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Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) announces Q3/23 operational and financial results for Minera Don Nicolas ("MDN") and Monte Do Carmo ("MDC") projects, including gold production of 10,082 GEO, an 11% decrease yoy, AISC of $1,703 per ounce, and a significant improvement in cash generation in 2024.
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-0.39%
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Cerrado Gold Inc. (CERT) appoints Toronto-Dominion Bank as Mandated Lead Arranger for potential UKEF-supported project financing of up to $598 million for its Mont Sorcier Iron and Vanadium Project in Quebec, with final stages of MLA appointment for Monte Do Carmo project in Brazil. The UKEF-backed facility is expected to cover 70% of project capital expenditures for the Mont Sorcier project, reducing overall project risk and lowering costs of capital through political and commercial guarantees. The conclusion of project financing remains subject to the completion of a bankable feasibility study, environmental impact assessment, and other requirements.
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4.52%
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Cerrado Gold Inc. announced the correction of a computational error in the Monte Do Carmo Gold Project's Feasibility Study results, resulting in a decline in After Tax NPV5% to $369 million from $401 million and IRR to 32% from 34%. The project has an average annual gold production of 94,797 ounces over a 9-year Life of Mine, with an average AISC of US$711 per ounce and an initial Capex of US$186.6 million. The corrected results demonstrate the project's robustness with low capital and operating costs, providing an approximate 2:1 ratio of NPV over Capex.
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Cerrado Gold Inc. announces positive results of an independent Feasibility Study on its Monte do Carmo gold project in Brazil. The study shows an after-tax NPV of US$401.4 million and an IRR of 34%. The project has an average annual gold production of 94,797 ounces over a 9-year mine life, with an average AISC of US$711 per ounce. The initial capex is US$186.6 million, and the project is expected to generate annual average free cash flow of $90 million.
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Cerrado Gold Inc. announces Q3 production results from the Minera Don Nicolas Mine in Argentina. GEO production decreased compared to previous quarters due to severe winter conditions. The Las Calandrias heap leach project produced 650 ozs. The company's strategic plan is progressing well. CEO expects production rates to ramp up in Q4. Stripping at Calandrias Norte has commenced. Ore milled declined but has returned to normal rates. Ongoing work to optimize mine sequencing and exploration is a key focus. Monte Do Carmo project is progressing as planned with the Feasibility Study on schedule.
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Cerrado Gold Inc. has completed the tender process for its Export Credit Agency Supported Non-Recourse Project Financing. Two international banks have been chosen as Mandated Lead Arrangers for the Monte Do Carmo gold project in Brazil and the Mont Sorcier iron project in Quebec. The banks will provide financing for up to $190 million for the MDC Project and up to $420 million for the MS Project. The appointment of the MLAs is a significant milestone for the project financing requirements.
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Cerrado Gold Inc. has filed its License of Installation application for the Serra Alta project, anticipating it will be granted approximately three months later. The Feasibility Study for Serra Alta is on schedule for completion by October 31, 2023, with expectations of confirming the robust economics of the deposit.
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Cerrado Gold Inc. has commenced the tender phase for the Mandated Lead Arranger of its project financing program. The selection of the MLA is expected to be completed by the end of September. UKEF has expressed interest in providing support for up to US$190 million for the MDC Project and up to US$420 million for the MS Project. CEO Mark Brennan is optimistic about completing project financing in the coming months.
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Cerrado Gold reports Q2 production of 12,453 Gold Equivalent Ounces (GEO) with a 7% improvement year-on-year and AISC of $1,318 per ounce. Revenue for Q2 was $21.2 million, generated from the sale of 10,953 GEO. Cash costs per ounce sold decreased by 6% compared to Q2 2022. Adjusted EBITDA was $4.8 million, higher than Q2 2022. Net loss for Q2 2023 was $0.4 million, a decrease of $1.1 million from Q2 2022. Stock options and share units were granted to eligible participants.
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Cerrado Gold Inc. intends to file its License of Installation application for the Serra Alta deposit at the Monte Do Carmo project in early August. The company expects to be granted the Installation License approximately three months after filing. The Feasibility Study for the Serra Alta deposit has been postponed by three months due to material opportunities that require changes in scope. The updated completion is targeted for the end of October 2023.
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Cerrado Gold Inc.
OTC:CRDOF
CRDOF Rankings
CRDOF Stock Data
19.66M
77.56M
20.9%
6.23%
Gold Ore Mining
Mining, Quarrying, and Oil and Gas Extraction
United States of America
Toronto