The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
PRESS RELEASE 22 September 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 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 six-month periods ended 30 June 2026
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 six-month periods ended 30 June 2026 (all
currency amounts are expressed in US Dollars unless otherwise stated).
HIGHLIGHTS
• Gold sales for the first half of 2026 of 21,348 ounces (corresponding six-month period of 2025: 20,215 ounces).
• Gold production for the first half of 2026 of 23,049 ounces (corresponding six-month period of 2025: 20,545 ounces).
• Cash held at 30 June 2026 of $65.7 million (31 December 2025: $49.2 million).
o Company remains debt free; repaid $5.3 million to Banco Santander in Brazil during Q1-2026.
• EBITDA for the six-month period of $44.4 million (corresponding six-month period of 2025: $26.3 million).
• Profit after taxation for the six-month period of $30.1 million (corresponding six-month period of 2025: $18.9 million).
• Earnings per share of 39.71 cents (corresponding six-month period of 2025: 24.99 cents).
• Net cash inflow from operations for the six-month period (after mine development expenditure of $5.3 million) of $34.8
million (corresponding six-month period of 2025: $19.1 million inflow, after mine development expenditure of $2.7
million).
• Average gold price of $4,687 per ounce received on gold sales during the six-month period (corresponding six-month
period of 2025: $3,093).
• Cash Cost for the six-month period to 30 June 2026 of $2,010 per ounce (corresponding six-month period of 2025:
$1,379 per ounce).
• All-In Sustaining Cost for the six-month period to 30 June 2026 of $2,682 per ounce (corresponding six-month period
of 2025: $1,792 per ounce).
• Superintendência do Desenvolvimento da Amazônia ("SUDAM") has formally approved the renewal of the Corporate
Income Tax (IRPJ) reduction incentive for the Palito Gold Complex ("Palito"), located in Pará State, Brazil.
o With this approval, the Brazilian nominal corporate income tax rate applicable to Palito will be maintained at
approximately 15.25% (reduced from 34%), extending the benefit for an additional 10 years, through 2035.
The full interim statements together with commentary can be accessed on the Company’s website using the following LINK.
Mike Hodgson, CEO of Serabi, commented
Gold sales for the first half of 2026 totalled 21,348 ounces, representing a 6% increase on the same period in 2025. Whilst this
operational performance was in-line with budget, when combined with an average realised gold price of $4,687 per ounce, resulted
in EBITDA of $44.4 million for the period, a 69% increase over the same period a year ago.
Serabi ended the period with a cash balance of $65.7 million, a n increase from $49.2 million at the end of Q4-2025. For the 6
month period, cash flow from operations of $40.1 million was offset by cash flow from investing activities of $(18.8) million as well
as cash flow from financing activities of $(5.5) million. Factors impacting the cash generated for Q2-2026 were the lower realised
gold prices in Q2 of $4, 490 per ounce (vs Q1 -2026 of $4,926 ounce), development of the Galena and Serra South zones at
Coringa, and approximately $4 million of one -time G&A charges. With brownfield exploration activity continuing in 2026 with
another 30,000m drill programme underway across both Palito Complex and Coringa, the Company is positioning itself for future
resource growth and long-term value creation. The balance sheet remains debt free as the debt with Banco Santander was repaid
in Q1-2026.
Cash Cost of $2,010 and AISC of $ 2,682 are higher than Q1-2026, largely driven by the continued ramp up at Coringa and the
one-time G&A charges . With the Meio zone now at commercial production, costs associated with mining the Meio zone are
included in cash cost and AISC.
PRESS RELEASE 22 September 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 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 the Company reported in the Q2 -2026 operational update, production guidance is set at 53,000 plus ounces of gold. This
target has been based on one of either of two assumptions. Firstly, the GUIA licence issued for Coringa from the ANM (Minist ry
of Mines) under which the Company is currently permitted to transport annually 100,000 tonnes of ore to Palito was to be increased
to 200,000 tonnes. Alternatively, the guidance target also assumed receipt of the full mining concession by Q4 -2026, thereby
lifting all tonnage constraints at Coringa. In both scenarios, the Company would be able to transport much greater volumes of
ore in Q4-2026 and utilise the soon to be commissioned fourth ball mill at Palito.
