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Strong Production of 15,415 Gold Equivalent Ounces ("GEO") for the 2nd Quarter 2026 and 28, 257 GEO for the first 6 months of 2026Higher Grade Ore Production from the Underground ramping up on scheduleOngoing exploration program combined with Falcon acquisition expected to support resource growth, leading to increased mine life and structural increases in production levels Preliminary Economic Assessment targeted for Q1/27Annual Production Guidance of 50,000 to 60,000 GEO maintained for 2026

TORONTO, July 13, 2026 (GLOBE NEWSWIRE) -- Cerrado Gold Inc. [TSX.V: CERT] [OTCQX: CRDOF] ("Cerrado" or the "Company") reports production results for the second quarter ended June 2026 ("Q2 2026") from the Minera Don Nicolas Mine in Santa Cruz Province, Argentina ("MDN"). Full quarterly financial results are expected to be released prior to August 30, 2026.

Q2 Operating Highlights

Q2 Production of 15,415 vs 13,835 GEO in Q2 2025, 2026 first half Production of 28,257 vs 22,600 GEO in 2025Heap leach production improved to deliver 9,981 GEO in the quarterUnderground development work continued; leading to increased production for H2/26CIL plant continues to process a blend of stockpile material with an increasing mix of ore from underground operations, resulting in total production of 5,434 GEO in Q2 Operations for Q2 2026 showed strong production results relative to the previous quarter and prior years. Production rates increased at the heap leach versus the previous quarter as irrigation issues due to water shortages were addressed, and the benefits from the improvements to the crushing circuit continued to support improved recoveries and production. Silver recovery rates showed a marked improvement at the heap leach operations due to adjustments in the circuit, enhancing overall GEO production.

The focus on underground development continued during the quarter, with higher amounts of fresh ore becoming available towards the end of the quarter. Additional ore is expected to be delivered in Q3 and Q4, supporting an expected increase in overall production levels in the latter half of the year compared with the first half of 2026. During 2026, underground ore operations will continue to alternate between development activities and ore extraction, as the underground workings follow the ore zone deeper under the Paloma pit. 

Table 1. Key Operating Information

Mark Brennan, CEO and Chairman, commented, “We are very pleased to continue to see strong operational performance at MDN, with both Underground and Heap Leach operations performing exceptionally well. We continue to generate strong cash flows, which support our key growth initiatives of extending the mine life and increasing production levels. We are currently positioning the company to combine the results from our ongoing exploration program and the expected resource growth from our recent regional acquisitions to complete a new Preliminary Economic Assessment by Q1/27. The primary objective will be delivering a new consolidated mine plan with an extended mine life and an increased production profile.”

New Preliminary Economic Assessment Planned 

As the Company continues to advance its exploration program and consolidate the results with potential resources from the recently acquired Falcon and Calandrias II properties, the Company plans to complete a new third-party, independent Preliminary Economic Assessment by Q1/2027. The Preliminary Economic Assessment is expected to incorporate resources anticipated to be outlined for both heap leach production and production via the CIL plant. The objective of the new PEA is to demonstrate the anticipated growth in MDN’s mineral resource base, the corresponding extension in mine life, and the potential to increase production rates. Over the last two years, the MDN has invested heavily in creating twin production streams via both the CIL and heap leach production routes. This combined infrastructure is now in place and has positioned MDN to deliver strong operational performance irrespective of the type of ore that is recovered.

Exploration work continued throughout the quarter across the existing property and in the newly acquired Falcon area. At both the newly acquired properties, on-site sampling and mapping have been initiated, and a drill program has been designed and should commence in Q3/2026. Given the extent of existing drilling and the level of work completed at Falcon to date, the planned drill program is expected to add mineral resources to support the expansion of heap leach operations. Completion of the drill program and associated testing is expected before year-end supporting the completion of the PEA in Q1/27. Further regional consolidation remains a key corporate strategy.

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 mines 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 Chibougamau, 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 existing infrastructure, Lagoa Salgada offers a low-cost entry to a significant development and exploration opportunity, already showing its mineable scale and cash flow generation potential.

In Canada, Cerrado is developing its 100% owned Mont Sorcier high-purity, high-grade, Direct Reduced Iron project, located on the traditional Cree territory of Eeyou Istchee James Bay in the municipality of Chibougamau. The Mont Sorcier project 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 Brennan 
CEO and Chairman 

Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
[email protected]

Disclaimer

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE 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, production forecasts for 2026 including the expectation of increased production levels in the second half of 2026, the time required to complete a preliminary economic assessment at MDN and the anticipated results of such assessment including the Company’s ability to deliver a new consolidated mine plan with an extended mine life and an increased production profile for which no assurance is provided, progress and potential of underground development at MDN, exploration potential at MDN and the ability of prospective targets and recently acquired properties such as Falcon and Calandrias II properties to materially add to mine life and production levels and the discovery of ore capable of feeding the heap leach and CIL operations, and the risks and uncertainties described under the heading “Risks & Uncertainties” in the Company’s Management Discussion and Analysis and other filings made with the securities commissions in Canada. 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. 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.

Minera Don Nicolas Mine

Mill at MDN

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/94902dde-1d45-4983-894f-6567253da1c5

https://www.globenewswire.com/NewsRoom/AttachmentNg/26c97488-0f92-444c-ad4a-abdcac9c800e

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LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay Wolke & Rotter LLP, a leading national shareholder rights law firm, today announced that it is investigating potential claims against the board of directors of The GEO Group, Inc. ("GEO" or the "Company") (NYSE: GEO) concerning whether the board breached its fiduciary duties to shareholders.

IF YOU ARE A GEO GROUP, INC. (GEO) SHAREHOLDER, CLICK HERE TO PARTICIPATE.

What Is The Investigation About?

On June 2, 2026, it was reported that New Jersey’s Attorney General had filed a lawsuit against GEO over living conditions at the Company’s Delaney Hall immigration detention center in Newark. The lawsuit alleges that GEO “has violated state law by refusing to allow the New Jersey Department of Health (“DOH”) to conduct a full inspection of Delaney Hall” to verify whether the protocols or practices inside Delaney Hall pose a serious risk of harm to detainees within the facility or to the public outside of it.

Contact Us To Participate or Learn More:

If you still hold GEO shares purchased before December 2025 and wish to discuss this matter with us, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us.

Charles Linehan, Esq.,
Glancy Prongay Wolke & Rotter LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email: [email protected]
Telephone: 310-201-9150 (Toll-Free: 888-773-9224)
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.

Whistleblower Notice

Persons with non-public information regarding GEO should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].

About Glancy Prongay Wolke & Rotter LLP

GPWR is a premier law firm with decades of experience representing investors and consumers in securities litigation and other complex class action litigation. Recognizing the firm’s recent successes, GPWR was named one of Law360’s Securities Groups of the Year and ranked second-highest in total investor recoveries by Institutional Shareholder Services Securities Class Action Services in 2025. GPWR’s lawyers have handled cases covering a wide spectrum of corporate misconduct and relating to nearly all industries and sectors. GPWR’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money. Prior results do not guarantee a similar outcome.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

More News From Glancy Prongay Wolke & Rotter LLP

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BOCA RATON, Fla.--(BUSINESS WIRE)--The GEO Group, Inc. (NYSE:GEO) ("GEO") will release its second quarter 2026 financial results on Thursday, August 6, 2026 before the market opens. GEO has scheduled a conference call and simultaneous webcast for 1:00 PM (Eastern Time) on Thursday, August 6, 2026. To participate in the teleconference, please contact one of the following numbers 5 minutes prior to the scheduled start time: 1-877-250-1553 (U.S.) 1-412-542-4145 (International) In addition, a live.

MONTRÉAL, July 08, 2026 (GLOBE NEWSWIRE) -- OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE) is pleased to announce its second quarter 2026 preliminary deliveries, revenues and cash margin, as well as to provide an update on its cash and debt positions as at June 30th, 2026. All monetary amounts included in this report are expressed in United States dollars, unless otherwise noted.

New AI assessment helps multi-location brands understand and improve how they are represented in AI-generated search results

SAN RAMON, Calif.--(BUSINESS WIRE)--Reputation, the global leader in reputation intelligence, today announced the launch of its Generative Engine Optimization (GEO) Readiness Audit, a new assessment tool that helps multi-location brands understand and improve how they appear in AI-generated search results. Designed for marketing, customer experience (CX) and digital teams, the assessment provides a clear view of how AI engines interpret, describe and recommend brands, along with prioritized actions to improve visibility and discoverability.

As consumers increasingly turn to AI engines such as ChatGPT, Gemini and Perplexity to discover and evaluate businesses, brands face a new challenge: understanding how they are represented in AI-generated answers. Unlike traditional search engines that present a list of links, AI engines synthesize information and generate a single response. Brands that are not structured for AI search may be misrepresented, overlooked or omitted entirely. The GEO Readiness Audit helps organizations identify visibility gaps and prioritize actions to improve discoverability across AI search experiences.

