SERABI GOLD PLC The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
PRESS RELEASE 26 June 2025
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 e [email protected] www.serabigold.com not amount to an invitation or inducement
to Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
Annual General Meeting Statement
Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused
gold mining and development company, advises that a 4:00PM today (UK time), it will be holding its Annual
General Meeting.
The following is the text of the statement that will be made by Mr. Mike Hodgson, the Chief Executive of the
Company.
Text of Statement
“Good afternoon and thank you for attending our Annual General Meeting.
2024 was a pivotal year for Serabi with several critical milestones achieved:
• Production increase of 17% over 2023.
• Ore sorting commissioned at Coringa.
• Updated Preliminary Economic Assessment completed at Coringa.
• A three-year renewal of the GU Mining license
Production was significantly up from 2023, with 38,000 ounces produced and I am pleased to report that this trend
has continued in 2025 year to date. By mid -year 2025, we are tracking guidance as we target over 44,000 ounces.
Next year we plan to produce approximately 55,000 ounces.
The objective has been to grow without significant capex in processing and as we have explained previously this
increase in ounces is coming from improving grade ahead of the plant as opposed to expanding the plant.
These grade improvements have been made possible through ore sorting and we now have an ore sorter installed
at both Palito and Coringa. Although the ore sorter at Palito is only applicable on the lower grade ore, ore sorting is
proving to be highly effective at Coringa. The Coringa sorter has now been operational for 6 months with excellent
performance. During this period, we have taken advantage of favourable economics and have been using the ore
sorter to process low grade ore stockpiled since the mine opened, whilst higher grade ROM is transported directly to
the Palito plant, by doing this we can produce more ounces from Coringa this year.
Coringa is of course a new mine and has continued to grow and perform very well and we now have production
coming from two main sectors, Serra, and Meio. The Serra zone has now been operating for 4 years with multiple
levels in development and production; however, the mine is still relatively shallow with all activities still less than 200
vertical metres from surface.
Late last year also saw a new NI 43-101 compliant preliminary economic assessment (“PEA”) for the Coringa project,
which outlined our production plan to pre-concentrate Coringa ore at site, before trucking to Palito’s plant.
The Palito mine is older and is now in its 13th year since the restart in 2013. With over 50 veins identified, the mine
has become quite extensive. Nevertheless, despite this extensive nature, the mine is still relatively shallow with most
activity less than 400 vertical metres from surface.
Back in the days of the pandemic, mine development had fallen behind leaving few production options, however over
the past 24 months development rates have accelerated, and we have been enjoying improved grades as a result.
2025 mined grades have been app roximately 7 g/t gold compared to 5 g/t gold in 2024. Part of this improvement
PRESS RELEASE 26 June 2025
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 e [email protected] www.serabigold.com not amount to an invitation or inducement
to Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
has come mining returning to the G3 vein, which formed the backbone of production at Palito from 2005-2017. 2025-
2027 will see significant contribution from G3.
This year also saw the company commence a $9m brownfield surface exploration programme across both sites. All
self-funded. This equates to 30,000m of drilling, equally split over both sites. Extensions to existing orebodies and
anomalies are to be tested. The objective is to significantly increase the current 1Moz resource inventory to at least
1.5Moz over the next 18 months. Palito’s 50 veins are mostly open along strike and at depth. The strike potential is
being tested by this drilling.
Coringa is equally interesting, and the 500,000 oz resource inventory is limited to previous drill campaigns which only
tested the potential underneath artisanal mine workings along the Coringa trend. This means there are many areas
which are geologically gold anomalous along the same trend without a single drillhole. We, therefore back ourselves
to have plenty of success in growing the Coringa resource.
With respect to licensing, Palito is a fully permitted operation, and Coringa is passing though the same permitting
process Serabi followed for Palito back in 2007. Currently Coringa operates under a 3-year GU license which permits
mining and transportation of 100,000 tonnes of ore post ore-sorting. This license runs until 2027, when it will require
a further renewal or more likely and hopefully, the receipt of the Installation License (LI).
The difference between the LI and the GU license is the former is permanent and has no tonnage limitation. The LI
is issued by SEMAS, the State Environmental Agency, however for them to approve we require two prior
authorisations from two government agencies.
The first authorisation comes from FUNAI, the government agency for the indigenous communities. FUNAI need to
approve the indigenous impact study (“the ECI”) which Serabi completed in 2024. Since that time, personnel in FUNAI
have changed and with that came more edits, to a study we had previously been informed by FUNAI personnel was
complete. It has been a frustrating delay, but the new team in FUNAI do appear to be engaging and most helpful.
