MONTE DO CARMO PROJECT

On October 14, 2020, Cerrado announced the results of a Preliminary Economic Assessment (“PEA”) on the current Mineral Resource Estimate for the Serra Alta deposit at its MDC gold project in Brazil. The results of the PEA demonstrate robust economics with an after-tax NPV8% of $377 million and IRR of 76%. The final PEA Technical Report completed by GE21 Consultoria Mineral Ltda (“GE21”), in accordance with NI 43-101, was filed on December 2, 2020 with an effective date of April 23, 2020.

Results of the PEA highlight the significant potential Cerrado anticipates at the MDC gold project. The Serra Alta deposit is the first of 5 analogue deposits Cerrado plus BIT3 is developing and while current resources remain relatively modest in scale, the completion of the PEA underscores the extremely robust economics that should only improve as the resources continue to grow with further drilling.

Highlights and key assumptions of the results include:

• Long Term Gold Price $1,550 per ounce
• 7 Year annual production targeted at approx. 103,000 ounces gold
• Initial Capex $110 million (including US$25 million contingency)
• Total after-tax free cash flow estimated $78 million per annum (Cumulative $548 million)
• Average Cash Costs of $480.95/oz; Avg AISC $498/oz
• Potential to be amongst lowest 10% of AISC cost mines in the world
• Upside potential from continued drilling & resource expansion