The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
PRESS RELEASE 28 NOVEMBER 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
Unaudited interim results for the three and nine-month periods ended 30 September 2025
Serabi (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is
pleased to release its unaudited interim results for the three and nine-month periods ended 30 September
2025 (all currency amounts are expressed in US Dollars unless otherwise stated).
HIGHLIGHTS
• Gold production for the first nine months of 2025 of 32,634 ounces (corresponding nine-month period of 2024: 27,499
ounces), positioning the Company on track for full year guidance, with record Q3 production of 12,090 ounces.
• Cash held at 30 September 2025 of $38.8 million (31 December 2024: $22.2 million).
• Net cash at quarter-end (after interest bearing loans and lease liabilities) of $33.0 million (Q2-2025: $24.6 million).
• EBITDA for the nine-month period of $48.2 million (corresponding nine-month period of 2024: $24.7 million).
• Post-tax profit for the nine-month period of $34.9 million (corresponding nine-month period of 2024: $17.8 million).
• Profit per share of 46.10 cents (corresponding nine-month period of 2024: 23.55 cents).
• Net cash inflow from operations for the nine-month period (after mine development expenditure of $4.1 million) of
$34.3 million (corresponding nine-month period of 2024: $18.2 million inflow, after mine development expenditure of
$4.9 million).
• Average gold price of $3,244 per ounce received on gold sales during the nine-month period (corresponding nine-
month period of 2024: $2,338).
• Cash Cost for the nine-month period to 30 September 2025 of $1,429 per ounce (corresponding nine-month period of
2024: $1,405 per ounce).
• All-In Sustaining Cost for the nine-month period to 30 September 2025 of $1,816 per ounce (corresponding nine-month
period of 2024: $1,790 per ounce).
The full interim statements together with commentary can be accessed on the Company’s website using the following LINK.
YTD Q3-2025 YTD Q3-2024 Change %
Gold production (oz) 32,634 27,499 +19%
EBITDA ($m) $48.2 $24.7 +95%
Cash in flow ($m) $34.3 $18.2 +88%
EPS ($c) 46.10 23.55 +96%
AISC ($/oz) $1,816 $1,790 +1%
Colm Howlin, CFO, Commented
“The nine months to 30 September 2025 have delivered strong financial and operational performance for the Company placing
us firmly on track to meet full -year guidance . Gold production for the year to date totalled 32,634 ounces, a 19% increase
compared with the same period of 2024.
The continued strong operational performance combined with higher average gold prices has driven a 95% year-on-year increase
in EBITDA to $48.2 million and the Company closed the quarter with a cash balance of $38.8 million, up from $22.2 million at 31
December 2024. Net cash inflow from operations for the nine -month period, after mine development expenditure of $4.1 million,
was $34.3 million, highlighting the strong cash-generating capacity of the business.
All-In Sustaining Cost (AISC) averaged $1,816 per ounce for the period, reflecting the impact of ongoing development investment
and inflationary cost pressures. We continue to strengthen our balance sheet with margins remaining robust, supported by firm
gold prices, higher production volumes, and disciplined cost control.
PRESS RELEASE 28 NOVEMBER 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
Post-tax profit for the nine months was $34.9 million, equating to earnings of 46.10 cents per share, compared with $17.8 million
and 23.55 cents per share in 2024.
In parallel, exploration and resource development drilling continued across both the Palito Complex and Coringa, with
approximately 27,937 metres completed year to date. Early results are encouraging, supporting the Company’s objective of
increasing resources to the 1.5-2.0Moz range in the oncoming years as part of Phase 2 of our growth strategy.
With strong cash generation, a solid balance sheet, and a clear focus on operational excellence, the Company remains well
positioned to close 2025 with continued momentum and to deliver further growth into 2026.”
Overview of the financial results
In the first nine months of 2025, the Group has reported revenue and operating costs related to the sale of 32,106 ounces (32,634
ounces produced). This compares to sales reported of 28,912 ounces in the first nine months of 2024. Reported revenues and
costs reflect the ounces sold in each period and as a result total costs for the nine-month period are higher than for the
corresponding period of 2024.
