—OTC Markets. We are very pleased you have joined us for our Global Markets forum. The next presentation of the day is from Cerrado Gold. Please note you may submit questions for the presenter at any time. You can also view a company's availability for a one-on-one meeting by clicking Book a Meeting. At this point, I am very pleased to welcome Mike McAllister. He is the VP of Investor Relations of Cerrado Gold, which trades on the OTCQX Best Market under the symbol CRDOF and on the TSXV under the symbol CERT. Welcome back, Mike. Thank you. Happy to be back. Great. Thank you everybody for taking the time to hear our story today. We think we have got a solid story here for you. Cerrado Gold is not your typical junior producer. We are in production in Argentina. We are guiding 50,000 oz-60,000 oz of gold production there this year, and we will likely be at the top end of that. We also have two other development assets, one in Portugal called Lagoa Salgada, which is a VMS project. It does have gold, silver, but also has some copper, tin, and zinc. That would give us further production in about another two years' time. Finally, longer term, we have the Mont Sorcier, a high purity, high grade iron ore project in Quebec. That one there is advancing to a feasibility study and permitting, but that one is a little longer out, probably looking for production there in about four to five years' time, so a little longer out. I will be making some forward-looking statements. Taking a look at the investment highlights of the company, what you have right now is a steady-state gold producer. We have been producing since about 2020 when we acquired the project in Argentina, at about the 55,000 oz level. This year we are guiding 50,000 oz-60,000 oz and just given our production in the first half of the year, and we will be putting out our Q3 production results very shortly, and I think you will see from those that we are going to be at the top end of our guidance for the year. We also are continuing at that project to build out longer term mine life. What we are doing there is significant amounts of drilling. We are doing 50,000 m on our surface targets, 20,000 m underground. On an additional acquisition we made called Falcon, which is adjacent really to our property, there is a historic resource on there. We are doing about 5,000 m just to bring that in and to test other targets. Overall, those 75,000 m of drilling are going to be accumulated into an updated PEA, which will include a resource update, and that will come out in the first quarter of next year. I think what you are going to see then is an extended mine life for the mine, something five to six years on average for now. We own the drills. We have four drills that are going to continue to turn. We can continue to work to extend that mine life a little bit further and to replace what we are going to mine out next year. Overall, for the first half of the year, we had just under 30,000 oz of gold equivalent production. Our all-in sustaining cost was $1,680 an ounce, and that is U.S. dollars. Everything I am saying today is in U.S. dollars, except for the share price when I talk about that. Overall, we are very excited about this project. This is a project that we continue to ramp up. As we go underground, we are getting higher grade material. We believe that as time moves forward, we are going to continue to improve our throughput at this mining to continue to produce more gold ounces. Beyond that, as I mentioned, we have a developing asset. It is substantially undervalued, but it is the Lagoa Salgada asset, and that is located in Portugal. What we have there is precious and critical mineral production near term. What we have there is we have already produced a feasibility study on that project, which was pretty good. We have done since then a significant amount of work on the metallurgy as well as on the sequencing and work on the mine. What that is going to come to is fruition later this year, and we will produce that feasibility study, which will show improved economics on that project. Also at the same time, at the beginning of December, we are going to be submitting our environmental as well as our construction permits concurrently. We do expect to have a decision by the end of the second quarter on our permits. Just given our discussions with the government, with the officials there, we are very optimistic on that. If all goes well at this point, next year we will be in construction at that asset. It is about an 18-month construction timeline. Finally after that, we have the longer term optionality of Mont Sorcier. The feasibility study is underway. We expect to complete that in the first part of next year. That is going to support 8 million tons of production of 67% iron ore concentrate. If you understand the iron ore markets, 62% is the base level, a lot of what comes out of Australia and Brazil. 65% is considered a premium product. 