Cerrado Delays Mont Sorcier Feasibility Study for Optimization Review

Cerrado Gold Inc. pushed back the completion date on the bankable feasibility study for its Mont Sorcier iron ore deposit in Quebec, saying it wants to run through optimization and trade-off opportunities that could lift the project's overall value. Globex Mining Enterprises Inc., which holds a 1% gross metal royalty on the property, disclosed the delay in a press release Tuesday.

The BFS was originally scheduled to wrap up on a timeline Cerrado had not publicly revised before this announcement. The company now plans to review a series of design and process alternatives identified during the study's preparation, including potential changes to mining sequence, processing flowsheet, and infrastructure configuration. Cerrado said the extra work could produce a materially stronger project economics case.

Globex's 1% GMR royalty covers all metals produced from the Mont Sorcier claims. The deposit is a high-grade magnetite iron ore body in the Chibougamau region of northern Quebec, a mining jurisdiction with established rail and power infrastructure. Cerrado has been advancing the project through feasibility-stage work since acquiring it in 2021.

David Christie, Globex's president and COO, signed off on the disclosure as the qualified person under NI 43-101. He relied on Cerrado's July 15 press release for the technical information.

The key environmental filing for Mont Sorcier remains on schedule. Cerrado said the Environmental and Social Impact Assessment submission to Quebec's Ministry of the Environment is still planned for the second half of 2026. That timeline had not changed as of Tuesday's announcement.

Cerrado trades on the TSX Venture Exchange under the ticker CERT and on the OTCQX under CRDOF. Globex trades on the Toronto Stock Exchange as GMX and on several European exchanges including Frankfurt and Stuttgart.