Don Nicolás

• Underground Operations now delivering ore to the plant, supporting higher grade throughput and growing production • 2026 Production Guidance of 50,000 to 60,000 GEO weighted to H2/26 • Exploration Program positioned to support resource growth at MDN (Minera Don Nicolás) with four new drill rigs now on site • Initial Underground production at Paloma achieved, underground development work continues to increase access to new ore zones • CIL plant received additional ore from underground development, mainly in December, resulting in total production of 5,968 GEO in Q4 through CIL plant • During 2026, underground ore development is expected to follow a cycle of development and then ore extraction, as the underground workings follow the ore zone deeper under the current pit.

Production process through a Carbon in Leach (CIL) circuit and Heap Leaching (HL). Between 2023 and 2024, Cerrado Gold built an HL plant with an investment of over US$40 million, which allows processing even with grades below the cutoff grade (previously, it was not possible to process in the CIL plant due to cost considerations).

54,000 GEO

• Measured and Indicated Resources: 13.438 Mt with 1.13 g/t gold & 15.26 g/t Silver (0.49 Moz gold and 6.592 Moz silver),
• Inferred Resources: 3.59 MT with 1.05 g/t gold & 3.20 g/t silver (0.121 Moz gold and 0.369 Moz silver)

Epithermal mineralization in discontinuous veins and veinlets, hosted in volcanic rocks of Jurassic age, with low silver / gold ratio (2.5: 1)