The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
PRESS RELEASE 30 APRIL 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
Audited Results for the year ended 31 December 2024
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 audited results for the year ended 31
December 2024 (all financial amounts are expressed in U.S. dollars unless otherwise indicated).
HIGHLIGHTS
• Revenue of $94.5 million (2023: $63.7 million) reflecting higher production year on year as well as positive
movement in the average gold price achieved of $2,407 (2023: $1,945).
• Cash held at 31 December 2024 of $22.2 million (31 December 2023: $11.6 million).
• Net cash at 31 December 2024 (after interest bearing loans and lease liabilities) of $16.2 million (31
December 2023: $5.0 million.
• Gold production for the 2024 full year of 37,520 ounces (2023: 33,153 ounces).
• EBITDA for the year of $35.9 million (2023: $13.8 million), a 160% improvement year on year.
• Post-tax profit for the year of $27.8 million (2023: Post-tax profit of $6.6 million), a 321% improvement year
on year.
• Profit per share of 36.73 cents compared with a profit per share of 8.68 cents for the 2023 calendar year.
• Net cash inflow from operations for the year was $24.5 million after mine development expenditure of $6.3
million, compared to $7.7 million in 2023 after accounting for mine development of $4.4 million.
• Cash costs for the full year of $1,326 per ounce (2023: $1,300) and AISC for the full year of $1,700 per
ounce (2023: $1,635).
• The Board announces a new shareholder return policy, where Serabi will target a return of up to 20% -
30% of the Group’s free cash flow to shareholders through dividends or buy-backs.
• Robust first quarter of 2025 with 10,013 ounces of gold production. Production guidance of between
44,000 and 47,000 ounces of gold for the 2025 calendar year.
• Serabi is targeting production of 60,000 ounces by 2026 and aiming to be a +100,000 ounces producer
thereafter through its 2025 and 2026 brownfield exploration programmes.
Key Financial Information
SUMMARY FINANCIAL STATISTICS FOR THE THREE AND TWELVE MONTHS ENDING 31 DECEMBER 2024
12 months to
31 Dec 2024
US$
3 months to
31 Dec 2024
US$
12 months to
31 Dec 2023
US$
3 months to
31 Dec 2023
US$
Revenue 94,536,392 24,245,751 63,707,468 15,810,204
Cost of Sales (50,710,007) (10,869,204) (43,414,739) (10,581,049)
Gross Operating Profit 43,826,385 13,376,547 20,292,729 5,229,155
Administration and share based payments (7,966,166) (2,237,807) (6,508,543) (1,806,076)
EBITDA 35,860,219 11,138,740 13,784,186 3,423,079
Depreciation and amortisation charges (4,273,324) (976,001) (6,239,556) (1,257,370)
Operating profit before finance and tax 31,586,895 10,162,739 7,544,630 2,165,709
Profit/(loss) after tax 27,819,718 9,982,497 6,575,612 1,954,833
Earnings per ordinary share (basic) 36.73 cents 13.18 cents 8.68 cents 2.58 cents
Average gold price received US$2,407 US$2,670 US$1,945 US$1,972
PRESS RELEASE 30 APRIL 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
As at
31 December
2024
As at
31 December
2023
Cash and cash equivalents 22,183,049 11,552,031
Net funds 16,231,293 4,998,723
Net assets 104,181,654 92,792,049
Cash Cost and All-In Sustaining Cost (“AISC”)
12 months to
31 December
2024
3 months to
31 December
2024
12 months to
31 December
2023
3 months to
31 December
2023
Gold production for cash cost and AISC
purposes 37,520 ozs 10,022 ozs 33,152 ozs 7,891 ozs
Total Cash Cost of production (per ounce) US$1,326 US$1,169 US$1,300 US$1,343
Total AISC of production (per ounce) US$1,700 US$1,512 US$1,635 US$1,721
Colm Howlin, CFO of Serabi commented,
“2024 was another significant year of progress for the Group with gold production of 37,520 ounces,
permitting progress at Coringa with the renewal for three years of the trial mining permit, the successful
build and commissioning of the Coringa classification plant and the issuing of a new Technical R eport for
the Coringa mine with 180,000 ounces of Measured and Indicated Resources. More importantly, despite
continued development of the Coringa mine with increased activity at the Serra vein, as well as the portal
and ramp development commen cing at the Meio vein, cash has also improved, with cash almost doubling,
increasing by $10.6 million from $11.6 million at 31st December 2023 to $22.2 million at 31st December 2024.
The Group has started 2025 positively with an excellent first quarter being recorded with cash balances
further increasing to $26.5 million as at 31st March 2025.
