alta Phase I drilling
• Program continues intersecting elevated values with significant visible gold over broad zones of mineralization.
• Cerrado Operations and Exploration Update Investor Call: May 11, 2021 11:00 AM Eastern Time (US and Canada)

Drill Hole Highlights (All composites are reported as true thickness):

FSA111

• 16.24m at 3.44 g/t Au, from 312.20m
  • Including 1.05m at 31.60 g/t Au from 328.61m

FSA112

• 8.57m at 14.13g/t Au, from 180.48m
  • Including 3.01m at 38.38g/t Au from 181.59m

FSA124

• 18.40m at 2.17g/t Au, from 193.10m
  • including 6.14m at 4.95g/t Au from 198.17m.

FSA130

• 27.01m at 2.58g/t Au, from 31.44m
  • including 7.74m at 6.60g/t Au from 31.44m.

FSA133

• 6.67m at 3.92g/t Au, from 152.80m.

Mark Brennan, CEO and Co-Chairman, commented, "We are extremely pleased that the ongoing drill results from the Phase 1 program at Serra Alta continue to support our view of the potential scale of this deposit as we move into the Phase 2 portion of the drill program. The most recent results also highlight the potential to see an overall improvement in resource grade relative to the current resource." He continued, "As we await the pending assay results for the outstanding holes to be completed (25 of 55 holes currently reported), we are making preparations to update our mineral resource estimate and complete a new PEA for Serra Alta that we are confident will demonstrate the robust potential at Serra Alta. Further, we remain confident that our Phase 2 drill program, which has recently commenced, will demonstrate the potential of some of the nearby regional targets providing insight into the large regional potential of the Monte Do Carmo district."

The drill results reported in this press release were received up until May 7^th, 2021 and represent complete results for FSA 111, thru 113, FSA 124, FSA126, FSA 130, and FSA 133. Including the assays for holes reported today, Cerrado has reported assay results for 25 of 55 holes drilled in the Phase I program. The results indicate that these drill holes have been very successful in confirming and expanding the mineralization.

The current drill holes intersected broad zones of hydrothermal alteration with many instances of visible gold. The alteration is typical for the Serra Alta deposit, including the abundance of quartz veinlets, potassic, chloritic and sulphides (py, spl, and gal) with visible gold.

To date, the bulk of the drill results reported fall within the pit boundary as outlined in the Preliminary Economic Assessment ("PEA") of the current resources defined at the Serra Alta deposit at its Monte Do Carmo gold project in Tocantins State, Brazil (See Press Release December 5, 2018). The PEA, titled "Independent Technical Report - Preliminary Economic Assessment for Serra Alta Deposit, Monte do Carmo Project, Tocantins State, Brazil" and dated October 14, 2020 with an effective date of December 5, 2018, was prepared by Porfírio Cabaleiro Rodriguez, B. Terrence Hennessey, Bernardo Horta de Cerqueira Viana and Paulo Roberto Bergmann.

Drill Hole Location Map

To view an enhanced version of this map, please visit:
https://orders.newsfilecorp.com/files/7487/83555_0e67cf58c46eeb6d_002full.jpg

Drilling

The first phase of the current drill program at Serra Alta, which began at the end of September 2020, follows the success of the 2018 drill program which resulted in a maiden resource estimate disclosed in the PEA of an Inferred Resource totaling 813,000 oz of gold contained within 13,639,000 tonnes grading 1.85 g/t Au.

This Phase I program consist of 18,998 metres of drilling; mainly step-out and downdip to define additional ounces and a modest amount of infill drilling to upgrade a portion of the resource base to the Measured and Indicated Resource categories focusing on the known Serra Alta deposit. This deposit is 1.5 kilometres long, 400m wide, and remains open along strike and at depth and represents only the first of 4 known additional targets which are targeted to grow the resource on the overall Monte Do Carmo project land package.

Table 1. Drill hole information

Table 2. Drill Hole Composites

To view an enhanced version of Table 2, please visit:
https://orders.newsfilecorp.com/files/7487/83555_certab1.jpg

Quality Assurance and Quality Control

Analytical work was carried out by ALS international lab (ALS). The facilities of the prep lab are located in Goiânia, Brazil 835 km from MDC and alternatively in Belo Horizonte, Brazil 1,110 Km from the MDC project. MDC sends out their samples to ALS international labs (ALS) with the prep lab located in Goiânia or alternatively in Belo Horizonte. ALS lab sends the prepared aliquots for analytical assay to their lab in Lima, Peru where the prepared samples are systematically analyzed for gold (ppm) by fire assay (Au-AA24) or gold (ppm) by metallic screen (Au-SCR24). The ICP (Inductively coupled plasma mass spectrometry) is selected randomly for trace elements by 4-acid (hydrofluoric, perchloric, nitric and hydrochloric) digestion (ME-MS-61).

ALS has routine quality control procedures which ensure that every batch of samples includes three sample repeats and at least two commercial standards and two blanks. Cerrado used standard QA/QC procedures, when inserting reference standards and blanks, for the drilling program. The Reference material used are from CDN Resource Laboratories Ltd. and ITAK (Instituto de Tecnologia August Kekulé Ltda.) Brazilian supplier included in the batches following MDC internal protocols.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Robert Campbell, P.Geo., Vice President, Exploration for Cerrado Gold Inc., who is a Qualified Person as defined in National Instrument 43-101.

Investor Call

Topic: Cerrado Operations and Exploration Update Investor Call

Time: May 11, 2021 11:00 AM Eastern Time (US and Canada)

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For further information please contact

Mark Brennan
CEO and Co Chairman
Tel: +1-647-796-0023
mbrennan@cerradogold.com

Nicholas Campbell, CFA
Director, Corporate Development
Tel.: +1-905-630-0148
ncampbell@cerradogold.com

About Cerrado Gold

Cerrado Gold is a public gold producer and exploration company with gold production derived from its 100% owned Minera Don Nicolás mine in Santa Cruz province, Argentina. It also owns 100% of the assets of Minera Mariana in Santa Cruz province, Argentina. The company is also undertaking exploration at its 100% owned Monte Do Carmo project located in Tocantins, Brazil. For more information about Cerrado Gold please visit our website at: www.cerradogold.com.

Disclaimer

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This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado Gold. In making the forward- looking statements contained in this press release, Cerrado Gold has made certain assumptions, including, but not limited to ability of Cerrado to expand its drilling program at its Minera Don Nicolas Project and increase its resources. Although Cerrado Gold believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Cerrado Gold disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.