On 7 January 2024, the Group completed a $5.0 million unsecured loan arrangement with Brazilian bank Itau which carried a
fixed interest coupon of 8.47 per cent. The loan was repaid as a bullet payment on 6 January 2025. On 22 January 2025, the
Group completed a further $5.0 million unsecured loan arrangement with a different Brazilian bank (Santander) which carries a
fixed interest coupon of 6.16 per cent. This loan is repayable on 16 January 2026. The Company had a net cash balance at the
end of Q3-2025 (after interest bearing loans and lease liabilities) of $33.0 million (31 December 2024: net cash $16.2 million).
The ore sorter at Coringa has now been operational for nine months and has performed exceptionally during this period. Benefiting
from favourable economics, the ore sorter has been utilised to process low -grade ore that had been stockpiled since the
commencement of operations at the mine, while higher-grade ROM has continued to be transported directly to the Palito Complex
plant. As a result of this approach, gold production from Coringa is expected to exceed the original plan for the year.
Key Financial Information
SUMMARY FINANCIAL STATISTICS FOR THE THREE AND NINE-MONTHS ENDING 30 SEPTEMBER 2025
9 months to
30 September
2025
US$
(unaudited)
9 months to
30 September
2024
US$
(unaudited)
3 months to
30 September
2025
US$
(unaudited)
3 months to
30 September
2024
US$
(unaudited)
Revenue 104,524,009 70,290,641 41,996,366 27,626,034
Cost of sales (48,152,798) (39,840,803) (17,620,959) (14,160,734)
Gross operating profit 56,371,211 30,449,838 24,375,407 13,465,300
Administration and share based payments (8,178,467) (5,728,359) (2,517,931) (1,719,359)
EBITDA 48,192,744 24,721,479 21,857,476 11,745,941
Depreciation and amortisation charges (6,475,006) (3,297,323) (2,795,451) (1,056,517)
Operating profit before finance and tax 41,717,738 21,424,156 19,062,025 10,689,424
Profit after tax 34,914,606 17,837,221 15,985,655 8,615,387
Earnings per ordinary share (basic) 46.10c 23.55c 21.11c 11.38c
Average gold price received (US$/oz) US$3,244 US$2,338 US$3,501 US$2,478
PRESS RELEASE 28 NOVEMBER 2025
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 f +44 (0)20 7246 6831 e [email protected] www.serabigold.com not amount to an invitation or inducement to
Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
As at
30 September
2025
US$
(unaudited)
As at
31 December
2024
US$
(audited)
Cash and cash equivalents 38,772,337 22,183,049
Net funds (after finance debt obligations) 33,070,053 16,341,245
Net assets 154,314,145 104,181,654
Cash Cost and All-In Sustaining Cost (“AISC”)
9 months to
30 September
2025
9 months to
30 September
2024
12 months to
31 December
2024
Gold production for cash cost and AISC
purposes 32,634 ozs 27,499 ozs 37,520 ozs
Total Cash Cost of production (per ounce) US$1,429 US$1,405 US$1,326
Total AISC of production (per ounce) US$1,816 US$1,790 US$1,700
About Serabi Gold plc
Serabi Gold plc is a gold exploration, development and production company focused on the prolific Tapaj ós 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.
PRESS RELEASE 28 NOVEMBER 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
Enquiries
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 / Fergus Young t +44 (0)20 3757 4980
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 35 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.
See www.serabigold.com for more information and follow us on twitter @Serabi_Gold
PRESS RELEASE 28 NOVEMBER 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
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 the unaudited interim financial statements for the three and nine
months to 30 September 2025.
Statement of Comprehensive Income
For the three and nine-month periods ended 30 September 2025.