“AI-powered search has completely rewritten the playbook for digital discovery, making traditional search optimization tactics insufficient on their own,” said Joe Burton, CEO of Reputation. “Being visible on Google no longer guarantees visibility on generative AI engines. If your digital footprint isn't optimized for how large language models extract information, your business is effectively invisible to consumers. The GEO Readiness Audit gives organizations a clear baseline for how AI engines interpret their digital presence and a roadmap for improving visibility, discoverability and trust.”

The GEO Readiness Audit builds on Reputation's existing AI visibility capabilities, giving organizations a more complete view of how AI engines represent brands, locations and digital content:

AI Reputation Manager (ARM): Shows how AI engines describe a brand, category or competitor, including the sources cited and the narratives being surfaced, and how they evolve over time. AI Location Profiles (ALP): Provides location-level visibility into listing accuracy, AI mention rates and sentiment, helping organizations identify where individual locations may be underperforming in AI search. GEO Readiness Audit: Evaluates the foundational signals that influence AI search visibility, including technical discoverability, content structure and trust factors across public digital properties. Location Pages 2.0: Reputation's location page solution for multi-location brands, automatically generating and managing dedicated web pages for each business location. The enhanced solution helps organizations strengthen the content, structured data and local business signals AI engines rely on to understand and recommend businesses across every location. Built Specifically for AI Search
Unlike traditional SEO audits focused on keywords, backlinks and domain authority, the GEO Readiness Audit evaluates the signals AI engines use to interpret, trust and recommend brands.

The assessment measures two key dimensions:

Brand Profile: Evaluates how accurately AI engines interpret and describe a brand, helping organizations understand whether AI-generated responses reflect their intended positioning. AI Search Readiness: Assesses whether AI engines can effectively discover, access and trust brand and location content, including factors related to discoverability, answer readiness and trust signals. The assessment delivers prioritized recommendations to help organizations address visibility gaps and improve how they are discovered, interpreted and recommended by AI engines.

For organizations looking to act on those recommendations, Reputation's enhanced Location Pages 2.0 provides a scalable way to strengthen the content, structured data and local business signals AI engines use to evaluate and recommend businesses. Together, the GEO Readiness Audit and Location Pages 2.0 provide a path from diagnosis to action, helping organizations identify AI visibility gaps and address them at scale across hundreds or thousands of locations.

Reputation will showcase the GEO Readiness Audit, Location Pages 2.0 and additional AI capabilities during its upcoming "Reputation Without Boundaries" webinar on June 25.

To learn more about the GEO Readiness Audit, register for the webinar, or run a free assessment of your brand's AI search visibility, visit reputation.com.

About Reputation
Reputation is the performance engine that helps brands win in an AI-driven world where trust determines visibility and buying decisions happen before customers reach a website. Our platform unifies signals from reviews, listings, and other feedback into a foundational data layer for AI discovery, and transforms those signals into reputation intelligence that helps organizations identify and resolve operational issues in real time. From the local storefront to the enterprise, Reputation ensures brands are trusted, found, and positioned to drive revenue. Visit reputation.com to learn more.

New solution from Omnicom's designated commerce practice leverages reverse engineering from AI systems to reveal how product content is evaluated

, /PRNewswire/ -- Flywheel, a leader in commerce and technology solutions and part of the Omnicom (NYSE: OMC) Integrated Media offering, today launched a new Generative Engine Optimization (GEO) capability designed to help brands earn recommendations within AI-powered commerce experiences across retailers including Amazon, Walmart, and Target.

The new capability is the latest addition to Omnicom's global portfolio of GEO solutions - spanning commerce, media and public relations - that help clients increase visibility and performance in AI search.

Flywheel GEO Capability "As product discovery rapidly shifts toward AI-driven shopping experiences, brands need to rethink how they appear in these environments," said Alex McCord, CEO of Flywheel. "Flywheel sits at the intersection of retail expertise, commerce data, AI enablement, and scaled execution, which uniquely positions us to help brands optimize for how AI-powered commerce ecosystems actually work."

From Search to Recommendation

For years, brands relied on traditional Search Engine Optimization (SEO) to improve visibility in retailer search results. But as conversational AI shopping experiences become more common, the focus is shifting from ranking in search to being selected and recommended by AI systems.

While many brands continue optimizing Product Detail Pages (PDPs) for search algorithms, AI systems now evaluate products differently, prioritizing contextual relevance, conversational language, and consumer intent. Existing SEO tools and manual audits often fail to measure or improve performance in generative AI environments.

"The GEO conversation is evolving quickly, but brands cannot afford to wait," said Mike O'Donnell, Head of AI at Flywheel. "Without action, products risk disappearing from AI-generated recommendations, reducing organic traffic and increasing dependence on paid media to maintain visibility."

How the Capability Works

The short answer: reverse engineering AI systems to reveal how product content is evaluated.

Flywheel's GEO solution combines AI-powered auditing, content optimization, and ongoing performance measurement into a single workflow designed for commerce platforms.

The capability evaluates PDP content across retailers and benchmarks it against GEO best practices informed by AI behavior, algorithms, and visibility signals. It then identifies gaps in content quality and relevance before optimizing titles, bullet points, and descriptions with conversational language, use cases, audience targeting, and functional benefits.

The solution also tracks downstream impact on traffic, conversion, and sales, while scaling insights across SKUs and categories in alignment with brand and SEO guidelines.

"What makes this capability different is its focus on platform-native AI optimization," said O'Donnell. "We are connecting content, AI discovery, and business outcomes in one integrated solution that combines audit, activation, and measurement."

Early results have been strong. In a recent pilot for a beauty brand, Flywheel's GEO capability drove 56% portfolio growth and an 80% increase in clicks and website traffic after refining product descriptions to better align with consumer intent and AI recommendation models.

Optimizing for AI-Driven Commerce

Rather than focusing solely on improving search rankings, Flywheel's GEO capability is designed to help products surface directly in AI-generated recommendations. The solution identifies missing content signals such as gifting context, age appropriateness, materials, and safety information that influence how AI systems evaluate products.

"AI recommendation engines rely on richer context than traditional search," said O'Donnell. "By strengthening those signals, brands can improve how products are surfaced and recommended during the shopping journey."

Summing up the value the Flywheel offering  adds to  Omnicom's GEO solutions portfolio, Megan Pagliuca, Chief Product Officer at Omnicom Media, said: "By combining AI precision with deep retail and category expertise, Flywheel is helping brands adapt in real time to the changing dynamics of commerce and make smarter decisions that drive growth across retail channels."

ABOUT FLYWHEEL

Flywheel, a leader in commerce and technology solutions and part of the Omnicom (NYSE: OMC) Integrated Media offering, provides best-in-class service that combines tailored expertise with advanced software solutions to help clients drive incremental sales, market share, profitability, and measurable commerce growth.

A leader across major marketplace platforms, Flywheel combines global scale and influence with a customized, client-centric approach designed to deliver impactful business outcomes. Client success remains at the center of the company's mission.

With operations across the Americas, Europe, APAC, and China, Flywheel is widely recognized for the scale of its retail media capabilities, while delivering value across the entire commerce ecosystem. The company helps brands navigate the evolving commerce landscape through integrated solutions built to accelerate growth and performance.

SOURCE Flywheel Digital

Regulatory News:

Eutelsat (ISIN: FR0010221234 – Euronext Paris / London Stock Exchange: ETL) today announced the signature, through the French Directorate General of Armaments (DGA), of the CENTAURE contract, marking the first call-off contract under the €1bn NEXUS framework agreement with the French Ministry of the Armed Forces and Veterans inked in June 2025.

This new milestone marks the first concrete implementation of the NEXUS project (Neo-Space for Multiple Secure Uses), a strategic initiative led by the French Ministry of the Armed Forces and Veterans to strengthen France's military satellite communications capabilities by combining sovereign assets with trusted commercial capacity. Against a geopolitical backdrop characterised by growing demand for secure, resilient and sovereign connectivity, France is continuing to enhance its space capabilities while preparing for the deployment of the future European IRIS2 constellation.

The total CENTAURE contract is valued at circa €350 million1, for a duration of up to eight years. It is comprised of an initial firm commitment of €138 million2 over a period of four years for the provision of low Earth orbit (LEO) satellite capacity across multiple areas of strategic interest to the French Armed Forces as well as an initial stage aimed at enhancing the security of Eutelsat's OneWeb services.

This approach ensures the French Armed Forces benefit from sustained access to low-latency, globally available satellite resources, while maintaining operational continuity and flexibility during the ramp-up of the European IRIS2 programme.

Through its OneWeb constellation, the only global LEO constellation currently operated by a European provider and readily available for governmental use, Eutelsat delivers secure operational capabilities tailored to the requirements of today's most demanding defence missions.

The NEXUS agreement demonstrates how trusted European commercial space infrastructure can complement sovereign defence assets and accelerate the deployment of next-generation capabilities. As space becomes an increasingly critical component of national security, Europe must be able to rely on resilient, secure and sovereign connectivity solutions under its own control.

