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Reports a Record Quarterly Production in Q3-2025 of 12,090 Gold Ounces and
Provides Operational Highlights
Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI,
OTCQX:SRBIF), the Brazilian focused gold mining and development company, is
pleased to announce the Company’s third quarter production results and
operating highlights for FY2025 (all financial amounts are expressed in U.S.
dollars unless otherwise indicated).
Q3-2025 OPERATIONAL HIGHLIGHTS
* Record quarterly gold production of 12,090 ounces, a 27% increase from
Q3-2024.
* A total of 3,875 metres of horizontal development for the quarter, a 17%
increase on Q3-2024.
* Cash as at 30 September 2025 of $38.8 million, vs $30.4 million as at 30
June 2025, an increase of $8.4 million during the quarter.
* Net cash at quarter-end (after interest bearing loans and lease liabilities)
of $33.0 million (Q2-2025: $24.6 million).
* The Company remains on track to achieve 2025 consolidated production
guidance of 44,000 – 47,000 ounces gold.
* On 9 September 2025, Serabi provided an update on the 30,000m 2025
brownfield surface drill programme as part of Phase II of the Company’s
growth strategy, which is evenly divided between the Palito Complex and
Coringa (Link to press release
(https://polaris.brighterir.com/public/serabi_gold_plc/news/rns/story/x40zqpw)).
Key highlights of the programme year-to-date including: * Discovery of new
orebody at Coringa (Serra South zone) located ~500 meters south of Serra mine
* Strike extension of the Meio zone trend at Coringa
* Significant extensions of the Senna orebody to both the north and south at
Palito Complex
* Highlight intercepts from the 2025 brownfield surface drill programme
include: * Hole 25-SR-010 - 0.53m @ 151.00 g/t Au from 60.68m (ALS lab @
Serra)
* Hole 25-SE-004 - 1.36m @ 17.99 g/t Au from 195.50m including 0.33 m 58.40
g/t (ALS lab @ Senna)
* Hole 25-SE-005 - 0.41m @ 13.95 g/t Au from 40.72m (ALS lab @ Senna)
* Hole 25-SE-001 - 3.40m @ 6.64 g/t Au from 274.00m including 0.60 m 26.80 g/t
(ALS lab @ Senna)
* Hole 25-SR-005 - 0.79m @ 25.66 g/t Au from 117.70m (ALS lab @ Serra)
* Hole 25-SR-004 - 0.25m @ 58.80 g/t Au from 233.62m (ALS lab @ Serra)
* Hole 25-ME-002 - 0.52m @ 18.45 g/t Au from 380.94m (ALS lab @ Meio)
* Hole 25-PI-003 - 1.00m @ 8.90 g/t Au from 373.00m (ALS lab @ Piaui)
* Hole 25-AR-001 - 0.30m @ 24.20 g/t Au from 167.90m (ALS lab @ Arantes)
* Hole 25-SR-022 - 0.25m @ 67.91 g/t Au from 223.92m (Palito lab @ Serra)
* Hole 25-SR-024 - 0.35m @ 64.17 g/t Au from 192.09m (Palito lab @ Serra)
* Hole 25-SR-028 - 0.87m @ 137.48 g/t Au from 303.00m including 0.32m @ 322.10
g/t Au (Palito lab @ Serra)
* Hole 25-GA-009 – 0.31m @ 25.70 g/t Au from 308.94m (ALS lab @ Galena)
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.
* On 31 July 2025, The Company published an updated NI 43-101 mineral resource
estimate and mineral reserve estimate for its 100% owned Palito Complex,
located in Pará State, Brazil, within the Tapajós region. The Technical
Report was prepared by NCL Ingeniería y Construcción SpA of Santiago de
Chile (Link to press release
(https://polaris.brighterir.com/public/serabi_gold_plc/news/rns/story/w60e3kw)).
Mike Hodgson, CEO of Serabi, commented:
“We are pleased to report an excellent third quarter, producing 12,090
ounces, by far the best quarter of gold production in Serabi’s history.
Year-to-date Q3-2025 gold production of 32,635 ounces is tracking well towards
guidance. Development rates remain excellent, with another 3,875m of
horizontal development metres recorded.
Gold production increased by 27% vs. Q3-2024, driven by grade improvements at
both the Palito Complex and Coringa. A year ago, plant feed grades were
averaging 5.43 g/t Au, whereas in YTD Q3-2025, grades are almost 7.0 g/t Au.
At Coringa, the ore sorter has been a game changer, operating for 9
consecutive months with excellent performance. As reported last quarter, we
took advantage of favourable economics and have been using the ore sorter to
process low grade ore stockpiled since the Coringa mine opened, whilst higher
grade run of mine (ROM) has been transported directly to the Palito Complex
processing plant. This strategy enabled us to produce more ounces from Coringa
this year than originally planned. With this low-grade stockpile now run down,
more ROM ore is now passing through the sorter.
Mining activity at Coringa is from two sectors, the Serra and Meio zones. The
Serra zone has been the backbone of production for the past 3 years, with Meio
now in development with the first stopes starting. Both zones are still
shallow, with all activity within 200m from surface. At the Serra zone, we are
blessed with excellent ground conditions, and as reported last quarter, the
Meio zone’s ground conditions are weaker, mostly due to its proximity to
surface and the weathered zone. The first attempts at mechanised mining have
proved challenging, however I am pleased to say after numerous trials,
increased systematic cable bolting, reduced drilling level spacing and
improved blasting technology brought very favourable results. The proximity to
surface and rock conditions remains somewhat weathered, but as we deepen, we
expect conditions to improve, and the development on lower levels is proving
this to be the case.
