Cerrado produced 15,415 gold equivalent ounces during the second quarter of 2026 at an all-in sustaining cost of $1,933 per ounce, up from 11,437 gold equivalent ounces in the same period of 2025.

The 100% owner of the producing Minera Don Nicolas and Las Calandrias mines in Santa Cruz province, Argentina, reported net income from operations of $9.2 million for the quarter, compared to $1.2 million a year earlier. Adjusted EBITDA reached $28.2 million, backed by revenue of $64.6 million from the sale of 13,628 ounces of gold and 121,460 ounces of silver. Total cash and cash equivalents stood at $25.3 million at the end of the period.

Production growth during the quarter was driven by heap leach operations, which yielded 9,981 gold equivalent ounces—representing a 27% increase over the prior year—supported by 85,940 additional tonnes placed on the pad and improved crushing circuit performance. Meanwhile, the carbon-in-leach plant processed 5,434 gold equivalent ounces from a blend of stockpiles and underground development ore. Total cost of sales rose to $41.6 million, driven by higher labour and fuel expenses in Argentina alongside increased sales volumes and depreciation.

Management reiterated its annual production guidance of 50,000 to 60,000 gold equivalent ounces for 2026.

“Positive results for the second quarter continued to benefit from recent operational improvements at MDN, highlighting growing production and strong cash flows for the quarter. We expect this to be sustained going forward, given the previously discussed operational upgrades, sustained high gold prices, and our unhedged gold position. The strong cash flow generated from operations continues to support our growing cash balance, while we continue to see benefits from recent cost-cutting measures despite significant wage inflation pressure in Argentina. Our full year production looks increasingly likely to come in at the higher end of guidance as we see continued strong production month over month.”

— Mark Brennan, CEO and Chairman

To support longer-term mine life and resource expansion, underground development at Minera Don Nicolas continued at an accelerated pace during the quarter, backed by the arrival of a new underground drill rig in July. The company plans to complete a new Preliminary Economic Assessment and Mineral Resource Estimate for the Argentine operation in the first quarter of 2027 to incorporate ongoing drilling results and recent property acquisitions.

In Quebec, work continued on a Bankable Feasibility Study for the Mont Sorcier iron project, with completion now targeted for the first half of 2027. The schedule allows for a targeted definition drill program in the third quarter of 2026 aimed at converting inferred resources to measured resources east of the planned pit, alongside optimization trade-off studies.

Read the full announcement: Cerrado Gold Announces Second Quarter 2026 Financial Results