Director/PDMR Shareholding

Serabi Gold

02/02/2024 15:58

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Director / PDMR Shareholding

Serabi announces that on 1 February 2024 the Board of Directors agreed to
award in aggregate 888,019 Conditional Share Awards to employees (including
directors) of the Company. The awards are part of the Company's normal annual
compensation review and the issuance is made under the Serabi 2020 Restricted
Share Plan (the “2020 Plan”) which was approved by shareholders on 16 June
2020 and adopted by the Board on 10 November 2020. Shareholders confirmed the
Board’s continuing authority to make awards under the 2020 Plan at the
Annual General Meeting held on 27 June 2023.

The awards are subject to a three-year performance period during which time
certain performance criteria stipulated by the Board must be attained. The
underlying shares to be issued pursuant to each of the Conditional Share
Awards will only be issued and the rights transferred to the employees after
the completion of the performance period and only in such amount (if any) as
is required based on the achievement of the performance criteria.

The performance criteria and minimum thresholds to be achieved can be
summarised as follows:
* 40% of the award is subject to Total Shareholder Return, (where there 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).
A total of 657,201 Conditional Share Awards have been granted by the Board, as
recommended by the Remuneration Committee, to directors of the Company as
follows:

 Director         Award Year  Number of Conditional Shares awarded  
 Michael Hodgson  2024        385,993                               
 Clive Line       2024        271,208                               

The remaining 230,818 Conditional Share Awards have been made to other
employees of the Company. The number of Conditional Shares awarded was
calculated by reference to the 30 day VWAP average of the Company's shares of
on 30 January 2024.

The Company also advises that in respect of the 459,800 Conditional Share
Awards granted for the calendar year 2021 for which the three year performance
period concluded on 31 December 2023, the Board has determined that none the
performance criteria were achieved and accordingly these 459,800 Conditional
Share Awards have lapsed.

Following these latest awards there are 2,503,619 Conditional Share Awards in
issue representing 3.31% of the issued share capital of the Company.

Enquiries

SERABI GOLD plc
Michael Hodgson        t +44 (0)20 7246 6830
Chief Executive        m +44 (0)7799 473621

Clive Line        t +44 (0)20 7246 6830
Finance Director        m +44 (0)7710 151692

Andrew Khov        m +1 647 885 4874
VP Investor Relations & Business Development

        e contact@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                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.

Neither the Toronto Stock Exchange, nor any other securities regulatory
authority, has approved or disapproved of the contents of this news release