REG-Audited Results for the year ended 31 December 2025
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Audited Results for the year ended 31 December 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 announce the Company’s audited results for the year ended 31
December 2025 (all financial amounts are expressed in U.S. dollars unless
otherwise indicated).
HIGHLIGHTS
* Revenue of $155.8 million (2024: $94.5 million) reflecting higher production
year on year as well as positive movement in the average gold price achieved
of $3,481 (2024: $2,407).
* The Board has announced the Company’s inaugural annual dividend payment
during 2025 of 5 pence per share (7 cents per share) in line with the dividend
policy adopted in 2025.
* Cash held at 31 December 2025 of $49.2 million (31 December 2024: $22.2
million).
* Net cash at 31 December 2025 (after interest bearing loans and lease
liabilities) of $42.1 million (31 December 2024: $16.2 million.
* Gold production for the 2025 full year of 44,169 ounces (2024: 37,520
ounces).
* EBITDA for the year of $77.9 million (2024: $35.9 million), a 117%
improvement year on year.
* Post-tax profit for the year of $53.9 million (2024: Post-tax profit of
$27.8 million), an 94% improvement year on year.
* Profit per share of 71.18 cents compared with a profit per share of 36.73
cents for the 2024 calendar year.
* Net cash inflow from operations for the year was $50.6 million after mine
development expenditure of $5.3 million, compared to $24.5 million in 2024
after accounting for mine development of $6.3 million.
* Cash Costs for the full year of $1,437 per ounce (2024: $1,326) and AISC for
the full year of $1,816 per ounce (2024: $1,700).
* The Board announces the 2026 shareholder return policy will be a targeted
return of up to 20 - 30% of the Group’s free cash flow to shareholders
through dividends or buy-backs.
Key Financial Information
SUMMARY FINANCIAL STATISTICS FOR THE THREE AND TWELVE MONTHS ENDING 31 DECEMBER 2025
12 months to 31 Dec 2025 US$’000 3 months to 31 Dec 2025 US$’000 12 months to 31 Dec 2024 US$’000 3 months to 31 Dec 2024 US$’000
Revenue 155,849 51,325 94,536 24,246
Cost of Sales (66,856) (18,703) (50,710) (10,869)
Gross Operating Profit 88,993 32,622 43,826 13,377
Administration and share based payments (11,097) (2,918) (7,967) (2,238)
EBITDA 77,896 29,704 35,859 11,139
Depreciation and amortisation charges (9,651) (3,176) (4,273) (976)
Operating profit before finance and tax 68,245 26,528 31,586 10,163
Profit/(loss) after tax 53,908 18,993 27,819 9,982
Earnings per ordinary share (basic) 71.18 cents 25.08 cents 36.73 cents 13.18 cents
Average gold price received US$3,481 US$4,121 US$2,407 US$2,670
As at 31 December 2025 As at 31 December 2024
Cash and cash equivalents 49,223 22,183
Net funds 42,083 16,231
Net assets 171,052 104,182
Cash Cost and All-In Sustaining Cost (“AISC”)
12 months to 31 December 2025 3 months to 31 December 2025 12 months to 31 December 2024 3 months to 31 December 2024
Gold production for cash cost and AISC purposes 44,169 ozs 11,534 ozs 37,520 ozs 10,022 ozs
Total Cash Cost of production (per ounce) US$1,437 US$1,799 US$1,326 US$1,169
Total AISC of production (per ounce) US$1,816 US$2,158 US$1,700 US$1,512
Colm Howlin, CFO of Serabi commented,
“2025 was a transformative year for Serabi, the 18% increase in annual
production which we achieved and the significant increase in gold prices
during 2025 allowed us to generate $155.9 million in revenue, a 65% increase
over the prior year, leading to a $27.0 million increase in our cash position
year on year. Our average gold price achieved in 2025 was $3,481 per ounce, a
45% increase over our average gold price achieved of $2,407 in 2024. The cash
generated from operations during 2025 of $55.9 million, an 81% increase over
the previous year, allowed us to invest heavily into the future of the
Company, with a total of $14.5 million invested in mine development and
pre-operating costs as well as $8.15 million in our brownfield exploration
programme, which has so far resulted in a significant increase in the
Company’s consolidated M&I ounces and Inferred ounces, having drilled 38,400
metres during the year. We will continue to invest in both mine development
and exploration in 2026, with another 30,000+ metres of exploration drilling
planned for 2026, as we aim to increase our consolidated resource to 1.5+
million ounces and position the Company for growth beyond its current target
of 60,000 ounces per annum from 2027 onwards.
