Serabi Gold Delivers Robust Q1 2024 Performance, Poised for Growth with Coringa Development

• Serabi Gold reports strong Q1 2024 financial performance with EBITDA up 103% YoY to $4.7 million
• Gold production increased to 9,007 ounces, cash position steady at $11.1 million
• Coringa mine development progressing well, ore sorter plant expected operational in Q4 2024
• Continued investment in mine development at Palito and Coringa to drive long-term production growth
• Serabi well-positioned to deliver increasing gold production and improved margins in 2024 and beyond

About Serabi Gold

Serabi Gold (LSE:SRB) is a Brazilian-focused gold mining and development company. The Company's primary assets are the Palito Mining Complex and the Coringa Gold Project, both located in the Tapajos region of northern Brazil. Serabi has been operating the Palito Mining Complex since 2014, and is currently advancing the Coringa Gold Project towards production.

Q1 2024 Financial Highlights

Serabi Gold reported a strong financial performance for the first quarter of 2024. The company achieved an EBITDA of $4.7 million, representing a 103% increase compared to Q1 2023 and a 37% improvement over the last quarter of 2023. Gold production for the quarter was 9,007 ounces, up from 8,055 ounces in Q1 2023. The Company's cash position remained steady at $11.1 million, reflecting ongoing investments in the development and ramp-up of the Coringa project and mine development at Palito.

Coringa Project Update

The Coringa Gold Project is a key growth driver for Serabi. Following the renewal of the trial mining license for a further 3-year period in January 2024, the company has been focusing on workforce expansion, initiating an underground drill program to grow the Serra mineral resource, and accelerating mine development. The ore sorter for Coringa has been delivered to the site, and the crushing plant and related infrastructure are progressing well. Serabi expects the plant to be operational in Q4 2024, which will process stockpiled lower-grade material and boost gold production in the last three months of the year.

Palito Complex Operations

Mining rates at the Palito Complex continue to increase, with 56,296 tonnes of ore mined in Q1 2024, representing a 35% increase compared to Q1 2023 and a 14% increase over the last quarter of 2023. The company continues to invest in mine development at Palito to sustain and grow long-term production. While this has resulted in higher all-in sustaining costs (AISC) for the quarter, it is essential for delivering future production growth and reducing long-term AISC.

Outlook & Conclusion

Serabi Gold is well-positioned to deliver increasing gold production and improved margins in 2024 and beyond. The company's focus on developing the Coringa Gold Project while optimizing operations at the Palito Complex is expected to drive long-term growth and value creation for shareholders.

The Coringa project is progressing as planned, with the ore sorter plant expected to be operational in Q4 2024. This will significantly improve grades, reduce trucking and processing costs, and boost overall gold production. Meanwhile, continued investment in mine development at both Palito and Coringa will ensure sustainable production growth in the coming years.

Serabi's strong financial performance in Q1 2024, despite the ongoing development costs at Coringa, demonstrates the company's ability to generate cash flow while investing in future growth. As Coringa comes online and production ramps up, Serabi is expected to benefit from increased economies of scale, lower costs, and improved margins.

For investors looking at Serabi Gold, the company presents a compelling opportunity to gain exposure to a growing gold producer with a strong operational track record and significant upside potential. With a clear growth strategy, experienced management team, and a focus on sustainable value creation, Serabi Gold is well-positioned to deliver long-term returns for shareholders.