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REG-Unaudited interim results for the three-month period ended 31 March 2025

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Unaudited interim results for the three-month period ended 31 March 2025

Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI,
OTCQX:SRBIF), the Brazilian focused gold mining and development company, is
pleased to release its unaudited results for the three-month period ended 31
March 2025 (all financial amounts are expressed in U.S. dollars unless
otherwise indicated).

HIGHLIGHTS
* Gold production for Q1-2025 of 10,013 ounces (Q1-2024: 9,007 ounces).
* Cash held at 31 March 2025 of $26.5 million (31 December 2024: $22.2
million).
* EBITDA for the three-month period of $12.4 million (Q1-2024: $4.7 million).
* Post-tax profit for the three-month period of $8.8 million (Q1-2024: $3.6
million).
* Profit per share of 11.58 cents (Q1-2024: 4.80 cents).
* Net cash inflow from operations for the three-month period (after mine
development expenditure of $1.6 million and pre operating costs of $1.5
million) of $7.1 million (Q1-2024: $0.3 million inflow after mine development
expenditure and pre operating costs of $1.6 million).
* Average gold price of $2,908 per ounce received on gold sales during the
three-month period (Q1-2024: $2,081).
* Cash Cost for the quarter of $1,269 per ounce (Q1-2024: $1,461 per ounce).
* All-In Sustaining Cost for the three-month period to March 2025 of $1,636
per ounce (Q1-2024: $1,859 per ounce).
The full interim statements together with commentary can be accessed on the
Company’s website using the following LINK
(https://www.globenewswire.com/Tracker?data=BnYwgHJC5Ud8R3W9IBHiNA8Jo4U_qMgLmCNUltGRRmczXdZaYTkbH-Q0rrH2lrEgU5vlNzl-MFvvsfjes0y41ZqdiFrNFBq0D1jEC2cxV1DqRldTc85U4MltMQ9EHc0HqEMqOgEY-dxszzvTXBlQBtj5WTs00xNR125a3RorPLn7l9eKXBnjiKpv-Hqc2mZ1).

Colm Howlin, CFO, Commented

“Q1 2025 marked a strong start to the year, continuing the positive momentum
from H2-2024. Gold production for the quarter totalled 10,013 ounces,
representing an 11% increase on Q1-2024. This was driven by higher feed grades
at both Palito and Coringa, supported by the first full quarter of operations
at the Coringa classification plant.

The strong operational performance contributed to cash generation of $4.2
million in the quarter, increasing the Group’s cash position to $26.5
million at 31 March 2025, up from $22.2 million at 31 December 2024. The
average realised gold price for the quarter was $2,908 per ounce, compared to
$2,407 per ounce for the fiscal 2024 year.

We also commenced our 2025 exploration programme, with $9 million allocated
for the year and a similar commitment anticipated for 2026. Drilling activity
is now underway at both Palito and Coringa. Early drill results from the
programme have been encouraging. We look forward to providing an exploration
update in the oncoming weeks.”

Overview of the financial results

Reported revenues and costs reflect the ounces sold in each period and as a
result total revenues and costs for the three-month period are higher than the
corresponding period in 2024. In Q1-2025, the Group reported revenue and
operating costs related to the sale of 9,699 ounces in the period (10,013
ounces produced). This compares to sales reported of 9,007 ounces in Q1-2024.

Whilst the Company benefited from an improving gold price throughout the first
quarter of 2025, the most material uplift occurred only in March, with the USD
gold price rising to $2,996 and averaging $2,908 for the quarter, compared to
a current spot price of approximately $3,300 per ounce. This contributed to a
Q1 average gold price in Brazilian Real of BRL17,018. In Q1-2025, the average
USD gold price increased by 18% in comparison to Q1-2024 ($2,908 in Q1-2025 vs
$2,469 in Q1-2024).

BRL strengthened during Q1-2025, with the USD:BRL rate moving from 6.19 at 31
December 2024 to 5.74 at 31 March 2025. This strengthening limited the extent
to which the stronger USD gold price translated into local currency margins.

The Group delivered a strong start to 2025 with an 11% increase in production
year-on-year, driven by significant grade improvements at both Palito (+32%)
and Coringa (+8%). Coringa’s first full quarter of classification plant
operations contributed meaningfully to the grade uplift, while development at
new zones across both sites and a ramped-up $9 million brownfield exploration
programme with a focus on doubling our resource at Palito Complex and Coringa,
position the Group well for continued growth.