With cash on hand of $49.2 million at the end of 2025, the Company has very
strong liquidity to support its growth plans, supported by the continued
operational scale-up at Coringa and the ongoing production stability of the
Palito mine. Our strong performance has continued into 2026, the Company is
now debt free having repaid $5.3 million to Banco Santander in Brazil on 7
January 2026 and finished the first quarter of 2026 with cash on hand of $64.4
million. Our balance sheet has never looked stronger which gives us the
opportunity to self-fund our organic growth as well as offering us strategic
flexibility in terms of M&A opportunities should an appropriate opportunity
arise.
I am very pleased that the Board has approved the Company’s first annual
dividend of 5 pence per share (equivalent to approximately 7 cents per share),
which is a total dividend payment of approximately $5.41 million or 20% of the
free cash flow achieved in 2025. The proposed dividend is within our target
range and leaves the Company with funds to continue to invest in our long-term
growth strategy which will bring long-term value to our shareholders.
While 2025 was an excellent year in terms of production, cash generation and
planning for our future organic growth, cost discipline remains critical as
expansion continues. Our All in Sustaining Cost in 2025 was $1,816 per ounce
and our Cash Costs was $1,437 per ounce. With the increase in activity,
particularly at the Coringa mine, we now employ over 1,000 people between the
Palito Complex and the Coringa mine, so it is paramount to us to continue to
remain disciplined with cost control but to also offer our employees and the
local communities in which they live as much support as possible.
Our approach to ESG is increasingly embedded in our financial performance and
we continue to invest in projects which will help us with our environmental
controls, reducing emissions and improving our management of water usage in
our systems. Our approach to ESG is a key element of our overall risk
management and value protection planning. In 2024 we created the
Sustainability Committee and our ESG policies now play a role in executive
compensation with ESG metrics making up 15% of our 2026 Employee Long Term
Incentive Plans.
From a personal perspective, I am very happy with my first year as Chief
Financial Officer, especially as we had a record year in terms of cash
generation, but this is all underpinned by our strong production performance
which is as a result of the excellent work achieved by the operations
Department. I would like to take this opportunity to thank all my colleagues
for all their excellent work in 2025 as their efforts made my first year as
CFO as enjoyable and productive as possible.”
Statement from the Chair of Serabi, Michael Lynch-Bell:
Dear Shareholders,
I am pleased to introduce to you this year’s Annual Report. Whilst 2025 was
yet another remarkable year for Serabi, I am pleased to report that the
momentum in our growth has continued through 2026, as the Company remains on
track for executing its growth strategy. In 2025, we delivered on a number of
key milestones that I believe position the Company for further value-accretive
growth, underpinning long-term returns for our shareholders and reinforcing
our resilience amidst market volatility.
Health & Safety
Ensuring the health and safety of the Group’s workforce is fundamental to
the way we operate. Although 2025 saw progress in improving our safety
performance, the occurrence of two fatalities in early 2026 is a stark
reminder of the challenges that remain. These incidents have prompted a
renewed focus on strengthening the Group’s safety culture, systems and
accountability. A number of new initiatives have been implemented locally,
including an external audit of health & safety practices, hiring of additional
health & safety personnel to continue driving a safe operating culture amongst
the work force, and support for employees and families. The Board is engaged
in supporting management as they implement these efforts, working towards the
achievement of consistent safe outcomes across all operations.
