# Cerrado Gold Announces Second Quarter 2026 Financial Results Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/cerrado-gold-announces-second-quarter-2026-financial-results--8a790f30-0a1d-471c-af59-9fc0e73bc46b Original source: https://www.globenewswire.com/news-release/2026/08/18/3347293/0/en/cerrado-gold-announces-second-quarter-2026-financial-results.html Publisher: globenewswire Original announcement: 2026-08-18T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Cerrado Gold Inc. - Ticker: CERT - Exchange: Unavailable - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Metallurgy, Production - Extracted: 2026-09-12 02:35:40 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Cerrado Gold announced strong Q2 2026 financial results, reporting 15,415 gold equivalent ounces produced, a significant increase from the prior year. The company achieved $28.2 million in Adjusted EBITDA and ended the quarter with a $25.3 million cash position, while reiterating its annual production guidance. Progress continues on its Minera Don Nicolas, Lagoa Salgada, and Mont Sorcier projects, with a new PEA and MRE targeted for Q1 2027 for MDN. Reasoning: Cerrado Gold reported strong Q2 2026 financial and operational results, with significant increases in gold equivalent production, revenue, and net income, alongside a healthy cash position. While CIL gold recovery was high and heap leach silver recovery improved, heap leach gold recovery remained low and unit costs increased. Project development at Lagoa Salgada and Mont Sorcier faced delays. - Positive factor: Increased gold equivalent production by 35% year-over-year - Positive factor: Strong Adjusted EBITDA of $28.2 million for Q2 2026 - Positive factor: Significant increase in revenue to $64.6 million - Positive factor: Improved net income from operations to $9.2 million - Positive factor: Strong cash position of $25.3 million at quarter end - Positive factor: Reiterated annual production guidance of 50,000 to 60,000 GEO - Positive factor: High gold recovery from CIL operations \(90%\) - Positive factor: Significant improvement in heap leach silver recovery \(76% vs 15% prior year\) - Negative factor: Gold recovery from heap leach operations remains low \(39%\) - Negative factor: Silver recovery from CIL operations is moderate \(64%\) - Negative factor: Unit costs per gold ounce sold increased compared to prior year - Negative factor: Delays in permitting for Lagoa Salgada project - Negative factor: Delays in BFS for Mont Sorcier project Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 4 ## Classification and evidence **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Gold recovery of 90% from CIL operations is strong, meeting the strong band \(90%\) for this processing route. Evidence · table > 90% Context: 99.76 **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: Gold recovery of 39% from heap leach operations is below the weak band \(45%\) for this processing route. Evidence · table > 39% Context: 809.64 **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: Silver recovery of 64% from CIL operations is below the weak band \(75%\) for this processing route. Evidence · table > 64% Context: 99.76 **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: Silver recoveries from heap leach operations improved significantly versus the prior quarter \(76% in Q2 2026 vs 15% in Q2 2025\). Evidence · table > 76% Context: 809.64 **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: The document explicitly mentions 'Heap Leach Operations' and 'Ore placed on pad'. Evidence · table > Heap Leach Operations Context: Operating Data **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The document explicitly mentions 'High Grade CIL Operations' and 'CIL plant continues to process'. Evidence · table > High Grade CIL Operations Context: Gold Equivalent Ounces Produced **QP/CP Signed** Polarity: positive Story-specific tag Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Andrew Croal P.Eng, Chief Technical Officer for Cerrado Gold, is a Qualified Person as defined in National Instrument 43-101 and reviewed and approved the scientific and technical information. Evidence · text > The scientific and technical information in this press release has been reviewed and approved by Andrew Croal P.Eng, Chief Technical Officer for Cerrado Gold, who is a Qualified Person as defined in National Instrument 43-101. ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Metallurgical Results (4) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/cerrado-gold-announces-second-quarter-2026-financial-results--8a790f30-0a1d-471c-af59-9fc0e73bc46b#fact-metallurgical-facts-0) Minera Don Nicolas · gold #### Identity - Project: Minera Don Nicolas - Commodity: gold - Ticker: CERT #### Test Work - Processing Route: Heap Leach #### Recovery - Recovery: 39 % - Recovery Basis: actual\_test - Head Grade: 0.84 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-18T00:00:00.000Z Reasoning: The reported gold recovery of 39% from heap leach operations is below the weak band for heap leach gold recovery, indicating a low recovery rate. - Negative factor: Gold recovery of 39% from heap leach operations is below the weak band \(45%\) for this processing route. Evidence · table > 39% Context: 809.64 #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 39% is below the weak band \(45%\) ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/cerrado-gold-announces-second-quarter-2026-financial-results--8a790f30-0a1d-471c-af59-9fc0e73bc46b#fact-metallurgical-facts-1) Minera Don Nicolas · silver #### Identity - Project: Minera Don Nicolas - Commodity: silver - Ticker: CERT #### Test Work - Processing Route: Heap Leach #### Recovery - Recovery: 76 % - Recovery Basis: actual\_test - Head Grade: 4.96 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-18T00:00:00.000Z Reasoning: The reported silver recovery of 76% from heap leach operations is strong and represents a significant improvement compared to the prior quarter, indicating positive operational progress. - Positive factor: Silver recovery of 76% from heap leach operations is strong, exceeding the exceptional band \(75%\) for byproduct silver recovery. - Positive factor: Silver recoveries improved significantly versus the prior quarter \(76% in Q2 2026 vs 15% in Q2 2025\). Evidence · table > 76% Context: 809.64 #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/cerrado-gold-announces-second-quarter-2026-financial-results--8a790f30-0a1d-471c-af59-9fc0e73bc46b#fact-metallurgical-facts-2) Minera Don Nicolas · gold #### Identity - Project: Minera Don Nicolas - Commodity: gold - Ticker: CERT #### Test Work - Processing Route: CIL #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test - Head Grade: 1.53 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-18T00:00:00.000Z Reasoning: The reported gold recovery of 90% from CIL operations is strong and indicates efficient processing for the primary commodity. - Positive factor: Gold recovery of 90% from CIL operations is strong, meeting the strong band \(90%\) for this processing route. Evidence · table > 90% Context: 99.76 #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/cerrado-gold-announces-second-quarter-2026-financial-results--8a790f30-0a1d-471c-af59-9fc0e73bc46b#fact-metallurgical-facts-3) Minera Don Nicolas · silver #### Identity - Project: Minera Don Nicolas - Commodity: silver - Ticker: CERT #### Test Work - Processing Route: CIL #### Recovery - Recovery: 64 % - Recovery Basis: actual\_test - Head Grade: 11.15 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-18T00:00:00.000Z Reasoning: The reported silver recovery of 64% from CIL operations is below the weak band for CIL silver recovery, indicating a low recovery rate for the byproduct. - Negative factor: Silver recovery of 64% from CIL operations is below the weak band \(75%\) for this processing route. Evidence · table > 64% Context: 99.76 #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 64% is below the weak band \(75%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.