Serabi Gold Files NI 43-101 Technical Reports for Palito Complex & Coringa Mine

• Serabi Gold publicly filed National Instrument 43-101 (NI 43-101) Technical Reports for the Palito Complex and Coringa Mine with an effective date of January 30, 2026.
• The filings formalise a consolidated mineral inventory of 1.4 million ounces across measured, indicated, and inferred categories, up from 1 million ounces at the start of 2025, with the 2025 drilling programme alone adding approximately 400,000 ounces.
• The company is increasing processing capacity at the Palito Complex from 650 tonnes per day to 900 tonnes per day by installing a dormant ball mill from Coringa, at an estimated capital cost of US$5 million, with commissioning targeted for the fourth quarter of 2026.
• The company reported a cash balance of US$64.4 million as at March 31, 2026, with zero debt following the full repayment of a facility in early 2026, which funded both the mill expansion and the US$15 million annual exploration programme from internal cash generation.
• Serabi maintains 2026 production guidance of 53,000 to 57,000 ounces of gold, with management targeting free cash flow (FCF) of between US$80 million and US$100 million for the year and a dividend policy of 20% of annual cash flow for 2026.

What Has Happened

Serabi Gold plc (AIM: SRB | TSX: SBI | OTCQX: SRBIF), the Brazilian-focused gold mining and development company, has publicly filed detailed National Instrument 43-101 (NI 43-101) Technical Reports covering updated mineral reserve and resource estimates for its 100% owned Palito Complex and updated mineral resource estimates (MREs) for its 100% owned Coringa Mine, both located in Pará State, Brazil, within the Tapajós region. 

Filing Details & Qualified Persons

The Palito Complex Technical Report is dated June 1, 2026, with an effective date of January 30, 2026. The Coringa Mine Technical Report is dated June 2, 2026, with an effective date of January 30, 2026. Qualified persons for both reports are Mr. Carlos Guzmán, RM CMC, FAusIMM, Principal/Project Director at NCL, and Mr. Nicolás Fuster, RM CMC, MAusIMM, Geologist. 

Updated Mineral Reserves & Resources

The filings formalise a consolidated mineral inventory of 1.4 million ounces across measured, indicated, and inferred categories, up from 1 million ounces at the start of 2025. The Palito Complex carries measured and indicated resources of 427,000 ounces at 9.3 grams per tonne and inferred resources of 158,300 ounces at 6.6 grams per tonne, alongside a 2P mineral reserve of 228,400 ounces at 6.2 grams per tonne based on effective dates of January 2026 and July 2023. The Coringa Mine holds measured and indicated resources of 304,000 ounces at 8.9 grams per tonne and inferred resources of 495,000 ounces at 8.8 grams per tonne as at January 2026.

The 2025 drilling programme added approximately 400,000 ounces to the consolidated inventory. The 2026 drilling programme is running 30,000 metres per year across both assets at a cost of up to US$15 million, with an exploration update expected in the second quarter of 2026. The company is targeting a consolidated inventory of 1.5 to 2 million ounces across the two assets.

Chief Executive Officer of Serabi Gold, Mike Hodgson, explained the strategy behind this resource growth:

 "We're going to look at the reserve content and say, okay, the sustainable level of production for this business is going to be this, and then, we'll start the plant expansion."

Plant Expansion & Operations

The company is installing a dormant ball mill at the Palito Complex processing hub in Coringa, increasing capacity from 650 tonnes per day to 900 tonnes per day. The installed capital cost is estimated at US$5 million, with commissioning targeted for the fourth quarter of 2026.

The Palito Complex processes ore from both mines. Ore from Coringa is pre-concentrated on site using a Comex ore sorter before being trucked 340 kilometres to Palito. In 2026, the ore sorter at Coringa is targeting a product grade above 12 grams per tonne and recovery rates above 98%, compared with a product grade of 10 grams per tonne and recovery rates above 90% in 2025.

Permitting Status

The Coringa Mine is currently producing under a three-year GUIA licence. The environmental and indigenous study received unanimous approval from representatives of the indigenous community. The Licença de Instalação, the final operating permit, has not yet been formally issued. The company's legal counsel advises that issuance is expected by the end of 2026 or in early 2027.

Balance Sheet & Outlook

The US$5 million mill expansion and the US$15 million annual exploration programme are funded from internal cash generation. The company reported a cash balance of US$64.4 million as at March 31, 2026, with zero debt following full repayment in early 2026 of a US$5.3 million loan facility.

Serabi maintains 2026 production guidance of 53,000 to 57,000 ounces of gold. The company has announced a dividend equivalent to 20% of 2025 cash flow, with the same policy targeted for 2026. 

Hodgson outlined the underlying margin:

“We've also got capital, pre-production capital, as we're expanding Coringa going forward. But still, even with those things on top of the AISC, wherever you want to put the gold price, we're probably looking at a $2,000 margin. So, times 55,000 ounces or 53,000, which is our lower end of guidance this year, we should be looking at $80, $90, or $100 million. That's going to be in the pot. What are we going to do with it? Well, we've just issued notice of our dividend.”

Projected cash generation is expected to fund both the ongoing expansion programme and exploration activities while supporting shareholder returns. The company has indicated that future capital allocation decisions will continue to balance growth investment with its dividend policy.

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