Jean‑François Fallacher, Chief Executive Officer of Eutelsat, said: "The signature of the CENTAURE contract marks a major milestone in the implementation of the NEXUS framework agreement and reflects the continued trust placed by the French Ministry of the Armed Forces in the capabilities of our OneWeb constellation. In a profoundly transformed strategic environment, secure, resilient and low-latency connectivity has become a decisive driver of military operational effectiveness. With an infrastructure that is immediately available and field-proven, Eutelsat is now delivering a concrete response to the needs of the French Armed Forces.”

Patrick Pailloux, Director General for Armaments (DGA) added: "With the CENTAURE call-off contract, France is taking another step forward in the modernisation of its military satellite communications capabilities. Recent conflicts have demonstrated the critical importance of diverse, secure, resilient and sovereign connectivity for the conduct of modern operations. By relying on a trusted European solution that is immediately available and provides global low-latency coverage, the French Ministry of the Armed Forces and Veterans is acquiring the necessary resources to address today’s operational challenges while laying the groundwork for the future sovereign European capabilities that will be delivered through the IRIS2 programme."

About Eutelsat Communications

Eutelsat is a global leader in satellite communications, delivering connectivity and broadcast services worldwide. Eutelsat was formed through the combination of the Company and OneWeb in 2023, becoming the first fully integrated GEO-LEO satellite operator with a fleet of 31 Geostationary (GEO) satellites and a Low Earth Orbit (LEO) constellation of more than 600 satellites. Eutelsat addresses the needs of customers in four key verticals of Video, where it distributes around 6,300 television channels, and the high-growth connectivity markets of Mobile Connectivity, Fixed Connectivity, and Government Services. Eutelsat's unique suite of in-orbit assets and ground infrastructure enables it to deliver integrated solutions to meet the needs of global customers. The Company is headquartered in Paris and Eutelsat employs more than 1,600 people across more than 75 countries. Eutelsat is committed to delivering safe, resilient, and environmentally sustainable connectivity to help bridge the digital divide. The Company is listed on the Euronext Paris Stock Exchange (ticker: ETL) and the London Stock Exchange (ticker: ETL).

Disclaimer

The forward-looking statements included herein are for illustrative purposes only and are based on management’s views and assumptions as of the date of this document. Such forward-looking statements involve known and unknown risks. For illustrative purposes only, such risks include but are not limited to: risks related to the health crisis; operational risks related to satellite failures or impaired satellite performance, or failure to roll out the deployment plan as planned and within the expected timeframe; risks related to the trend in the satellite telecommunications market resulting from increased competition or technological changes affecting the market; risks related to the international dimension of the Group's customers and activities; risks related to the adoption of international rules on frequency coordination and financial risks related, inter alia, to the financial guarantee granted to the Intergovernmental Organization's closed pension fund, and foreign exchange risk. Eutelsat Communications expressly disclaims any obligation or undertaking to update or revise any projections, forecasts or estimates contained in this document to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based, unless so required by applicable law. The information contained in this document is not based on historical facts and should not be construed as a guarantee that the facts or data mentioned will occur. This information is based on data, assumptions and estimates that the Group considers as reasonable.

1

Circa €300m net of value added tax (VAT)

2

Circa €115m net of value added tax (VAT)

View source version on businesswire.com: https://www.businesswire.com/news/home/20260615949467/en/

Annual Production for 2025 of 50,238 Gold Equivalent Ounces (“GEO”); and AISC of US$1,746 per ounce, in line with guidance2026 Production guidance of 50,000 to 60,000 GEO weighted to H2/26Adjusted EBITDA of $22.3 million for Q4, and $46.1 million for the full yearCompleted hedging program provides full future leverage to high gold prices Exited the year with a strong cash position of over $22 millionManagement to host Conference Call to discuss the financial and operational results on [April 2nd, 2025, at 11:00 AM EDT] TORONTO, April 02, 2026 (GLOBE NEWSWIRE) -- Cerrado Gold Inc. [TSX.V:CERT][OTCQX:CRDOF; FRA:BAI0] (“Cerrado” or the “Company”) announces its operational and financial results for the fourth quarter (“Q4/25”), including its Minera Don Nicolas (“MDN”) gold project in Santa Cruz Province, Argentina, the highly prospective Lagoa Salgada VMS Project in Portugal, and its Mont Sorcier High Purity DRI Iron Project in Quebec.

Production results for MDN were previously released on January 21, 2026. The Company’s financial results are reported and available on SEDAR+ (www.sedarplus.com) and the Company’s website (www.cerradogold.com).

Q4/25 and Annual MDN Operating Highlights

Production of 13,806 GEO in Q4 and Annual production of 50,238 GEOAdjusted EBITDA of $22.3 million in Q4 and US$46.1 million for the year AISC of $1,391 during Q4 vs $1,953 in Q4/24 due to higher productionExploration Program positioned to support resource growth at MDN in 2026 with owner-operated rigs currently turning at siteFocus remains on ramping up underground production during Q2/Q3, while water availability returns heap leach production to nameplate capacity and lower unit costsExtensive operational optimizations are completed and underway to reduce unit costs and expand production capabilities Operational results for the full year 2025 showed stable production relative to the previous year. 2025 was a transitional year as the company moved to rely on production primarily from the heap leach operations at Calandrias, while the underground continued to ramp up towards the end of the year. Production rates would have been higher; however, the irrigation of the heap leach pad was limited due to water availability issues caused by very dry summer conditions late in the year.

The continued focus on operating costs enabled AISC costs to be maintained at relatively low levels despite inflationary pressures and increased costs for water purchased during the drier periods of the year. As a result of stable operating costs and much higher gold prices, MDN generated record levels of adjusted EBITDA in the fourth quarter and for the year ended 2025.

Mark Brennan, CEO and Chairman, commented, “The results from this quarter and the full year demonstrate our ability to maintain production with stable operating costs as we transition from the heap leach-driven production to the current production sourced from both the underground, stockpiles, and heap leach. This process has continued through the first quarter of 2026, and we expect the underground to reach stable production levels in the latter part of Q2 of this year. We continue to generate significant cash flows supporting our optimization and exploration efforts at MDN, completion of the bankable feasibility study at Mont Sorcier, and development of the Lagoa Salgada Project, all while improving Cerrado’s financial strength.”

He continued, “Operations at MDN are set for stable production primed for continued low-cost operations. Investment at MDN could potentially see a material increase in the production profile were we to succeed with development plans for our heap leach, open pit, and underground areas. With a little bit of luck, we could see a multiplier effect on our cash-generating capabilities.”

The Company’s cash and cash equivalents balance at December 31, 2025, was $22.1 million.