At the Serra zone, good rock conditions and superb performance of this ore
through the ore sorter has allowed us to introduce more mechanised stoping,
which although equates to more dilution, can be simply removed by the ore
sorter with the net effect being that mechanised mining is safer, reduces
mining costs, and speeds up production.
During the quarter, the ramp up of Coringa continued, as we initiated the
preparation of the Galena zone, which will be the third portal at Coringa. The
Galena zone is expected to contribute significant development ore during 2026.
At the Palito Complex, grade continued to improve as the year-to-date 2025
mined grades of 6.21 g/t Au is a significant improvement from 4.56 g/t Au for
the same 9 months of 2024. Much of this improvement has come from stoping the
Barrichello zone, along with improved grades from the G3 vein on levels -20m
and -85m.
Our brownfield exploration programme continued at pace, with three active
drill rigs at the Palito Complex and three at Coringa, as we target 30,000
metres of drilling this year. The standout results have been the discovery of
the Serra South zone at Coringa, approximately 500 metres south of the
currently producing Serra zone. We have three rigs at Serra South as we
anticipate significant resource growth on the Serra orebody. We’ve also
successfully extended the Meio zone trend. At the Palito Complex, the main
success to date has been the north and south extensions of the Senna zone.
These successes indicate we remain on track of obtaining our Phase II growth
goal of increasing the current mineral resource inventory to 1.5Moz Au -
2.0Moz Au.
Our cash balance continues to grow, driven by the strong operational
performance of our mines. It is with great timing for our cash balance, that
the improvement in our gold grades at the Palito Complex and the success of
the ore sorter at Coringa has come at a time of unprecedented gold prices. We
anticipate further success into the fourth quarter, as our production profile
remains on track to meet guidance.”
OPERATIONAL RESULTS
SUMMARY PRODUCTION STATISTICS FOR 2025 AND 2024
Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 Fiscal
2025 2025 2025 2025 2024 2024 2024 2024 2024
Group
Gold production ((1)(2) ) Ounces 10,013 10,532 12,090 32,635 9,007 9,003 9,489 10,022 37,521
Mined ore Tonnes 44,924 52,032 51,625 148,581 56,296 59,564 58,682 50,327 224,869
Gold grade (g/t) 7.09 6.72 7.24 7.01 5.31 5.06 5.48 6.19 5.49
Milled ore Tonnes 48,155 51,246 53,991 153,392 54,521 55,192 54,579 52,363 216,655
Gold grade (g/t) 6.70 6.67 7.18 6.86 5.38 5.31 5.59 6.21 5.62
Horizontal development Metres 3,505 3,850 3,875 11,230 3,131 3,550 3,325 3,129 13,135
Palito Complex
Gold production ( (1)(2)) Ounces 4,666 5,607 5,246 15,519 5,135 4,251 3,648 4,369 17,403
Mined ore Tonnes 25,267 29,294 26,352 80,913 36,471 30,488 26,878 23,642 117,479
Gold grade (g/t) 6.15 6.22 6.29 6.22 4.72 4.52 4.34 6.10 4.86
Milled ore Tonnes 24,328 29,885 27,081 81,294 35,861 30,750 27,454 23,719 117,784
Gold grade (g/t) 6.25 6.15 6.25 6.21 4.73 4.56 4.33 6.05 4.86
Horizontal development Metres 1,979 2,004 2,074 6,057 2,153 2,315 1,859 1,948 8,275
Coringa
Gold production ((1)(2)) Ounces 5,347 4,925 6,843 17,115 3,871 4,752 5,841 5,653 20,117
Mined ore Tonnes 19,657 22,738 25,273 67,668 19,825 29,076 31,984 26,685 107,570
Gold grade (g/t) 8.31 7.35 8.23 7.96 6.39 5.62 6.44 6.27 6.17
Milled ore Tonnes 23,827 21,361 26,909 72,097 18,660 24,441 27,125 28,645 98,871
Gold grade (g/t) 7.17 7.39 8.13 7.59 6.61 6.25 6.87 6.34 6.51
Horizontal development Metres 1,526 1,846 1,801 5,173 978 1,235 1,466 1,181 4,860
(1) The table may not sum due to rounding.
(2) Production numbers are subject to change
pending final assay analysis from refineries.
Group production for the third quarter was 12,090 ounces. Group ore mined
during the quarter was 51,625 tonnes @ 7.24 g/t Au compared to 52,032 tonnes
at 6.72 g/t Au for the second quarter of 2025. The Palito Complex process
plant treated 53,991 tonnes @ 7.18 g/t Au compared to 51,246 tonnes at 6.67
g/t Au for Q2-2025.
A total of 3,875 metres of horizontal development has been completed for the
quarter of which 2,016 metres was ore development. The balance was the ramp,
crosscuts and stope preparation development.
The Coringa Mine continues to perform well. On the Serra zone, production was
focused on the levels of 260m, 225m, 195m, and 158m, with development on
levels 158m, 143m and 125m. The newly intersected Meio zone is in development
with levels 356m, 336m and 318m advanced and stoping ongoing on levels 356m
and 336m.
The Palito Complex production and development is varied, with production from
the Barrichello and G3 zones. Development is ongoing on the Senna, Piquet, G3
and Ramo Senna zones, ranging from upper levels 167m down to -210m level on
G3.
FINANCE UPDATE
Cash balances at the end of September 2025 were $38.8 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%. 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 Q3-2025 (after interest bearing loans and lease
liabilities) of $33.0 million (31 December 2024: net cash $16.2 million).
FY2025 PRODUCTION GUIDANCE
The Company remains on track to achieve 2025 consolidated production guidance
of 44,000 – 47,000 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 / Emily Hall 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
* 2025.10.14 - Q3 2025 Operational Release - vF
(https://ml-eu.globenewswire.com/Resource/Download/7d939586-f8d3-46b1-8021-550b56bb3a1e)