Production Growth
Following the commissioning of the classification plant at Coringa in 2024 and
continued operation of it throughout 2025, we were able to increase our
production by 18% year-on-year. The growth in production was not only driven
by the classification plant, but by the continued ramp up of Coringa, as we
were able to access a second zone, the Meio zone, during the year which
contributed meaningful growth. In 2025, progress was made on accessing a third
zone through the advancement of the ramp to the Galena zone, which will, when
finished, complete the ramp up at Coringa and enable the Company’s goal of
achieving a run-rate of 55,000 ounces of gold per annum with the current
650tpd processing capacity. Looking ahead into 2026, we expect the production
growth to continues, with guidance at 53,000 to 57,000 ounces of gold,
demonstrating the focus of the management team on executing our growth
strategy.
Growth Beyond 55,000 ounces per annum
We achieved a number of milestones for our business in 2025 to position Serabi
for growth to 55,000 ounces of gold in 2026.
In the first of a two years ‘aggressive’ brownfield exploration programme,
with the goal of growing our consolidated resource to 1.5+ million ounces,
which will ultimately underpin a production scenario beyond 60,000 ounces of
gold per annum from 2027 onwards, the Company drilled 38,400m which has
already contributed to the growth of our consolidated M&I resource to 731,000
ounces of gold and Inferred resource to 653,000 ounces of gold. Whilst a
significant discovery was made at Coringa, there were many additional veins
which were drilled on both properties and incorporated into the updated
mineral resource estimate. The results of the first year alone, reinforce the
Company’s understanding of the wealth of brownfield mineralisation available
near its mines and we therefore remain optimistic that the second year of our
brownfield exploration programme will achieve the targeted growth range.
In anticipation of this resource growth, the Company announced in early 2026
that a fourth ball mill would be installed at the Palito Complex, to increase
the processing capacity from 650tpd to approximately 900tpd. This ball mill is
expected to be operational by Q4-2026 and will be critical in providing the
Company with a materially increased annual production run-rate.
Whilst our stand-alone strategy envisions growing the Palito Complex and
Coringa into a consolidated +100,000 ounce per annum producer, we remain
amenable to inorganic growth opportunities, utilising a disciplined approach
to M&A. Whilst we believe that the best use of surplus cash in the short-term
is to further drive organic growth, we will continue to evaluate investment
opportunities and risk against shareholder return strategies.
ESG
I am proud to present today our 2025 Sustainability Report, incorporated into
this Annual Report beginning on page 31. This marks an important step in the
continued evolution of our governance and disclosure practices. The Board has
long recognised the importance of environmental, social and governance
considerations in supporting the Company’s long-term resilience and value
creation. This report reflects our commitment to greater transparency and
provides stakeholders with a clearer understanding of how these factors are
embedded within our strategy, risk oversight and operational decision making.
In 2024, Serabi created the Sustainability Committee to ensure that the
principles of sustainability were not only embedded, but also continuously
strengthened and advanced across all Company decisions. The Sustainability
Report is a reflection of more than two decades of an operating model that
recognises, values, understands and respects the Tapajós region and its
people, and most importantly, symbolises our commitment to responsible
stewardship.
Dividend
The Board has recommended the Company’s inaugural annual dividend for the
2025 financial year of £0.05 pence per share (equivalent to $0.07 cents per
share), marking an important milestone in our capital allocation framework. In
establishing this initial distribution, we have adopted a prudent approach,
setting the payout at the lower end of our target range, consistent with our
disciplined approach to balancing shareholder returns with reinvestment in the
business. This reflects both our confidence in the Company’s underlying cash
generation and our commitment to maintaining financial flexibility. The Board
believes this represents an appropriate first step in establishing a
sustainable dividend policy, while preserving capital to support strategic
opportunities, including potential value-accretive M&A opportunities, as we
strive to become +100,000 ounce producer in the coming years. The Board
currently expects to adopt a similar payout range for the financial year 2026.
Michael D Lynch-Bell
Chair
30 April 2026
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
Copies of this announcement are available from the Company's website at
www.serabigold.com.
Neither the Toronto Stock Exchange, nor any other securities regulatory
authority, has approved or disapproved of the contents of this announcement.
