REG-Provides Operational and Exploration Update for 2025 Brownfield Drilling Campaigns at Palito Complex and Coringa; Announces 2026 Brownfield Exploration Programme
02/03/2026 07:30
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Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI,
OTCQX:SRBIF), the Brazilian focused gold mining and development company, is
pleased to provide an update on its recent developments from the Palito
Complex and Coringa Mine as well as an exploration update on the 2025
brownfield exploration programme (all financial amounts are expressed in U.S.
dollars unless otherwise indicated).
OPERATIONAL UPDATE HIGHLIGHTS
* Installation of 4(th) ball mill at Palito Complex, to increase annual
processing throughput to 330ktpa. * Installation costs are nominal and
financeable directly from the Company’s cash balance, expected to be
operational by Q4-2026.
* Addresses plant capacity challenges at Palito Complex and allows the Company
to immediately process lower grade stockpiles.
* Following 12 months of ore sorting success, the Company is transitioning
from selective open stoping to longhole open stoping at Coringa: * Coringa
veins are favourable for mechanized mining. This coupled with the ore sorting
success is allowing the Company to transition mining methods.
* Favorable gold prices and the plant expansion justify an economic evaluation
to restart São Chico.
* Consolidated production guidance for 2026 remains 53,000 – 57,000 ounces
gold.
* Coringa currently operates under a 3-year GUIA license which expires on
January 29, 2027: * Discussions are ongoing with the Agência Nacional de
Mineração (“ANM”), regarding future licensing.
* For the full mining license (LI license) 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 as
planned.
* Health & Safety update: * External group to conduct an audit of the health
and safety process.
* Recruitment of an additional 7 health and safety personnel including a
health and safety manager and 6 additional safety technicians.
* Recruitment of an additional 4 mining supervisors and mine manager.
EXPLORATION UPDATE HIGHLIGHTS
* Serabi has completed the 2025 brownfield exploration programme, a total of
38,400m (17,600m at Palito Complex and 20,800m at Coringa).
* * A total of 154 diamond drill holes (64 at Palito Complex and 90 at
Coringa) of which 65 returned grades over 3 g/t.
* 1,436m of diamond drilling remains to be assayed (997m from Palito and 439m
from Coringa).
* Recent results from the 2025 brownfield exploration programme include: *
Hole 25-SR-039 - 0.25m @ 395.00 g/t Au from 316.22m and 1.09m @ 17.70 g/t Au
from 326.54m (ALS lab @ Serra Sul)
* Hole 25-DE-001 - 1.19m @ 17.54 g/t Au from 207.08m (ALS lab @ Demetrio)
* Hole 25-SE-012 - 2.56m @ 7.05 g/t Au from 190.44m (ALS lab @ Senna)
* Hole 25-PI-007 - 0.36m @ 42.40 g/t Au from 123.09m (ALS lab @ Piaui)
* Hole 25-PI-006 - 0.57m @ 23.31 g/t Au from 105.18m (ALS lab @ Piaui)
* Hole 25-SR-048 - 0.25m @ 57.37 g/t Au from 156.00m (Palito lab @ Serra Sul)
* Hole 25-SR-044 - 1.20m @ 10.76 g/t Au from 351.10m (ALS lab @ Serra Sul)
Note: All drill results above have been sent to ALS for assay testing. ‘ALS
lab’ denotes the results were assayed and test results received from ALS
while ‘Palito lab’ denotes assays drill results sent to ALS for testing
but test results are not yet received and therefore represent Serabi internal
assay results.
* The objective of the 2025 drill programme and a similar programme in 2026 is
to grow the current group mineral inventory to 1.5Moz+.
* The Company intends to update the Mineral Resource Estimate at Palito
Complex and Coringa Gold mine during Q1-2026.
* A $9M 2026 brownfield exploration programme including 30,000m of diamond
drilling has been approved and has commenced in January.
Mike Hodgson, CEO of Serabi, commented:
“As stated in our fourth quarter operational update for FY2025, we have set
guidance of 53k-57koz for 2026. With ore sorting ongoing at both sites, the
operation remains plant constrained. With gold prices at record highs and
viable stockpiles on hand, plant capacity constraints have become more
pressing than ever. The company has two ball mills that were destined for
Coringa when the company purchased the asset in 2018. With the two mines,
one plant strategy now well established, whereby we pre-concentrate the
Coringa ore and truck to Palito for processing, the decision has been to
install one of the dormant mills from Coringa at Palito to increase plant
throughout. We plan to have this fourth mill operational before the fourth
quarter of this year, in turn increasing our plant capacity to 330ktpa.
