Cerrado Gold Inc.

The company produced 11,437 gold equivalent ounces in Q2 2025, versus 16,255 in Q2 2024. Adjusted EBITDA was $7.4 million, compared with $15 million in Q2 2024 and $4.8 million in Q1 2025. Realized gold price was $2,684 per ounce, versus $2,200 a year earlier. All-in sustaining costs were $1,779 per ounce, versus $1,233 in Q2 2024 and $1,932 in Q1 2025. Management reiterated full-year guidance of 55,000 to 60,000 ounces and said it expects stronger second-half production from Argentina, driven by underground ramp-up.

Mark Brennan framed 2025 as a transition year away from a highly leveraged balance sheet and limited growth options toward a more stable, growth-oriented company. He emphasized MDN’s shift from a development asset toward a more durable operation, supported by 20,000 meters of surface drilling and underground development that began with three portals in June. He also pointed to Lagoa Salgada and Mont Sorcier as meaningful value-creation projects, saying both feasibility studies are tracking ahead of expectations and should help re-rate the company.

Jason Brooks highlighted that the Ascendant acquisition closed on May 16 and brought Lagoa Salgada onto the balance sheet, which materially affected the quarter. He detailed about $18 million of debt repayment year-to-date, including $9 million of promissory notes, $6 million toward sellers, $3 million of payables reduction, and about $1 million of long-term debt reduction; cash at June 30 was about $5.7 million. He also said the company invested about $8 million year-to-date in Lagoa Salgada and Mont Sorcier, and noted future cash optionality from a $10 million Hochschild payment due in July 2026, a $5 million payment due in March 2027, and a potential $10 million option payment related to Michelle.

There was no analyst Q&A, as the operator said there were no questions. Management therefore did not field any live concerns or challenge assumptions on production, cash, or project timelines. The main guidance points were repeated in prepared remarks: higher second-half production, full-year 55,000 to 60,000 ounces, and progress on debt reduction and development studies.