Cerrado is no longer a turnaround story—it’s an execution story. Three assets, three catalysts… and one question: can it grow without dilution?
Argentina (cash flow + hedge removed), Portugal (permit in court), and Quebec (feasibility): this is what’s on the line in 2026.Cerrado returns after a year of major change.
Minera Don Nicolás (Argentina) is generating cash in a strong gold environment, the gold hedge has ended, and the company is accelerating exploration to extend mine life and grow production.
In Lagoa Salgada (Portugal), the project has hit a complex regulatory phase with APA (cyanide removed from the flowsheet; focus now on aquifers), and Cerrado has filed an injunction to challenge the process.
In Mont Sorcier (Quebec)—high-purity iron ore for “green steel”—is moving toward a feasibility study (with environmental permitting expected to follow).
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The content presented on Charlando de Minas does not constitute investment advice. Neither Amadeu Bonet nor the guests are financial advisors. We may have interests in the companies mentioned in this episode. Always assume that the speakers have a bias. These episodes are a record of my personal learning journey in natural resource investing.The information provided in this episode—and in all Charlando de Minas episodes—is general and impersonal in nature, and is for informational purposes only. Its value is exactly what you paid for it. If you're not paying for the product, you are the product. Expect to see ads—these will be disclosed verbally—in this video.Before making any investment decision, it is essential that you consult with multiple licensed, experienced, and qualified financial advisors. Seek diverse opinions before making your final decision. The minimum risk in any investment mentioned in this episode is the loss of 100% of your capital.Viewers are warned that this presentation may contain forward-looking statements regarding future events and the expected financial and operational performance of the companies potentially discussed here. Reality often differs from expectations. Managers often promise more than they deliver. If a manager is speaking here, proceed with caution.