Producer · Junior / Minor · Gold · Argentina · Canada · Europe
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Cerrado Gold Portfolio
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Cerrado Gold Inc. is a TSX-V listed junior gold producer headquartered in Toronto with assets in Argentina, Portugal and Canada. The portfolio comprises the producing Minera Don Nicolas (MDN) gold and silver mine in Santa Cruz, Argentina (100% owned, only revenue-generating operation), the advanced-stage Lagoa Salgada polymetallic VMS development project in Portugal (80% via Ascendant acquired May 2025), and the Mont Sorcier high-purity magnetite iron development project in Quebec, Canada (100% via Voyager Metals). 2025 consolidated revenue of $147.1M from sale of 45,712 gold oz and 264,587 silver oz at avg realized $2,970/oz Au. Net loss of $20.4M (vs net income $25.4M in 2024). Adjusted EBITDA $46.2M. Cash $22.9M with working capital deficiency of $36.7M. Hedge program with Ocean Partners (2,000 oz/month zero-cost collar $3,100-$3,250) concluded January 2026.
Portfolio Aggregate
Multiple effective dates
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Operating · 3 projects
Las Calandrias Heap Leach
Asset
Project information
As at 1 April 2024
Description
As at 1 April 2024
Las Calandrias open-pit heap leach operation within the Minera Don Nicolas complex, comprising the Calandrias Sur (currently mined) and Calandrias Norte open pits in the Deseado Massif. Commenced heap leach operations 2023. Outlined in an August 2024 PEA. Crushing circuit expanded and fully commissioned in 2025 supporting production of 3,000-3,500 GEO per month. Heap leach pad sizing increased; new tailings areas added. 2025 production: 30,926 oz Au + 204,396 oz Ag (33,358 GEO) - significantly up from 2024 (12,277 Au, 53,231 Ag, 12,911 GEO) due to 10% higher gold head grade, 14% higher recoveries and 1,534,660 additional tonnes placed on pad. Q4 2025 production restricted by reduced water availability for irrigation; larger-diameter bore holes being drilled to address. Au recoveries by ore zone: 70% Oxide, 60% Transitional, 40% Primary; Ag recovery 30% all zones. PEA targets continued Calandrias Sur heap leach operations until at least 2028.
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 1 April 2024
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Paloma Underground & CIL Plant
Asset
Project information
As at 1 April 2024
Description
As at 1 April 2024
High Grade CIL operation within Minera Don Nicolas, comprising the existing 1,000 tpd CIL plant fed by the new Paloma underground mine plus low-grade stockpiles from prior open-pit operations (Martinetas region). Paloma underground commenced June 2025 with three portals opened beneath the prior Paloma open pit, providing the first significant underground contribution in Q4 2025. Underground development continues following minor delays for portal support and shotcrete; ramp-up expected throughout 2026. Provides platform for lower-cost underground exploration to materially expand resources. 2025 CIL production: 16,078 oz Au + 65,745 oz Ag (16,880 GEO); 2024: 40,861 Au + 61,280 Ag (41,583 GEO) - CIL volumes declined YoY as feed transitioned from depleted Calandrias Norte open pit to stockpiles + initial underground ore. Q4 2025 mill throughput 1,009 tpd. Recovery: Au 88%, Ag 58% (FY2025). Paloma Trend underground M+I 274.82 kt @ 4.34g/t Au (38.36 koz Au); Inferred 88.91 kt @ 3.93g/t Au (11.22 koz Au).
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 1 April 2024
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Minera Don Nicolas
District
Project information
As at 1 April 2024
Description
As at 1 April 2024
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.
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 1 April 2024
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Development · 2 projects
Mont Sorcier
Asset · Feasibility
Project information
As at 31 July 2022
Description
As at 31 July 2022
100%-owned high-grade magnetite iron development project on the traditional Cree territory of Eeyou Istchee James Bay, in Roy Township/Chibougamau, Quebec (18 km east of Town of Chibougamau). Held via wholly-owned subsidiary Voyager Metals Inc. (acquired May 31, 2023). NI 43-101 Preliminary Economic Assessment published July 2022 with project NPV8% of US$1.6 Billion based on 65% Fe concentrate. Updated metallurgical test work in 2025 confirmed ability to produce 67% Fe high-purity magnetite concentrate with combined SiO2+Al2O3 below 2.3% (DRI / pellet feed grade). Proposed flowsheet: magnetic separation followed by flotation. Project redesigned as 8 Mtpa concentrate operation (vs 5 Mtpa in 2022 PEA) in two phases: Phase 1 4 Mtpa, Phase 2 4 Mtpa expansion ~3 years after start-up. Phase 1 capex expected 30-40% higher than PEA. ~20-year mine life. During 2025, 17,890 metres of resource definition drilling completed to support upgrade to Proven & Probable for the Bankable Feasibility Study. November 2025: Voyager acquired 22 additional adjacent mining claims as infrastructure buffer. BFS targeted Q2 2026; ESIA submission Q4 2026; potential construction mid-2028. Also contains vanadium credit potential per Voyager Metals project name.
Mining metrics
Multiple effective dates
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Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
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Lagoa Salgada
Asset · Feasibility · Ownership 80%
Project information
As at 31 December 2023
Description
As at 31 December 2023
Advanced-stage polymetallic VMS development project in the Iberian Pyrite Belt, 80 km from Lisbon, Portugal. 7,209-hectare concession. Cerrado holds 80% via Redcorp - Empreendimentos Mineiros (held through Ascendant Resources, acquired May 16, 2025 via plan of arrangement). Remaining 20% held by Mineral & Financial Investment AG (M&FI), subject to consortium agreement with EDM (Portuguese state mining agency) which has option to participate in up to 15%. Definitive mining concession contract signed October 28, 2021 with DGEG; carries 3% royalty on certain mine products (2/3 to DGEG, 1/3 to Municipalities). 2023 NI 43-101 Feasibility Study outlined after-tax NPV of US$147 million, IRR 39%, generating ~$75M per annum free cash flow over first 5 years. Polymetallic mineralization: gold, silver, zinc, copper, lead, tin; precious metals account for ~34% of NSR. Optimized Feasibility Study (OFS) in progress with improved metallurgical recoveries (Gossan: Pb 45%, precious metals 50-60%); Dense Media Separation testing on Stockworks zone showed ~40% mass reduction with only ~5% contained metal loss. Sprott metals stream agreement and Ascendant secured note in place. January 2026: unfavourable EIA opinion received from Portuguese Environment Agency (APA); Redcorp filed for court injunction February 11, 2026 which was accepted, suspending APA opinion pending definitive court decision. Project viability and concession contract at risk.
Mining metrics
As at 31 December 2023
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Precious Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Precious metals
- Resources vs Reserves. Resources are geological estimates that could one day be mined; Reserves are the subset with a feasibility study and plausible positive economics. Measured → Indicated → Inferred describe increasing geological uncertainty; Proven → Probable are reserve labels from Measured/Indicated. Inferred resources are not convertible to reserves under most codes.
- Grade (g/t) is the headline number on gold/silver pages. High-grade is often above 5 g/t; >10 g/t is bonanza territory; below 1 g/t is bulk low-grade. Open-pit cut-offs are typically lower than underground.
- AISC (All-In Sustaining Cost) is direct cash costs + sustaining capex + royalties + corporate overhead + reclamation, per ounce produced. C1 strips sustaining capex and corporate overhead. Both are non-GAAP and defined differently across issuers.
- By-product credits. Polymetallic deposits credit by-product value against the main metal cost; negative AISC after credits does not mean the main metal is sold below cash cost.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Gold
Silver
Zinc
Iron
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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