Cerrado Gold's Lagoa Salgada Project Receives Consent to Submit Revisions to Its EIA Application to the Portuguese Environmental Agency
TORONTO, ONTARIO / ACCESS Newswire / July 14, 2025 / Cerrado Gold Inc. ("Cerrado Gold" or the "Company") is pleased to announce that its Portuguese subsidiary, Redcorp - Empreendimentos Mineiros, Lda. ("Redcorp"), has received notification from the Portuguese Environment Agency (Agência Portuguesa do Ambiente, "APA") confirming that it will permit application of Article 16 procedures that allows Redcorp to submit revised technical documentation and project improvements to address APA comments, in relation to its Environmental Impact Statement (EIA) as outlined below.
Under Portuguese environmental law, Article 16 of the EIA Legal Framework allows developers to revise and resubmit elements of a previously submitted project in order to address identified environmental concerns, without restarting the full permitting process. This mechanism is designed to improve project outcomes while maintaining regulatory integrity and efficiency (Decreto-Lei n.° 151-B/2013, Diário da República, 1.° série - N.° 211, de 31 de outubro de 2013).
The Company's Optimized Feasibility Study ("OFS"), which is well underway, has proactively contemplated the changes requested, which are aimed at further strengthening the environmental and operational robustness of the proposed mining operation. In addition, the Company is continuing with all other activities as planned, such as detailed engineering alongside the work related to the OFS to minimize any impact on the overall development schedule while the Article 16 requirements are in process.
While application of Article 16(2) does not constitute project approval, it is a formal step under Portuguese law that enables developers to address concerns raised during the initial review and implement modifications, avoiding a full resubmission or rejection of the project. If the revised submission is accepted, the Company anticipates a final Environmental Impact Statement (EIA) decision could be issued in Q1 2026.
APA's formal response follows Redcorp's request, made during the public consultation and hearing period, to initiate the procedure foreseen in Article 16(2). In its reply, APA confirmed that, based on the justification provided by Redcorp, there are no objections to applying the Article 16(2) procedure. The Company now has 180 calendar days from the date of the notification to submit the revised project elements and a synthesis report addressing the required components outlined in the legal framework.
The Company's revised submission will incorporate environmental and design improvements, including:
Elimination of cyanide use across all processing stages at Lagoa Salgada, replaced by flotation-only circuits that has been validated through recent metallurgical testing;Enhanced protection of local aquifers and water resources, with new hydrogeological and geochemical control measures;Presentation of alternative borehole locations to support regional emergency water supply resilience;Deployment of a real-time environmental monitoring system, covering air, water, vibration, and noise parameters; andApplication of Best Available Techniques (BAT) across the plant layout and mine design, improving performance and minimizing impact.
Mark Brennan, CEO and Chairman of Cerrado Gold, commented: "This is a constructive step forward for the Lagoa Salgada Project and demonstrates APA's openness to a robust and transparent permitting process. We appreciate the opportunity to address concerns through technical and environmental improvements, which are seen as a typical request at this stage of the approval process. We note that many of the points raised by APA are already being integrated into the updated feasibility study due in September."
Mr. Brennan continued: "With strong support from our stakeholders, including EDM, we remain confident that the revised submission will meet the highest standards of environmental compliance and will position the project for successful approval with minimal delay. Cerrado reiterates its strong commitment to developing the Lagoa Salgada Project as a model of environmental and technical excellence, delivering value to local communities, stakeholders, and European critical raw materials supply chains."
The Company is further supported by its strategic partner in the project, EDM - Empresa de Desenvolvimento Mineiro, S.A. ("EDM"), a Portuguese state-owned mining development entity, with decades of experience in environmental remediation and mine water management. EDM has reaffirmed the strategic importance of the Lagoa Salgada Project to Portugal's mining sector and expressed full confidence in the project's ability to meet the highest environmental and operational standards.
Review of Technical Information
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.