Q4 Financial Performance

Table 1. Q4 and Annual 2025 Operational and Financial Performance 

    Three Months Ended
December 31Year ended
DecemberKey Operating Information Unit2025 2024 2025 2024  Operating Data       Heap Leach Operations       Ore Mined ktonnes816.11 563.47 2,784.21 1,279.71  Waste Mined ktonnes1,131.18 1,102.80 4,154.89 3,214.70  Total Mined ktonnes1,947.29 1,666.27 6,939.11 4,494.41  Strip Ratio waste/ore1.39 1.96 1.49 2.51  Mining rate ktpd21.17 18.11 19.06 12.31          Ore placed on pad ktonnes862.92 588.22 3,072.75 1,538.10  Head Grade Au g/t0.79 0.73 0.81 0.73  Head Grade Ag g/t13.59 9.96 13.29 10.41  Recovery Au %32% 41% 39% 34%  Recovery Ag %16% 15% 16% 10%          Gold Ounces Produced oz6,982 5,631 30,926 12,277  Silver Ounces Produced oz61,233 27,592 204,396 53,231  Gold Equivalent Ounces Produced oz7,838 5,956 33,358 12,911          High Grade CIL Operations       Ore Mined ktonnes28.08 30.71 46.34 217.76  Waste Mined ktonnes28.13 610.21 102.04 5,027.04  Total Mined ktonnes56.22 640.92 148.38 5,244.80  Strip Ratio waste/ore1.00 19.87 2.20 23.08  Mining rate ktpd0.61 6.97 0.41 14.37          Ore Milled ktonnes92.78 92.93 373.72 347.62  Head Grade Au g/t2.15 1.48 1.53 3.99  Head Grade Ag g/t16.66 8.13 10.21 9.49  Recovery Au %86% 90% 88% 90%  Recovery Ag %52% 64% 58% 59%          Mill Throughput tpd1,009 1,010 1,027 952  Gold Ounces Produced oz5,626 4,312 16,078 40,861  Silver Ounces Produced oz23,584 13,840 65,745 61,280  Gold Equivalent Ounces Produced oz5,968 4,475 16,880 41,583                  Consolidated Gold Production       Gold Ounces Produced oz12,608 9,943 47,004 53,138  Silver Ounces Produced oz84,817 41,432 270,141 114,511  Gold Equivalent Ounces Produced oz13,806 10,431 50,238 54,494  Gold Ounces Sold oz12,449 9,668 45,712 50,777  Silver Ounces Sold oz83,835 37,431 264,587 108,195  Gold Equivalent Ounces Sold oz13,627 10,108 48,877 52,058          Average realized price and Average realized margin       Metal Sales $ 000's47,677 24,383 147,085 116,169  Cost of Sales $ 000's35,338 30,198 115,262 106,170  Gross Margin from Mining Operations $ 000's12,339 (5,815)31,823 9,999          Average realized price per gold ounce sold(1)$/oz3,401 2,371 2,970 2,226  Total cash costs per gold ounce sold(1)$/oz1,359 1,941 1,718 1,629  Average realized margin per gold ounce sold(1)$/oz2,042 430 1,252 597          Total Direct Operating Costs(1)$ 000's15,669 18,218 73,572 78,926  Royalties and production taxes(1)$ 000's1,246 552 4,963 3,828  Total Cash Costs(1)$ 000's$16,915 $18,770 $78,535 $82,754          Total direct operating costs per gold ounce sold(1)$/oz1,259 1,884 1,609 1,554  Royalties and production taxes per gold ounce sold(1)$/oz100 57 109 75  Total cash costs per gold ounce sold(1)$/oz$1,359 $1,941 $1,718 $1,629          AISC - Minera Don Nicolas(1)$/oz$1,391 $1,953 $1,746 $1,651 (1)This is a non-IFRS performance measure, see non-IFRS Performance Measures                              Three Months Ended December 31Year ended DecemberCorporate Financial Highlights Unit2025 2024 2025 2024          Financial Data       Total revenue $ 000's47,677 24,383 147,085 116,169  Mine operating expenses $ 000's35,338 30,198 115,262 106,170  Income (loss) from mining operations $ 000's12,339 (5,815)31,823 9,999  Net income (loss) from continuing operations $ 000's(5,294)(147)(20,398)534  Net income (loss) from discontinued operations $ 000's- 30,247 - 24,865  Adjusted EBITDA(1)$ 000's22,267 4,521 46,152 24,377  Operating cash flow before movements in working capital(1)$ 000's22,940 14,735 34,317 32,467  Operating cash flow $ 000's32,947 1,461 56,181 10,722  Cash and cash equivalents $ 000's22,883 26,032 22,883 26,032  Working capital (deficiency) $ 000's(4,890)34,238 (36,673)(12,941) Capital Expenditures $ 000's4,015 1,336 20,367 9,532 (1)This is a non-IFRS performance measure, see non-IFRS Performance Measures            The current focus at MDN will be on completing optimization programs while sustaining heap leach production at expected rates, while increasing production rates at its underground operation during the first half of 2026, and continuing the expanded exploration program to increase the mine life at MDN. Consistent production along with historically high gold prices, would ensure that the Company is well placed to continue its debt and payables reduction program as well as fund future development and exploration at MDN and push forward its development projects in Quebec and in Portugal.

The Company produced 13,806 GEO and sold 13,627 GEO during Q4 2025. Production levels were consistent with Q3 2025, as the heap leach production was restricted due to reduced water availability due to very dry conditions. As a result, the leach pad was not fully irrigated, reducing recoveries in the quarter. The Heap Leach produced 7,838 GEO compared to 10,429 GEO during Q3 2025 as a result. As irrigation rates increase, gold recoveries should improve, and delayed gold production is expected to be recovered over time. The expanded crushing circuit is now providing much more consistent feed to the heap leach pad, improving stability over production rates and overall performance.

The Company generated revenue of $47.7 million for the three months ended December 31, 2025, from the sale of 12,449 ounces of gold and 83,835 ounces of silver at an average realized price per gold ounce sold of $3,401. For the three months ended December 31, 2024, the Company generated revenue of $24.4 million from the sale of 9,668 ounces of gold and 37,431 ounces of silver. Revenue is higher for the three months ended December 31, 2025, as compared to the three months ended December 31, 2024, due primarily to a higher average realized price.

Cost of sales for the three months ended December 31, 2025, were $35.3 million as compared to $30.2 million for the three months ended December 31, 2024. The Company incurred $1.3 million higher production costs for the three months ended December 31, 2025, due to slightly higher costs of operational contractors and labour costs in 2025.

Total cash costs (including royalties) per ounce sold were $1,359 per ounce in the three months ended December 31, 2025, as compared to $1,941 per ounce for the three months ended December 31, 2024, a $583 per ounce or 30% decrease. The decrease is primarily a result of a 29% increase in ounces sold compared to 2024.

Net loss from continued and discontinued operations for the three months ended December 31, 2025, was $5.3 million as compared to a net income of $30.1 million for the three months ended December 31, 2024. The decrease in net income is primarily a result of a decrease in net income from discontinued operations of $30.2 million. Additionally, a decrease in foreign exchange gain of $3.9 million, an increase in loss on remeasurement of Ascendant secured note and stream obligation of $3.5 million, and an increase on remeasurement of MDN stream obligation of $3.1 million offset by an increase in metal sales of $23.3 contributed to the decrease in net income.

The Company incurred general and administrative expenses of $4.2 million for the three months ended December 31, 2025, as compared to $3.0 million of general and administrative expenses incurred during the three months ended December 31, 2024. The increase was primarily as a result of an increase in stock-based compensation of $2.4 million for the three months ended December 31, 2025, offset by a decrease in salaries and wages of $0.5 million and a decrease in office expenses of $0.9 million.

Other loss of $4.6 million during the three months ended December 31, 2025, includes finance expense of $0.8 million, gain on fair value remeasurement of MDN stream obligation of $0.4 million and loss on fair value remeasurement of Ascendant secured note and stream obligation of $3.5 million offset by finance income of $0.2 million and foreign exchange gain of $1.1 million

At this time, the Company has announced annual production guidance for 2026 at 50,000 to 60,000 GEO, with production rates skewed higher in the second half of the year due to mine sequencing as more underground ore is expected to be available in the second half of the year.

Going forward into 2026, Cerrado’s production will be unhedged, allowing for the MDN operations to reap the benefits from the completion of its recent expansionary capital expenditure program to grow production with its new heap leach operations, as well as additional sources of high-grade ore are made available from underground operations. With the hedging program completed in 2025, Cerrado is now fully exposed to record gold prices. Additional investment planned for 2026, including an expanded leach pad and new tailings areas, along with additional fleet enhancements as well as ongoing exploration activities, are positioning MDN for the longer term.

Lagoa Salgada

During the year, activities at Lagoa Salgada were focused on progressing the Optimized Feasibility Study (“OFS”) and preparing and submitting the revised technical documentation and project improvements in relation to its Environmental Impact Statement (“EIA”).

Subsequent to quarter end, on January 23, 2026, the Company announced that it had received notice of an unfavourable opinion from the Portuguese Environment Agency (Agência Portuguesa do Ambiente, "APA") in connection with its revised EIA submission. Without a positive EIA, further development of the Lagoa Salgada project is uncertain, and the status of its concession contract is at risk. Notwithstanding the opinion of APA, the Company is of the view that the EIA may be deemed by the court to have been tacitly approved by operation of law prior to the issuance of APA’s opinion, which was dated subsequent to the expiry of the statutory deadline of fifty (50) business days following submission of an Article 16 submission. Moreover, the basis of the unfavorable APA opinion related to new issues not previously raised, being outside the scope of Redcorp’s resubmission, which, in the opinion of the Company and its legal counsel, invalidates APA’s conclusion in the context of applicable laws and the regulatory framework.

On February 11, 2026, Redcorp filed for an injunction to suspend the effects of the opinion issued by APA (the “Request”). On February 13, 2026, the Portuguese court notified Redcorp that the request for an injunction was accepted and, consequently, the effects of APA’s opinion are suspended until the Court issues a definitive decision in relation to the Request. At this time, the outcome of the Portuguese court’s decision regarding the Request and the outcome of the EIA remains uncertain.

Mont Sorcier

At the Mont Sorcier high-grade iron project operated by Cerrado’s wholly owned subsidiary, Voyager Metals Inc., work continued to advance the project with several workstreams related to permitting, social license, and the initiation of the Feasibility Study, which is targeted to be completed during Q2 2026. During 2025, Voyager completed its targeted infill drilling program of 17,890 metres to update sufficient resources to the Proven and Probable categories, as required to support the ongoing feasibility study.

In November 2025, Voyager acquired an additional 22 mining claims on properties adjacent to its existing block. These new claims provide additional capacity for infrastructure development on Voyager’s existing claims and provide a buffer around the core development area.

Anticipated production of high quality 67% grade iron concentrate is expected to ideally position the Mont Sorcier project to support the growing global Green Steel transition due to the reduced emissions generated by steel producers using high-grade concentrates. The Bankable Feasibility Study will look to expand the potential for the project that was highlighted in the previous 2022 NI 43-101 Preliminary Economic Assessment ("PEA") that delivered a project NPV8% of US$1.6 Billion based upon iron concentrates grading 65% iron. With the improved metallurgical results received to date, the Company believes it can deliver a high-purity DRI-grade iron ore concentrate product of over 67% iron, which is a highly desired product to support the Green Steel transition.