Cash balances at the end of March 2025 were $26.5 million, in comparison to
the cash balances at the end of December 2024 of $22.2 million. On 6 January
2025 the Company fully repaid its $5.0 million unsecured loan arrangement with
Itau Bank in Brazil which carried an interest coupon of 8.47 per cent. On 22
January 2025, the Group secured a new $5.0 million loan from Banco Santander.
The Banco Santander loan is repayable as a bullet payment on 21 January 2026
and carries an interest coupon of 6.16%. The Company had a net cash balance at
the end of Q1-2025 (after interest bearing loans and lease liabilities) of
$20.9 million (31 December 2024: net cash $16.2 million).

Key Financial Information

 SUMMARY FINANCIAL STATISTICS FOR THE THREE-MONTHS ENDING 31 MARCH 2025                                                             
                                              3 months to 31 March 2025 $ (unaudited)  3 months to 31 March 2024 $ (unaudited)      
 Revenue                                      27,593,363                               20,246,400                                   
 Cost of sales                                (13,138,165)                             (13,556,599)                                 
 Gross operating profit                       14,455,198                               6,689,801                                    
 Administration and share based payments      (2,006,445)                              (1,984,990)                                  
 EBITDA                                       12,448,753                               4,704,811                                    
 Depreciation and amortisation charges        (1,834,773)                              (1,046,561)                                  
 Operating profit before finance and tax      10,613,980                               3,658,250                                    
                                                                                                                                    
 Profit after tax                             8,769,759                                3,637,563                                    
                                                                                                                                    
 Earnings per ordinary share (basic)          11.58c                                   4.80c                                        
                                                                                                                                    
 Average gold price received ($/oz)           $2,908                                   $2,081                                       



                                                                                                                        
                                                 As at 31 March 2025 $ (unaudited)  As at 31 December 2024 $ (audited)  
 Cash and cash equivalents                       26,504,939                         22,183,049                          
 Net funds (after finance debt obligations)      21,168,759                         16,341,245                          
 Net assets                                      120,008,729                        104,181,654                         
                                                                                                                        



 Cash Cost and All-In Sustaining Cost (“AISC”)                                                                                                    
                                                             3 months to 31 March 2025  3 months to 31 March 2024  12 months to 31 December 2024  
 Gold production for cash cost and AISC purposes (ounces)    10,013                     9,007                      37,520                         
                                                                                                                                                  
 Total Cash Cost of production (per ounce)                   $1,269                     $1,461                     $1,326                         
 Total AISC of production (per ounce)                        $1,636                     $1,859                     $1,700                         

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 / Emily Hall                t +44 (0)20 3757 4980

HARBOR ACCESS 
Financial PR – North America
Jonathan Patterson / Lisa Micali                t +1 475 477
9404

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 X @Serabi_Gold

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 months to 31 March 2025.

Statement of Comprehensive Income
For the three-month period ended 31 March 2025.

                                                                      For the three months ended 31 March     
                                                                      2025                2024                
 (expressed in US$)                                      Notes        (unaudited)         (unaudited)         
 CONTINUING OPERATIONS                                                                                        
 Revenue (from continuing operations)                                 27,593,363          20,246,400          
 Cost of sales                                                        (13,138,165)        (13,556,599)        
 Depreciation and amortisation charges                                (1,834,773)         (1,046,561)         
 Total cost of sales                                                  (14,972,938)        (14,603,160)        
 Gross profit                                                         12,620,425          5,643,240           
 Administration expenses                                              (1,978,239)         (1,942,740)         
 Share-based payments                                                 (67,714)            (53,883)            
 Gain on disposal of fixed assets                                     39,508              11,633              
 Operating profit                                                     10,613,980          3,658,250           
 Other income – exploration receipts                     2            —                   339,854             
 Other expenses – exploration expenses                   2            —                   (312,518)           
 Foreign exchange (loss)/gain                                         70,426              (34,566)            
 Finance expense                                         3            (110,974)           (174,605)           
 Finance income                                          3            206,078             141,555             
 Profit before taxation                                               10,779,510          3,617,970           
 Income and other taxes                                  4            (2,009,751)         19,593              
 Profit after taxation ((1))                                          8,769,759           3,637,563           
                                                                                                              