About Cerrado
Cerrado Gold is a Toronto-based gold production, development, and exploration company. The Company is the 100% owner of the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina. In Portugal, the Company holds an 80% interest in the highly prospective Lagoa Salgada VMS project through its position in Redcorp - Empreendimentos Mineiros, Lda. In Canada, Cerrado Gold is developing its 100% owned Mont Sorcier Iron project located outside of Chibougamou, Quebec.
In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas ("MDN") operation through continued operational optimization and is growing production through its operations at the Las Calandrias heap leach project. An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective land package in the heart of the Deseado Masiff.
In Portugal, Cerrado is focused on the development and exploration of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver, and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209-hectare property concession. Located just 80km from Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant development and exploration opportunity, already showing its mineable scale and cashflow generation potential.
In Canada, Cerrado holds a 100% interest in the Mont Sorcier high-purity high-grade DRI Iron project, which has the potential to produce a premium iron concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high-grade and high-purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces, contributing to the decarbonization of the industry and the achievement of sustainable development goals.
For more information about Cerrado please visit our website at: www.cerradogold.com.
Mark BrennanCEO and Chairman
Mike McAllisterVice President, Investor RelationsTel: +1-647-805-5662mmcallister@cerradogold.com
Disclaimer
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado and its subsidiaries. Although the Company believes that it will receive a favourable EIA decision, no assurance can be provided. In making the forward- looking statements contained in this press release, Cerrado has made certain assumptions. Although Cerrado believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
SOURCE: Cerrado Gold Inc.
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Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company's management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company's underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company's results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP financial measures is included in the Company's Second Quarter 2025 Financial Supplement, which is available at . (Unaudited) (dollars in thousands, except share data) As of or for the Three Months Ended Jun 2025 Mar 2025 Jun 2024 Selected Balance Sheet Data Cash and cash equivalents $ 1,165,729 $ 794,706 $ 800,902 Investment securities, at fair value 1,337,565 1,580,720 1,482,379 Loans held for sale 144,212 172,770 106,875 Loans HFI 9,874,282 9,771,536 9,309,553 Allowance for credit losses on loans HFI (148,948 ) (150,531 ) (155,055 ) Total assets 13,354,238 13,136,449 12,535,169 Interest-bearing deposits (non-brokered) 8,692,848 8,623,636 8,130,704 Brokered deposits 518,719 414,428 150,113 Noninterest-bearing deposits 2,191,903 2,163,934 2,187,185 Total deposits 11,403,470 11,201,998 10,468,002 Borrowings 164,485 168,944 360,944 Allowance for credit losses on unfunded commitments 12,932 6,493 5,984 Total common shareholders' equity 1,611,130 1,601,962 1,500,502 Selected Statement of Income Data Total interest income $ 182,084 $ 179,706 $ 177,413 Total interest expense 70,669 72,065 74,798 Net interest income 111,415 107,641 102,615 Total noninterest (loss) income (34,552 ) 23,032 25,608 Total noninterest expense 81,261 79,549 75,093 (Losses) earnings before income taxes and provisions for credit losses (4,398 ) 51,124 53,130 Provisions for credit losses 5,337 2,292 2,224 Income tax (benefit) expense (12,652 ) 9,471 10,919 Net income applicable to noncontrolling interest 8 — 8 Net income applicable to FB Financial Corporation $ 2,909 $ 39,361 $ 39,979 Net interest income (tax-equivalent basis) $ 112,236 $ 108,427 $ 103,254 Adjusted net income* $ 40,821 $ 40,108 $ 39,424 Adjusted pre-tax, pre-provision net revenue* $ 58,649 $ 52,134 $ 52,369 Per Common Share Diluted net income $ 0.06 $ 0.84 $ 0.85 Adjusted diluted net income* 0.88 0.85 0.84 Book value 35.17 34.44 32.17 Tangible book value* 29.78 29.12 26.82 Weighted average number of shares outstanding - fully diluted 46,179,090 47,024,211 46,845,143 Period-end number of shares 45,807,689 46,514,547 46,642,958 Selected Ratios Return on average: Assets 0.09 % 1.21 % 1.30 % Shareholders' equity 0.74 % 10.1 % 10.9 % Tangible common equity* 0.87 % 11.9 % 13.1 % Efficiency ratio 105.7 % 60.9 % 58.6 % Core efficiency ratio (tax-equivalent basis)* 56.9 % 59.9 % 58.3 % Loans HFI to deposit ratio 86.6 % 87.2 % 88.9 % Noninterest-bearing deposits to total deposits 19.2 % 19.3 % 20.9 % Net interest margin (tax-equivalent basis) 3.68 % 3.55 % 3.57 % Yield on interest-earning assets 5.99 % 5.91 % 6.16 % Cost of interest-bearing liabilities 3.13 % 3.16 % 3.56 % Cost of total deposits 2.48 % 2.54 % 2.77 % Credit Quality Ratios Allowance for credit losses on loans HFI as a percentage of loans HFI 1.51 % 1.54 % 1.67 % Annualized net charge-offs as a percentage of average loans HFI 0.02 % 0.14 % 0.02 % Nonperforming loans HFI as a percentage of loans HFI 0.97 % 0.79 % 0.79 % Nonperforming assets as a percentage of total assets 0.92 % 0.84 % 0.81 % Preliminary Capital Ratios (consolidated) Total common shareholders' equity to assets 12.1 % 12.2 % 12.0 % Tangible common equity to tangible assets* 10.4 % 10.5 % 10.2 % Tier 1 leverage 11.3 % 11.4 % 11.7 % Tier 1 risk-based capital 12.6 % 13.1 % 13.0 % Total risk-based capital 14.7 % 15.2 % 15.1 % Common equity Tier 1 12.3 % 12.8 % 12.7 % *Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Second Quarter 2025 Financial Supplement. 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Business Wire
5 hours ago
- Business Wire
Macy's, Inc. Announces Pricing of Senior Notes
NEW YORK--(BUSINESS WIRE)--Macy's, Inc. (NYSE: M) (the 'Company') announced today that its wholly-owned subsidiary, Macy's Retail Holdings, LLC (the 'Issuer'), priced an offering of $500 million in aggregate principal amount of 7.375% senior notes due 2033 (the 'Notes') in a private offering at an offering price of 100% of the principal amount thereof. The Notes will have a maturity date of August 1, 2033. The closing of the offering of the Notes is expected to occur on July 29, 2025, subject to customary closing conditions. The Notes will be senior unsecured obligations of the Issuer and will be unconditionally guaranteed on a senior unsecured basis by the Company. The Issuer intends to use the proceeds from the offering of the Notes, together with cash on hand, to (i) fund its separately announced concurrent tender offer (the 'Tender Offer'), (ii) redeem approximately $587 million of certain of its existing outstanding senior notes and debentures (such redemption, the 'Redemption') and (iii) pay fees, premium and expenses in connection therewith and this offering. The Redemption and the Tender Offer are conditioned on, among other things, the consummation of the offering of the Notes. The offering of the Notes, however, is not conditioned on the consummation of the Redemption or the Tender Offer (including the tender of any specified amount of the Company's outstanding senior notes as part of the Tender Offer). This press release does not constitute an offer to purchase, a solicitation of an offer to sell or a notice with respect to any tender offer or redemption of any existing notes. This press release is for informational purposes only and is neither an offer to sell nor the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. Any offers of the Notes will be made only by means of a private offering memorandum. The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in an offering exempt from registration in reliance on Rule 144A under the Securities Act of 1933, as amended (the 'Securities Act'), and outside the United States in reliance on Regulation S under the Securities Act. The Notes and related guarantees have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act or any applicable state securities laws. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act. About Macy's, Inc. Macy's, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy's, Bloomingdale's and Bluemercury. Headquartered in New York City, our comprehensive digital and nationwide footprint empowers us to deliver a seamless shopping experience for our customers. Forward-Looking Statements All statements in this press release regarding the closing of the notes offering and the expected use of proceeds therefrom that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including, but not limited to, general market conditions which might affect the offering, and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including under the captions 'Forward-Looking Statements' and 'Risk Factors' in the Company's Annual Report on Form 10-K for the year ended February 1, 2025 and the Company's Quarterly Report on Form 10-Q for the quarterly period ended May 3, 2025. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