We will also be reevaluating our São Chico Mine which the record gold price
environment and increased plant capacity justifies. The satellite mine
operations were suspended in 2023, not through exhaustion of the resource, but
due to economics. With high grade plant feed coming from Coringa and Palito,
the Palito Complex plant simply did not have capacity to receive what was
marginal ore from São Chico at the time. Furthermore, ore sorting has never
been successful at São Chico. Times have changed, and today São Chico ore,
even without ore sorting is viable. The Company is now assessing the
possibility to re-habilitate the upper levels at São Chico. In addition
to this, we have held positive discussions with the ANM regarding the 3-year
GU license which expires late January of next year.
We continue to pursue the full mining license at Coringa to unlock the full
potential of Coringa. This is issued by SEMAS, the state environmental
agency, who in turn are waiting for two approvals. The first approval is an
authorisation for ‘change of land use’ which is issued from the land
registry body, INCRA. The second approval is from FUNAI, who need to approve
the Indigenous Study (ECI). Serabi submitted the change of land use in final
form this year. The change of land use authorisation is in its final stages
at state level and will then go to Brasilia for final approval at the federal
level. We are hopeful this will be received in the first half of 2026. The
approval of the ECI is now progressing well and I am pleased to report
numerous positive consultations between Serabi and the indigenous community.
FUNAI are now presenting the ECI to the indigenous community, from which a
compensation study will be agreed. At this stage the ECI can be approved.
In anticipation of increased output, we have been reviewing mining methodology
underground. Selective open stoping, as used at the Palito Complex, has been
employed at Coringa since stoping operations commenced in 2023. However,
generally speaking, the Coringa mineralized veins are little wider,
geometrically simpler and more planar, which lend themselves to a more
mechanised methodology. In addition, ore sorting has been proven throughout
2025 to work extremely well on Coringa ore. Selective mining minimises the
waste rock dilution which is an inevitable part of mining that enters the
‘Run of Mine Ore’ (ROM). The ore sorter removes this dilution very
effectively before trucking to the plant. Since late 2025, we have been
trialling sublevel open stoping at Coringa, which results in more dilution in
the ROM, as it is a less selective method with larger volumes being mined at a
time, but the ore sorter will still pre-concentrate the ore, and remove the
dilution waste prior to trucking. The huge advantage of this is greater mine
output, reduced mining costs and safer operations, as sublevel open stoping is
a non-entry method.
With ore sorting over the past 3 years, Serabi has focused on maximising gold
production from the infrastructure it has. After 12 months of highly
successful ore sorting at Coringa and demonstrating the value of the two
mines, one plant strategy, which has come at a time of record gold prices,
plant expansion will now greatly benefit the Company. It will be entirely
funded from cashflow for a very modest sum.”
DETAILED RESULTS AND TECHNICAL DISCUSSION
2025 Brownfield Exploration Program at Coringa Mine Update
Figure 1 - Map of Select Targets and Intercepts at Coringa Mine
Source: Serabi Gold
The 2025 brownfield exploration programme at Coringa included 20,800m of
diamond drilling, a soil sampling grid with approximately 5,000 samples for
multi-element geochemical analysis, an IP geophysical survey to identify new
targets along parallel structures and extensions of current mineralized zones,
and a high-resolution LiDAR topographic survey.
A total of 90 drill holes has been completed. Recent highlight intercepts for
Coringa’s 2025 brownfield exploration programme include:
Hole ID Observation From To Interval (m) Gold Grade
(Au g/t)
25-SR-030 97.40 97.80 0.40 8.13
25-SR-032 22.19 22.44 0.25 11.05
25-SR-039 316.22 316.47 0.25 395.00
and 322.51 323.52 1.01 6.80
including 322.85 323.18 0.33 20.00
and 326.54 327.63 1.09 17.70
including 327.38 327.63 0.25 65.20
25-SR-040 181.49 181.75 0.26 11.22
and 185.70 186.16 0.46 12.35
and 191.98 192.41 0.43 15.40
25-SR-043 381.55 381.80 0.25 12.35
25-SR-044 351.10 352.30 1.20 10.76
including 351.10 351.35 0.25 43.10
25-SR-047 204.85 205.10 0.25 9.63
25-SR-048 156.00 156.25 0.25 57.37
25-DE-001 161.45 161.70 0.25 11.20
and 207.08 208.27 1.19 17.54
including 208.00 208.27 0.27 58.60
And 221.61 221.87 0.26 38.10
25-DE-005 320.72 322.16 1.44 4.44
including 320.72 321.00 0.28 8.40
including 321.86 322.16 0.30 13.41
25-FZ-002 50.11 51.34 1.23 4.69
including 50.51 50.81 0.30 14.08
The most notable development in 2025 was the discovery of the Serra South
zone, located approximately 500m south of the current Serra mine
infrastructure. The Company continued detailed definition drilling in Q4-2025,
with three rigs operating on a 50m grid spacing. Exploration work to date
demonstrates it appears to be formed by the intersection of two main
structures: one trending from the Fofão area, and the main structure
associated with the Serra and Meio zones. This geological discovery opens a
significant prospective window, as the same structural pattern can be observed
in other parts of the Coringa tenements. The exploration team has begun
mapping key areas where these structures converge, with drilling planned to
test these zones in H2-2026. To assess the feasibility of connecting the two
zones via underground development, the Company followed-up on drilling the
potential connection of the resource from Serra zone to the Serra South zone,
however, drilling to date demonstrates a narrow, lower-grade structure,
reinforcing the current geological interpretation that mineralization is
controlled by structural intersections. As of today, the Company envisions a
separate portal to access the Serra South zone will be required.