With respect to the GUIA licen ce, the Company is continuing production at Coringa under the current 3 -year GUIA licence of
100,000 tonnes annually which as previously reported , expires on 29 January 2027 , or earlier if the annual limit of tonnage is
exceeded. The Board of Serabi is currently confident that the GUIA term will either be extended and / or the annual tonnage limit
extended shortly by the ANM to avoid any temporary production interruption at Coringa in Q4 -2026. The Company is making
highly encouraging progress with the ANM to achieve this, although there is obviously no certainty yet on timing and a further
update will be provided in mid-October in our Q3-2026 operational release.
With respect to the Full Mining Concession, the two fundamental approvals required are in their final stages. The approval of the
Indigenous Component Study (ECI) is now very close, and it only remains for the Federal Agency for Indigenous Lands (FUNAI)
Board of Directors to approve the study. The FUNAI Legal and Technical departments are recommending approval. We still
anticipate this happening in Q4-2026. In addition, the approval for the change of land use from Agriculture to Mineral Exploitation
by the Land Registry (INCRA) is also now in its final stages, which has been technically and legally approved. The final steps are
for the Directors of INCRA to approve at the Board level of INCRA. The Board of Serabi also anticipates this happening in Q4-
2026. Once these two approvals from FUNAI and INCRA are received, SEMAS can issue Serabi with an Operating Licence.”
Overview of the financial results
In the first half of 2026, the Group has reported revenue and operating costs related to the sale of 21,348 ounces in the period.
This compares to sales of 20,515 ounces in the first half of 2025. Reported revenues and costs reflect the ounces sold in each
period and as a result total costs for the six-month period are higher than for the corresponding period of 2025.
On 16 January 2026, the Group fully repaid the Banco Santander short-term working capital facility which the Group had
previously entered into on 22 January 2025. As a result, at the time of writing, the Group is debt free.
Key Financial Information
SUMMARY FINANCIAL STATISTICS FOR THE THREE-AND SIX MONTHS ENDING 30 JUNE 2026
6 months to
30 June 2026
US$’000
(unaudited)
6 months to
30 June 2025
US$’000
(unaudited)
3 months to
30 June 2026
US$’000
(unaudited)
3 months to
30 June 2025
US$’000
(unaudited)
Revenue 100,068 62,528 49,497 34,934
Cost of sales (45,359) (30,532) (27,028) (17,394)
Gross operating profit 54,709 31,966 22,469 17,540
Administration and share based payments (10,290) (5,661) (7,290) (3,653)
EBITDA 44,419 26,335 15,179 13,887
Depreciation and amortisation charges (4,414) (3,680) (2,271) (1,845)
Operating profit before finance and tax 40,005 22,655 12,908 12,042
Profit after tax 30,131 18,928 9,138 10,160
Earnings per ordinary share (basic) 39.71c 24.99c 12.02c 13.42c
Average gold price realised (oz) US$4,687 US$3,093 US$4,490 US$3,303
As at
30 June
2026
US$’000
(unaudited)
As at
31 December
2025
US$’000
(audited)
Cash and cash equivalents 65,689 49,223
Net funds (after finance debt obligations) 62,971 42,083
Net assets 206,535 169,721
PRESS RELEASE 22 September 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 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
Cash Cost and All-In Sustaining Cost (“AISC”)
6 months to
30 June
2026
6 months to
30 June
2025
12 months to
31 December
2025
Gold production for cash cost and AISC
purposes 23,049 ozs 20,545 ozs 44,169 ozs
Total Cash Cost of production (per ounce) US$2,010 US$1,379 US$1,437
Total AISC of production (per ounce) US$2,682 US$1,792 US$1,816
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated un der 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
Michael Hodgson t +44 (0)20 7246 6830
Chief Executive m +44 (0)7799 473621
Nick Box
Interim Chief Financial Officer m +44 (0)7775 6754671
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
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 22 September 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 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 Condensed Consolidated Income Statement s, Condensed Consolidated Balance
Sheets, Condensed Consolidated Statements of Changes in Shareholders’ Equity, Condensed Consolidated Cash Flow
Statements, and selected notes thereto, is extracted from the interim unaudited condensed consolidated financial statements for
the three and six months ended 30 June 2026.