For the three months ended For the nine months ended
30 September
2025
30 September
2024
30 September
2025
30 September
2024
(expressed in US$) Notes (unaudited) (unaudited) (unaudited) (unaudited)
CONTINUING OPERATIONS
Revenue 41,996,366 27,626,034 104,524,009 70,290,641
Cost of sales (17,620,959) (14,160,734) (48,152,798) (39,840,803)
Depreciation and amortisation charges (2,795,451) (1,056,517) (6,475,006) (3,297,323)
Total cost of sales (20,416,410) (15,217,251) (54,627,804) (43,138,126)
Gross profit 21,579,956 12,408,783 49,896,205 27,152,515
Administration expenses (2,695,260) (1,679,357) (8,239,877) (5,484,788)
Share-based payments (89,232) (65,010) (293,260) (183,902)
Gain on asset disposals 266,561 25,008 354,670 (59,669)
Operating profit 19,062,025 10,689,424 41,717,738 21,424,156
Other income – exploration receipts 2 — — — 351,186
Other expenses – exploration expenses 2 — — — (317,746)
Foreign exchange (loss)/gain (21,403) 129,429 86,602 (690,927)
Finance expense 3 (125,596) (127,729) (354,065) (438,032)
Finance income 3 268,694 109,262 677,996 345,727
Profit before taxation 19,183,720 10,800,386 42,128,271 20,674,364
Income tax expense 4 (3,198,065) (2,184,999) (7,213,665) (2,837,143)
Profit after taxation 15,985,655 8,615,387 34,914,606 17,837,221
Other comprehensive income (net of tax)
Exchange differences on translating foreign
operations 3,128,112 808,689 15,009,804 (7,374,025)
Total comprehensive profit / (loss) for the
period(1) 19,113,767 9,424,076 49,924,410 10,463,196
Profit per ordinary share (basic) 5 21.11c 11.38c 46.10c 23.55c
Profit per ordinary share (diluted) 5 21.11c 11.38c 46.10c 23.55c
(1) The Group has no non-controlling interests and all profits are attributable to the equity holders of the Parent Company
PRESS RELEASE 28 NOVEMBER 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
Balance Sheet as at 30 September 2025
(expressed in US$)
As at
30 September
2025
(unaudited)
As at
30 September
2024
(unaudited)
As at
31 December
2024
(audited)
Non-current assets
Deferred exploration costs 27,985,884 20,211,858 18,839,836
Property, plant and equipment 72,750,486 56,310,566 53,593,723
Right of use assets 5,680,426 4,928,263 4,287,020
Taxes receivable 8,106,612 7,110,445 6,246,352
Deferred taxation 3,670,994 1,903,307 1,878,081
Total non-current assets 118,194,402 90,464,439 84,845,012
Current assets
Inventories 16,739,178 12,338,958 13,115,648
Trade and other receivables 4,831,280 2,100,956 2,533,450
Prepayments and accrued income 4,106,439 1,633,602 2,220,463
Cash and cash equivalents 38,772,337 20,029,407 22,183,049
Total current assets 64,449,234 36,102,923 40,052,610
Current liabilities
Trade and other payables 15,903,235 10,672,705 9,695,560
Interest bearing liabilities 5,702,284 5,886,714 5,841,804
Accruals 901,515 431,716 419,493
Total current liabilities 22,507,034 16,991,135 15,956,857
Net current assets 41,942,200 19,111,788 24,095,753
Total assets less current liabilities 160,136,602 100,131,973 109,576,227
Non-current liabilities
Trade and other payables 1,857,937 3,676,181 2,809,243
Provisions 3,222,732 2,325,573 1,839,916
Interest bearing liabilities 741,788 135,326 109,952
Total non-current liabilities 5,822,457 6,137,080 4,759,111
Net assets 154,314,145 103,439,147 104,181,654
Equity
Share capital 11,213,618 11,213,618 11,213,618
Share premium reserve 36,158,068 36,158,068 36,158,068
Option reserve 447,460 359,475 221,613
Other reserves 22,839,025 17,609,380 19,486,684
Translation reserve (63,483,475) (69,154,766) (78,459,765)
Retained surplus 147,139,449 107,253,372 115,561,436
Equity shareholders’ funds 154,314,145 103,439,147 104,181,654
PRESS RELEASE 28 NOVEMBER 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
Statements of Changes in Shareholders’ Equity
For the nine-month period ended 30 September 2025
(expressed in US$)
(unaudited)
Share
capital
Share
premium
Share option
reserve
Other
reserves (1)
Translation
reserve
Retained
Earnings Total equity
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 — — — — (7,374,025) — (7,374,025)
Profit for the period — — — — — 17,837,221 17,837,221
Total comprehensive income for
