Cerrado Gold Posts Record Q1 2026 EBITDA on Strong Production
Event summary
- Cerrado Gold produced 12,842 GEO in Q1 2026, up from 11,163 GEO in Q1 2025, with AISC of $1,348/oz Au.
- Record adjusted EBITDA of $28.7 million for Q1 2026, benefiting from unhedged gold position.
- Strong cash position of $31.4 million at quarter end, with full-year production guidance maintained at 50,000-60,000 GEO.
- Acquired Falcon properties adjacent to Las Calandrias heap leach operations, with potential for 150–200koz/Au.
- Engaged Atrium Research for 18-month IR services contract at $12,600 per quarter.
The big picture
Cerrado Gold's strong Q1 2026 results highlight the benefits of operational improvements and high gold prices. The company's strategic focus on exploration and development of its project pipeline, including the recently acquired Falcon properties, positions it to unlock significant value. However, permitting delays and execution risks remain key challenges in advancing its high-potential projects in Portugal and Canada.
What we're watching
- Production Growth
- Whether Cerrado can sustain increased production rates from heap leach and CIL plant operations in H2 2026.
- Permitting Risks
- The pace at which permitting issues for Lagoa Salgada and Mont Sorcier projects will be resolved.
- Exploration Success
- How the newly acquired Falcon properties will impact resource expansion and mine life extension at MDN.
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