Figure 2 – Drilling at Serra South Zone
Source: Serabi Gold
Serra North
Serra North is located approximately 800m north of the Serra body. Three
drillholes returned grades above 9 g/t — holes 25-SE-040, 25-SE-043, and
25-SE-047 — with 15.40 g/t, 12.35 g/t, and 9.63 g/t respectively. The
mineralized bodies resemble those at Serra, showing sharp vein contacts and
very restricted alteration halos between quartz-sulfide veins (dominated by
pyrite and some galena) and the enclosing granites, characteristic of
shallow-level brittle systems. The 1,530m of diamond drilling conducted in
2025 returned results of high grade interspersed with low grade results. Due
to new structural interpretations, drilling in Serra North was put on hold for
further evaluation.
Fofão
The Fofão zone was discovered during the drilling campaign at the Serra South
zone in 2025. Structural data collected from drill core indicate a mineralized
trend distinct from the high-angle NW structures typically observed at the
Serra and Meio mine trends. Several veins showed azimuths between 290–310°,
which drew the attention of the exploration team.
Following this observation, the team immediately initiated mapping along the
extension of this trend, where multiple artisanal workings were identified.
Rock chip sampling returned highly encouraging results, generally above 3 g/t,
with strong oxidation and sulfide development. As a result, a scout drilling
program was launched.
To date, several promising intercepts have been obtained in narrow
quartz–sulfide veins. Analysis of the results will continue throughout 2026,
with approximately 1,500m of drilling planned, in addition to ongoing mapping
and sampling activities.
Demétrio
Drilling at Demétrio has outlined a gold-anomalous corridor approximately
500m long, with economic gold grades and vein thicknesses currently being
followed up with additional drilling. The mineralization displays features
typical of Coringa-style mineralization but with higher galena content
relative to other zones. Vein thickness averages ~30cm with grades above 10g/t
and will require testing through the ore sorter. The strong contrast between
vein and host, combined with sulfide content, suggests excellent ore-sorting
performance. During Q4-2025, 7 diamond holes covering a total of 1,397m were
drilled. The exploration team is now evaluating the target prior to advancing
drilling in 2026.
Figure 3 – Demetrio Long Section
Source: Serabi Gold
2025 Brownfield Exploration Program at Palito Complex Update
Figure 4 - Map of Select Targets and Intercepts at Palito Complex
Source: Serabi Gold
The 2025 brownfield exploration programme at Palito Complex included a total
of 14,000m of diamond drilling across 64 drill holes, using two active rigs.
The most significant results to date are from the Senna target, found both to
the north and south of the existing resource, which was previously mined
between 2015-2019. Given that the Senna resource is one of the primary
contributors to current ore production at Palito, the continuation of
mineralization in both directions is highly encouraging. A follow-up drill
programme was developed and executed in Q4-2025 to further test this potential
with highlight drill results of 25-SE-012: 2.56m at 7.05g/t Au and 25-SE-014:
0.25m at 25.42g/t Au.
Figure 5 – Recent drilling results at the Senna Zone
Source: Serabi Gold
Figure 6 – Senna mineralization cross section at North Zone
Source: Serabi Gold
The Currutela mineralized zone, which is interpreted as the southern extension
of the main G3 body at Palito, was drill-tested in 2025 but results remain
inconclusive. Several intercepts returned economic gold grades (3–10 g/t)
over widths of less than 1m, which are lower compared to the main G3 resource.
Geological modelling and interpretation are ongoing to better understand its
potential. It is important to note that Currutela lies more than 500m from
current G3 infrastructure, and any new resource in this area would
significantly extend the resource base and mine life associated with the G3
system.
The Piauí target, located SW of the main Palito resource, was another key
focus during H2-2025. Detailed drilling continues to return significant
economic results, with multiple assays above 5 g/t. Piauí differs from the
main Palito bodies, presenting a broader hydrothermal alteration halo, locally
over 10m thick, with smaller quartz vein zones. This mineralization style
offers a different opportunity for Serabi, with potential for lower-grade
disseminated mineralization enveloping the high-grade vein zones, enhancing
the overall potential of the target.