the period — — — — (7,374,025) 17,837,221 10,463,196
Transfer to taxation reserve — — — 1,649,374 — (1,649,374) —
Share incentives expense — — 183,902 — — — 183,902
Equity shareholders’ funds at
30 September
2024
11,213,618 36,158,068 359,475 17,609,380 (69,154,766) 107,253,372 103,439,147
Foreign currency adjustments — — — — (9,304,999) — (9,304,999)
Profit for the period — — — — — 9,982,497 9,982,497
Total comprehensive income for
the period — — — — (9,304,999) 9,982,497 677,498
Transfer to taxation reserve — — — 1,877,304 — (1,877,304) —
Share based incentives lapsed in
period — — (202,871) — — 202,871 —
Share option expense — — 65,009 — — — 65,009
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
Foreign currency adjustments — — — — 14,976,290 — 14,976,290
Profit for the period — — — — — 34,914,606 34,914,606
Total comprehensive income for
the period — — — — 14,976,290 34,914,606 49,890,896
Transfer to taxation reserve — — — 3,352,341 — (3,352,341) —
Share option expense — — 293,260 — — — 293,260
Share options settled in period — — (51,665) — — — (51,665)
Share based incentives lapsed in
period — — (15,748) — — 15,748 —
Equity shareholders’ funds at
30 September
2025
11,213,618 36,158,068 447,460 22,839,025 (63,483,475) 147,139,449 154,314,145
(1) Other reserves comprise a merger reserve of US$361,461 and a taxation reserve of US$22,477,564 (31 December 2024: merger reserve of
US$361,461 and a taxation reserve of US$19,125,223).
PRESS RELEASE 28 NOVEMBER 2025
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 f +44 (0)20 7246 6831 e [email protected] www.serabigold.com not amount to an invitation or inducement to
Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
Condensed Consolidated Cash Flow Statement
For the three and nine-month periods ended 30 September 2025
For the three months
ended
30 September
For the nine months
ended
30 September
2025 2024 2025 2024
(expressed in US$) (unaudited) (unaudited) (unaudited) (unaudited)
Operating activities
Post tax profit for period 15,985,655 8,615,387 35,451,763 17,837,221
Depreciation – plant, equipment and mining properties 2,795,451 1,056,517 6,475,006 3,297,323
Net financial expense/(income) (121,695) (110,962) (410,533) 749,792
Provision for taxation 3,198,065 2,184,999 7,213,665 2,837,143
Gain / (loss) on disposals (266,561) (25,008) (354,670) 59,669
Share-based payments 89,232 65,010 293,260 183,902
Taxation paid (2,057,272) (347,589) (7,526,271) (789,287)
Interest paid (33,789) (10,091) (447,174) (39,599)
Foreign exchange (loss) / gain 18,255 (291,702) 369,194 (343,986)
Changes in working capital
(Increase)/decrease in inventories (657,797) 217,474 (2,342,867) (1,049,888)
(Increase)decrease in receivables, prepayments and
accrued income (4,030,722) 1,238,492 (5,320,287) (1,002,244)
Increase in payables, accruals and provisions 1,027,939 979,209 4,937,192 1,384,012
Net cash inflow from operations 16,476,761 13,571,736 38,338,278 23,124,058
Investing activities
Purchase of property, plant and equipment and assets in
construction (2,275,094) (2,219,242) (5,996,314) (6,231,132)
Mine development expenditure (1,347,803) (1,977,182) (4,077,333) (4,913,351)
Geological exploration expenditure (2,219,836) (922,400) (6,012,583) (1,835,856)
Pre-operational project costs (2,895,281) (393,044) (7,057,868) (865,728)
Proceeds from sale of assets 267,014 21,474 363,774 73,955
Interest Received 268,694 109,262 677,996 338,895
Net cash outflow on investing activities (8,202,306) (5,381,132) (22,102,328) (13,433,217)
Financing activities
Receipt of short-term loan — — 5,000,000 5,000,000
Repayment of short-term loan — — (5,153,577) (5,000,000)
Payment of finance lease liabilities (54,387) (210,366) (294,854) (708,816)
Net cash (outflow)/inflow from financing activities (54,387) (210,366) (448,431) (708,816)
Net increase/(decrease) in cash and cash equivalents 8,220,068 7,980,238 15,787,519 8,982,025
Cash and cash equivalents at beginning of period 30,432,470 12,041,017 22,183,049 11,552,031
Exchange difference on cash 119,799 8,152 801,769 (504,649)
Cash and cash equivalents at end of period 38,772,337 20,029,407 38,772,337 20,029,407