CERRADO GOLD INC. A MINERAL RESOURCE ESTIMATE FOR THE SERRA ALTA DEPOSIT AT THE MONTE DO CARMO PROJECT, TOCANTINS STATE, BRAZIL Report Date: April 3, 2019 Report Effective Date: December 5, 2018 Mineral Resource Effective Date: December 5, 2018 Source: Cerrado, 2018 Report By B. TERRENCE HENNESSEY, P.GEO. 900 - 390 BAY STREET, TORONTO ONTARIO, CANADA M5H 2Y2 Telephone +1 416 362 5135 Fax +1 416 362 5763 Page Table of Contents 1.0 SUMMARY ...................................................................................................................1 1.1 THE PROPERTY .......................................................................................................1 1.2 GEOLOGY .................................................................................................................4 1.3 EXPLORATION HISTORY ......................................................................................4 1.3.1 Modern Exploration ............................................................................................7 1.4 HISTORICAL RESOURCE ESTIMATES ................................................................7 1.5 PRODUCTION HISTORY.........................................................................................9 1.6 INTERPRETATION AND CONCLUSIONS ............................................................9 1.6.1 Giant Quartz Veins - General ..............................................................................9 1.6.2 Serra Alta Observations ......................................................................................9 1.7 CONCLUSIONS .......................................................................................................11 1.7.1 Current Mineral Resource Estimate ..................................................................11 1.8 RECOMMENDATIONS ..........................................................................................12 1.8.1 Micon Recommendations .................................................................................12 1.8.2 Serra Alta Proposed Exploration Program ........................................................13 1.8.3 Exploration Budget ...........................................................................................13 2.0 INTRODUCTION .......................................................................................................14 3.0 RELIANCE ON OTHER EXPERTS ........................................................................17 4.0 PROPERTY DESCRIPTION AND LOCATION ...................................................18 4.1 LOCATION ..............................................................................................................18 4.2 CONCESSIONS .......................................................................................................20 4.3 AGREEMENTS ........................................................................................................23 4.4 PERMITS ..................................................................................................................23 4.5 ENVIRONMENT AND LIABILITIES ....................................................................24 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ......................................................25 5.1 ACCESSIBILITY .....................................................................................................25 5.2 LOCAL INFRASTRUCTURE AND RESOURCES ...............................................25 5.3 CLIMATE .................................................................................................................28 5.4 WATER RESOURCES ............................................................................................28 5.5 GEOMORPHOLOGY ..............................................................................................29 5.6 SOIL ..........................................................................................................................29 5.7 VEGETATION .........................................................................................................30 6.0 HISTORY ....................................................................................................................31 6.1 INTRODUCTION ....................................................................................................31 6.2 PRIOR EXPLORATION HISTORY........................................................................31 6.3 HISTORIC DRILLING ............................................................................................34 6.4 HISTORICAL RESOURCE ESTIMATES ..............................................................48 ii Page 7.0 GEOLOGICAL SETTING AND MINERALIZATION .........................................49 7.1 REGIONAL GEOLOGY ..........................................................................................49 7.1.1 Main Litho-Stratigraphic Units .........................................................................49 7.2 REGIONAL LITHOLOGICAL AND STRUCTURAL MAPPING ........................52 7.3 PROPERTY GEOLOGY ..........................................................................................54 7.3.1 Serra Alta Geology ............................................................................................54 7.3.2 Serra Alta Mineralization ..................................................................................60 7.3.3 Other Zones .......................................................................................................65 8.0 DEPOSIT TYPES .......................................................................................................66 8.1 SERRA ALTA ..........................................................................................................66 9.0 EXPLORATION .........................................................................................................72 9.1 EXPLORATORY APPROACH ADOPTED FOR THE PROJECT ........................72 9.2 METHODOLOGY ADOPTED ................................................................................73 9.3 AIRBORNE GEOPHYSICAL SURVEY ................................................................74 9.4 STREAM SEDIMENT SURVEY ............................................................................79 9.5 TOPOGRAPHIC SURVEYS ...................................................................................82 9.6 CHIP CHANNEL AND GRAB SAMPLING ..........................................................84 9.7 EXPLORATION COMPLETED IN LATE 2018 ....................................................94 9.7.1 Capitão Target ...................................................................................................94 9.7.2 Fartura Target ....................................................................................................95 9.7.3 Bit-3 Target .......................................................................................................99 10.0 DRILLING ................................................................................................................102 10.1 CURRENT DRILLING ..........................................................................................102 10.1.1 2017 Other Targets ..........................................................................................102 10.1.2 2018 Serra Alta Drilling ..................................................................................103 10.1.3 Logging and Sample Layout ...........................................................................110 10.2 SUMMARY AND INTERPRETATION OF RESULTS .......................................113 10.3 CONCLUSIONS .....................................................................................................114 11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY ...............................115 11.1 HISTORICAL SAMPLING ...................................................................................115 11.2 CERRADO SAMPLING ........................................................................................118 11.2.1 Sampling Procedures .......................................................................................118 11.2.2 Analyses ..........................................................................................................119 11.3 QUALITY ASSURANCE/ QUALITY CONTROL ..............................................119 11.4 CONCLUSIONS AND RECOMMENDATIONS .................................................120 12.0 DATA VERIFICATION ..........................................................................................121 13.0 MINERAL PROCESSING AND METALLURGICAL TESTING .....................123 14.0 MINERAL RESOURCE ESTIMATES ..................................................................124 14.1 GENERAL DESCRIPTION ...................................................................................124 iii Page 14.2 MINERAL RESOURCE ESTIMATE DEFINITION AND PROCEDURE .........................................................................................................125 14.2.1 Inferred Mineral Resource ..............................................................................126 14.2.2 Indicated Mineral Resource ............................................................................126 14.2.3 Measured Mineral Resource ...........................................................................127 14.3 SUPPORTING DATA ............................................................................................127 14.3.1