67% is considered an extreme premium product. It pays about a 30% premium over the regular iron ore grade in the market. It is suitable for direct reduced iron. It can go right into an electric arc furnace, and it meets a lot of governments' green steel transition focus. That is located here in Quebec, Canada. We are quite excited to continue to advance that project. We are well-funded to develop these projects. We have $25 million at the end of the last quarter, obviously that is much higher right now. We recently had a $10 million private placement from Eric Sprott. He wanted to get back into the story after we repurchased our royalties and streams from him for $31 million. Now we are completely exposed to the gold price. We do not have any hedges. We do not have any royalties or streams on this. We are very excited about this. We are going to continue to not only advance these projects, but start to continue to build substantial cash at the operations. This is an ideal shot of what you have in the company and what you are going to have going forward. If you look at the gold bar on the top, and this is on a very simplified basis because we do have various metals, but if you are looking at this just from a gold equivalent basis, currently we are at 55,000 oz. We will be at 60,000 oz this year. Whereas the project in Portugal comes online, we will add about another 50,000 oz of gold equivalent production. Then finally, when the project in Quebec comes online, that is going to bring us to over 300,000 oz of gold equivalent production. In a five-year timeframe, you are seeing a relatively significant value creation in terms of production. The one thing I will mention here is that we are stating the NAV and the EBITDA of the projects. However, these studies were done at much lower metal prices. In the case of Argentina or MDN, we used a $2,100 gold. In the case of Lagoa Salgada, we were using $1,700 gold. Obviously gold prices are above $4,000, so we are going to see significant higher EBITDA and NAV. For example, we are already at close to $60 million of EBITDA for the first half of the year. That goes to speak to what we are going to see. But even at these lower metal prices, you can see a path to our free cash flow or EBITDA growing to almost $500,000,000 a year by 2031. Again, we are going to be updating the feasibility study and the PEA, so we can see this much higher. But we are expecting to see around $120 million, if not higher, of EBITDA just from the project in Argentina this year. Again, you can see the ramp up here of production. We acquired the project in 2020. We acquired it from some white good manufacturers in Argentina that were trying to import U.S. dollars, and they were never able to successfully get the mine running. They were not miners. They spent about $200 million to build this project. We acquired it for $45 million. We were able to ramp it up fairly quickly to that 55,000 oz average. That was mostly from open pit. We then created some heap leach opportunities, and we continue to expand those. We're able to reprocess lower grade materials there very cheaply, and that gives us continually about 45,000 oz of production from there. We've re-gone back into some open pits, but additionally, we went into the underground below a previous high-grade open pit this year, and that's where we're starting to see a lot of the higher grade material come into the mine plan, which is helping us to bump up our production levels. We're going to continue with that. With the drilling that we've done this year, we're going to continue to work in the underground, as well as we believe we've found some higher grade material on surface, which will feed into our CIL plant. We have a 2,500 ton per day plant. Right now we're feeding that lower grade material, and that's where we're getting our production numbers. However, if we start to feed higher grade material in, we'll definitely see our production grow. With these projects coming online, we believe we're going to hit that 100,000 oz target of production here in the coming years. We're quite excited about that. There's definitely a lot of opportunity for growth at this mine. Taking a look at our capital structure, you can see right now, and this is when I'm going to say Canadian, our share price recently, CAD 2.40, giving us an overall market Cap Canadian of CAD 343 million. However, we do have 142 million shares outstanding. We do have 2 million in warrants. Those are going to Sprott on that recent financing. Some options and RSUs that are going to management as part of compensation. Fully diluted, we're just under 160 million shares, which is pretty good for a producing company with the growth capacity that we have. Our cash position, as I mentioned, is $ 25 million at the end of the last quarter. We've done that $10 million financing, so we're definitely in the $30 million range right now. We also have an additional $15 million coming in from previous asset sale and an option on an exploration property that we have in Argentina. Looking at our brokerage coverage, we have H.C. Wainwright, Heiko Ihle covering us. At Red Cloud, Ron Stewart, Atrium Research, Riley Venton. Between the three of them, we have an average target price just under $4, and so you can see where the share price is Canadian at CAD 2.40, getting close to that $4. There's definitely some upside on the share price, and we believe we're not getting a lot of value for the other two assets other than the producing one. Even then, when you look at this on a comparable of other single asset producers, if you look at