During 2024 cash generated from operations and after capitalised mine development expenditure was $22.6 million,
a significant improvement on the net cash inflow of $7.7 million in 2023.
While gold production improved by 13 percent year on year, sales revenue was up by almost 48 percent as a result
of the strengthening of the gold price during 2024 with the average gold price achieved during 2024 being up 24
percent in comparison to the previous year. At the same time, total operating expenses only increased by 10 percent
resulting in Post-Tax Profit being up by $21.2 million, a 321 percent increase, and EBITDA of $35.9 million being up
by $22.1 million, a 160 percent improvement year on year.
Twelve months ago, we communicated that 2024 would be another year of investment for the Group as we sought
to continue development of the Coringa mine as well as installing and commissioning the classification plant at the
Coringa mine. We completed both of these long-term project plans within the planned timelines and under budget
which is a great reflection on our entire Operations team. This will allow us to increase production in 2025 to our
target of 44,000 - 47,000 ounces with the increase in produc tion primarily attributable to Coringa, a direct result of
the development work performed over the last 24 months.
The Group currently has a strong balance sheet with no long-term debt and only a short-term working capital facility
with a local bank in Brazil of $5.0 million. With $22.2 million cash in bank at the end of 2024 which increased to $26.5
million at the end of first quarter of 2025, the aim of the Group is to use this money as effectively as possible during
2025 to bring value to all of our shareholder s and we are actively researching and planning the best way to deploy
this cash.
Production for the first quarter of 2025 was positive with over 10,000 ounces produced and $4.3 million added to our
bank balance. This strong operational performance together with the commencement of an exciting exploration
programme involving two diamond drill rigs at both the Palito Complex and the Coringa mine means the future for
the Group is looking very exciting.
PRESS RELEASE 30 APRIL 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
2024 was a year for investment and development and we will continue to look at both organic and inorganic growth
opportunities which should help the Group fulfil its potential of moving from the junior mining space into becoming a
mid-tier producer in the medium term.”
Statement from the Chair of Serabi, Michael Lynch-Bell:
Dear Shareholders,
“Whilst 2024 was a remarkable year for Serabi, I am pleased to report that the momentum in our growth has
continued into 2025, as the Company remains on track to execute its growth strategy, ramping up annual
production to a potential run rate of 60,000 oz per annum by 2026 year -end and ultimately growing into a
+100,000 oz per annum producer thereafter through our 2025 and 2026 brownfield exploration programmes
at the Palito Complex and Coringa.
Serabi kicked off the year with the announcement of the renewal of the 3 -year GU trial mining license, a testament
to the support from the Brazilian National Mining Agency - Agência Nacional de Mineração (“ANM”) and the state
environmental agency - Secretaria de Meio Ambiente e Sustentabilidade (“SEMAS”), which from a permitting
perspective, underpins our ability in achieving the 60,000 oz per annum run rate target for 2026. Alongside this, we
remain in pursuit of the Installation License (“LI”) at Coringa, which awaits final acceptance of the indigenous impact
study (“ECI”) by Fundação Nacional dos Povos Indígenas (“FUNAI”), the government agency for the indigenous
population.
I am pleased to report that the progress in the ramp up of Coringa did not end there. Our operations team were able
to install and commission the crusher and ore sorter (“Classification Plant”) within a span of 10 months. Additionally,
the Company published an updated Preliminary Economic Assessment for the Coringa Mine outlining the economics
of utilising the Classification Plant at Coringa with preconcentrated ore being processed at the Palito Complex. This
demonstrated improved economics in comparison to building a stand-alone processing plant as contemplated in our
2019 Preliminary Economic Assessment. Dependent on the success of Phase 2 of our growth strategy, which has
the goal of delineating a consolidated resource of 1.5 - 2.0 million ounces of gold with our upcoming brownfield drill
programme, we will maintain the optionality of constructing a stand-alone processing plant in the future.
I commend the management team for increasing production 13% year -over-year. The production growth continues
well into 2025 as guidance was issued by management at 44,000 to 47,000 oz, demonstrating the focus of the
management team to execute our growth strategy.
The macroeconomic backdrop during 2024 resulted in a rise in the price of gold, reaching record highs, a trend that
has continued into 2025. Interest rate cuts by the US Federal Reserve, geopolitical uncertainty in Eastern Europe
and the Middle East, the U S Presidential Election, increased global central bank demand for gold, and market
volatility all contributed to a higher-than-expected realised gold price at Serabi.