See www.serabigold.com for more information and follow us on X @Serabi_Gold
Annual Report
The Annual Report has been published by the Company on its website at
www.serabigold.com and printed copies are expected to be available before 31
May 2026. Additional copies will be available to the public, free of charge,
from the Company's offices at The Long Barn, Cobham Park Road, Downside,
Surrey, KT11 3NE and will be available to download from the Company’s
website at www.serabigold.com.
The data included in the selected annual information tables below is taken
from the Company’s annual audited financial statements for the year ended 31
December 2025, which were prepared in accordance with international accounting
standards in conformity with the requirements of the Companies Act 2006. The
Parent Company financial statements have also been prepared in accordance with
those parts of the Companies Act 2006 applicable to companies reporting under
International Financial Reporting Standards (“IFRS”).
The audited financial statements for the year ended 31 December 2025 will be
presented to shareholders for adoption at the Annual General Meeting of the
Company’s shareholders and filed with the Registrar of Companies.
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 these financial statements.
Statement of Comprehensive Income
For the year ended 31 December 2025
Group
For the year ended 31 December 2025 For the year ended 31 December 2024
Notes US$’000 US$’000
Revenue from continuing operations 155,849 94,536
Cost of sales (66,856) (50,940)
Stock impairment provision — 230
Depreciation and amortisation charges (9,651) (4,273)
Total cost of sales (76,507) (54,983)
Gross operating profit 79,342 39,553
Administration expenses (11,032) (7,443)
Share-based payments (382) (249)
Gain on disposal of fixed assets 317 (275)
Operating profit 68,245 31,586
Foreign exchange gain 26 (1,515)
Other income – exploration receipts 5 — 331
Other expenses – exploration expenses 5 — (300)
Finance expense 6 (578) (674)
Finance income 6 974 2,848
Profit before taxation 68,667 32,276
Income tax expense 7 (14,759) (4,457)
Profit for the period ((1) ) 53,908 27,819
Other comprehensive income (net of tax) Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations 11,301 (16,679)
Total comprehensive profit for the period ((1)) 65,209 11,140
Earnings per ordinary share (basic) ((1) ) 8 71.18c 36.73c
Earnings per ordinary share (diluted) ( (1) ) 8 71.18c 36.73c
(1) The Group has no non-controlling interests, and all losses are
attributable to the equity holders of the parent company
Balance Sheet as at 31 December 2025
Group
At 31 December 2025 At 31 December 2024
US$’000 US$’000
Non-current assets
Deferred exploration costs 29,219 18,840
Property, plant and equipment 74,041 53,594
Right of use assets 5,820 4,287
Taxes receivable 9,080 6,246
Deferred taxation 1,250 1,878
Total non-current assets 119,410 84,845
Current assets
Inventories 16,182 13,116
Trade and other receivables 11,288 2,533
Prepayments 3,262 2,220
Cash and cash equivalents 49,223 22,183
Total current assets 79,955 40,052
Current liabilities
Trade and other payables 16,492 9,696
Interest-bearing liabilities 6,002 5,842
Accruals 940 419
Total current liabilities 23,434 15,957
Net current assets 56,521 24,095
Total assets less current liabilities 175,931 108,940
Non-current liabilities
Trade and other payables 2,698 2,808
Provisions 2,374 1,840
Interest-bearing liabilities 1,138 110
Total non-current liabilities 6,210 4,758
Net assets 169,721 104,182
Equity
Share capital 11,214 11,214
Share premium reserve 36,158 36,158
Share incentive reserve 537 222
Other reserves 23,743 19,487
Translation reserve (67,159) (78,460)
Retained surplus 165,228 115,561
Equity shareholders’ funds attributable to owners of the parent 169,721 104,182
Statements of Changes in Shareholders’ Equity
For the twelve month period ended 31 December 2025
Group Share capital Share premium Share incentive reserve Other reserves Translation reserve Retained surplus Total equity
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Equity shareholders’ funds at 31 December 2023 11,214 36,158 176 15,960 (61,781) 91,065 92,792
Foreign currency adjustments – – – – (16,679) – (16,679)
Profit for year – – – – – 27,820 27,820
Total comprehensive income for the year – – – – (16,679) 27,820 11,141
Transfer to taxation reserve – – – 3,527 – (3,527) –
Share based incentives lapsed in period – – (203) – – 203 –
Share based incentive expense – – 249 – – – 249
Equity shareholders’ funds at 31 December 2024 11,214 36,158 222 19,487 (78,460) 115,561 104,182
Foreign currency adjustments – – – – 11,301 – 11,301
Profit for year – – – – – 53,908 53,908
Total comprehensive income for the year – – – – 11,301 53,908 65,209
Transfer to taxation reserve – – – 4,256 – (4,256) –
Share based incentives lapsed in period – – (67) – – 15 (52)
Share based incentive expense – – 382 – – – 382
Equity shareholders’ funds at 31 December 2025 11,214 36,158 537 23,743 (67,159) 165,228 169,721
Other reserves comprise a merger reserve of US$361,461 and a taxation reserve
of US$23,381,928 (2024: merger reserve of US$361,461 and taxation reserve of
US$19,125,223).
