# Cerrado Gold Reports 21% Year-Over-Year Increase in Q3 2026 Production Results at Minera Don Nicolas

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368

Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2931-tsx-venture/cert/213064-cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at-minera-don-nicolas.html

Publisher: jmn

Original announcement: 2026-10-19T00:56:10.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-19T10:18:18.558Z

Atlas analysis updated: 2026-10-19T10:18:18.558Z

- Company: Cerrado Gold Inc.

- Ticker: CERT

- Exchange: TSXV

- Region: Santa Cruz Province, Argentina

- Primary commodity: Gold

- Secondary commodities: Silver

- Document categories: Production, Metallurgy

- Extracted: 2026-10-19 10:18:19 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Cerrado Gold reported a 21% year-over-year increase in Q3 2026 Gold Equivalent Ounces \(GEO\) production at its Minera Don Nicolas mine in Argentina, reaching 16,685 GEO. This strong performance was attributed to operational improvements and the strategic routing of high-grade ore to the CIL plant, which achieved higher recoveries. The company expects to meet the upper end of its annual guidance of 50,000 to 60,000 GEO for 2026.

Reasoning: Cerrado Gold reported strong Q3 2026 production results at Minera Don Nicolas, with a 21% year-over-year increase in Gold Equivalent Ounces, driven by operational improvements and strategic routing of high-grade ore to the CIL plant for higher recoveries. The company is on track to meet the upper end of its annual guidance.

- Positive factor: production\_increase

- Positive factor: operational\_improvement

- Positive factor: strategic\_ore\_routing

- Positive factor: higher\_commodity\_price

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 25

## Classification and evidence

**Production Increase**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: Q3 2026 production of 16,685 GEO is up 21% from Q3 2025 production of 13,832 GEO.

Evidence · text

> Q3 production of 16,685 GEO, up 21% from 13,832 GEO in Q3 2025.

**Operational Improvement**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The company reports operational improvements completed over the past year, including a new crushing plant undergoing commissioning, a new tailings dam operating, and a new heap leach pad expected to be completed.

Evidence · text

> Operations in Q3 2026 delivered continued strong production, reflecting improvements completed over the past year. Heap leach operations continued to benefit from the resolution of prior irrigation issues and improvements to the crushing circuit. The new crushing plant is undergoing commissioning and is expected to support increased feed delivery to the pad. The new tailings dam is now operating and provides approximately five years of capacity at planned operating rates. The new heap leach pad is expected to be completed by late Q1 2027 and will provide 12 million tonnes of additional capacity.

**High Recovery**

Polarity: positive

Story-specific tag

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: Selected high-grade material routed to the CIL mill achieved gold recoveries of up to 95% in laboratory bottle-roll testing.

Evidence · text

> selected material achieving gold recoveries of up to 95%

**QP/CP Signed**

Polarity: positive

Story-specific tag

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: The scientific and technical information in this press release has been reviewed and approved by Andrew Croal, P.Eng., Chief Technical Officer for Cerrado Gold, who is a Qualified Person as defined in National Instrument 43-101.

Evidence · text

> The scientific and technical information in this press release has been reviewed and approved by Andrew Croal, P.Eng., Chief Technical Officer for Cerrado Gold, who is a Qualified Person as defined in National Instrument 43-101.

**Heap Leach Route**

Polarity: neutral

Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.

Why it applies: the document describes a heap\_leach route \("heap leach"\)

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: the document describes a mill\_cil route \("CIL"\)

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: the document describes a gravity route \("Falcon"\)

## Extracted facts

Stored fact records: 19. Some facts used in scoring do not have a stored record.

## Metallurgical Results (19)

### Fact 1

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-4)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: heap\_leach

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Heap leach production remained steady, benefiting from operational improvements.

- Positive factor: operational\_improvement

Evidence · table

> 9,649

Context: Gold Geo Produced

### Fact 2

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-5)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: mill\_cil

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: CIL production increased due to strategic routing of high-grade feed.