Normal Course Issuer Bid

Subsequent to year end, the Company announced a normal course issuer bid (the “NCIB”) permitting the Company to repurchase, for cancellation, up to 6,794,790 common shares (“Common Shares”) of the Company, representing 5% of the issued and outstanding Common Shares.

Webcast and Conference Call Details

Cerrado Gold Management will host a webcast and conference call on April 2, 2026, at 11:00 AM EDT to discuss the Q4 and 2025 Annual financial and production results. The presentation for the call will be posted to the investor page of Cerrado Gold’s website at www.cerradogold.com. Webcast and call details are as follows:

Webcast Link:   https://edge.media-server.com/mmc/p/4asqm8ob

Pre-Registration Instructions for Conference Call

Participants can preregister for the conference by navigating to:

https://register-conf.media-server.com/register/BIecbb6820ca3c41b8a1c20dc83572c69c

Click on the call link and complete the online registration form.Upon registering, you will receive the dial-in info and a unique PIN to join the call, as well as an email confirmation with the details.Select a method for joining the call:Dial-In: A dial-in number and unique PIN are displayed to connect directly from your phone.Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system. The call will come from a US number. IR Services Agreement

The Company announces that it has retained VSA Capital Limited ("VSA"), a London, UK-based investment banking and broking firm, to provide research and investor outreach in accordance with TSXV policies and applicable securities law.

VSA will conduct, produce, and distribute in-depth management blogs and podcasts, as well as discuss company news in VSA Podcasts. VSA will also distribute company-produced materials to the VSA investor base and social media channels. In consideration of the services provided by VSA, the Company will pay VSA an annual fee of C$12,000. The contract is for a 12-month term and is subject to automatic renewal thereafter. No bonus fees or stock options will be paid to VSA. VSA is arm's length to the Company and does not have any direct or indirect interest in Cerrado Gold or its securities, or any right or intent to acquire such an interest. The engagement with VSA is subject to acceptance by the TSX Venture Exchange.

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 focused on gold projects in South America. The Company is the 100% owner of both the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina. 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 operation through continued operational optimization and is growing production through its operations at the Las Calandrias heap leach project and Paloma underground 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 Canada, Cerrado holds a 100% interest in the Mont Sorcier Iron project, which has the potential to produce a premium iron ore 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 Brennan                        
CEO and Chairman        

Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
[email protected]                                

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, the ability of MDN to maintain production and stable operating costs, expectations regarding production rates at MDN including the ability and timing at which production rates in the underground operations will peak, potential benefits that may be materialized from the recent capital expenditure program at MDN, implementation of investment planned at MDN for 2026 and the potential benefits of such activities, the potential outcomes of the EIA of the Lagoa Salgada project including the outcome of legal challenges related thereto, the potential benefits of the additional mining claims acquired by Voyager in November 2025, the ability of Voyager to produce 67% grade iron concentrate and the potential for economic benefits that are assumed to be related to high grade iron referred to as Green Steel, and the outcome of the ongoing feasibility studies at Lagoa Salgada and Voyager., 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.

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Strong Production of 12,842 Gold Equivalent Ounces ("GEO") for the 1st Quarter 2026Improved realized gold prices with close-out of hedges in January2026 Production Guidance of 50,000 to 60,000 GEO maintainedUnderground development ramping up to support increased production in Q2/Q3Exploration Program advancing rapidly to support resource growth at MDN with four drill rigs operating on siteDevelopment activities continue to progress at both the Lagoa Salgada and Mont Sorcier projects TORONTO, April 20, 2026 (GLOBE NEWSWIRE) -- Cerrado Gold Inc. [TSX.V: CERT] [OTCQX: CRDOF] ("Cerrado" or the "Company") announces production results for the first quarter ended March 2026 ("Q1 2026") from the Minera Don Nicolas Mine in Santa Cruz Province, Argentina ("MDN"). Full quarterly financial results are expected to be released prior to May 31, 2026.

Q1 Operating Highlights

Q1 Production of 12,842 vs 11,163 GEO in Q1 2025 Heap leach production of 8,787 GEO continues to increase as water availability improvesUnderground development work continued at an accelerated pace, with record development meters during the periodAccess to new underground ore zones expected in Q2 2026, delivering high-grade ore to the CIL, improving head feed grade, and increasing productionCIL plant continues to process a blend of stockpile material and additional ore from underground development, resulting in total production of 4,055 GEO in Q1 through the CIL plant
Operational results for Q1 2026 showed production remained consistent relative to the previous quarter. Production rates increased at the heap leach versus the previous quarter; however, irrigation issues continued to limit production. Water availability continues to improve as we move into the wetter months and remains supported by ongoing purchases and additional water from expanded borehole water production. As more water for irrigation becomes available, the gold inventory on the pad that has not been fully irrigated will be recovered over time. Average recovery rates remained lower than planned due to the mix of primary ore placed on the leach pads as per the mine sequence, as well as reduced irrigation. This was offset by steady production from the CIL plant, maintaining overall production rates.

The focus on underground development continued during the quarter, which reduced the ore available for immediate processing, but the increased development (See Figure 1 below) will allow access to more material amounts of ore during the coming quarters and is expected to lift production and improve head grades to the plant during Q2/Q3. During 2026, underground ore operations are expected to follow a cycle of development and then ore extraction, as the underground workings follow the ore zone deeper under the current pit.  

Table 1. Key Operating Information

Key Operating Information          2024
2025
   2025
2026
Operating DataUnitFYQ1 2025Q2 2025Q3 2025Q4 2025FYQ1 2026Heap Leach Operations        Ore Minedktonnes1,280 659 550 759 816 2,784 785 Waste Minedktonnes3,215 1,024 998 1,001 1,131 4,155 984 Total Minedktonnes4,494 1,683 1,549 1,760 1,947 6,939 1,769 Strip ratiowaste/ore2.51 1.56 1.81 1.32 1.39 1.49 1.25 Mining ratetpd12,313 18,699 17,207 19,133 21,166 19,063 19,656          Ore PAD FeedKtonnes1,538 693 724 793 863 3,073 801 Head Grade Aug/t0.73 0.80 0.86 0.81 0.79 0.81 0.85 Head Grade Agg/t10.41 15.95 12.13 11.68 13.59 13.29 12.22 Recovery Au%34%39%37%47%32%39%33%Recovery Ag%10%8%15%24%16%16%26%         PAD Throughputtpd4,214 7,700 7,953 8,621 9,380 7,700 8,904 Gold ounces producedoz12,277 6,897 7,442 9,605 6,982 30,926 7,257 Silver equivalent ounces producedoz633 331 422 824 856 2,432 1,531 Gold Geo Producedoz12,911 7,228 7,864 10,429 7,838 33,358 8,787 High Grade CIL Operations        Ore Minedktonnes218 11 - 7 28 46 16 Waste Minedktonnes5,027 60 - 14 28 102 22 Total Minedktonnes5,245 71 - 21 56 148 39 Strip ratiowaste/ore23.08 5.23 - 2.09 1.00 2.20 1.36 Mining ratetpd14,369 788 - 231 611 410 430          Ore MilledKtonnes348 92 97 93 93 374 102 Head Grade Aug/t3.99 1.51 1.18 1.31 2.15 1.53 1.34 Head Grade Agg/t9.49 6.44 9.71 7.98 16.66 10.21 8.38 Recovery Au%90%92%84%86%86%88%89%Recovery Ag%59%54%62%55%52%58%52%         Mill Throughputtpd952 1,017 1,076 1,006 1,009 1,027 1,131 Gold ounces producedoz40,861 3,821 3,378 3,253 5,626 16,078 3,740 Silver equivalent ounces producedoz722 115 195 150 342 802 315 Gold Geo Producedoz41,583 3,936 3,573 3,403 5,968 16,880 4,055 Consolidated Gold Produciton        Gold Geo Producedoz54,494 11,163 11,437 13,832 13,806 50,238 12,842 Gold Geo Soldoz52,058 11,468 10,886 12,896 13,627 48,877 12,185 Average realized price per gold ounce sold$/oz2,226 2,520 2,684 3,182 3,401 2,970 4,418           Figure 1. Paloma Underground Development – meters/quarter

Minera Don Nicolas Exploration Update

The Company continues to advance its exploration program at MDN, focused on near-mine targets with the potential to materially extend resources and extend mine life. This includes supporting medium-term operational sustainability through high-grade underground feed to the CIL plant, as well as increasing resources available for heap supporting medium-term operational sustainability through high-grade underground feed to the CIL plant, as well as increasing resources available for heap leach processing.

Current drilling is aimed at defining the depth and lateral extent of mineralization in the Sulfuro vein, which was historically exploited as the Paloma Open Pit and is now exploited as an Underground operation (see Figure 2). The second front of exploration is currently the Baritina vein (Paula Andrea area), where results to date have been encouraging, demonstrating continuity of the vein below surface (see Figure 3). During the second half of the year, exploration is expected to shift toward the Calandrias heap leach and the Martinetas plant areas.

