(Information sent by the signatory company)

Toronto, March 3, 2023.

Cerrado Gold Inc. is pleased to announce that it has entered into an amended and restated metals purchase and sale agreement (the "Agreement") with Sprott Private Resource Streaming and Royalty (B) Corp. ("Sprott"), to include the concessions acquired by the Company in its acquisition of Minera Mariana Argentina S.A. in 2020, expanding the flow area including, notably, production from the Las Calandrias heap leach project, where production is expected to start in Q2/23

The Agreement also provides Cerrado with additional financing of $10 million in the form of an additional deposit (the "Deposit") against future production. Substantially all other terms of the Agreement remain unchanged. Table 1 below summarizes certain key commercial terms that have changed under the Agreement compared to the original flow agreement entered into between the parties in 2020 (the "Original Agreement"). Payment of the Deposit is expected to occur on or about March 7, 2023 and is subject to the fulfillment of certain conditions, including that there are no material adverse effects from the date of the Agreement and that the parties receive all the necessary regulatory approvals. Mark Brennan, CEO and President of the Company, commented: "We are very pleased to be expanding our partnership with our friends at Sprott Streaming and Royalty. We see this additional investment as a strong indication of support for our ongoing development plans to increase the MDN gold production capacity from 50,000 ounces to approximately 90,000 ounces by mid-2024 with the ongoing development of two heap leach facilities In addition, the additional inflow of funds is expected to allow the Company to capitalize on the success at Las Calandrias and provide additional non-dilutive financing to finance our development plans." Mike Harrison, Managing Partner at Sprott, commented: "Our continued support of Cerrado Gold reflects the success achieved at MDN to date and our confidence in the quality of the Las Calandrias heap leach project to expand production at MDN. This funding will provide increased exposure to a well-performing asset in a highly prospective region." A copy of the Agreement will be filed on the company's SEDAR profile at www.sedar.com. In addition, Closed announces that Mr. Stephen Shefsky has resigned as Director and Co-Chairman of the company to devote his time to other business opportunities. Mark Brennan, CEO and President of the company, commented: "We want to thank Stephen for his years of service and especially recognize his role in the founding of the company. On behalf of the Board and the entire management team, we wish him the best in his future endeavors." Stephen Shefsky commented: "It has been an honor and privilege to work with such a talented and dedicated team, and I thank Mark and the team for their exemplary stewardship of the company. While I am now focused on other opportunities, I will continue to follow the story closely. Cerrado and I look forward to the Company's continued success." About Cerrado Cerrado is a Toronto-based gold exploration, development and production company focused on gold projects in the Americas. The company owns 100% of the Minera Don Nicolás mine in production, in the province of Santa Cruz (Argentina), and of the highly prospective development project Monte Do Carmo, located in the State of Tocantins (Brazil).In Minera Don Nicolás, Cerrado is maximizing asset value through further optimization of operations and continued growth in production. An extensive exploration campaign is underway to unravel the potential resources of the prospective land package. At Monte Do Carmo, Cerrado is advancing rapidly on the viability and production of the Serra Alta deposit. The Serra Alta deposit has indicated resources of 541 koz of gold and inferred resources of 780 koz of gold. The Preliminary Economic Assessment demonstrates strong economics, as well as the potential to be one of the lowest cost producers in the industry. Cerrado also owns an extensive and highly prospective land parcel of 82,542 ha in Monte Do Carmo. For more information on Cerrado, visit the company's website: www.cerradogold.com. Contact Contact Name: Mark Brennan Contact Description: CEO and Co- ChairmanContact phone: 1-647-796-0023