Condensed Consolidated Statements of Comprehensive Income
For the six months ended For the three months ended
30 June
2026
30 June
2025
30 June
2026
30 June
2025
(expressed in US$’000) Notes (unaudited) (unaudited) (unaudited) (unaudited)
CONTINUING OPERATIONS
Revenue 100,068 62,528 49,497 34,934
Cost of sales (45,359) (30,532) (27,028) (17,394)
Depreciation and amortisation charges (4,414) (3,680) (2,271) (1,845)
Total cost of sales (49,773) (34,212) (29,299) (19,239)
Gross profit 50,295 28,316 20,198 15,695
Administration expenses (9,892) (5,545) (6,957) (3,566)
Share-based payments (273) (204) (188) (136)
(Loss)/gain on asset disposals (125) 88 (145) 49
Operating profit 40,005 22,655 12,908 12,042
Foreign exchange gain/(loss) 41 108 (33) 38
Finance expense 2 (138) (228) (80) (117)
Finance income 2 718 409 393 203
Profit before taxation 40,626 22,944 13,188 12,166
Income tax expense 3 (10,495) (4,016) (4,050) (2,006)
Profit after taxation 30,131 18,928 9,138 10,160
Other comprehensive income (net of tax)
Exchange differences on translating foreign
operations 6,138 11,882 (1,270) 4,892
Total comprehensive profit for the period(1) 36,269 30,810 7,868 15,052
Earnings per ordinary share (basic) 4 39.71c 24.99c 12.02c 13.42c
Earnings per ordinary share (diluted) 4 39.71c 24.99c 12.02c 13.42c
(1) The Group has no non-controlling interest and all profits are attributable to the equity holders of the Parent Company
PRESS RELEASE 22 September 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 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 Balance Sheets
(expressed in US$’000)
As at
30 June 2026
(unaudited)
As at
30 June 2025
(unaudited)
As at
31 December 2025
(audited)
Non-current assets
Deferred exploration costs 31,598 25,104 29,219
Property, plant and equipment 91,717 66,974 74,041
Right of use assets 5,969 5,147 5,820
Taxes receivable 11,611 6,742 9,080
Deferred taxation 854 3,279 1,250
Total non-current assets 141,749 107,246 119,410
Current assets
Inventories 19,292 16,057 16,182
Trade and other receivables 5,695 3,209 11,288
Prepayments and accrued income 4,705 3,956 3,262
Cash and cash equivalents 65,689 30,432 49,223
Total current assets 95,381 53,654 79,955
Current liabilities
Trade and other payables 21,518 14,532 16,492
Interest bearing liabilities 998 5,329 6,002
Accruals 1,193 569 940
Total current liabilities 23,709 20,430 23,434
Net current assets 71,672 33,224 56,521
Total assets less current liabilities 213,421 140,470 175,931
Non-current liabilities
Trade and other payables 2,622 1,955 2,698
Provisions 2,544 3,170 2,374
Interest bearing liabilities 1,720 200 1,138
Total non-current liabilities 6,886 5,325 6,210
Net assets 206,535 135,145 169,721
Equity
Share capital 11,291 11,214 11,214
Share premium reserve 36,433 36,158 36,158
Option reserve 654 358 537
Other reserves 25,613 21,266 23,743
Translation reserve (61,021) (66,578) (67,159)
Retained surplus 193,565 132,727 165,228
Equity shareholders’ funds 206,535 135,145 169,721
PRESS RELEASE 22 September 2026
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 f +44 (0)20 7246 6831 e [email protected] www.serabigold.com not amount to an invitation or inducement to
Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
Condensed Consolidated Statements of Changes in Shareholders’ Equity
(expressed in US$’000)
(unaudited)
Share
capital
Share
premium
Share option
reserve
Other
reserves (1)
Translation
reserve
Retained
Earnings Total equity
Equity shareholders’ funds at
31 December 2024 11,214 36,158 221 19,487 (78,460) 115,562 104,182
Foreign currency adjustments — — — — 11,882 — 11,882
Profit for the period — — — — — 18,928 18,928
Total comprehensive income for
the period — — — — 11,882 18,928 30,810
Transfer to taxation reserve — — — 1,779 — (1,779) —