To accelerate progress and enable simultaneous testing of multiple high-priority targets, the Company has expanded its drilling capacity to include four rigs and associated logistical support. Exploration efforts in 2026 will include both surface and underground drilling, targeting several high-value zones to further grow the resource base.

At present, assay turnaround times remain a constraint; however, the Company is addressing this through engagement with external laboratories and by certifying its internal laboratory, which is expected to be completed in Q3 of 2026. The Company plans to report exploration results in batches to better demonstrate overall resource potential.  

Figure 2. Paloma System

Figure 3. Baritina Vein

Mark Brennan, CEO and Chairman, commented, “The First Quarter represents another strong and steady production quarter at MDN with our two production fronts of heap leach and CIL continuing to provide production stability during development cycles in the underground, while water issues existed at the heap leach. The exploration program is now progressing at the expected rate, and while assays continue to be delayed, we are working on both internal and external resolutions to these challenges.

He continued, “Cerrado also continued to make good progress to advance the Mont Sorcier project with completion of the feasibility study on track for late Q2 2026. At Lagoa Salgada, the Company continues to work closely with the relevant authorities and agencies regarding permitting.”

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 Chibougamau, 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 the deposit and at prospective step-out targets across the large 7,209-hectare property concession. Located just 80km from Lisbon and surrounded by existing infrastructure, Lagoa Salgada offers a low-cost entry point to a significant development and exploration opportunity, already demonstrating its mineable scale and cash flow generation potential.

In Canada, Cerrado is developing its 100% owned Mont Sorcier high-purity, high-grade, Direct Reduced Iron project, located on the traditional Cree territory of Eeyou Istchee James Bay in the municipality of Chibougamau. The Mont Sorcier project 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 Brennan                        
CEO and Chairman        

Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
[email protected]                                

Disclaimer

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE 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, production forecasts for 2026, progress and potential of underground development at MDN, exploration potential at MDN and the ability of prospective targets to materially add to mine life and discovery of ore capable of feeding the heap leach and CIL operations, the anticipated outcome and time to complete the feasibility study on the Mont Sorcier project, the outcome of permitting matters relating to the Lagoa Salgada Project, and the risks and uncertainties described under the heading “Risks & Uncertainties” in the Company’s Management Discussion and Analysis and other filings made with the securities commissions in Canada. 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. 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.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/c2fa366c-1bb4-4dcb-9de8-7825c29399db 

https://www.globenewswire.com/NewsRoom/AttachmentNg/e35ffe02-f466-44af-be56-f8f1afc78c83 

https://www.globenewswire.com/NewsRoom/AttachmentNg/8a23fc2c-ab12-44a2-b01e-d66172d0dc91

NEW YORK--(BUSINESS WIRE)---- $GEO #NYSE--Scott+Scott Attorneys at Law LLP has launched an urgent investigation into whether certain officers and directors of The GEO Group, Inc. (NYSE: GEO) failed to manage The GEO Group in an acceptable manner, breaching their fiduciary duties to The GEO Group, and whether The GEO Group and its shareholders have suffered damages as a result. Attorney Joseph A. Pettigrew is heading the investigation—what shareholders need to know: The GEO Group has a long history of exposing.

BOCA RATON, Fla.--(BUSINESS WIRE)--The GEO Group, Inc. (NYSE: GEO) (“GEO”, “we” or the “Company”), a leading provider of contracted support services for secure facilities, processing centers, and reentry centers, as well as enhanced in-custody rehabilitation, post-release support, and electronic monitoring programs, reported its financial results for the first quarter 2026, increased its full year 2026 financial guidance, and provided its second quarter 2026 financial guidance.

For the first quarter 2026, we reported total revenues of $705.2 million compared to $604.6 million for the first quarter 2025, reflecting a 17 percent increase.

We reported first quarter 2026 net income attributable to GEO Operations of $38.3 million, or $0.29 per diluted share, compared to net income attributable to GEO Operations of $19.6 million, or $0.14 per diluted share, for the first quarter 2025, reflecting a 96 percent increase.

First quarter 2026 results reflect $0.4 million, pre-tax, in combined transaction fees, employee restructuring expenses, and close-out expenses. Excluding these items, we reported adjusted net income for the first quarter 2026 of $38.6 million, or $0.29 per diluted share, compared to $19.6 million, or $0.14 per diluted share, for the first quarter 2025.

We reported first quarter 2026 Adjusted EBITDA of $131.4 million, compared to $99.8 million for the first quarter 2025, reflecting a 32 percent increase.

Our first quarter 2026 results reflect significant revenue growth from the contracts that we entered into throughout 2025. Operating Expenses were favorably impacted by lower-than-expected labor costs compared to our prior financial guidance for the first quarter 2026.

George C. Zoley, GEO’s Chairman, Chief Executive Officer and Founder, said, “We are very pleased with our first quarter results and improved full year outlook. Our strong performance has been driven by the new growth opportunities we captured in 2025 and are normalizing in 2026. Last year was the most successful period for new business wins in our Company’s history with new or expanded contracts representing up to $520 million in annualized revenues. We expect 2026 to be very active as well and therefore believe that we have upside potential across our diversified business segments.”

“We remain focused on pursuing new growth opportunities and allocating capital to enhance long-term value for our shareholders. Given the intrinsic value of our assets, including 50,000 owned beds at 70 facilities, and our current and expected future growth, we believe that our stock offers a very attractive investment opportunity,” Zoley added.

Operational Highlights

As we have previously disclosed, in 2025, we were awarded new or expanded contracts that represent up to approximately $520 million in new incremental annualized revenues, which represents the largest amount of new business we have won in a single year in our Company’s history.

In our Secure Services segment, we entered into new contracts to house U.S. Immigration and Customs Enforcement (“ICE”) detainees at four facilities totaling approximately 6,000 beds, including three previously idle company-owned facilities in New Jersey, Michigan, and Georgia and a management services contract in Florida. We also reactivated our company-owned Adelanto ICE Processing Center in California, which was already under contract but had been underutilized due to a long-standing COVID-related court case. These facility activations represent annualized revenues of approximately $300 million.

We have also experienced a significant expansion in our secure transportation services on behalf of both ICE and the U.S. Marshals Service. In 2025, we entered into new or amended contracts to expand secure ground transportation services at four existing ICE facilities and at our three newly activated company-owned ICE facilities, and the support services that we provide under our ICE air transportation subcontract have continued to steadily increase. In addition, in 2025, we signed a new five-year contract with the U.S. Marshals covering 26 federal judicial districts and spanning 14 states. Overall, these new and expanded transportation services contracts are valued at approximately $60 million in incremental annualized revenue.

Importantly, in 2025, we were awarded a new two-year contract for the Intensive Supervision and Appearance Program (“ISAP”), which provides electronic monitoring and case management services for individuals on the non-detained docket. ISAP relies on several forms of monitoring, including GPS ankle bracelets or wrist-worn devices and the SmartLINK mobile application. The number of ISAP participants on GPS ankle bracelets has increased to more than 48,000 currently from 17,000 in early 2025. Correspondingly, the number of ISAP participants on the SmartLINK mobile application has declined to approximately 131,000 currently from approximately 159,000 in early 2025. We have also seen an increase in the number of ISAP participants assigned to case management, which involves staff interaction and monitoring for approximately 111,000 individuals currently.

In the fourth quarter 2025, we were also awarded a new two-year contract by ICE for the provision of skip tracing services, valued at up to $60 million in revenues per year. We began providing skip tracing services under this new two-year contract in March 2026.

At the state level, we were awarded two new managed-only contracts in 2025 from the Florida Department of Corrections, valued at approximately $100 million in combined annualized revenues. The 1,884-bed Graceville Facility and the 985-bed Bay Facility are scheduled to transition to GEO management on July 1, 2026.

Financial Guidance

Today, we increased our financial guidance for the full year 2026 and issued our financial guidance for the second quarter 2026. We expect full year 2026 Net Income Attributable to GEO Operations to be in a range of $153 million to $166 million, or $1.15 to $1.25 per diluted share on annual revenues of $2.95 billion to $3.10 billion and based on an effective tax rate of approximately 30 percent, inclusive of known discrete items. We expect full year 2026 Adjusted EBITDA to be in a range of $525 million to $545 million. We expect total Capital Expenditures for the full year 2026 to be between $137.5 million and $162.5 million.

For the second quarter 2026, we expect Net Income Attributable to GEO Operations to be in a range of $33 million to $39 million, or $0.25 to $0.29 per diluted share, on quarterly revenues of $715 million to $725 million. We expect second quarter 2026 Adjusted EBITDA to be between $130 million and $135 million.

We believe there are several sources of potential upside that are not currently included in our guidance. With respect to revenues, sources of potential upside include additional growth in our Secure Services segment from the reactivation of additional idle facilities and/or higher overall populations across our active facilities; additional volume increases and/or accelerated technology and service mix shift in our ISAP contract; additional revenue from higher utilization of our skip tracing services contract; and additional growth in our secure transportation services segment. With respect to expenses, our guidance assumes a more moderate contribution from labor cost savings for the balance of 2026.

