Record Heap Leach Production
Cerrado produced 11,163 gold equivalent ounces (GEO) in Q1 2025, with a record production at the heap leach operation of 7,228 GEO ounces, a significant increase from the previous year.
Significant Increase in Adjusted EBITDA
Adjusted EBITDA reached $4.8 million, compared to a loss of $1.1 million in the prior year, driven by an $8 million increase in revenue and higher gold prices.
Reduction in All-in Sustaining Costs
All-in sustaining costs decreased by 6% to $1,932 per ounce from $2,045 in Q1 2024, with a target to reduce further to $1,500-$1,700 per ounce.
Strengthened Balance Sheet
The company reduced liabilities significantly, including a $4 million decrease in promissory notes, $3.4 million in trade payables, and a $5 million reduction in debt.
Expansion Plans and Increased Production Guidance
Production guidance increased from 50,000-55,000 ounces to 55,000-60,000 ounces, with plans to expand resource and production capabilities at MDN and Lagoa Salgada.