Reports Q4-2025 Production, Record Annual Production, Production Guidance Achieved & Operational Highlights
Reports Q4-2025 Production, Record Annual Production, Production Guidance Achieved & Operational Highlights
Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to announce the Company’s fourth quarter production results and operating highlights for FY2025 (all financial amounts are expressed in U.S. dollars unless otherwise indicated).
Q4-2025 OPERATIONAL HIGHLIGHTS & 2026 GUIDANCE
- Quarterly gold production of 11,534 ounces, a 15% increase from Q4-2024.
- Record annual gold production of 44,169 ounces, achieving production guidance and an 18% increase on FY2024 gold production.
- A total of 4,535 metres of horizontal development for the quarter, a 45% increase from Q4-2024.
- Cash held as at 31 December 2025 of $49.2 million, with a further $5.1 million received on 2 January 2026 for sales registered during December 2025 vs $38.8 million as at 30 September 2025, an increase of $10.4 million during the quarter ($15.5 million inclusive of the $5.1 million).
- Net cash at quarter-end (after interest bearing loans and lease liabilities) of $42.1 million (Q3-2025: $33.0 million).
- 2026 consolidated production guidance of 53,000 – 57,000 ounces gold.
Mike Hodgson, CEO of Serabi, commented:
“We are very pleased with the performance of the Palito Complex and Coringa Mine during the fourth quarter, concluding yet another positive year with many milestones achieved for Serabi. Highlights for the year include: a record annual production in line with guidance; the continued ramp up of the Coringa Mine; the successful operation of the Coringa classification plant; the execution of our 2025 brownfield exploration programme; and the announcement of our inaugural shareholder return policy. We continue to make progress on the execution of Phase I and II of our growth strategy, with our enhanced balance sheet positioning us well to continue this momentum in 2026.
Our record annual production of 44,169 ounces, representing a 18% increase vs FY2024, was driven by the ramp up of the Coringa Mine. During the year, production from the Serra zone continued according to plan. We began producing from a second zone, the Meio zone, which contributed to the overall growth in our production. We successfully utilized mechanized mining at the Meio zone and sections of the Serra zone and while this entails higher mined dilution, this can be simply removed by the ore sorter with the net effect being that mechanised mining is safer, more cost efficient, and speeds up production. The ramp up of the Coringa Mine continues as we are progressing well with our portal at our third zone, the Galena zone, which is expected to contribute significant development ore during 2026.
At Coringa, the ore sorter was instrumental in achieving our record annual production, operating successfully for the entire year. As reported during the year, we took advantage of favourable economics and have been using the ore sorter to process low grade ore stockpiled since the Coringa Mine opened, whilst higher grade run of mine (ROM) has been transported directly to the Palito Complex processing plant. This strategy enabled us to produce more ounces from Coringa this year than originally planned. In 2026, it will only be ROM ore passing through the ore sorter which should entail higher plant feed grades.
During the year, we announced an ‘aggressive’ 30,000 metre brownfield exploration programme as part of our Phase II growth strategy. While the programme has concluded, we are awaiting additional assay results which should be communicated to investors in due course. Our drilling results to date have been encouraging to say the least, with the discovery of the Serra South zone at Coringa, located approximately 500 metres south of the currently producing Serra zone. We successfully extended the Meio zone trend at Coringa, whilst at the Palito Complex we extended the north and south extensions of the currently producing Senna zone. These successes indicate we remain on track to achieve our Phase II growth target of increasing the current mineral resource inventory to 1.5Moz Au - 2.0Moz Au. We intend to continue this momentum in 2026, with an additional 30,000m brownfield exploration programme. In H1- 2026, we plan to release the updated mineral resource estimates incorporating the 2025 brownfield exploration programme, for investors to confirm the progress in our consolidated resource growth.
Our cash position continues to grow, driven by unprecedented gold prices and the strong operational performance of our mines. We anticipate another record year of production in 2026, with production guidance of 53,000 ounces to 57,000 ounces. We also expect further growth in our cash balance in 2026 and remain well financed to execute our growth plans for the year at Coringa, our 2026 brownfield exploration programme and to deliver on our shareholder return policy.”
