Cerrado Gold production rose 21% year over year to 16,685 gold-equivalent ounces in the third quarter of 2026 at its Minera Don Nicolas operation in Argentina. In its October 19 update, the company said it now expects full-year output at the upper end of its existing 50,000–60,000-ounce guidance range.
Key Takeaways
- Nine-month production reached 44,942 gold-equivalent ounces, up 23% from a year earlier.
- Routing selected high-grade material to the Martinetas mill increased carbon-in-leach production.
- A new heap leach pad and an independent preliminary economic assessment are targeted for late Q1 2027.
Table of Contents
- Cerrado Gold production growth shifts toward the mill
- Higher recoveries guide processing decisions
- Capacity additions and underground feed support the outlook
- Exploration feeds into the planned 2027 assessment
- Conclusion
Cerrado Gold production growth shifts toward the mill
Cerrado Gold’s third-quarter operating update put production for the three months ended September 30 at 16,685 gold-equivalent ounces, compared with 13,832 a year earlier. Output for the first nine months increased from 36,432 ounces to 44,942 ounces.
The carbon-in-leach, or CIL, operation produced 7,036 gold-equivalent ounces, up from 5,434 in the second quarter. Heap leach production was broadly steady at 9,649 ounces, compared with 9,981 in the preceding quarter.
The shift partly reflects processing choices rather than separate trends at two unrelated operations. Selected high-grade material from Calandrias that had been intended for the heap leach pad was instead transported to the Martinetas CIL mill to seek higher recoveries. Cerrado said performance should therefore be considered across the combined operation.
| Item | Details |
|---|---|
| Q3 heap leach pad feed | 905,000 tonnes |
| Q3 CIL gold head grade | 2.29 grams per tonne |
| Q3 CIL gold recovery | 90% |
| Q3 gold-equivalent ounces sold | 16,187 ounces |
Higher recoveries guide processing decisions
The redirected Calandrias material generally contained more than 2.5 grams of gold per tonne. Laboratory bottle-roll tests on selected milled samples achieved recoveries of up to 95%, compared with approximately 60% expected through heap leaching under the current technical report.
Those laboratory results are not overall plant recovery rates. Cerrado said the additional gold recovered from the selected material provides an economic benefit even after higher processing and transportation costs.
The company also said higher gold prices allowed it to include additional lower-grade material in heap leach feed. Together, the two processing routes give the operation flexibility to direct material according to grade, metallurgical performance and economics.
Capacity additions and underground feed support the outlook
Heap leach operations benefited from resolved irrigation problems and improvements to the crushing circuit. A new crushing plant was undergoing commissioning, while the new tailings dam was already operating with approximately five years of capacity at planned operating rates.
A new heap leach pad is expected to be completed by late Q1 2027, adding 12 million tonnes of capacity. Underground development beneath the Paloma pit continued during the quarter, with more fresh feed becoming available toward quarter-end.
Cerrado expects additional underground mineralized material in the fourth quarter. Its expectation of reaching the high end of annual production guidance remains an outlook, not a completed result.
Exploration feeds into the planned 2027 assessment
Exploration at Minera Don Nicolas and the recently acquired Falcon and Calandrias II properties is intended to support a new independent preliminary economic assessment by late Q1 2027. The objective is a consolidated mine plan with a longer mine life and potentially higher production.
Sampling, mapping and diamond drilling have begun in the new areas. Cerrado expects the drill program and associated testing intended for inclusion in the assessment to finish before year-end, with exploration drilling continuing afterward. Resource growth and the proposed production expansion have not yet been established by the assessment.
Conclusion
The production update points to stronger operating output, but does not yet establish quarterly profitability. Cerrado expects to release full third-quarter financial results before November 23, 2026, providing the next scheduled opportunity to assess costs and financial performance.
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