 Other comprehensive income (net of tax)                                                                      
 Exchange differences on translating foreign operations               6,989,602           (1,780,928)         
 Total comprehensive profit for the period ((1))                      15,759,361          1,856,635           
                                                                                                              
 Profit per ordinary share (basic)                       5            11.58c              4.80c               
 Profit per ordinary share (diluted)                     5            11.58c              4.80c               

((1) )The Group has no non-controlling interest and all profits are
attributable to the equity holders of the Parent Company

Balance Sheet as at 31 March 2025

 (expressed in US$)                         As at 31 March 2025 (unaudited)  As at 31 March 2024 (unaudited)  As at 31 December 2024 (audited)  
 Non-current assets                                                                                                                             
 Deferred exploration costs                 21,710,728                       20,075,458                       18,839,836                        
 Property, plant and equipment              60,650,590                       52,662,606                       53,593,723                        
 Right of use assets                        4,957,791                        5,006,117                        4,287,020                         
 Taxes receivable                           5,396,180                        3,734,309                        6,246,352                         
 Deferred taxation                          2,532,594                        1,736,077                        1,878,081                         
 Total non-current assets                   95,247,883                       83,214,567                       84,845,012                        
 Current assets                                                                                                                                 
 Inventories                                15,649,258                       13,999,674                       13,115,648                        
 Trade and other receivables                2,841,707                        4,024,896                        2,533,450                         
 Prepayments and accrued income             3,553,485                        3,181,024                        2,220,463                         
 Cash and cash equivalents                  26,504,939                       11,056,317                       22,183,049                        
 Total current assets                       48,549,389                       32,261,911                       40,052,610                        
 Current liabilities                                                                                                                            
 Trade and other payables                   12,772,721                       7,808,639                        9,695,560                         
 Interest bearing liabilities               5,336,180                        5,689,805                        5,841,804                         
 Accruals                                   462,371                          401,939                          419,493                           
 Total current liabilities                  18,571,272                       13,900,383                       15,956,857                        
 Net current assets                         29,978,117                       18,361,528                       24,095,753                        
 Total assets less current liabilities      125,226,000                      101,576,095                      108,940,765                       
 Non-current liabilities                                                                                                                        
 Trade and other payables                   1,928,799                        4,249,115                        2,809,243                         
 Provisions                                 3,037,979                        2,568,287                        1,839,916                         
 Interest bearing liabilities               250,493                          56,126                           109,952                           
 Total non-current liabilities              5,217,271                        6,873,528                        4,759,111                         
 Net assets                                 120,008,729                      94,702,567                       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                             289,327                          229,456                          221,613                           
 Other reserves                             20,110,100                       16,708,285                       19,486,684                        
 Translation reserve                        (71,470,163)                     (63,561,669)                     (78,459,765)                      
 Retained surplus                           123,707,779                      92,954,809                       115,561,436                       
 Equity shareholders’ funds                 120,008,729                      94,702,567                       104,181,654                       

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
2024 prepared in accordance with international accounting standards in
conformity with the requirements of the Companies Act 2006 will be filed with
the Registrar of Companies before 30 June 2025. The auditor’s report on
these accounts was unqualified and did not contain a statement under Section
498 (2) or 498 (3) of the Companies Act 2006.

Statements of Changes in Shareholders’ Equity
For the three-month period ended 31 March 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                      —              —              —                     —                     (1,780,928)          —                  (1,780,928)   
 Profit for the period                             —              —              —                     —                     —                    3,637,563          3,637,563     
 Total comprehensive income for the period         —              —              —                     —                     (1,780,928)          3,637,563          1,856,635     
 Transfer to taxation reserve                      —              —              —                     748,279               —                    (748,279)          —             
 Share option expense                              —              —              53,883                —                     —                    —                  53,883        
 Equity shareholders’ funds at 31 March 2024       11,213,618     36,158,068     229,456               16,708,285            (63,561,669)         93,954,809         94,702,567    
 Foreign currency adjustments                      —              —              —                     —                     (14,898,096)         —                  (14,898,096)  
 Profit for the period                             —              —              —                     —                     —                    24,182,155         24,182,155    
 Total comprehensive income for the period         —              —              —                     —                     (14,898,096)         24,182,155         9,284,059     
 Transfer to taxation reserve                      —              —              —                     2,778,399             —                    (2,778,399)        —             
 Share based incentives lapsed in period           —              —              (202,871)             —                     —                    202,871            —             
 Share based incentive expense                     —              —              195,028               —                     —                    —                  195,028       
 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                      —              —              —                     —                     6,989,602            —                  6,989,602     
 Profit for the period                             —              —              —                     —                     —                    8,769,759          8,769,759     
 Total comprehensive income for the period         —              —              —                     —                     6,989,602            8,769,759          15,759,361    
 Transfer to taxation reserve                      —              —              —                     623,416               —                    (623,416)          —             
 Share option expense                              —              —              67,714                —                     —                    —                  67,714        
 Equity shareholders’ funds at 31 March 2025       11,213,618     36,158,068     289,327               20,110,100            (71,470,163)         123,707,779        120,008,729   

