t
| Date | 15 Jan 2026 |
| Time | 06:30:00 |
| Category | Miscellaneous |
| ID | nsm:dd6577ef-e6d8-4851-903a-ec43b7565240.html |
Disseminated via GNW on 15 January 2026
Reports Q4-2025 Production, Record Annual Production, Production Guidance Achieved & 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 fourth quarter production results and operating highlights for FY2025 (all financial amounts are expressed in U.S. dollars unless otherwise indicated).
Q4-2025 OPERATIONAL HIGHLIGHTS & 2026 GUIDANCE
Mike Hodgson, CEO of Serabi, commented:
“We are very pleased with the performance of the Palito Complex and Coringa Mine during the fourth quarter, concluding yet another positive year with many milestones achieved for Serabi. Highlights for the year include: a record annual production in line with guidance; the continued ramp up of the Coringa Mine; the successful operation of the Coringa classification plant; the execution of our 2025 brownfield exploration programme; and the announcement of our inaugural shareholder return policy. We continue to make progress on the execution of Phase I and II of our growth strategy, with our enhanced balance sheet positioning us well to continue this momentum in 2026.
Our record annual production of 44,169 ounces, representing a 18% increase vs FY2024, was driven by the ramp up of the Coringa Mine. During the year, production from the Serra zone continued according to plan. We began producing from a second zone, the Meio zone, which contributed to the overall growth in our production. We successfully utilized mechanized mining at the Meio zone and sections of the Serra zone and while this entails higher mined dilution, this can be simply removed by the ore sorter with the net effect being that mechanised mining is safer, more cost efficient, and speeds up production. The ramp up of the Coringa Mine continues as we are progressing well with our portal at our third zone, the Galena zone, which is expected to contribute significant development ore during 2026.
At Coringa, the ore sorter was instrumental in achieving our record annual production, operating successfully for the entire year. As reported during the year, 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. In 2026, it will only be ROM ore passing through the ore sorter which should entail higher plant feed grades.
During the year, we announced an ‘aggressive’ 30,000 metre brownfield exploration programme as part of our Phase II growth strategy. While the programme has concluded, we are awaiting additional assay results which should be communicated to investors in due course. Our drilling results to date have been encouraging to say the least, with the discovery of the Serra South zone at Coringa, located approximately 500 metres south of the currently producing Serra zone. We successfully extended the Meio zone trend at Coringa, whilst at the Palito Complex we extended the north and south extensions of the currently producing Senna zone. These successes indicate we remain on track to achieve our Phase II growth target of increasing the current mineral resource inventory to 1.5Moz Au - 2.0Moz Au. We intend to continue this momentum in 2026, with an additional 30,000m brownfield exploration programme. In H1-2026, we plan to release the updated mineral resource estimates incorporating the 2025 brownfield exploration programme, for investors to confirm the progress in our consolidated resource growth.
Our cash position continues to grow, driven by unprecedented gold prices and the strong operational performance of our mines. We anticipate another record year of production in 2026, with production guidance of 53,000 ounces to 57,000 ounces. We also expect further growth in our cash balance in 2026 and remain well financed to execute our growth plans for the year at Coringa, our 2026 brownfield exploration programme and to deliver on our shareholder return policy.”
