SBI.TO · 2025-06-06 12:00:00

The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does

Corporate Updates

PRESS RELEASE 6 JUNE 2025

SERABI GOLD plc (“Serabi” or “the Company”)

SERABI GOLD PLC

t +44 (0)20 7246 6830 f +44 (0)20 7246 6831 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

Vesting and settlement of 2022 Conditional Share Awards and Notification of

transactions by persons discharging managerial responsibilities

Serabi announces that on 5 June 2025 the Board of Directors approved the vesting of Conditional Share Awards that

had been gran ted for the 2022 calendar year pursuant to the Company’s Long Term Incentive Plan (“LTIP”). In

aggregate a total of 48 2,528 new ordinary shares (“the 2022 Awards”) were calculated as being due to vest to

participants under the LTIP. The Board has assessed the level of performance compared with the targets for Total

Shareholder Return, Return on Capital Employed and Return of Sales over the requisite three-year period.

The terms of the Serabi 2020 Restricted Share Plan (the “2020 Plan”) under which the 2022 Awards were granted,

require that awards are subject to a three -year performance period during which time certain performance criteria

stipulated by the Board must be attained. In respect of the vesting of the 2022 Awards these were initially granted

in respect of the calendar year 2022 and for which the measurement period was the 3 calendar years of 2022, 2023

and 2024

The performance criteria and minimum thresholds that were required to be achieved over the entirety of the three -

year period were as follows:

• 40% of the award is subject to Total Shareholder Return, (where t here 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 Employed (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 (where ROS must exceed average annual budget

by 10 per cent or more).

The Board has , in light of the strong cash position of the Group and its desire to minimise the issuance of new

ordinary shares, elected, in accordance with the rules of the 2020 Plan, to settle by way of a cash payment the value

of the 2022 Awards that are due. The cash settlement has been determined by reference to the 20 Day VWAP price

of the Ordinary Shares of the Company as at 5 June 2025 of £1.52, the date immediately prior to this announcement.

In aggregate, 224,576 and 69,050 Conditional Share Awards which were otherwise due to vest to each of Mr

Hodgson and Mr Howlin respectively will therefore be settled by a cash payment of £341, 356 and £104 ,956

respectively from which the Company will make deduction of applicable taxes. The Board prioritises aligning the

directors’ and shareholders’ interests and demonstrating their commitment to the business and Mike

Hodgson has informed the Board that he has purchased 45,000 shares on 5 June 2026 through a market purchase

at a price of £1.69. Mr Hodgson now beneficially holds 135,066 Ordinary Shares in the Company representing 0.18%

of the issued shares in the Company.

PRESS RELEASE 6 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 f +44 (0)20 7246 6831 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

This announcement is made in accordance with the requirements of the UK Market Abuse Regulation. The

notification of dealing forms can be found below.

Details of the person discharging managerial responsibilities / person closely

associated

Name

Michael Hodgson

Reason for the notification

Position/status

PDMR - Chief Executive Officer

Initial notification

/Amendment

Initial Notification

Details of the issuer, emission allowance market participant, auction platform,

auctioneer or auction monitor

Name

Serabi Gold plc

LEI

213800LTYC1HF9RTUE37

Details of the transaction(s): section to be repeated for (i) each type of instrument;

(ii) each type of transaction; (iii) each date; and (iv) each place where transactions

have been conducted

Description of the financial

instrument, type of instrument

Identification code

Ordinary shares of one penny each

GB00BG5NDX91

Nature of the transaction

Purchase of shares

Price(s) and volume(s)

Price(s)

Volume(s)

169.17 pence 45,000

Aggregated information

- Aggregated volume

- Price

N/a single transaction

Date of the transaction

5 June 2025

Place of the transaction

London Stock Exchange

PRESS RELEASE 6 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 f +44 (0)20 7246 6831 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

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 Gold

project. 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

Michael Hodgson t +44 (0)20 7246 6830

Chief Executive m +44 (0)7799 473621

Andrew Khov m +1 647 885 4874

VP Investor Relations & Business Development

e [email protected]

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.

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.

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