The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
PRESS RELEASE 28 MARCH 2024
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 f +44 (0)20 7246 6831 e [email protected] www.serabigold.com n ot 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
Conditional Share Awards
Serabi announces that on 27 March 2024 the Board of Directors agreed to award in aggregate 310,922 Conditional
Share Awards to employees of the Company. None of the awards have been made to Directors of the Compa ny
The awards are part of the Company's normal compens ation review for senior management and the issuance is
made under the Serabi 2020 Restricted Share Plan (t he “2020 Plan”) which was approved by shareholders on 16
June 2020 and adopted by the Board on 10 November 2 020. Shareholders confirmed the Board’s continuing
authority to make awards under the 2020 Plan at the Annual General Meeting held on 27 June 2023.
The awards are subject to a three-year performance period during which time certain performance criteria stipulated
by the Board must be attained. The underlying shares to be issued pursuant to each of the Conditional Share Awards
will only be issued and the rights transferred to t he employees after the completion of the performanc e period and
only in such amount (if any) as is required based on the achievement of the performance criteria.
The performance criteria and minimum thresholds to be achieved can be summarised as follows:
40% of the award is subject to Total Shareholder R eturn, (where there will be 0% vesting if Serabi
TSR is in line with the BMO junior gold index increasing in a linear manner up to 100% vesting under
this KPI if Serabi hits 1.2x the index over same period.)
30% of the award is subject to Return on Capital E mployed (where ROCE premium over Weighted
Average Cost of Capital (“WACC”) must be in excess of 1.05 times. If this hurdle is met vesting will
occur in a linear manner such that 100% vesting of this portion is achieved at 1.2x WACC), and
30% of the award is subject to Return on Sales (wh ere ROS must exceed average annual budget
by 10 per cent or more).
The Company made a similar award on 1 February 2024 to other members of management including its Executive
Directors (see news release issued 2 February 2024) Consistent with that award the number of Conditional Shares
awarded has been calculated by reference to the 30 day VWAP average of the Company's shares of on 30 January
2024.
Following these latest awards there are 2,814,541 Conditional Share Awards in issue representing 3.7% of the issued
share capital of the Company.
PRESS RELEASE 28 MARCH 2024
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 f +44 (0)20 7246 6831 e [email protected] www.serabigold.com n ot 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
Clive Line t + 44 (0)20 7246 6830
Finance Director m +44 (0)7710 151692
Andrew Khov m +1 647 885 4874
VP Investor Relations & Business Development
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 Paterson t + 1 475 477 9401
Copies of this announcement are available from the Company's website at www.serabigold.com.
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.
Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has
approved or disapproved of the contents of this news release.