Share based incentives lapsed in
period — — (67) — — 16 (51)
Share based incentives expense — — 204 — — — 204
Equity shareholders’ funds at
30 June 2025 11,214 36,158 358 21,266 (66,578) 132,727 135,145
Foreign currency adjustments — — — — (581) — (581)
Profit for the period — — — — — 34,978 34,978
Total comprehensive income for
the period — — — — (581) 34,978 34,397
Transfer to taxation reserve — — — 2,477 — (2,477) —
Share based incentives lapsed in
period — — — — — — —
Share based incentives expense — — 179 — — — 179
Equity shareholders’ funds at
31 December 2025 11,214 36,158 537 23,743 (67,159) 165,228 169,721
Foreign currency adjustments — — — — 6,138 — 6,138
Profit for the period — — — — — 30,131 30,131
Total comprehensive income for
the period — — — — 6,138 30,131 36,131
Transfer to taxation reserve — — — 1,870 — (1,870) —
Share based incentives lapsed in
period — — — — — — —
Share based incentives expense — — 273 — — — 273
Share based incentives settled in
period 77 275 (156) — — 76 272
Equity shareholders’ funds at
30 June 2026 11,291 36,433 654 25,613 (61,021) 193,565 206,535
(1) Other reserves comprise a merger reserve of US$361k and a taxation reserve of US$25,252k (31 December 2025: merger reserve of
US$361k and a taxation reserve of US$23,382k).
PRESS RELEASE 22 September 2026
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 f +44 (0)20 7246 6831 e [email protected] www.serabigold.com not amount to an invitation or inducement to
Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
Condensed Consolidated Cash Flow Statements
For the six months
ended
30 June
For the three months
ended
30 June
2026 2025 2026 2025
(expressed in US$’000) (unaudited) (unaudited) (unaudited) (unaudited)
Operating activities
Post tax profit for period 30,131 18,928 9,138 10,160
Depreciation – plant, equipment and mining properties 4,414 3,680 2,271 1,845
Net financial income (621) (289) (280) (124)
Provision for taxation 10,495 4,016 4,050 2,006
Gain/(loss) on disposals 125 (88) 145 (49)
Share-based payments 273 204 188 136
Taxation paid (11,216) (5,469) (8,616) (3,537)
Interest (received)/paid (316) (413) 24 (32)
Foreign exchange (loss)/gain (631) 359 (761) 175
Changes in working capital
(Increase)/decrease in inventories (3,109) (1,685) 2,327 223
Decrease/(increase) in receivables, prepayments and
accrued income 4,151 (1,290) (1,054) (219)
Increase in payables, accruals and provisions 6,416 3,909 5,446 1,057
Net cash inflow from operations 40,112 21,862 12,878 11,641
Investing activities
Purchase of property, plant and equipment and assets in
construction (7,036) (3,721) (4,744) (2,120)
Mine development expenditure (5,316) (2,730) (3,163) (1,104)
Geological exploration expenditure (5,555) (3,793) (2,991) (2,267)
Pre-operational project costs (1,681) (4,163) (767) (2,627)
Proceeds from sale of assets 71 97 33 47
Interest received 718 409 393 203
Net cash outflow on investing activities (18,799) (13,901) (11,239) (7,868)
Financing activities
Receipt of short-term loan — 5,000 — —
Repayment of short-term loan (5,000) (5,154) — —
Payment of finance lease liabilities (109) (240) (55) (98)
Repayment of credit facilities (360) — (360) —
Net cash outflow from financing activities (5,469) (394) (415) (98)
Net increase in cash and cash equivalents 15,844 7,567 1,224 3,675
Cash and cash equivalents at beginning of period 49,223 22,183 64,438 26,505
Exchange difference on cash 622 682 27 252
Cash and cash equivalents at end of period 65,689 30,432 65,689 30,432
PRESS RELEASE 22 September 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 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
Notes
1. Basis of preparation
These interim condensed consolidated financial statements are for the three and six -month period s ended 3 0 June 202 6.