(1)     (1) Other reserves comprise a merger reserve of US$361,461 and a
taxation reserve of US$19,748,639 (31 December 2024: merger reserve of
US$361,461 and a taxation reserve of US$19,125,223).


Condensed Consolidated Cash Flow Statement
For the three-month period ended 31 March 2025

                                                                                                                For the three months ended 31 March     
                                                                                                                2025                2024                
 (expressed in US$)                                                                                             (unaudited)         (unaudited)         
 Operating activities                                                                                                                                   
 Post tax profit for period                                                                                     8,769,759           3,637,563           
 Depreciation – plant, equipment and mining properties                                                          1,834,773           1,046,561           
 Net financial (income)/expense                                                                                 (165,530)           67,616              
 (Gain)/loss on asset disposals                                                                                 (39,508)            (11,633)            
 Provision for taxation                                                                                         2,009,751           (19,593)            
 Share-based payments                                                                                           67,714              53,883              
 Taxation paid                                                                                                  (1,931,751)         (15,354)            
 Interest paid                                                                                                  (380,770)           (392,268)           
 Foreign exchange loss                                                                                          182,387             67,747              
 Changes in working capital                                                                                                                             
                                      Increase in inventories                                                   (1,907,662)         (349,744)           
                                      (Increase)/decrease in receivables, prepayments and accrued income        (1,071,364)         1,881,445           
                                      Decrease in payables, accruals and provisions                             2,852,038           (686,484)           
 Net cash inflow from operations                                                                                10,219,837          1,900,441           
                                                                                                                                                        
 Investing activities                                                                                                                                   
 Purchase of property, plant and equipment and assets in construction                                           (1,601,149)         (438,985)           
 Mine development expenditure                                                                                   (1,626,214)         (1,589,627)         
 Pre-operational project expenditure                                                                            (1,535,853)                             
 Geological exploration expenditure                                                                             (1,525,508)         (149,584)           
 Proceeds from sale of assets                                                                                   49,508              11,908              
 Interest received                                                                                              206,078             134,723             
 Net cash outflow on investing activities                                                                       (6,033,138)         (2,031,565)         
                                                                                                                                                        
 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                                                                           (141,654)           (255,245)           
 Net cash outflow from financing activities                                                                     (295,231)           (255,245)           
                                                                                                                                                        
 Net increase / (decrease) in cash and cash equivalents                                                         3,891,468           (386,369)           
 Cash and cash equivalents at beginning of period                                                               22,183,049          11,552,031          
 Exchange difference on cash                                                                                    430,422             (109,345)           
 Cash and cash equivalents at end of period                                                                     26,504,939          11,056,317          

Notes
1. Basis of preparation
These interim condensed consolidated financial statements are for the
three-month period ended 31 March 2025. Comparative information has
been provided for the unaudited three-month period ended 31 March 2024 and,
where applicable, the audited twelve-month period from 1 January 2024 to 31
December 2024. 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 2024 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 2024 and
those envisaged for the financial statements for the year ending 31 December
2025.

Accounting standards, amendments and interpretations effective in 2024

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 2025:

Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates:
Lack of Exchangeability
The amendments provide guidance for determining the spot exchange rate when
exchangeability between two currencies is lacking. They clarify when a
currency is considered exchangeable and introduce a methodology for estimating
an appropriate exchange rate when necessary. The Group does not expect a
material impact on its financial statements from these amendments.
No other standards or amendments are expected to be effective in 2025.