Cash Flow Statement
For the twelve month period ended 31 December 2025
Group
For the year ended 31 December 2025 For the year ended 31 December 2024
US$’000 US$’000
Cash outflows from operating activities
Profit/(loss) for the period 53,908 27,820
Net financial income (421) (690)
Depreciation – plant, equipment and mining properties 9,651 4,273
Provision for inventory impairment – (230)
Taxation expense 14,759 4,457
Share-based payments 382 249
Gain on fixed asset sales and other items (317) 275
Taxation paid (12,939) (1,969)
Interest paid (469) (547)
Foreign exchange (loss)/gain (53) 34
Changes in working capital
Increase in inventories (1,728) (2,730)
Increase in receivables, prepayments and accrued income (12,327) (2,507)
Increase in payables, accruals and provisions 5,466 2,444
Increase in short-term intercompany payables – –
Net cash inflow from operations 55,912 30,879
Investing activities
Purchase of property, plant, equipment, and projects in construction (7,697) (7,902)
Mine development expenditure (5,336) (6,332)
Geological exploration expenditure (8,151) (2,717)
Pre-operational project costs (9,162) (2,001)
Proceeds from sale of assets 377 65
Investment in subsidiaries – –
Interest received and other finance income 974 499
Net cash outflow on investing activities (28,995) (18,388)
Financing activities
Receipt of short-term loan 5,000 5,000
Repayment of short-term loan (5,154) (5,000)
Payment of lease liabilities (349) (885)
Net cash outflow from financing activities (503) (885)
Net increase) in cash and cash equivalents 26,414 11,606
Cash and cash equivalents at beginning of period 22,183 11,552
Exchange difference on cash 626 (975)
Cash and cash equivalents at end of period 49,223 22,183
Notes
1. General Information
The financial information set out above for the years ended 31 December 2025
and 31 December 2024 does not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006 but is derived from those accounts.
Whilst the financial information included in this announcement has been
compiled in accordance with UK-adopted international accounting standards (UK
IAS), this announcement itself does not contain sufficient financial
information to comply with UK IAS. A copy of the statutory accounts for 2024
has been delivered to the Registrar of Companies and those for 2025 will be
delivered to the Registrar of Companies following approval by shareholders at
the Annual General Meeting. The full audited financial statements for the
years end 31 December 2025 and 31 December 2024 comply with IFRS.
2. Auditor’s Opinion
The auditor has issued an unqualified opinion in respect of the financial
statements for both 2025 and 2024 which do not contain any statements under
the Companies Act 2006, Section 498(2) or Section 498(3).
3. Basis of Preparation
The financial statements have been prepared in accordance with international
accounting standards in conformity with the requirements of the Companies Act
2006. The parent and consolidated financial statements have been prepared in
accordance with UK-adopted international accounting standards (UK IAS) and
with the requirements of the Companies Act 2006 as applicable to companies
reporting under those standards.