Figure 7 – Piauí Target Long Section – Demonstrating Structural
Complexity
Source: Serabi Gold
IP chargeability anomalies generated during the 2024 geophysical survey at
Palito Complex were drill-tested at the Onça, Jiboia, and Mutum
targets—interpreted as northwest extensions of the Senna and Piaui
mineralization. Results to date confirm the presence of extensive zones of
hydrothermal alteration, typically 2–3m thick and consistent with the style
of mineralization observed at Piauí. These zones exhibit disseminated
sulphides with associated gold mineralization, further validating the use of
IP geophysics as an effective targeting tool for quartz-sulphide-gold vein
systems in the region.
The Onça target has returned the strongest intercept to date – 0.65m @ 8.18
g/t Au (25-ON-001) – opening a prospective corridor of approximately 500m
connecting Onça with the Piaui target, that will be further tested in 2026.
Mutum and Jiboia targets have demonstrated broad zones of hydrothermal
alteration with gold mineralization, suggesting potential for the development
of lower-grade, higher-volume oxidized deposits. A reverse circulation (RC)
drill programme is currently being designed to assess the viability of this
mineralization style, which has not yet been developed at the Palito Complex.
Recent highlighted intercepts for Palito Complex’s 2025 brownfield
exploration programme include:
Hole ID Observation From To Interval (m) Gold Grade
(Au g / t)
25-PI-001 263.75 264.25 0.50 3.31
25-PI-003 373.00 374.00 1.00 8.90
25-SE-001 274.00 277.40 3.40 6.63
Including 274.00 274.6 0.60 26.80
Including 276.35 277.40 1.50 5.83
25-SE-004 195.50 196.86 1.36 17.99
Including 195.50 195.83 0.33 58.40
Including 195.83 196.35 0.52 8.06
25-SE-005 40.72 41.13 0.41 13.95
25-ON-001 194.00 194.65 0.65 8.18
25-AR-001 167.90 168.20 0.30 24.20
25-AR-004 50.40 50.80 0.40 3.31
51.50 52.12 0.62 4.86
25-CR-003 89.86 90.14 0.28 3.47
25-CR-006 180.91 181.66 0.75 3.62
Including 181.16 181.41 0.25 4.37
235.79 236.05 0.26 4.36
2026 Mineral Resource Estimate Update
The Company has engaged NCL Ingeniería y Construcción SpA (“NCL”) of
Santiago, Chile to complete a mineral resource estimate update at both the
Palito Complex and Coringa Gold mine, which will incorporate the 38,400m of
drilling completed in 2025. Release of the results of the mineral resource
estimates are expected for Q1-2026.
2026 Brownfield Exploration Programme
Continuing with the successes of the 2025 brownfield exploration programme,
the Company has announced a $9 million 2026 brownfield exploration programme,
comprised of 30,000m of diamond drilling, as part of Phase II of the
Company’s strategy in delineating a consolidated resource of +1.5Moz by 2027
which will underpin a larger production scenario.
At Palito Complex, the immediate focus of 2026 brownfield exploration
programme is to test the northeast extension of the mineralized structure
through Bill’s Pipe, Tatu, and G3 targets. Due to technical and strategic
considerations, as well as the high rainfall experienced in the region during
Q4-2025, previously planned drilling at Bill’s Pipe, Tatu, and G3 targets
were postponed for 2026. Bill’s Pipe is now planned to be drilled during the
dry season which is expected in May. Two deep drill holes are planned for the
G3 target, aiming to intercept the high-grade plunge at depths of 700m –
800m, while Tatu target has a total of 9 planned drill holes.
At Coringa, the immediate focus of the 2026 brownfield exploration programme
is to test the southeast extension of the Serra South discovery and to
continue with follow-up work on Serra North and Fofão targets.
Mike Hodgson, CEO of Serabi, further commented:
“Our 2025 brownfield exploration programme has concluded with a number of
discoveries and zones to follow-up with drilling in 2026. The drill results in
totality are encouraging and we remain optimistic for what lies ahead in the
2026 brownfield exploration programme. Our updated mineral resource estimates
at both Palito Complex and Coringa Gold mine expected by the end of this
quarter will provide investors with a refreshed view on the prospectivity of
our properties and how starved of exploration capital they’ve been for all
of these years.”
FY2026 PRODUCTION GUIDANCE
The Company maintains FY2026 consolidated production of 53,000 – 57,000
ounces gold.
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
Colm Howlin
Chief Financial Officer m +353 89 6078171
Andrew Khov m +1
647 885 4874
Vice President, Investor Relations &
Business Development
e contact@serabigold.com
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
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 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
Attachment
* 2026.03.01 - Operational Exploration Update - vF
(https://ml-eu.globenewswire.com/Resource/Download/d3a8480a-6b29-4165-ad6c-161238a005c7)Recent news on Serabi Gold
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