- Positive factor: production\_increase

- Positive factor: strategic\_ore\_routing

Evidence · table

> 7,036

Context: Gold Geo Produced

### Fact 3

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-6)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: heap\_leach

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported head grade for heap leach operations.

Evidence · table

> 0.89

Context: Head Grade Au

### Fact 4

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-7)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: mill\_cil

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Higher head grade for CIL operations due to strategic routing of high-grade material.

- Positive factor: strategic\_ore\_routing

Evidence · table

> 2.29

Context: Head Grade Au

### bottle roll

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-8)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Program Status: preliminary
- Test Type: bottle roll
- Processing Route: mill\_cil

#### Recovery

- Recovery: 95 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: High gold recovery achieved in laboratory bottle-roll tests for selected high-grade material, indicating strong potential for CIL processing.

- Positive factor: high\_recovery

- Negative factor: bench\_scale\_only

- Negative factor: single\_domain\_only

Evidence · text

> selected material achieving gold recoveries of up to 95%

#### Tags used in scoring

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 95% is at or above the exceptional band \(95%\)

### Fact 6

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-9)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: heap\_leach

#### Recovery

- Recovery: 33 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported gold recovery for heap leach operations.

Evidence · table

> 33%

Context: Recovery Au

#### Tags used in scoring

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 33% is below the weak band \(80%\)

### Fact 7

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-10)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: mill\_cil

#### Recovery

- Recovery: 90 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported gold recovery for CIL operations.

Evidence · table

> 90%

Context: Recovery Au

### Fact 8

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-13)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: heap\_leach

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported ore mined for heap leach operations.

Evidence · table

> 1,150

Context: Ore Mined

### Fact 9

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-14)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: mill\_cil

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported ore mined for CIL operations.

Evidence · table

> 24

Context: Ore Mined

### Fact 10

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-15)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: heap\_leach

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported strip ratio for heap leach operations.

Evidence · table

> 0.97

Context: Strip ratio

### Fact 11

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-16)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: mill\_cil

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported strip ratio for CIL operations.

Evidence · table

> 1.00

Context: Strip ratio

### Fact 12

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-17)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: heap\_leach

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported mining rate for heap leach operations.

Evidence · table

> 24,630

Context: Mining rate

### Fact 13

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-18)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: mill\_cil

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported mining rate for CIL operations.

Evidence · table

> 525

Context: Mining rate

### Fact 14

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-19)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: heap\_leach

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported PAD throughput for heap leach operations.

Evidence · table

> 9,945

Context: PAD Throughput

### Fact 15

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-20)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: mill\_cil

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported mill throughput for CIL operations.

Evidence · table

> 1,093

Context: Mill Throughput

### Fact 16

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-21)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: heap\_leach

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported gold ounces produced from heap leach operations.

Evidence · table

> 8,453

Context: Gold ounces produced

### Fact 17

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-22)

Minera Don Nicolas · gold

#### Identity

- Project: Minera Don Nicolas
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: mill\_cil

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported gold ounces produced from CIL operations, contributing to overall increase.

- Positive factor: production\_increase

Evidence · table

> 6,607

Context: Gold ounces produced

### Fact 18

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-23)

Minera Don Nicolas · silver

#### Identity

- Project: Minera Don Nicolas
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: heap\_leach

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported silver equivalent ounces produced from heap leach operations.

Evidence · table

> 1,196

Context: Silver equivalent ounces produced

### Fact 19

[Link to this fact](https://atlas-staging.minestarters.com/news/cerrado-gold-reports-21-year-over-year-increase-in-q3-2026-production-results-at--65260239-ab64-4351-a4a9-618099b7a368#fact-metallurgical-facts-24)

Minera Don Nicolas · silver

#### Identity

- Project: Minera Don Nicolas
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz Province, Argentina
- Ticker: CERT

#### Test Work

- Processing Route: mill\_cil

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-19T00:00:00.000Z

Reasoning: Reported silver equivalent ounces produced from CIL operations.

Evidence · table

> 430

Context: Silver equivalent ounces produced

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.