OPERATIONAL RESULTS
| SUMMARY PRODUCTION STATISTICS FOR 2025 AND 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Q1 Q2 Q3 2025 2025 2025 | Q4 | Fiscal | Q1 Q2 Q3 Q4 2024 2024 2024 2024 | Fiscal | |||
| 2025 | 2025 | 2024 | |||||
| Group Gold production (1)(2) Ounces 10,013 10,532 12,090 Mined ore Tonnes 44,924 52,032 51,625 Au grade (g/t) 7.09 6.72 7.24 Milled ore Tonnes 48,155 51,246 53,991 Au grade (g/t) 6.7 6.67 7.18 Horizontal development Metres 3,505 3,850 3,706 | 9,007 9,003 9,489 10,022 56,296 59,564 58,682 50,327 5.31 5.06 5.48 6.19 54,521 55,192 54,579 52,363 5.38 5.31 5.59 6.21 3,131 3,550 3,325 3,129 | ||||||
| 11,534 | 44,169 | 37,520 | |||||
| 55,899 | 204,480 | 225,049 | |||||
| 6.65 | 6.91 | 5.49 | |||||
| 55,607 | 208,899 | 216,655 | |||||
| 6.63 | 6.80 | 5.61 | |||||
| 4,535 | 15,596 | 13,135 | |||||
| Palito Complex Gold production (1)(2) Ounces 4,666 5,607 5,246 Mined ore Tonnes 25,267 29,294 26,352 Au grade (g/t) 6.15 6.22 6.29 Milled ore Tonnes 24,328 29,885 27,081 Au grade (g/t) 6.25 6.15 6.25 Horizontal development Metres 1,979 2,004 2,125 | 5,135 4,251 3,648 4,369 36,471 30,488 26,878 23,642 4.72 4.52 4.34 6.10 35,861 30,750 27,454 23,719 4.73 4.56 4.33 6.05 2,153 2,315 1,859 1,948 | ||||||
| 4,638 | 20,158 | 17,404 | |||||
| 27,129 | 108,042 | 117,479 | |||||
| 5.48 | 6.04 | 4.86 | |||||
| 27,226 | 108,521 | 117,785 | |||||
| 5.47 | 6.03 | 4.86 | |||||
| 2,161 | 8,269 | 8,275 | |||||
| Coringa Gold production (1)(2) Ounces 5,347 4,925 6,843 Mined ore Tonnes 19,657 22,738 25,273 Au grade (g/t) 8.31 7.35 8.23 Milled ore Tonnes 23,827 21,361 26,909 Au grade (g/t) 7.17 7.39 8.13 Horizontal development Metres 1,526 1,846 1,581 | 3,871 4,752 5,841 5,653 19,825 29,076 31,984 26,685 6.39 5.62 6.44 6.27 18,660 24,441 27,125 28,645 6.61 6.25 6.87 6.34 978 1,235 1,466 1,181 | ||||||
| 6,895 | 24,010 | 20,117 | |||||
| 28,770 | 96,438 | 107,569 | |||||
| 7.74 | 7.04 | 6.17 | |||||
| 28,381 | 100,479 | 98,871 | |||||
| 7.75 | 7.64 | 6.51 | |||||
| 2,374 | 7,327 | 4,860 |
(1) The table may not sum due to rounding.
(2) Production numbers are subject to change pending final assay analysis from refineries.
Group production for the fourth quarter was 11,534 ounces. Group ore mined during the quarter was 55,899 tonnes @ 6.65 g/t Au compared to 51,625 tonnes at 7.24 g/t Au for the third quarter of 2025. The Palito Complex process plant treated 55,607 tonnes @ 6.63 g/t Au compared to 53,991 tonnes @ 7.18 g/t Au for Q3-2025.
A total of 4,535 metres of horizontal development has been completed for the quarter of which 2,293 metres was ore development. The balance was the ramp, crosscuts and stope preparation development.
The Coringa Mine continues to perform well. On the Serra zone, production was focused on the levels of 260m, 225m, 195m, and 158m, with development on levels 158m, 143m and 125m. The Meio zone with levels 356m, 336m and 318m under development and stoping production on the 336m level.
The Palito Complex production and development is varied, with production from the Barrichello, Mogno, Piquet and G3 zones. Development is ongoing on the Senna, Piquet, G3, Barrichello, Mogno, and Senna zones, ranging from the upper levels of 167m down to -210m level on G3.