The second authorisation comes from INCRA, the government agency for land use. The company is negotiating the
change of land use at Coringa from agriculture to mineral extraction. INCRA is currently analysing our application,
and we anticipate will authorise the change in the coming months.
I remain very optimistic for the rest of 2025, we are enjoying strong economic tailwinds, we are tracking guidance,
and our cash balance is growing nicely. We have to date funded our capital and exploration needs from cashflow and
will continue to do so.
As mentioned, Coringa has great growth potential, with so many anomalous undrilled targets, and Palito is proving
to be a reliable long -life asset, with a track record of resource replenishment. Both Palito and Coringa have the
potential to host one-million-ounce gold deposits and over the next couple of years I hope we can make headway to
achieving this.”
The person who arranged for the release of this announcement on behalf of the Company was Andrew Khov,
Vice President, Investor Relations and Business Development.
PRESS RELEASE 26 June 2025
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 e [email protected] www.serabigold.com not amount to an invitation or inducement
to Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
Enquiries
SERABI GOLD plc
Michael Hodgson t +44 (0)20 7246 6830
Chief Executive m +44 (0)7799 473621
Colm Howlin m +353 89 6078171
Chief Financial Officer
Andrew Khov m +1 647 885 4874
Vice President, Investor Relations
and Business Development
www.serabigold.com
BEAUMONT CORNISH Limited
Nominated Adviser & Financial Adviser
Roland Cornish / Michael Cornish t +44 (0)20 7628 3396
PEEL HUNT LLP
Joint UK Broker
Ross Allister t +44 (0)20 7418 9000
TAMESIS PARTNERS LLP
Joint UK Broker
Charlie Bendon/ Richard Greenfield t +44 (0)20 3882 2868
CAMARCO
Financial PR - Europe
Gordon Poole / Emily Hall t +44 (0)20 3757 4980
HARBOR ACCESS
Financial PR – North America
Jonathan Patterson / Lisa Micali t +1 475 477 9404
Copies of this announcement are available from the Company's website at www.serabigold.com.
Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of
the contents of this announcement.
See www.serabigold.com for more information and follow us on X @Serabi_Gold
PRESS RELEASE 26 June 2025
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 e [email protected] www.serabigold.com not amount to an invitation or inducement
to Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
Assay Results
Assay results reported within this release are those provided by the Company's own onsite
laboratory facilities at Palito and have not yet been independently verified. Serabi closely
monitors the performance of its own facility against results from independent laboratory
analysis for quality control purpose. As a matter of normal practice, the Company sends
duplicate samples derived from a variety of the Company's activities to accredited
laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration
drill core samples have been assayed at both the Palito laboratory and certified external
laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing
significant assays with grades exceeding 1 g/t gold, comparison between Palito versus
external results record an average over-estimation by the Palito laboratory of 6.7% over
this period. Based on the results of this work, the Company's management are satisfied
that the Company's own facility shows sufficiently good correlation with independent
laboratory facilities for exploration drill samples. The Company would expect that in the
preparation of any future independent Reserve/Resource statement undertaken in
compliance with a recognised standard, the independent authors of such a statement
would not use Palito assay results without sufficient duplicates from an appropriately
certificated laboratory.
Forward-looking statements
Certain statements in this announcement are, or may be deemed to be, forward looking
statements. Forward looking statements are identified by their use of terms and phrases
such as ‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’
or the negative of those, variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on historical facts but rather
on the Directors’ current expectations and assumptions regarding the Company’s future
growth, results of operations, performance, future capital and other expenditures (including
the amount, nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the Directors’ current
beliefs and assumptions and are based on information currently available to the Directors.
A number of factors could cause actual results to differ materially from the results
discussed in the forward-looking statements including risks associated with vulnerability to
general economic and business conditions, competition, environmental and other
regulatory changes, actions by governmental authorities, the availability of capital markets,
reliance on key personnel, uninsured and underinsured losses and other factors, many of
which are beyond the control of the Company. Although any forward-looking statements
contained in this announcement are based upon what the Directors believe to be
reasonable assumptions, the Company cannot assure investors that actual results will be
consistent with such forward looking statements.
Qualified Persons Statement
The scientific and technical information contained within this announcement has been
reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is
an Economic Geologist by training with over 30 years' experience in the mining industry.
He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University
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 Guidance
Note on Mining and Oil & Gas Companies dated June 2009.
Notice
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
Company and for no one else in relation to the matters described in this announcement
and is not advising any other person and accordingly will not be responsible to anyone
other than the Company for providing the protections afforded to clients of Beaumont
Cornish Limited, or for providing advice in relation to the contents of this announcement or
any matter referred to in it.
Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has
approved or disapproved of the contents of this news release