Cerrado Gold Reports Stable 2025 Production, Eyes Expansion Amid Regulatory Uncertainty
Event summary
- Cerrado Gold produced 50,238 GEO in 2025, in line with guidance, with AISC of $1,746 per ounce.
- Q4 2025 saw Adjusted EBITDA of $22.3 million, with full-year EBITDA at $46.1 million.
- Completed hedging program positions Cerrado to fully benefit from high gold prices in 2026.
- Portuguese regulator APA issued an unfavorable opinion on Lagoa Salgada's EIA, pending court review.
- Mont Sorcier feasibility study on track for Q2 2026 completion, targeting high-grade iron concentrate.
The big picture
Cerrado Gold's stable 2025 production and cost management reflect its transition to a more balanced operational profile. The company's strategic focus on expanding production at Minera Don Nicolas and advancing high-purity iron projects aligns with broader trends in commodity markets, particularly the growing demand for green steel. However, regulatory hurdles in Portugal and the need to sustain operational momentum present key challenges for 2026.
What we're watching
- Production Ramp-Up
- Whether Cerrado can sustain underground production growth in H2 2026 as planned.
- Regulatory Uncertainty
- The outcome of the Portuguese court's decision on Lagoa Salgada's EIA and its impact on project timelines.
- Commodity Exposure
- How unhedged gold production will perform in 2026 amid volatile gold prices.
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