Jaguar or if you look at Serabi, you're seeing significant valuation improvements that they're trading $200 million-$300 million above us, where we're at the same production levels, similar costs. The difference is that they have longer mine lives, and so with the upcoming PEA on this project, where we would expect to demonstrate longer and higher grade mine life, we do expect a significant revaluation based on that information. In terms of the ownership, management owns about 10%. Institutions such as Sprott, OCM, Manulife, others have 23%. Free float is still at 68%, so we do trade quite well, about 500,000 shares a day. You can see over the last 52 weeks, the share price has continued to climb. It has come off a little bit lately with the gold price. However, we do expect the gold price to solidify again towards the end of the year, and we do expect to see the price continue to move with it. It has been a year of transition in 2025. In 2026, we are focused on growth. We have spent the money drilling, expanding, working on the heap leach, finding other opportunities. Where we are seeing is we expect with this updated feasibility study to work on a five to six-year mine life at the Minera Don Nicolás and continue to grow that, but also finding higher grade material to expand production. At Lagoa Salgada, again, we are optimizing the feasibility study. We will be submitting our permits at the end of the year. We do expect by mid-year next year to have our permits in hand and be able to go into construction around this time next year. That would give us at the previous feasibility studies numbers about $75 million more of cash flow, and about 50,000 equivalent ounces of gold production. However, those numbers will be higher with the updated feasibility. Then finally, with Mont Sorcier, we are doing some final drilling on the project right now that is going to go into a feasibility study that we do expect in the first part of next year. We will be submitting our environmental, and we will continue to move the project forward until we are in construction and have our permits expected by the first quarter of 2029, hitting production in the first quarter of 2031. As you can see there, this is a big project. We expect to see significant free cash flow from this, which would add a lot of optimization opportunities, and opportunities to not only pay dividends and share buybacks, but to reward our shareholders as well. Taking a closer dive to the projects, this is our project in Argentina. We are down in the very south part of Argentina in Patagonia in the Santa Cruz province. We are in a very good neighborhood here. This is called the Deseado Massif. We have multiple projects in here. There is a lot of gold that has been discovered in this area, and very similar geology to Nevada, except it is a much more junior mining camp. We have some excellent neighbors. We have Pan American Cerro Moro project to the east of us. We have Cerro Vanguardia, which is AngloGold, to the south of us. To the west of us, we have Newmont Cerro Negro and Hochschild and McEwen San José Project. A lot of gold has been developed and produced at these assets. The blue areas represent our concessions. We have 330,000 hectares, which for comparison is about the size of Rhode Island. We are the largest land package in the area outside of the government. Again, our focus here is obviously expanding our production and growing the resource base here. We are doing that through a significant exploration program. As I mentioned, 75,000 m this year. We have four drills, three diamond drills, and an RC drill. They'll continue to turn next year. We're also bringing our lab in-house and certifying it so that we don't have to wait for the long turnaround times for assays. We expect that to come online the first week of November, which will definitely improve assay times for the mine. Looking at this chart is a really good example of the exploration and the growth potential at the project. Looking at our three neighbors here, you can see Cerro Vanguardia started in the late 1990s. They started with about 1 million ounces in open pit. They then started adding some heap leach and then went underground and got up to about that 6 million ounce level. It took about 20 years to build that. Newmont started in around 2005 with under 1 million ounces. They then started with underground. They went to open pit. They did do an acquisition of Goldcorp, which shortened their timeframe for the same level. They managed to do that in about 11 years. Pan American started with about 600,000 oz, got it up to about 1.7 million ounces in the course of about seven years. What I'm saying to you is we're just on the earlier side of that exploration target. We're doing, as I mentioned, 75,000 m of drilling this year, and we'll continue to drill on the property. Am I saying we're going to have these large resources as these guys? Maybe. I can't tell you. The drills are going to turn, but we're very optimistic about what we're seeing so far. There we go. Again, this is a hub-and-spoke operation. Our mill is located right here in the middle. To the north of us is the Paloma Underground. Calandrias is where we have our pit and our heap leach operation. As you can see again here, we