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 31 March 2025 the Group held cash of US$26.5 million which represents an
increase of US$4.3 million compared to 31 December 2024.

On 7 January 2024, the Group completed a US$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 US$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.

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 2025 the Group will continue gold production
from its Palito Complex operation as well as increase production from the
Coringa mine and will be able to increase gold production to exceed the levels
of 2024.

The Directors will limit the Group’s discretionary expenditures, when
necessary, to manage the Group’s liquidity.

The Directors acknowledge that the Group remains subject to operational and
economic risks and any unplanned interruption or reduction in gold production
or unforeseen changes in economic assumptions may adversely affect the level
of free cash flow that the Group can generate on a monthly basis. The
Directors have a reasonable expectation that, after taking into account
reasonably possible changes in trading performance, and the current
macroeconomic situation, the Group has adequate resources to continue in
operational existence for the foreseeable future. Thus, they continue to adopt
the going concern basis of accounting in preparing the Financial Statements.

2.         Other Income and Expenses

Under the copper exploration alliance with Vale announced on 10 May 2024, the
related exploration activities undertaken by the Group under the management of
a working committee (comprising representatives from Vale and Serabi), were
funded in their entirety by Vale during Phase 1 of the programme. Following
the completion of Phase 1, Vale advised the Group, in April 2025, that it did
not wish to continue the exploration alliance.

Exploration and development of copper deposits is not the core activity of the
Group and further funding beyond the Phase 1 commitment would be required
before a judgment could be made as to a project being commercially viable.
There is a significant cost involved in developing new copper deposits and it
is unlikely that, without the financial support of a partner, the Group would
independently seek to develop a copper project in preference to any of its
existing gold projects and discoveries. As a result, both the funding received
from Vale and the related exploration expenditures has been recognised through
the income statement. As this is not a principal business activity of the
Group these receipts and expenditures are classified as other income and other
expenses.

3.         Finance expense and income

                                             3 months ended 31 March 2025 (unaudited)  3 months ended 31 March 2024 (unaudited)  
                                             US$                                       US$                                       
 Interest expense on unsecured loan          (79,011)                                  (141,647)                                 
 Interest expense on finance leases          (14,287)                                  (14,036)                                  
 Interest expense on short term trade loan   (17,676)                                  (18,922)                                  
 Total finance expense                       (110,974)                                 (174,605)                                 
 Interest income                             206,078                                   134,723                                   
 Gain on revaluation of hedging derivatives  —                                         6,832                                     
 Total finance income                        206,078                                   141,555                                   
 Net finance (expense)                       95,104                                    (33,050)                                  

4.         Taxation

The Group has recognised a deferred tax asset to the extent that the Group has
reasonable certainty as to the level and timing of future profits that might
be generated and against which the asset may be recovered. The deferred tax
liability arising on unrealised exchange gains has been eliminated in the
three-month period to 31 March 2025 reflecting the stronger Brazilian Real
exchange rate at the end of the period and resulting in deferred tax income of
US$466,264 (three months to 31 March 2024 – income of US$674,185).

The Group has also incurred a tax charge in Brazil for the three-month period
of US$2,475,989 (three months to 31 March 2024 tax charge - US$654,592).

5.        Earnings per Share

                                                     3 months ended 31 March 2025 (unaudited)  3 months ended 31 March 2024 (unaudited)  
 Profit attributable to ordinary shareholders (US$)  8,769,759                                 3,637,563                                 
 Weighted average ordinary shares in issue           75,734,551                                75,734,551                                
 Basic profit per share (US cents)                   11.58c                                    4.80c                                     
 Diluted ordinary shares in issue ((1))              75,734,551                                75,734,551                                
 Diluted profit per share (US cents)                 11.58c                                    4.80c                                     

(1) At 31 March 2025 there were 3,357,649 conditional share awards in issue
(31 March 2024 - 2,814,541). These are subject to performance conditions which
may or not be fulfilled in full or in part. These CSAs have not been included
in the calculation of the diluted earnings per share.

6.        Post balance sheet events

There has been no item, transaction or event of a material or unusual nature
likely, in the opinion of the Directors of the Company to affect significantly
the continuing operation of the entity, the results of these operations, or
the state of affairs of the entity in future financial periods

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