Balance Sheet

At the end of the first quarter 2026, we had approximately $80 million in cash on hand and approximately $1.61 billion in total debt, resulting in total net debt of approximately $1.53 billion and total net leverage below 3.2 times Adjusted EBITDA for the trailing 12 months. With the recent expansion of our Revolving Credit Facility by $100 million, which we announced in January 2026, we believe we have substantial liquidity to support our diverse capital needs.

Share Repurchase Program

During the first quarter of 2026, we repurchased approximately 3.6 million shares of GEO common stock at an aggregate cost of approximately $50 million. As of March 31, 2026, we had repurchased approximately 8.5 million shares of GEO common stock at an aggregate cost of approximately $141 million under our $500 million share repurchase authorization, bringing our current outstanding share count to approximately 133.7 million and leaving approximately $359 million of repurchase authorization available under the share repurchase program.

Repurchases of GEO’s outstanding common stock will be made in accordance with applicable securities laws and may be made at our senior management’s discretion from time to time in the open market, by block purchase, through privately negotiated transactions, pursuant to a trading plan, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The authorization for the share repurchase program may be extended, increased, decreased, suspended or terminated by our Board of Directors in its discretion at any time. Repurchases of the Company's common stock (and the timing thereof) will depend upon market conditions, regulatory requirements, the Company's existing obligations, including its Credit Agreement, other corporate liquidity requirements and priorities and other factors as may be considered in the Company's sole discretion. The authorization for the share repurchase program does not obligate GEO to purchase any particular amount of the Company’s common stock.

Conference Call Information

We have scheduled a conference call and webcast for today at 11:00 AM (Eastern Time) to discuss our first quarter 2026 financial results as well as our outlook. The call-in number for the U.S. is 1-877-250-1553 and the international call-in number is 1-412-542-4145. In addition, a live audio webcast of the conference call may be accessed on the Webcasts section under the News, Events and Reports tab of GEO’s investor relations webpage at investors.geogroup.com. A replay of the webcast will be available on the website for one year. A telephonic replay of the conference call will be available through May 13, 2026, at 1-855-669-9658 (U.S.) and 1-412-317-0088 (International). The participant passcode for the telephonic replay is 8366763.

About The GEO Group

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 96 facilities totaling approximately 75,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 20,000 employees.

Reconciliation Tables and Supplemental Information

GEO has made available Supplemental Information which contains reconciliation tables of Net Income Attributable to GEO Operations to Adjusted Net Income, and Net Income to EBITDA and Adjusted EBITDA, along with supplemental financial and operational information on GEO’s business and other important operating metrics. The reconciliation tables are also presented herein. Please see the section below titled “Note to Reconciliation Tables and Supplemental Disclosure - Important Information on GEO’s Non-GAAP Financial Measures” for information on how GEO defines these supplemental Non-GAAP financial measures and reconciles them to the most directly comparable GAAP measures. GEO’s Reconciliation Tables can be found herein and in GEO’s Supplemental Information available on GEO’s investor webpage at investors.geogroup.com.

Note to Reconciliation Tables and Supplemental Disclosure –
Important Information on GEO's Non-GAAP Financial Measures

Adjusted Net Income, EBITDA, and Adjusted EBITDA are non-GAAP financial measures that are presented as supplemental disclosures. GEO has presented herein certain forward-looking statements about GEO's future financial performance that include non-GAAP financial measures, including Net Debt, Net Leverage, and Adjusted EBITDA. The determination of the amounts that are included or excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period. While we have provided a high level reconciliation for the guidance ranges for full year 2026, we are unable to present a more detailed quantitative reconciliation of the forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because management cannot reliably predict all of the necessary components of such GAAP measures. The quantitative reconciliation of the forward-looking non-GAAP financial measures will be provided for completed annual and quarterly periods, as applicable, calculated in a consistent manner with the quantitative reconciliation of non-GAAP financial measures previously reported for completed annual and quarterly periods.

Net Debt is defined as gross principal debt less cash on hand. Net Leverage is defined as Net Debt divided by Adjusted EBITDA.

EBITDA is defined as net income adjusted by adding provisions for income tax, interest expense, net of interest income, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for net loss attributable to non-controlling interests, stock-based compensation expenses, pre-tax, transaction fees, pre-tax, employee restructuring expenses, pre-tax, close-out expenses, pre-tax, other non-cash revenue and expenses, pre-tax, and certain other adjustments as defined from time to time. Given the nature of our business as a real estate owner and operator, we believe that EBITDA and Adjusted EBITDA are helpful to investors as measures of our operational performance because they provide an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures, and to fund other cash needs or reinvest cash into our business.

We believe that by removing the impact of our asset base (primarily depreciation and amortization) and excluding certain non-cash charges, amounts spent on interest and taxes, and certain other charges that are highly variable from year to year, EBITDA and Adjusted EBITDA provide our investors with performance measures that reflect the impact to operations from trends in occupancy rates, per diem rates and operating costs, providing a perspective not immediately apparent from net income. The adjustments we make to derive the non-GAAP measures of EBITDA and Adjusted EBITDA exclude items which may cause short-term fluctuations in income from continuing operations and which we do not consider to be the fundamental attributes or primary drivers of our business plan and they do not affect our overall long-term operating performance. EBITDA and Adjusted EBITDA provide disclosure on the same basis as that used by our management and provide consistency in our financial reporting, facilitate internal and external comparisons of our historical operating performance and our business units and provide continuity to investors for comparability purposes.

Adjusted Net Income is defined as net income attributable to GEO operations adjusted for certain items which by their nature are not comparable from period to period or that tend to obscure GEO’s actual operating performance, including for the periods presented transaction fees, pre-tax, employee restructuring expenses, pre-tax, close-out expenses, pre-tax, and tax effect of adjustments to net income attributable to GEO operations.

Safe-Harbor Statement

This press release contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially and adversely affect actual results, including statements regarding GEO’s financial guidance for the full year and second quarter of 2026, the $500 million share repurchase program authorized by GEO’s Board of Directors, the anticipated timing and annualized revenues related to the activation of certain facilities and new and amended contracts, GEO’s ability to capture additional growth opportunities, and the Company’s efforts to strengthen its capital structure and enhance shareholder value through capital returns. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” or “continue” or the negative of such words and similar expressions. Risks and uncertainties that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) GEO’s ability to meet its financial guidance for the full year and second quarter of 2026 given the various risks to which its business is exposed; (2) GEO’s ability to execute on the $500 million share repurchase program authorized by GEO’s Board of Directors on the timeline it expects or at all; (3) GEO’s ability to deleverage and repay, refinance or otherwise address its debt maturities in an amount and on terms commercially acceptable to GEO, and on the timeline it expects or at all; (4) GEO’s ability to identify and successfully complete any potential sales of company-owned assets and businesses or potential acquisitions of assets or businesses on commercially advantageous terms on a timely basis, or at all; (5) changes in federal and state government policy, orders, directives, legislation and regulations that affect public-private partnerships with respect to secure, correctional and detention facilities, processing centers and reentry centers; (6) changes in federal immigration policy; (7) public and political opposition to the use of public-private partnerships with respect to secure correctional and detention facilities, processing centers and reentry centers; (8) the impact of any future global pandemic on GEO and GEO's ability to mitigate the risks associated with such pandemic; (9) GEO’s ability to sustain or improve company-wide occupancy rates at its facilities; (10) fluctuations in GEO’s operating results, including as a result of contract activations, contract terminations, contract renegotiations, changes in occupancy levels and increases in GEO’s operating costs; (11) general economic and market conditions, including changes to governmental budgets and its impact on new contract terms, contract renewals, renegotiations, per diem rates, fixed payment provisions, and occupancy levels; (12) GEO’s ability to address inflationary pressures related to labor related expenses and other operating costs; (13) GEO’s ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO’s operations without substantial costs; (14) GEO’s ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (15) risks associated with GEO’s ability to control operating costs associated with contract start-ups; (16) GEO’s ability to successfully pursue growth opportunities and continue to create shareholder value; (17) GEO’s ability to obtain financing or access the capital markets in the future on acceptable terms or at all; (18) any adverse impact on GEO’s financial results caused by any past or future federal government shutdown; (19) risks associated with the U.S. Supreme Court agreeing to hear GEO’s appeal in the Nwauzor Case and GEO’s ability to prevail on the merits; and (20) other factors contained in GEO’s Securities and Exchange Commission periodic filings, including its Form 10-K, 10-Q and 8-K reports, many of which are difficult to predict and outside of GEO’s control.