started with open pit. We added some underground and some heap leach. We're expecting to be at the high end of that production range this year of around 60,000 oz at the mine. As I mentioned, this is our mill. This is our heap leach operations, which we continue to expand and have had a lot of success with. The underground here is the Paloma area. I'm not sure if you can see the white hashed out mark here in this area. However, this pit previously had been designed at $1,700 gold. It would be much larger if it was designed today. However, everything is open at depth and along strike. We did 20,000 m of drilling there to bring more amounts of the ore from this area into the mine plan. It's below a previous open pit which had been mined out and would've been cost prohibitive to push back the pit, so we went underground. We typically have five to six 8 g material in this area. Again, overall on the property, we're doing 20,000 m on the surface in the north, central, and south blocks. We continue to evaluate the physical targets. We're aiming our target here in this area with the 75,000 m, we did 50,000 m on surface, is to find higher-grade material to feed the CIL plant. As we feed a higher grade into the CIL plant, we would have higher gold production without any further expansion of the mill or operations. This is the property we bought. Calandrias is our heap leach operation. Just to the east of us is Falcon. We acquired this for $2 million and a 2% royalty on that area from Pan American. We have in this area 200,000 oz of historical grade. We need to do some drilling on this to bring this into our own technical plans. You can see the grades range from between 1.3 g up to 1.7 g per ton. Some of this would go to heap leach, some of this would go to the mill. We think there's significant opportunity in this area and to the north for further consolidation of properties in this area. Looking at our next mine, which is in Portugal, the project we have is called Lagoa Salgada. It's in the northeast end of the Iberian Pyrite Belt. We're about an hour and a half south of Lisbon. The infrastructure in this area is fantastic. There's a major state highway that goes past us. The state rail line goes past us. The Sines Port is about 45 km away, where we could ship our concentrates to. So excellent infrastructure on this project. We have over 26 million tons of resource on this property, and we've only done 40,000 m of drilling to get that. So it's very fruitful, and there's a lot of opportunity to see this project grow a lot further than the 26 million tons, which is giving us about a 14-year mine life on the property. You can see here the metals breakdown of the property. We do have 40% precious. We also have a significant amount of zinc, copper, and tin. If you look at this on an equivalent basis on the cost curve, our cost is $0.59 a zinc equivalent pound for the first five years, $0.79 for the life of mine. As you can see, that's at the bottom end of the cost curve of all the producing projects there. So this is a mine that will thrive in various cost environments. Even now, zinc is trading closer to $2. So we'll definitely see some good profitability and margins on this project. The previous study we did on the project had an NPV of $147 million and a 39% IRR. As I've mentioned, we've done significant amount of work in metallurgy as well as resequencing the mine and finding savings. So we'll be putting that project out later this year, which we expect to have significantly improved economics on this project. As I mentioned, we're finishing the feasibility study. We're submitting our permits, and we should have those back by the end of the second quarter. By this time next year, we should be in construction with our first production coming in the first part of 2029 on this project. Again, the projects on the Iberian Pyrite Belt tend to be projects that grow and have significant amount of time. In looking here, you have our project here, which is about a 1.7 km strike length, just on two pods. Through some seismic work we've done, we know that we have another large anomaly here, which is primarily copper. So we're going to continue to drill on that and expand this project. But just to show you from other neighbors in the area, Sandfire, which was Trafigura, got sold to Sandfire, and Neves-Corvo, which is owned by Lundin, got sold to Boliden. These both sold recently for significant premiums on the project, and these are both projects that have been around for about 25 years, and they started with just one or two ore bodies and continue to grow. Our ore bodies continue to be open at depth and along strike, and everything I'm talking about here is just in this one small area of 1.7 km. We have an 8 km trend on the property. Just to say that right now we're going to be producing at about 2.5 million tons per annum, but we believe that we have the potential here to get this closer to about 4+ million tons per annum. Finally, our last project is the Mont Sorcier high-purity iron ore project. What we really like about this project is typically iron ore mines need a lot of infrastructure. They have to spend billions to build railway, port access. The thing that we are blessed with here is that all of that exists. The only