OPERATIONAL RESULTS
| SUMMARY PRODUCTION STATISTICS FOR 2025 AND 2024 | |||||||||||
| |
|
Q1 | Q2 | Q3 | Q4 | Fiscal | Q1 | Q2 | Q3 | Q4 | Fiscal |
| 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | ||
| Group | |||||||||||
| Gold production (1)(2) | Ounces | 10,013 | 10,532 | 12,090 | 11,534 | 44,169 | 9,007 | 9,003 | 9,489 | 10,022 | 37,520 |
| Mined ore | Tonnes | 44,924 | 52,032 | 51,625 | 55,899 | 204,480 | 56,296 | 59,564 | 58,682 | 50,327 | 225,049 |
| Au grade (g/t) | 7.09 | 6.72 | 7.24 | 6.65 | 6.91 | 5.31 | 5.06 | 5.48 | 6.19 | 5.49 | |
| Milled ore | Tonnes | 48,155 | 51,246 | 53,991 | 55,607 | 208,899 | 54,521 | 55,192 | 54,579 | 52,363 | 216,655 |
| Au grade (g/t) | 6.7 | 6.67 | 7.18 | 6.63 | 6.80 | 5.38 | 5.31 | 5.59 | 6.21 | 5.61 | |
| Horizontal development | Metres | 3,505 | 3,850 | 3,706 | 4,535 | 15,596 | 3,131 | 3,550 | 3,325 | 3,129 | 13,135 |
| Palito Complex | |||||||||||
| Gold production (1)(2) | Ounces | 4,666 | 5,607 | 5,246 | 4,638 | 20,158 | 5,135 | 4,251 | 3,648 | 4,369 | 17,404 |
| Mined ore | Tonnes | 25,267 | 29,294 | 26,352 | 27,129 | 108,042 | 36,471 | 30,488 | 26,878 | 23,642 | 117,479 |
| Au grade (g/t) | 6.15 | 6.22 | 6.29 | 5.48 | 6.04 | 4.72 | 4.52 | 4.34 | 6.10 | 4.86 | |
| Milled ore | Tonnes | 24,328 | 29,885 | 27,081 | 27,226 | 108,521 | 35,861 | 30,750 | 27,454 | 23,719 | 117,785 |
| Au grade (g/t) | 6.25 | 6.15 | 6.25 | 5.47 | 6.03 | 4.73 | 4.56 | 4.33 | 6.05 | 4.86 | |
| Horizontal development | Metres | 1,979 | 2,004 | 2,125 | 2,161 | 8,269 | 2,153 | 2,315 | 1,859 | 1,948 | 8,275 |
| Coringa | |||||||||||
| Gold production (1)(2) | Ounces | 5,347 | 4,925 | 6,843 | 6,895 | 24,010 | 3,871 | 4,752 | 5,841 | 5,653 | 20,117 |
| Mined ore | Tonnes | 19,657 | 22,738 | 25,273 | 28,770 | 96,438 | 19,825 | 29,076 | 31,984 | 26,685 | 107,569 |
| Au grade (g/t) | 8.31 | 7.35 | 8.23 | 7.74 | 7.04 | 6.39 | 5.62 | 6.44 | 6.27 | 6.17 | |
| Milled ore | Tonnes | 23,827 | 21,361 | 26,909 | 28,381 | 100,479 | 18,660 | 24,441 | 27,125 | 28,645 | 98,871 |
| Au grade (g/t) | 7.17 | 7.39 | 8.13 | 7.75 | 7.64 | 6.61 | 6.25 | 6.87 | 6.34 | 6.51 | |
| Horizontal development | Metres | 1,526 | 1,846 | 1,581 | 2,374 | 7,327 | 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 fourth quarter was 11,534 ounces. Group ore mined during the quarter was 55,899 tonnes @ 6.65 g/t Au compared to 51,625 tonnes at 7.24 g/t Au for the third quarter of 2025. The Palito Complex process plant treated 55,607 tonnes @ 6.63 g/t Au compared to 53,991 tonnes @ 7.18 g/t Au for Q3-2025.
A total of 4,535 metres of horizontal development has been completed for the quarter of which 2,293 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 Meio zone with levels 356m, 336m and 318m under development and stoping production on the 336m level.
The Palito Complex production and development is varied, with production from the Barrichello, Mogno, Piquet and G3 zones. Development is ongoing on the Senna, Piquet, G3, Barrichello, Mogno, and Senna zones, ranging from the upper levels of 167m down to -210m level on G3.
FINANCE UPDATE
Cash balance at the end of December 2025 was $49.2 million, in comparison to the cash balances at the end of December 2024 of $22.2 million. Logistics issues delayed the shipment of some copper/gold concentrate during the quarter. This resulted in the delay of receiving a further $5.1 million until 2 January 2026. 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 16 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 16 January 2026 and carries an interest coupon of 6.16%. The Company had a net cash balance at the end of Q4-2025 (after interest bearing loans and lease liabilities) of $42.1 million (31 December 2024: net cash $16.2 million).
FY2026 PRODUCTION GUIDANCE
The Company expects FY2026 consolidated production of 53,000 – 57,000 ounces gold.
About Serabi Gold plc
Serabi Gold plc is a gold exploration, development and production company focused on the prolific Tapajós region in Para State, northern Brazil. The Company has consistently produced 30,000 to 40,000 ounces per year with the Palito Complex and is planning to double production in the coming years with the construction of the Coringa Mine. 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 / Fergus Young t +44 (0)20 3757 4980
Assay Results
Assay results reported within this release include those provided by the Company's own on-site laboratory facilities at Palito and have not yet been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company's activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company's management are satisfied that the Company's own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognized standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory.
Forward-looking statements
Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.
Qualified Persons Statement
The scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 30 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.
Notice
Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.
Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release
See www.serabigold.com for more information and follow us on X @Serabi_Gold