Comparative information has been provided for the unaudited three and six -month periods ended 30 June 2025 and, where
applicable, the audited twelve-month period from 1 January 2025 to 31 December 2025. These condensed consolidated financial
statements do not include all the disclosures that would otherwise be required in a complete set of financial statements and should
be read in conjunction with the 2025 annual report.
The condensed consolidated financial statements for the periods have been prepared in accordance with International Accounting
Standard 34 “Interim Financial Reporting” and the accounting policies are consistent with those of the annual financial statements
for the year ended 31 December 2025 and those envisaged for the financial statements for the year ending 31 December 2026.
The interim financial information has not been audited and does not constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. Whilst the financial information included in this announcement has been compiled in accordance with
International Financial Reporting Standards (“IFRS”) this announcement itself does not contain sufficient financial information to
comply with IFRS. The Group statutory accounts for the year ended 31 December 2025 prepared in accordance with international
accounting standards in conformity with the requirements of the Companies Act 2006 have been filed with the Registrar of
Companies. The auditor’s report on these accounts was unqualified. The auditor’s report did not contain a statement under
Section 498 (2) or 498 (3) of the Companies Act 2006.
The interim condensed consolidated financial statements are presented in thousands of US Dollars, unless otherwise stated.
Accounting standards, amendments and interpretations effective in 2025
The Group has not adopted any standards or amendments in advance of their effective date. The following new amendment
has been issued by the IASB and is effective for annual periods beginning on or after 1 January 2026:
Classification and Measurement of Financial Instruments – Amendments to IFRS 7 and
IFRS 9 1 January 2026
Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 7 and IFRS 9 1 January 2026
Annual Improvements to IFRS Accounting Standards – Volume 11 1 January 2026
No other standards or amendments are expected to be effective in 2026.
Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have
not been early adopted. These standards are not expected to have a material impact on the Company’s current or future reporting
periods.
These financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
(i) Going concern
At 30 June 2026 the Group held cash of US$ 65,689k which represents an increase of US$ 16,466k compared to 31 December
2025.
On 16 January 2026, the Group fully repaid the Banco Santander short-term working capital loan plus interest which the Group
had previously entered on 22 January 2025. As a result, at the time of writing, the Group is debt free.
Management prepares, for Board review, regular updates of its operational plans and cash flow forecasts based on their best
judgement of the expected operational performance of the Group and using economic assumptions that the Directors consider
are reasonable in the current global economic climate. The current plans assume that during 202 6 the Group will continue gold
production from its Palito Complex operation and current production from the Coringa mine without interruption, assuming that
the GUIA licence issued for Coringa from the ANM (Ministry of Mines) under which the Company is currently permitted to transport
annually 100,000 tonnes of ore to Palito is increased to 200,000 tonnes or receipt of the full mining concession by Q4 -2026,
thereby lifting all tonnage constraints at Coringa . Even if neither of these scenarios eventuate, and production is suspended at
Coringa, cash flow forecasts show adequate resources to continue in operational existence for the foreseeable future.