thing we need to build is from our project to the town of Chibougamau, is a 25 km rail spur. From there's an existing CN rail line that runs 370 km to a deep water port, the Port of Saguenay, which is on the St. Lawrence River, which can go ocean bound. That infrastructure all exists. There's capacity. We don't have to build any of that. Also in Quebec, there's a lot of low-cost hydropower, and we have a lot of opportunity here to build a significant project that won't be as expensive as expected. As I mentioned, we're doing an updated feasibility study, which will be out in the first half of next year. However, we did do a PEA on this project in July of 2022. It was for 5 million tons of 65% iron ore production. It had an NPV of $1.6 billion, an IRR of 43%, a payback of 1.8 years. What we're looking at now is 8 million tons of production as part of the feasibility study. It would be 4 million in the first year. A couple of years later, we'll add an additional 4 million of production of high-grade, high-purity, direct reduction steel. What we'll be producing is a 67% grade concentrate, which would have very low silica and aluminum. It's very much in demand in the market, a lot of European demand and even Middle Eastern demand for this project. Again, this project will throw off significant cash flow. Even looking at the lower grade, and lower numbers in the previous study, it would've had $350 million of cash flow, $235 million of cash flow for 21 years. It's a very significant mine life on the property, and so we're quite excited. As I mentioned, we're doing the bankable feasibility study in the first half. We'll also submit our permitting starting in around Q2 of next year. It will take us to the first quarter of 2029 to get our permits, and it's about a two-year construction timeframe, so we'll be looking for production in the first quarter of 2031. The thing we love about this project is it's huge. We have 1.3 billion tons of resource here, so this is a massive resource body. We have a 21-year mine life, but that 21-year mine life is only using 1/3 of the resource here. This is a mine that can go on at the current production rate for up to 50 years, or we could expand it and increase the production beyond that 8 million tons per annum. There's a lot of opportunity here for continued significant cash flow. Again, just wrapping up here, we do have a project that is well-funded to delivery. We had $25 million officially at the end of the last quarter. Obviously, that number is higher now. We have a free cash flow for the first six months of the year. We had $57 million of EBITDA, and the second half of the year is expected to be stronger production, and higher cash flows. I do recommend next week we will be putting out our third quarter production numbers. I highly recommend looking out for that just to show that things are going very well. Then we have additional cash to be received, as I mentioned, from previous asset sales of another $15 million. Just wrapping up in summary, we have a steady state gold production project here that's going to continue to grow towards that 100,000 oz production level over the next couple of years. We are expecting to hit the upper end of our guidance range of 60,000 oz this year. We do expect to see roughly about $120+ million of EBITDA on this project for the year. We're doing significant amounts of exploration, which will continue in the coming years, which should prove out that a longer, bigger project over time with a long mine life. We continue to advance the project in Portugal, which we expect to be in construction hopefully by this time next year, which could add another 50,000 oz of gold equivalent production. Longer term, we have the very high grade, large Mont Sorcier project, which will add significant cash flow to the project overall. We also have strong cash balance and strong cash flow to submit. We also have support of Banco Santander and TD for our production assets to help finance them and move them forward. We expect to be able to see these projects come to fruition, with relatively to no dilution to our shareholders, yet offering significant cash flow growth for our shareholders. That wraps up my study. I'm going to pop over now to the Q&A and answer those questions for the next few minutes. I have a question that says, "With Chris MacInnis joining as VP of Geology, what exploration opportunities are you most excited about?" We're very excited about our existing property. As I mentioned, in Argentina, we have a huge land package of 330,000 hectares. We've explored less than 10% of that. We have a lot of opportunity there for exploration. Even in Portugal, as I mentioned, on its 8 km strike length, we've only touched about 1.7 km. We have a lot of opportunity within our existing operations for significant growth. We'll continue to drill on those as we go forward. Next question, "As an investor, I watch cash conversion. What turn of that EBITDA could go into free cash flow?" Again, this year we did about $120 million of EBITDA. We did have some CapEx on the projects. We're spending about $55 million this year. Some of that was exploration. We extended our heap leach operation with some further crushing. We had to build an extension of the tailings