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High materiality7/10

Cerrado Gold Q2 2026: Margin Boom From Unhedged Gold and MDN Upside

Aug 25, 2026, 8:45 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Solid Q2 margin expansion driven by unhedged gold and higher realization prices, plus MDN underground acceleration and a near-term PEA/MRE catalyst; balance-sheet actions reduce risk. However, permitting uncertainty at Lagoa Salgada remains a potential overhang.

AI summary

What happened, with direct paths to the underlying reporting

Cerrado Gold reported Q2 2026 results with MDN GEO of 15,415 ounces, up 35% YoY, and an unhedged margin of $2,401/oz on $4,184/oz realized price. Revenue reached $64.6M, with Adjusted EBITDA of $28.2M and cash of $25.3M. Key catalysts include underground development at MDN, a pending Q1 2027 PEA/MRE, a Lagoa Salgada permitting win, and Mont Sorcier expansion, all supporting a potential re-rating despite Lagoa Salgada permit uncertainty.

Q2 2026 GEO at MDN rose to 15,415 oz, +35% YoY; AISC $1,933/oz.
Avg realized price $4,184/oz; realized margin $2,401/oz, unhedged.
2026 production guidance reiterated at 50,000-60,000 GEO; MDN underground ramp.
Lagoa Salgada injunction granted; Mont Sorcier design expanded to 8 Mtpa; Sprott streams repurchased.

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