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| Date | 14 Oct 2025 |
| Time | 06:31:00 |
| Category | Miscellaneous |
| ID | nsm:1001132907-en.html |
Disseminated via GNW on 14 October 2025
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
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.
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 [email protected]
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
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