MINERA MARIANA

Minera Mariana

On January 22, 2021 the Company completed an agreement with Capella Minerals to acquire 100% of its Argentine subsidiary Minera Mariana Argentina. Under the terms of the agreement, the Company paid the purchase price consisting of an initial payment of $50 thousand and $1,769 (CAD$2,250) by the issuance of 1,666,667 common shares of the Company to Capella Minerals at a deemed share price of CAD$1.35, based on the price of the Company’s shares in the concurrent financing associated with listing on the TSX Venture Exchange via the announced business combination between BB1 and the Company.

The principal assets owned by Minera Mariana include the Las Calandrias and Los Cisnes projects (together the “Projects”). The Projects are located in the Santa Cruz province of Argentina. In total, the Projects consist of approximately 60,400 ha with the bulk of the land holdings on the property adjacent to Cerrado’s MDN gold mine property.

The most advanced project at this time at Minera Mariana is the Las Calandrias gold and silver project, which borders the northern boundary of Cerrado’s MDN property. The main focus of work to date on the Projects has been on the Calandria Sur and Calandria Norte deposits. These deposits are characterized as low to intermediate sulphidation, epithermal-precious-metal quartz vein and vein-breccia types.

Management’s Discussion and Analysis for the Period Ended March 31, 2021 | Page 6

CERRADO GOLD INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the Three Months Ended March 31, 2021(Expressed in US dollars, except tables and otherwise noted)

On April 22, 2021 Cerrado filed a National Instrument 43-101 – Standards of Disclosure for Mineral Projects (”NI 43- 101”) compliant Technical Report and Mineral Resource Estimate by AGP Mining Consultants Inc. (AGP), titled “Las Calandrias Project Technical Report and Resource Estimate Santa Cruz Province, Argentina”. The effective date for the Mineral Resource Estimate is February 17, 2021. The report highlights two zones of mineralization, namely La Calandria Sur and La Calandria Norte deposits. The Mineral Resources for the La Calandria Sur Deposit, within an optimized constraining shell, are: Indicated resources of 7.4 Mt grading 1.33 gpt Au and 24.65 gpt Ag; and Inferred resources of 1.7 Mt at 0.73 gpt Au and 7.17 gpt Ag. Contained gold is 318,000 ozs in Indicated Resources and 41,000 ozs in Inferred resources. The effective date of the La Calandria Sur Deposit Mineral Resources is 14 September 2018. The Mineral Resources for the La Calandria Norte Deposit, within an optimized constraining shell, at a 0.8 gpt Au cut‐off grade are: Indicated resources of 604,000 t at 3.12 gpt Au and 8.20 gpt Ag; and Inferred resources of 19,000 t at 1.31 gpt Au and 0.69 gpt Ag. The Mineral Resources for the La Calandria Norte Deposit, below the optimized constraining shell, at a 1.5 gpt Au cut‐off grade are: Indicated resources 131,000 t at 2.82 gpt Au and 6.30 gpt Ag; and Inferred resources of 2,000 t at 1.71 gpt Au and 2.01 gpt Ag. Contained gold is 61,000 ozs in Indicated Resources and 1,000 ozs in Inferred resources. The effective date of the La Calandria Norte Deposit Mineral Resources is September 14, 2018