Significant free cash flow generation contributed to a strengthening balance sheet, as cash grew during the year,
after the capital investment for the installation and commissioning of the Classification Plant and underground
development at Coringa. At the date of this report, the price of gold has maintained its elevated levels with multiple
market analysts calling for additional increases to the price of gold in 2025. Whilst I do not possess a crystal ball, our
operations remain robust at current gold pri ce level s and given we don’t have any significant capital investment
required for the year, one can reasonably expect the cash flow generation of our operations to remain strong.
Our stand-alone strategy envisions growing the Palito Complex and Coringa into a consolidated +100,000 oz per
annum producer, however, we remain amenable to inorganic growth opportunities, continuing to utilise a disciplined
approach to M&A. While we do not intend to pay a dividend in respect of our 2024 results, the Board announce
Serabi’s policy going forward will be to target returns to shareholders through dividends or share buyback
programmes of up to 20% to 30% of the Group’s free cash flow, defined as net cash generated from operating
activities less sustaining capital ex penditure and necessary brownfield exploration. This reflects our confidence in
the business, our commitment to delivering long-term value and our balanced capital allocation strategy.
Whilst we believe that the best use of surplus cash in the short-term would be to further drive organic growth, we will
continue to evaluate investment opportunities and risk against shareholder return strategies .
PRESS RELEASE 30 APRIL 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
On 31 December 2024, we bid farewell to Clive Line, who served Serabi for over 20 years. I would like to extend my
thanks for his significant contributions to the Company and wish him the best of luck in his future endeavours. Colm
Howlin, who was appointed to the role of Chief Financial Officer on 31 December 2024, to replace Clive Line, joined
the Board on 25 April 2025. In April 2025, we have had personnel changes at the Board of Directors. I would like to
express sincere gratitude to Mark Sawyer and Carolina Margozzini for their significant contributions to Serabi during
their tenure and wish them well on all of their future endeavours.
My tenure as the Chair of Serabi continues to be exciting. Having joined the Board in August 2022, I remain pleased
to be part of the transformation the Board and management have envisioned. Whilst I have no doubt there may be
challenges which lie ahead, I do believe there are many reasons to remain confident and optimistic for the future of
Serabi. The remainder of the year will be significant for Serabi, as we embark on Phase 2 of our growth strategy and
plan for positive drilling success through our brow nfield drill programme. I hope that I will be able to report further
positive progress at the Annual General Meeting to be held in June and over the rest of the year.
My continuing thanks to the efforts from the management team and our employees and for the support of my fellow
Board members.
Michael D Lynch-Bell
Chair
30 April 2025
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 Colm Howlin, Director.
Enquiries
SERABI GOLD plc
Michael Hodgson t +44 (0)20 7246 6830
Chief Executive m +44 (0)7799 473621
Colm Howlin
Chief Financial Officer m +353 89 6078171
Andrew Khov m +1 647 885 4874
Vice President, Investor Relations &
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 / Georgia Langoulant 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 30 APRIL 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 Report
The Annual Report has been published by the Company on its website at www.serabigold.com and printed copies
are expected to be available before 31 May 202 5. Additional copies will be available to the public, free of charge,
from the Company's offices at The Long Barn, Cobham Park Road, Downside, Surrey, KT11 3NE and will be
available to download from the Company’s website at www.serabigold.com.
The data included in the selected annual information tables below is taken from the Company’s annual audited
financial statements for the year ended 31 December 202 4, which were prepared in accordance with international
accounting standards in conformity with the requirements of the Companies Act 2006. The Parent Company financial
statements have also been prepared in accordance with those parts of the Companies Act 2006 applicable to
companies reporting under International Financial Reporting Standards (“ IFRS”).
The audited financial statements for the year ended 31 December 2024 will be presented to shareholders for adoption
at the Annual General Meeting of the Company’s shareholders and filed with the Registrar of Companies.
The following information, comprising, the Income Statement, the Group Balance Sheet, Group Statement of
Changes in Shareholders’ Equity, and Group Cash Flow, is extracted from these financial statements.
