Minera Don Nicolas — gold & silver mine

Cerrado's flagship 100%-owned producing gold-silver mine in the Deseado Massif of Santa Cruz province, with exploration rights over 330,000 hectares. Acquired March 2020 from CIMINAS/CIAPEXSA. Epithermal gold vein style deposits typical of region. Operations comprise the Las Calandrias open-pit heap leach (Calandrias Sur + Calandrias Norte) and a 1,000 tpd carbon-in-leach (CIL) plant fed by stockpiles and the new Paloma underground mine which commenced June 2025 with three portals. 2025 consolidated MDN production: 47,004 oz Au + 270,141 oz Ag (50,238 GEO); 2024: 53,138 Au + 114,511 Ag (54,494 GEO). 2025 revenue $147.1M, mine operating income $31.8M. 2025 AISC (mine-level, ex corp G&A) $1,746/oz vs $1,651/oz FY2024. Five royalties apply: 3% Santa Cruz provincial, 2% NSR Royal Gold, 2% NSR Int'l Royalty Corp (Sandstorm), $3/oz cap $2M Int'l Royalty Corp, 0.25% NSR on Calandrias I. Sprott Metals Stream: 6.25% of payable Au+Ag for $25M deposit + 20% spot payment. 2026 production guidance 50,000-60,000 GEO. 2026 50,000 m exploration drill program planned.