The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
PRESS RELEASE 23 JULY 2026
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
Reports Q2-2026 Production & Operational Highlights
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 production results and operating
highlights for Q2-2026 (all financial amounts are expressed in U.S. dollars unless otherwise indicated).
Q2-2026 OPERATIONAL HIGHLIGHTS
• Quarterly gold production of 11,007 ounces, a 5% increase from Q2-2025.
• Cash as of 30 June 2026 of $65.7 million vs $64.4 million as of 31 March 2026.
o Company remains debt free; having repaid $5.3 million to Banco Santander in Brazil during Q1-
2026.
• Installation of the 4th ball mill at Palito Complex progressing on time and budget, expected to be operational
by Q4-2026 and will increase annual processing throughput to 330ktpa in 2027.
• The full transition from selective open stoping to mechanised sublevel stoping at Coringa remains on track
for Q4-2026.
• Coringa Mine currently operates under a 3-year GUIA licence which expires on January 29, 2027.
o Discussions are ongoing with the Agência Nacional de Mineração (“ANM”), regarding the possible
extension of the current GUIA.
• For the full mining licenc e (“LI”) at Coringa, the Company requires a change of land use approval from the
Instituto Nacional de Colonização e Reforma Agrária (“INCRA”) as well as the approval of the Estudo de
Componente Indígena (“ECI”) from FUNAI, which are both progressing well.
o Successful site visit by the local Indigenous communities to Coringa occurred on July 17, 2026.
o Change of land use is in the final stage, requiring approvals by INCRA at the state and federal levels.
• Based on the assumption that the LI will be awarded by Q4- 2026, the Company remains on track to deliver
FY2026 consolidated production in excess of a record 53,000 ounces gold.
Mike Hodgson, CEO of Serabi, commented:
“Serabi delivered a solid second quarter with over 11,000 ounces of gold produced, taking our first half total gold
production to over 23,000 ounces. This performance was broadly in line with budget with quarterly production
expected to increase in the second half of the year. Despite lower realised gold prices in Q2, development of the
Galena and Serra South zone at Coringa and approximately $4 million of one-time G&A and tax charges, Serabi
ended the quarter with an increased cash balance of $66 million following record cash generation in Q1 while
maintaining a debt-free balance sheet.
Operationally, Coringa continued to perform strongly, with milled grades of 7.41g/t gold. The move to mechanized
sublevel open stoping method has continued, which the Company anticipates will be complete by year end bringing
benefits to cost, output and safety. Development of the third zone at Coringa, Galena, is advancing well. A fourth
zone at Coringa, Serra South, which was a significant discovery from the 2025 brownfield exploration programme,
had development initiated during the quarter. At Palito Complex, production was impacted by milled grades
averaging 5.26 g/t Au YTD, compared to over 6 g/t Au in FY2025. Activity continued across several established
zones, with development focused on G3. Stoping is expected to recommence at G3 in the second half, which should
support improved grades and production.
We continue to make steady progress on the LI at Coringa. The LI is issued by SEMAS, the state environmental
agency, who in turn are awaiting two approvals; the ‘change of land use’ from the land registry body, INCRA which
has been technically approved at both state and federal levels and now awaits final legal sign off. The second
approval required by SEMAS is from FUNAI, the Indigenous government agency, who need to protocol the approval
PRESS RELEASE 23 JULY 2026
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
of the Estudo de Componente Indígena (ECI or Indigenous Impact Study). Since the ECI was physically presented
and positively received by the Indigenous communities in March 2026, numerous consultations have taken place
including a successful second site visit by the local Indigenous communities to Coringa Mine on 17 July 2026.
During the quarter the Company released updated reserve estimates and resource estimates for the Palito Complex
and Coringa Mine, based on the approximately 38,000 metres drilled in 2025. In only our first year of Phase 2, our
consolidated M&I resource increased to 731koz Au and our consolidated inferred resource to 653koz Au, which is
more than half-way towards our growth target.
Looking ahead, Serabi remains in a strong cash position with zero debt and multiple organic growth catalysts
expected later this year. This includes the Palito Complex plant expansion which remains on track and on budget for
completion by Q4-2026 and the transition to mechanized sublevel open stoping method at Coringa targeted for year
end. We expect our production profile will increase sequentially through the remainder of the year and anticipate
another record year of production in 2026, with production guidance in excess of 53,000 ounces .”