PRESS RELEASE 30 APRIL 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
Statement of Comprehensive Income
For the year ended 31 December 2024
Group
For the year
ended
31
December
2024
For the year
ended
31
December
2023
Notes US$ US$
Revenue from continuing operations 94,536,392 63,707,468
Cost of sales (50,940,007) (43,184,739)
Stock impairment provision 230,000 (230,000)
Depreciation and amortisation charges (4,273,324) (6,239,556)
Total cost of sales (54,983,331) (49,654,295)
Gross operating profit 39,553,061 14,053,173
Administration expenses (7,442,698) (6,492,165)
Share-based payments (248,911) (197,344)
Gain on disposal of fixed assets (274,557) 180,966
Operating profit 31,586,895 7,544,630
Foreign exchange gain (1,515,370) 174,105
Other income – exploration receipts 5 331,144 4,680,414
Other expenses – exploration expenses 5 (299,612) (4,339,554)
Finance expense 6 (674,399) (739,245)
Finance income 6 2,848,358 847,523
Profit before taxation 32,277,016 8,167,873
Income tax expense 7 (4,457,298) (1,592,261)
Profit for the period(1) 27,819,718 6,575,612
Other comprehensive income (net of tax)
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations (16,679,024) 4,496,030
Total comprehensive profit for the period(1) 11,140,694 11,071,642
Earnings per ordinary share (basic) (1) 8 36.73 8.68c
Earnings per ordinary share (diluted) (1) 8 36.73 8.68c
(1) The Group has no non-controlling interests, and all losses are attributable to the equity holders of the parent
company
PRESS RELEASE 30 APRIL 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
Balance Sheet as at 31 December 2024
Group
At 31 December
2024
At 31 December
2023
US$ US$
Non-current assets
Deferred exploration costs 18,839,836 20,499,257
Property, plant and equipment 53,593,723 53,340,903
Right of use assets 4,287,020 5,316,330
Taxes receivable 6,246,352 4,653,063
Deferred taxation 1,878,081 1,791,983
Total non-current assets 84,845,012 85,601,536
Current assets
Inventories 13,115,648 12,797,951
Trade and other receivables 2,533,450 2,858,072
Prepayments 2,220,463 2,320,256
Derivative financial assets — 115,840
Cash and cash equivalents 22,183,049 11,552,031
Total current assets 40,052,610 29,644,150
Current liabilities
Trade and other payables 9,695,560 8,626,292
Interest-bearing liabilities 5,841,804 6,403,084
Accruals 419,493 649,225
Total current liabilities 15,956,857 15,678,601
Net current assets 24,095,753 13,965,549
Total assets less current liabilities 108,940,765 99,567,085
Non-current liabilities
Trade and other payables 2,809,243 3,960,920
Provisions 1,839,916 2,663,892
Interest-bearing liabilities 109,952 150,224
Total non-current liabilities 4,759,111 6,775,036
Net assets 104,181,654 92,792,049
Equity
Share capital 11,213,618 11,213,618
Share premium reserve 36,158,068 36,158,068
Share incentive reserve 221,613 175,573
Other reserves 19,486,684 15,960,006
Translation reserve (78,459,765) (61,780,741)
Retained surplus 115,561,436 91,065,525
Equity shareholders’ funds
attributable to owners of the parent
104,181,654 92,792,049
PRESS RELEASE 30 APRIL 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
Statements of Changes in Shareholders’ Equity
For the twelve month period ended 31 December 2024
Group
Share
capital
Share
premium
Share
incentive
reserve
Other
reserves
Translation
reserve
Retained
surplus Total equity
US$ US$ US$ US$ US$ US$ US$
Equity shareholders’
funds at 31 December
2022
11,213,618 36,158,068 1,324,558 14,459,255 (66,276,771) 84,644,335 81,523,063
Foreign currency
adjustments – – – – 4,496,030 – 4,496,030
Profit for year – – – – – 6,575,612 6,575,612
Total comprehensive
income for the year – – – – 4,496,030 6,575,612 11,071,642
Transfer to taxation reserve – – – 1,500,751 – (1,500,751) –
Share based incentives
lapsed in period – – (1,346,329) – – 1,346,329 –
Share based incentive
expense – – 197,344 – – – 197,344
Equity shareholders’
funds at 31 December
2023
11,213,618 36,158,068 175,573 15,960,006 (61,780,741) 91,065,525 92,792,049
Foreign currency
adjustments – – – – (16,679,024) (16,679,024)
Profit for year – – – – 27,819,718 27,819,718
Total comprehensive
income for the year – – – – (16,679,024) 27,819,718 11,140,694
Transfer to taxation reserve – – – 3,526,678 – (3,526,678) –
Share based incentives
lapsed in period – – (202,871) – – 202,871 –
Share based incentive
expense – – 248,911 – – – 248,911
Equity shareholders’
funds at 31 December
2024
11,213,618 36,158,068 221,613 19,486,684 (78,459,765) 115,561,436 104,181,654
Other reserves comprise a merger reserve of US$361,461 and a taxation reserve of US$19,125,223 (2023: merger reserve of
US$361,461 and taxation reserve of US$15,598,545).