On 31 December 2020, IFRS as adopted by the European Union at that date was
brought into the UK law and became UK-adopted international accounting
standards, with future changes being subject to endorsement by the UK
Endorsement Board. The Group prepares its consolidated financial statements in
accordance with UK IAS.
Accounting standards, amendments and interpretations effective in 2025
The following Accounting standards came into effect as of 1 January 2025
Lack of Exchangeability – Amendments to IAS 21 1 January 2025
There is no material impact on the financial statements from the adoption of
these new accounting standards or amendments to accounting standards,
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.
4. Going concern and availability of finance
The Group’s business activities, together with the factors likely to affect
its future development, performance and position, are set out in the Group
Strategic Report. The financial position of the Group, its cash flows, and
liquidity position are described in the Chief Financial Officer’s Review and
set out in the Group Financial Statements. Further details of the Group’s
commitments and maturity analysis of financial liabilities are set out in note
23 and 25 respectively of the Group Financial Statements. In addition, note 22
to the Group Financial Statements includes the Group’s objectives, policies
and processes for managing its capital; its financial risk management
objectives; details of its financial instruments; and its exposures to credit
risk and liquidity risk.
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.
Further details are provided in Going Concern section of the Group Strategic
Report.
5. Other income and expense
In 2024 the receipts and expenditures relating to a copper exploration
alliance with Vale, which the Group announced on 10 May 2023, were recognised
through the income statement. As this is not the principal business activity
of the Group these receipts and expenditures were classified as other income
and other expenses.
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
6. Finance expense and income
Group
12 months ended 31 December 2025 12 months ended 31 December 2024
US$’000 US$’000
Interest on short term unsecured bank loan (331) (425)
Interest in finance leases (62) (60)
Interest on short term trade loan (82) (62)
Variation on discount on rehabilitation provision (103) (127)
Total finance expense (578) (674)
PIS/COFINS recovered — 2,342
Realised gain on hedging activities — 7
Interest income 974 499
Total finance income 974 2,848
Net finance income 396 2,174
7. Taxation
The Group has incurred a tax charge on profits in Brazil for the year to 31
December 2025 of US$13,930,000 (31 December 2024 - US$4,999,173)
The Group has also 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
Group has registered a net deferred tax charge of US$829,064 during the year
to 31 December 2025 (31 December 2024 – credit of US$541,875).
8. Earnings per share
For the year ended 31 December 2025 For the year ended 31 December 2024
Profit/(loss) attributable to ordinary shareholders (US$’000) 53,908 27,819
Weighted average ordinary shares in issue (Thousands) 75,735 75,735
Basic profit per share (US cents) 71.18 36.73
Diluted ordinary shares in issue (Thousands) ((1)) 75,735 75,735
Diluted profit per share (US cents) 71.18 36.73
(1) At 31 December 2025 there were 2,728,049 conditional
share awards in issue (31 December 2024 - 2,814,632). 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.
9. Post balance sheet events
On 16 January 2026, the Group repaid Banco Santander in Brazil US$5.3 million
relating to the short term working capital loan plus interest which the Group
had previously entered into on 22 January 2025. As a result, at the time of
writing, the Group is debt free.
Except as set out above, 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.
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.
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
Attachment
* Press Release - Full Year Results 2025 v6 (pdf)
(https://ml-eu.globenewswire.com/Resource/Download/b04fd6f1-e7d8-48bd-8b1e-222fe8b9e245)Recent news on Serabi Gold
See all newsREG-Audited Results for the year ended 31 December 2025
AnnouncementREG-Results of Updated Mineral Resource and Reserves; Increases Consolidated M&I to 731koz Au and Inferred Resource to 653koz Au
AnnouncementREG-Reports Q1-2026 Production & Operational Highlights
AnnouncementREG-Provides Operational and Exploration Update for 2025 Brownfield Drilling Campaigns at Palito Complex and Coringa; Announces 2026 Brownfield Exploration Programme
AnnouncementREG-TR-1 Notification
Announcement