Serabi Gold Reports Record 44,169 Ounce Production & 1.4 Million Ounce Resource Growth in 2025

• Serabi Gold reported record 2025 gold production of 44,169 ounces, an 18% increase on fiscal year 2024, with Palito Complex plant feed grades rising to 6.04 grams per tonne gold from 4.86 grams per tonne gold in 2024, and the Coringa Mine's Meio zone contributing incremental production alongside the Serra zone.
• A 30,000 metre brownfield exploration programme in 2025 increased total resource inventory from 1 million ounces to 1.4 million ounces of gold by January 2026, with the company stating it remains on track toward its Phase II target of 1.5 million ounces to 2 million ounces of gold.
• The company generated approximately $30 million in cash in 2025 and was debt-free by early 2026, with all capital and exploration requirements funded from operating cash flow.
• The first quarter of 2026 gold production exceeded 12,000 ounces, with quarterly production growth targeted in the third and fourth quarters of 2026 following the installation of a 4th ball mill at the Palito Complex, which is expected to increase plant throughput from 650 tonnes per day to 900 tonnes per day.
• The Fundacao Nacional dos Povos Indigenas (FUNAI) Indigenous Impact Study for Coringa's Installation License (LI) was unanimously approved in March 2026, with the Instituto Nacional de Colonizacao e Reforma Agraria (INCRA) land-use authorisation approved at the state level, leaving compensation agreement finalisation and federal-level INCRA approval as the remaining steps before the State Environmental Agency of Para State (SEMAS) can issue the permanent LI.

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 delivered record annual gold production of 44,169 ounces in 2025, per the June 18, 2026, Annual General Meeting (AGM) statement. Serabi Gold is advancing a Phase II growth strategy targeting a mineral resource inventory of 1.5 million to 2 million ounces of gold, supported by a 30,000-metre brownfield exploration programme continuing in 2026.

2025 Production & Financial Performance

Serabi Gold delivered record annual gold production of 44,169 ounces in 2025, an 18% increase on fiscal year 2024. Palito Complex plant feed grades rose to 6.04 grams per tonne gold in 2025 from 4.86 grams per tonne gold in 2024, following a deliberate reduction to 3 to 4 active sectors, which the company states improved grade and reduced unit costs. The Coringa Mine's Meio zone began contributing production alongside the Serra zone during the year, adding incremental ounces to the total.

The company generated approximately $30 million in cash in 2025 and achieved a debt-free balance sheet by early 2026, with all capital and exploration requirements funded from operating cash flow. First Quarter 2026 gold production exceeded 12,000 ounces. 

Coringa Mine Ramp-Up & Ore Sorting

Coringa Mine production in 2025 progressed across 2 active zones: the Serra zone, which continued as planned, and the Meio zone, which contributed incremental production during the year. Mechanised mining was implemented in the Meio zone and sections of the Serra zone, with higher-grade ore removed by the ore sorter prior to trucking, which the Company states delivers safer operations, reduced costs, and faster production rates.

The ore sorter operated for the full year, processing low-grade ore stockpiled since the Coringa Mine opened, while higher-grade run-of-mine ore was transported directly to the Palito Complex processing plant 200 kilometres away. As of the AGM date, most low-grade stockpiles were depleted, with run-of-mine ore now passing through the ore sorter prior to trucking at a mean trucked grade of approximately 8 grams per tonne gold year to date and a trucking cost of approximately 0.30 grams per tonne gold.  A third zone, the Galena zone, is targeted to contribute to ore development in 2026.

Resource Growth & Phase II Exploration

A 30,000 metre brownfield exploration programme in 2025 included the discovery of the Serra South zone at Coringa, located approximately 500 metres south of the currently producing Serra zone. Updated Palito and Coringa Technical Reports, published in early 2026, record a total resource inventory growth from 1 million ounces to 1.4 million ounces of gold by January 2026, with the company stating it remains on track toward its Phase II target of 1.5 million to 2 million ounces of gold. An additional 30,000 metre brownfield exploration programme is underway in 2026, targeting further resource growth toward that range.

Throughput Expansion & 2026 Production Outlook

The installation of a 4th ball mill at the Palito Complex is targeted to increase plant throughput from 650 tonnes per day to 900 tonnes per day. The mill has been sourced from a dormant plant originally destined for Coringa, which, the company states, enables expansion without significant capital expenditure (capex). Production in the first half of 2026 is targeted at a rate similar to 2025, with quarterly production growth targeted in the third and fourth quarters of 2026 following the mill installation.

Coringa Licensing Update

Coringa currently operates under a 3-year Guia de Utilizacao (GU) license, which permits the mining and transportation of 100,000 tonnes of ore post-ore sorting and runs until January 27, 2027. The company is targeting receipt of a permanent Installation License (LI) from the State Environmental Agency of Para State (SEMAS) prior to that date, with no tonnage limitation.

Two authorisations are required before SEMAS can issue the LI. The first, from Fundacao Nacional dos Povos Indigenas (FUNAI), requires approval of an Indigenous Impact Study (ECI) and a subsequent compensation agreement with affected indigenous communities. The ECI was unanimously approved by all indigenous groups in March 2026, and the company is now in the process of entering into a compensation agreement. The second, from Instituto Nacional de Colonizacao e Reforma Agraria (INCRA), requires approval of a land-use change at Coringa from agriculture to mineral extraction. INCRA approved this change at the state level, with federal-level approval targeted to follow.

Next Steps

The 2026 brownfield exploration programme of 30,000 metres is underway, targeting resource growth toward the Phase II objective of 1.5-2 million ounces of gold. Installation of the 4th ball mill at the Palito Complex is targeted to deliver throughput growth from 650 tonnes per day to 900 tonnes per day, with production growth targeted in the third quarter and fourth quarter of 2026. Completion of the FUNAI compensation agreement and receipt of federal-level INCRA approval are the remaining steps before SEMAS can issue the permanent LI for Coringa.

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