FINANCE UPDATE
Cash balance at the end of December 2025 was $49.2 million, in comparison to the cash balances at the end of December 2024 of $22.2 million. Logistics issues delayed the shipment of some copper/gold concentrate during the quarter. This resulted in the delay of receiving a further $5.1 million until 2 January 2026. On 6 January 2025 the Company fully repaid its $5.0 million unsecured loan arrangement with Itau Bank in Brazil which carried an interest coupon of 8.47%. On 16 January 2025, the Group secured a new $5.0 million loan from Banco Santander. The Banco Santander loan is repayable as a bullet payment on 16 January 2026 and carries an interest coupon of 6.16%. The Company had a net cash balance at the end of Q4-2025 (after interest bearing loans and lease liabilities) of $42.1 million (31 December 2024: net cash $16.2 million).
FY2026 PRODUCTION GUIDANCE
The Company expects FY2026 consolidated production of 53,000 – 57,000 ounces gold.
About Serabi Gold plc
Serabi Gold plc is a gold exploration, development and production company focused on the prolific Tapajós region in Para State, northern Brazil. The Company has consistently produced 30,000 to 40,000 ounces per year with the Palito Complex and is planning to double production in the coming years with the construction of the Coringa Mine. Serabi Gold plc recently made a copper-gold porphyry discovery on its extensive exploration licence. The Company is headquartered in the United Kingdom with a secondary office in Toronto, Ontario, Canada.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.
The person who arranged for the release of this announcement on behalf of the Company was Andrew Khov, Vice President, Investor Relations & Business Development.
Enquiries
SERABI GOLD plc BEAUMONT CORNISH Limited
Michael Hodgson t +44 (0)20 7246 6830 Nominated Adviser & Financial Adviser Chief Executive m +44 (0)7799 473621 Roland Cornish / Michael Cornish t +44 (0)20 7628 3396
Colm Howlin PEEL HUNT LLP
Chief Financial Officer m +353 89 6078171 Joint UK Broker Ross Allister / Georgia Langoulant t +44 (0)20 7418 9000 Andrew Khov m +1 647 885 4874 Vice President, Investor Relations & TAMESIS PARTNERS LLP Business Development Joint UK Broker e [email protected] Charlie Bendon/ Richard Greenfield t +44 (0)20 3882 2868
www.serabigold.com
CAMARCO Financial PR - Europe
Gordon Poole / Fergus Young t +44 (0)20 3757 4980
Assay Results
Assay results reported within this release include those provided by the Company's own Forward-looking statements on-site laboratory facilities at Palito and have not yet been independently verified. Serabi Certain statements in this announcement are, or may be deemed to be, forward looking closely monitors the performance of its own facility against results from independent statements. Forward looking statements are identified by their use of terms and phrases laboratory analysis for quality control purpose. As a matter of normal practice, the such as ‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ Company sends duplicate samples derived from a variety of the Company's activities to or the negative of those, variations or comparable expressions, including references to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 assumptions. These forward-looking statements are not based on historical facts but exploration drill core samples have been assayed at both the Palito laboratory and certified rather on the Directors’ current expectations and assumptions regarding the Company’s external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When future growth, results of operations, performance, future capital and other expenditures comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito (including the amount, nature and sources of funding thereof), competitive advantages, versus external results record an average over-estimation by the Palito laboratory of 6.7% business prospects and opportunities. Such forward looking statements reflect the over this period. Based on the results of this work, the Company's management are Directors’ current beliefs and assumptions and are based on information currently satisfied that the Company's own facility shows sufficiently good correlation with available to the Directors. Several factors could cause actual results to differ materially independent laboratory facilities for exploration drill samples. The Company would expect from the results discussed in the forward-looking statements including risks associated that in the preparation of any future independent Reserve/Resource statement undertaken with vulnerability to general economic and business conditions, competition, environmental in compliance with a recognized standard, the independent authors of such a statement and other regulatory changes, actions by governmental authorities, the availability of would not use Palito assay results without sufficient duplicates from an appropriately capital markets, reliance on key personnel, uninsured and underinsured losses and other certificated laboratory. factors, many of which are beyond the control of the Company. Although any forwardlooking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual Notice results will be consistent with such forward looking statements. Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Qualified Persons Statement Company and for no one else in relation to the matters described in this announcement The scientific and technical information contained within this announcement has been and is not advising any other person and accordingly will not be responsible to anyone reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is other than the Company for providing the protections afforded to clients of Beaumont an Economic Geologist by training with over 30 years' experience in the mining industry. Cornish Limited, or for providing advice in relation to the contents of this announcement or He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University any matter referred to in it.
of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has Guidance Note on Mining and Oil & Gas Companies dated June 2009. approved or disapproved of the contents of this news release
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