First quarter 2026 financial tables to follow:

Condensed Consolidated Balance Sheets*

(Unaudited)

  As of

As of

March 31, 2026

December 31, 2025

(unaudited)

(unaudited)

ASSETS   Cash and cash equivalents $ 80,217

$ 68,995

Restricted cash and cash equivalents -

2,998

Accounts receivable, less allowance for doubtful accounts 573,375

593,463

Prepaid expenses and other current assets 45,272

53,073

Total current assets $ 698,864

$ 718,529

  Restricted Cash and Investments 188,261

179,366

Property and Equipment, Net 1,870,534

1,884,198

Operating Lease Right-of-Use Assets, Net 67,340

72,294

Deferred Income Tax Assets 9,396

9,396

Intangible Assets, Net (including goodwill) 871,445

873,360

Other Non-Current Assets 106,398

106,479

  Total Assets $ 3,812,238

$ 3,843,622

  LIABILITIES AND SHAREHOLDERS' EQUITY   Accounts payable $ 59,075

$ 58,727

Accrued payroll and related taxes 107,610

82,086

Accrued expenses and other current liabilities 214,208

197,530

Operating lease liabilities, current portion 16,107

17,193

Current portion of finance lease obligations, and long-term debt 1,344

1,355

Total current liabilities $ 398,344

$ 356,891

  Deferred Income Tax Liabilities 99,689

99,689

Other Non-Current Liabilities 176,205

176,083

Operating Lease Liabilities 53,527

57,557

Long-Term Debt 1,588,917

1,649,268

Total Shareholders' Equity 1,495,556

1,504,134

  Total Liabilities and Shareholders' Equity $ 3,812,238

$ 3,843,622

  * All figures in '000s Condensed Consolidated Statements of Operations*

(Unaudited)

  Q1 2026

Q1 2025

(unaudited)

(unaudited)

  Revenues $ 705,213

$ 604,647

Operating expenses 521,509

453,778

Depreciation and amortization 33,830

32,136

General and administrative expenses 60,575

57,749

Operating income 89,299

60,984

  Interest income 1,672

1,997

Interest expense (38,301

)

(42,441

)

Income before income taxes and equity in earnings of affiliates 52,670

20,540

  Provision for income taxes 15,026

1,826

Equity in earnings of affiliates, net of income tax provision 662

828

Net income 38,306

19,542

  Less: Net loss attributable to noncontrolling interests 28

16

  Net Income Attributable to The GEO Group, Inc. Operations $ 38,334

$ 19,558

    Weighted Average Common Shares Outstanding: Basic 132,612

137,143

Diluted 134,055

140,915

  Net Income per Common Share Attributable to The GEO Group, Inc. Operations   Basic: Net income per share — basic $ 0.29

$ 0.14

  Diluted: Net income per share — diluted $ 0.29

$ 0.14

  * All figures in '000s, except per share data Reconciliation of Net Income to EBITDA and Adjusted EBITDA,

and Net Income Attributable to GEO Operations to Adjusted Net Income*

(Unaudited)

  Q1 2026

Q1 2025

(unaudited)

(unaudited)

Net income $ 38,306

$ 19,542

  Add: Income tax provision ** 15,242

2,056

Interest expense, net of interest income 36,629

40,444

Depreciation and amortization 33,830

32,136

EBITDA $ 124,007

$ 94,178

  Add (Subtract): Net loss attributable to noncontrolling interests 28

16

Stock based compensation expenses, pre-tax 7,766

6,488

Transaction fees, pre-tax 166

55

Employee restructuring expenses, pre-tax 199

-

Close-out expenses, pre-tax 20

-

Other non-cash revenue & expenses, pre-tax (775

)

(972

)

Adjusted EBITDA $ 131,411

$ 99,765

    Net Income Attributable to The GEO Group, Inc. Operations $ 38,334

$ 19,558

  Transaction fees, pre-tax 166

55

Employee restructuring expenses, pre-tax 199

-

Close-out expenses, pre-tax 20

-

Tax effect of adjustment to net income attributable to GEO Operations (1) (97

)

(14

)

  Adjusted Net Income $ 38,622

$ 19,599

  Weighted average common shares outstanding - Diluted 134,055

140,915

  Adjusted Net Income per Diluted Share $

0.29

$

0.14

  * All figures in '000s. ** Includes income tax provision on equity in earnings of affiliates. (1) Tax adjustment related to transaction fees, employee restructuring expenses, and close-out expenses. 2026 Outlook/Reconciliation

(In thousands, except per share data)

(Unaudited)

  FY 2026 Net Income Attributable to GEO Operations $

153,000

to

$

166,000

Net Interest Expense 144,500

145,500

Income Taxes
(including income tax provision on equity in earnings of affiliates) 63,650

68,150

Depreciation and Amortization 139,000

140,500

Non-Cash Stock Based Compensation 23,500

23,500

Other Non-Cash 1,350

1,350

Adjusted EBITDA $

525,000

to

$

545,000

  Net Income Attributable to GEO Operations Per Diluted Share $

1.15

to

$

1.25

Weighted Average Common Shares Outstanding-Diluted 133,000

133,000

      CAPEX Growth 20,000

to

30,000

Technology 27,500

32,500

Facility Maintenance 90,000

100,000

Capital Expenditures 137,500

to

162,500

  Total Debt, Net $

1,475,000

$

1,400,000

Total Leverage, Net 2.8

2.6

  Note: The above outlook does not include the impact of any potential impact related to one-time legal settlements More News From The GEO Group, Inc.

The GEO Group, Inc. (GEO) Q1 2026 Earnings Call Transcript

Geodrill Limited (GEO:CA) Q1 2026 Earnings Call Transcript

On May 13, 2026, The GEO Group Inc GEO shares rose 5.8% today, closing at $22.65. The stock has experienced a significant rebound over the past month, with a 27.9% increase, although it remains down 14.8% over the past year. The 52-week range for GEO shares is between $12.51 and $27.90.

GF Value™ verdict: Current price $22.65 vs GF Value™ of $16.14, indicating the stock is 40.3% overvalued.GF Score™: 71/100, classified as Above Average, suggesting potential for better long-term returns.Most notable signal: Insiders sold $0.1M worth of shares in the last 3 months, indicating potential caution among company executives. Is GEO Overvalued or Undervalued? The current price of The GEO Group Inc GEO stands at $22.65, while the GF Value™ estimate indicates a fair value of $16.14. This suggests that the stock is overvalued by approximately 40.3%. The GF Valuation label categorizes GEO as significantly overvalued, which implies that the current market price does not offer an adequate margin of safety for potential investors. A high valuation relative to intrinsic value poses risks, including the possibility of a price correction should the market re-evaluate the company's fundamentals.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The substantial discrepancy between the current price and the estimated fair value raises concerns about the sustainability of the recent price increase and suggests that investors should exercise caution.

How Does GEO's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 11.5x 14.1x Forward P/E 19.0x N/A GEO's current P/E (TTM) of 11.5x is notably below its 5-year median P/E of 14.1x, suggesting that the stock is trading at a discount relative to its historical valuation. However, the forward P/E of 19.0x indicates expectations of future growth. This P/E analysis aligns with the GF Value™ verdict, reinforcing the notion that the stock may be overvalued based on current earnings relative to its historical performance.

What Does GEO's GF Score™ Tell Us? Metric Rating GF Score™ 71 Financial Strength 5/10 Profitability 7/10 Growth 3/10 Valuation 5/10 Momentum 4/10 The GF Score™ of 71/100 indicates that GEO is positioned Above Average in terms of potential long-term returns. The strongest area of the score is profitability, rated at 7/10, suggesting the company has maintained reasonable profit margins. However, the growth rank of 3/10 indicates challenges in expanding revenues or earnings, which could hinder its valuation moving forward. The financial strength rating of 5/10 suggests moderate stability but leaves room for improvement in areas such as debt management and liquidity.

What Are Insiders Doing with GEO Stock? In the past three months, insiders at The GEO Group Inc have sold $0.1 million worth of shares, with no reported buying activity. This pattern of insider selling could suggest a lack of confidence among executives regarding the company's future performance or valuation levels. While insider selling does not automatically imply negative prospects, it can indicate that insiders might believe the stock is overvalued at its current price.

What This Means for Investors Based on the GF Value™ assessment, The GEO Group Inc GEO is currently overvalued, with a significant deviation from its estimated intrinsic value. Investors may need to exercise caution and consider the potential risks associated with a high valuation in the context of both market sentiment and company performance.

For the complete analysis, visit the The GEO Group Inc GEO stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is GEO's GF Score™?

The GF Score™ for GEO is 71/100, indicating that the stock has above-average potential for long-term returns based on key financial metrics.

Is GEO overvalued or undervalued?

The stock is overvalued, with a GF Value™ of $16.14 compared to its current price of $22.65, suggesting a 40.3% overvaluation.

What is GEO's P/E ratio?

The current P/E ratio for GEO is 11.5x, which is 18% below its 5-year median P/E of 14.1x, indicating it is trading at a discount compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Rocket Lab Corporation is transitioning into a vertically integrated space and defense platform, validated by recent high-margin contracts and expanding tech capabilities. RKLB's $90M U.S. Space Force GEO satellite contract marks a significant move up the value chain, positioning it as a prime contractor with end-to-end mission responsibility. Valuation remains extremely elevated—trading at ~100x trailing sales—reflecting aggressive market expectations for sustained high growth and margin expansion.