dam. We bought the drills this year. We had to develop underground. Next year, we expect to see that CapEx reduce significantly on the project. This year you're going to lose $50 million to $60 million in terms of development. Next year, that should drop down to about $30 million. The difference between those two is what you'll see come into the market as cash flow, and you will see our cash position start to grow significantly in the market. Next question, "With Argentine inflation still a factor, where do you have the most control over costs?" Yes, Argentina is still running at about a 30% annual inflation rate. We do see some labor costs there. As we've stated publicly in our press releases, our costs are going to be between that $1,700 and $1,800 per ounce, all-in sustaining. The biggest portion of that is labor and inflation in Argentina. Where we can control is we can find savings within the way we operate, the way we mine. One of the things, for example, we did is we brought all the drilling in-house. We're getting more productivity out of the drillers. We're saving money by actually bringing the drilling in-house. We're moving the assays in-house. We do pay a lot of our fees or our costs in Argentina in pesos, yet we get paid for our product in U.S. dollars. We do have a bit of an FX benefit there. However, we have to acknowledge that there will be some costs there. However, even with the cost of $1,700 - $1,800 and gold prices in the $4,000s, we're still seeing very good margins on this. "How is the company building local support in Portugal ahead of the development?" Or, "How is the company building local support?" We've done several things. We are participating in a lot of community groups and understandings. We've gone to several community events. The other thing we've done is we've opened a storefront in the local town. People can come in, they can talk with somebody from the company. They can understand where the mine's going to be, how it's on the outside of town. It's in a hardwood forest, so you won't even see the mine except for a sign by the gate. There'll be three trucks an hour that leave the mine and take a ring road around the city. But what it does show is that there's going to be jobs, which the community is very excited to have. They've seen a drain in the Grândola area of people leaving, and they're excited to bring those people back home and to have them working with us. There's been a lot of positive change and a lot of support, not only from the mayor, but from the local communities. There's a lot of questions here. I may not get through them all. It says, "Paloma has only been drilled to about 200 m. How much deeper upside might there be?" It's open to depth. We do have holes that go about another 100 m below that are test holes. So at this point, it's open to depth. It could go down as far as 500 m to a kilometer. We don't know yet. It hasn't been tested down that far. Somebody else says, "What would you most like the Q1 2027 PEA to demonstrate?" What we want that Q1 PEA to demonstrate is not only extended mine life, but higher grade material that can then translate into higher production levels. The more we produce, we have a lot of fixed costs, we'd likely see our cost levels drop on an all-in sustaining basis. It says, "Beyond adding capacity, could the expanded leach pads make operations more efficient?" Yes. There is definitely an opportunity as we develop and find other ore deposits, even if they're lower grade around the property, it's not very cost prohibitive to build other heap leach pads or to extend the heap leach pads we have to further run that heap leach operations. So again, we could definitely, if we find more lower grade material, create other heap leach pads or expand the ones we have for a relative low cost. That could definitely add more significant production to the mine's schedule. What else have we got? For Lagoa Salgada, what is the next milestone that could build investor confidence? I think the next milestone is the feasibility study, which will show not only improved economics, but also the ability to run this mine cheaper at a longer term and definitely show the upside of this project and with the improved economics. I think the next one after that is when we get our permits in probably the second quarter of next year, and people see that this is a mine that's going into construction, and will definitely be very profitable with the ability to grow over time. So then the other one, the strong Q2 production update, where do you see the next operational improvement? As I mentioned, the next operational improvement will be to find through the PEA higher grade material, typically from the underground, but also on surface to feed into the CIL plant, which will translate into higher amounts of production coming from the mill. With the PEA, we'll demonstrate that, and our guidance next year will also demonstrate the ability to push past that 60,000 oz per year level. That about wraps up my time. I just want to thank everybody. Sorry I couldn't get to all of the questions. There was a lot of them. However, my contact information is on the website on the investor page. Please don't hesitate to reach out to me with any further questions. Thank you, everybody.