OPERATIONAL RESULTS
SUMMARY PRODUCTION STATISTICS FOR 2026 AND 2025
Qtr. 1 Qtr. 2 YTD Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Fiscal
2026 2026 2026 2025 2025 2025 2025 2025
Group
Gold production (1)(2) Ounces 12,042 11,007 23,049 10,013 10,532 12,090 11,534 44,169
Mined ore Tonnes 54,965 59,094 114,058 44,924 52,032 51,625 55,899 204,480
Gold grade (g/t) 7.06 6.19 6.61 7.09 6.72 7.24 6.65 6.91
Milled ore Tonnes 54,587 57,122 111,709 48,155 51,246 53,991 55,607 208,899
Gold grade (g/t) 7.05 6.21 6.62 6.70 6.67 7.18 6.63 6.80
Horizontal devel. Metres 4,155 3,903 8,057 3,505 3,850 3,706 4,535 15,596
Palito Complex
Gold production (1)(2) Ounces 4,592 3,469 8,061 4,666 5,607 5,246 4,638 20,158
Mined ore Tonnes 25,201 25,845 51,045 25,267 29,294 26,352 27,129 108,042
Gold grade (g/t) 5.88 4.55 5.21 6.15 6.22 6.29 5.48 6.04
Milled ore Tonnes 24,977 24,547 49,523 24,328 29,885 27,081 27,226 108,521
Gold grade (g/t) 5.90 4.62 5.26 6.25 6.15 6.25 5.47 6.03
Horizontal devel. Metres 1,882 1,963 3,845 1,979 2,004 2,125 2,161 8,269
Coringa
Gold production (1)(2) Ounces 7,450 7,538 14,988 5,347 4,925 6,843 6,895 24,010
Mined ore Tonnes 29,764 33,250 63,013 19,657 22,738 25,273 28,770 96,438
Gold grade (g/t) 8.06 7.46 7.74 8.31 7.35 8.23 7.74 7.04
Milled ore Tonnes 29,610 32,575 62,185 23,827 21,361 26,909 28,381 100,479
Gold grade (g/t) 8.01 7.41 7.70 7.17 7.39 8.13 7.75 7.64
Horizontal devel. Metres 2,273 1,940 4,213 1,526 1,846 1,581 2,374 7,327
(1) The table may not sum due to rounding.
(2) Production numbers are subject to change pending final assay analysis from refineries.
Group production for the second quarter was 11,007 ounces. Group ore mined during the quarter was 59,094 tonnes
at 6.19 g/t Au compared to 54,965 tonnes at 7.06 g/t Au for the first quarter of 2026.
The Palito Complex process plant treated 57,122 tonnes at 6.21 g/t Au compared to 54,587 tonnes at 7.05 g/t Au for
Q1-2026.
A total of 3,903 metres of horizontal development has been completed for the quarter of which 2,151 metres was ore
development. The balance was the ramp, crosscuts and stope preparation development.
PRESS RELEASE 23 JULY 2026
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
The Coringa Mine continues to perform well. On the Serra zone, p roduction was focused on the levels of 260m,
190m, 158m, 143m, 125m, and 106m, with development on levels 170m, 158m, 126m, 104m and 88m. On the Meio
zone, development is focused on level 271m and stoping ongoing on levels 336m and 286m.
The new Galena zone is in development with the main ramp currently at the 249m level and sill drive development
on levels 285m and 269m.
Coringa Mine operates under the terms of the 3-year GUIA licen ce which permits the transportation of 100,000
tonnes of ore per year as previously reported.
Palito Complex production and development is varied, with production from the Barrichello, G3, and Piquet zones.
Development is ongoing on the Senna and G3 veins, ranging from levels -15m down to -210m level on G3.
FINANCE UPDATE
Cash balance at the end of June 2026 was $65.7 million. During Q1-2026, the Company fully repaid its $5.3 million
unsecured loan arrangement with Banco Santander and is now debt free.
FY2026 PRODUCTION GUIDANCE
The Company has made assumptions that the LI will be awarded by Q4-2026, and on that basis maintains FY2026
consolidated production in excess of 53,000 ounces gold.
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 ramp up of the Coringa Mine.
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 i n 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, Head of Investor
Relations & Business Development.
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, Head of 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
Georgia Edmonds / Fergus Young t +44 (0)20 3757 4980
Assay Results
Assay results reported within this release include those provided by the Company's own
on-site 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 recognized 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
PRESS RELEASE 23 JULY 2026
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
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. Several 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
See www.serabigold.com for more information and follow us on X @Serabi_Gold