Serabi Gold Reports 11,007 Ounce Second Quarter 2026 Production, Maintains Full-Year Guidance of 53,000 Ounces

• Serabi Gold plc produced 11,007 ounces of gold in the second quarter of 2026, a 5% increase from 10,532 ounces in the second quarter of 2025, bringing year-to-date production to 23,049 ounces.
• The Coringa Mine produced 7,538 ounces of gold in the second quarter of 2026 from 32,575 tonnes milled at 7.41 grams per tonne gold, while the Palito Complex produced 3,469 ounces from 24,547 tonnes milled at 4.62 grams per tonne gold.
• Cash as of June 30, 2026 was $65.7 million, up from $64.4 million as of March 31, 2026. The company remains debt-free following full repayment of a $5.3 million unsecured loan to Banco Santander in Brazil during the first quarter of 2026.
• Installation of the 4th ball mill at the Palito Complex is progressing on time and on budget, targeted to be operational by the fourth quarter of 2026, which the company states will increase annual processing throughput to 330,000 tonnes per annum in 2027. The transition from selective open stoping to mechanised sublevel stoping at Coringa remains on track for the fourth quarter of 2026.
• The company maintains its full-year 2026 consolidated gold production guidance in excess of 53,000 ounces, based on the assumption that the Coringa Installation License (LI) will be awarded by the fourth quarter of 2026.

Company Overview

Serabi Gold plc (AIM: SRB | TSX: SBI | OTCQX: SRBIF) is a Brazilian-focused gold mining and development company operating in the Tapajos region of Para State, northern Brazil. The Company's producing assets include the Palito Complex and the Coringa Mine, which together produced a record 44,169 ounces of gold in fiscal year 2025. Serabi Gold is advancing a Phase II growth strategy targeting a mineral resource inventory of 1.5 million ounces to 2.0 million ounces of gold, supported by ongoing brownfield exploration at Palito and Coringa.

Second Quarter 2026 Production Results

Serabi Gold plc produced 11,007 ounces of gold in the second quarter of 2026, a 5% increase from 10,532 ounces in the second quarter of 2025, bringing year-to-date production to 23,049 ounces. Group ore mined during the quarter was 59,094 tonnes at 6.19 grams per tonne gold, compared to 54,965 tonnes at 7.06 grams per tonne gold in the first quarter of 2026. The Palito Complex process plant treated 57,122 tonnes at 6.21 grams per tonne gold in the second quarter of 2026, compared to 54,587 tonnes at 7.05 grams per tonne gold in the first quarter of 2026.

The Coringa Mine produced 7,538 ounces from 32,575 tonnes milled at 7.41 grams per tonne gold in Second Quarter 2026. The Palito Complex produced 3,469 ounces from 24,547 tonnes milled at 4.62 grams per tonne gold in Second Quarter 2026. Year-to-date Palito Complex milled grades averaged 5.26 grams per tonne gold, compared to over 6 grams per tonne gold in fiscal year 2025.  A total of 3,903 metres of horizontal development was completed in the second quarter of 2026, of which 2,151 metres was ore development.

Chief Executive Officer of Serabi Gold plc, Mike Hodgson,  commented on the second quarter 2026 production and the cash position: 

"Serabi delivered a solid second quarter with over 11,000 ounces of gold produced, taking our first half total gold production to over 23,000 ounces. This performance was broadly in line with budget, with quarterly production expected to increase in the second half of the year. Despite lower realised gold prices in Q2, development of the Galena and Serra South zone at Coringa and approximately $4 million of one-time G&A and tax charges, Serabi ended the quarter with an increased cash balance of $66 million following record cash generation in Q1 while maintaining a debt-free balance sheet."

Coringa Mine Update

Coringa Mine production in the second quarter of 2026 was focused on the Serra zone, with development continuing on the Meio zone and the new Galena zone, where the main ramp is currently at the 249 metre level with sill drive development on levels 285 metres and 269 metres. A fourth zone at Coringa, Serra South, which the Company describes as a significant discovery from the 2025 brownfield exploration program, had development initiated during the quarter. The transition from selective open stoping to mechanised sublevel stoping at Coringa remains on track for completion by year-end.

Coringa currently operates under a 3-year Guia de Utilizacao (GU) license permitting transportation of 100,000 tonnes of ore per year, which expires on January 29, 2027. For the permanent Installation License (LI) at Coringa, the company requires a change of land use approval from the Instituto Nacional de Colonizacao e Reforma Agraria (INCRA) and approval of the Estudo de Componente Indigena (ECI) from the Fundacao Nacional dos Povos Indigenas (FUNAI). The change of land use has been technically approved at both state and federal levels and now awaits final legal sign-off from INCRA. Since the ECI was presented and positively received by Indigenous communities in March 2026, a second site visit by local Indigenous communities to the Coringa Mine occurred on July 17, 2026.

Palito Complex Update & Plant Expansion

Palito Complex production in the second quarter of 2026 was generated from the Barrichello, G3 and Piquet zones, with development ongoing on the Senna and G3 veins. Stoping at G3 is targeted to recommence in the second half of 2026, which the Company states should support improved grades and production. Installation of the 4th ball mill at the Palito Complex is progressing on time and on budget, targeted to be operational by the fourth quarter of 2026, and is targeted to increase annual processing throughput to 330,000 tonnes per annum in 2027.

Resource Update

During the second quarter of 2026, the company released updated reserve and resource estimates for the Palito Complex and Coringa Mine based on approximately 38,000 metres drilled in 2025. Consolidated Measured and Indicated (M&I) resources increased to 731,000 ounces of gold and consolidated Inferred resources to 653,000 ounces of gold. The company states this is more than halfway toward its Phase II growth target.

Next Steps

The LI for Coringa remains subject to final legal sign-off from INCRA and FUNAI protocol of the ECI approval, with the company maintaining its full-year 2026 production guidance in excess of 53,000 ounces on the assumption that the LI is awarded by the fourth quarter 2026. The 4th ball mill installation at the Palito Complex is targeted for completion by the fourth quarter of 2026. The company states it anticipates production to increase sequentially through the remainder of 2026.

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