Audited Results for the year ended 31 December 2024

2025-04-30

TSX - Toronto Stock Exchange · Gold · Copper · Lead · Silver · Zinc · United Kingdom

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 audited results for the year ended 31 December 2024 (all financial amounts are expressed in U.S. dollars unless otherwise indicated).

HIGHLIGHTS

Revenue of $94.5 million (2023: $63.7 million) reflecting higher production year on year as well as positive movement in the average gold price achieved of $2,407 (2023: $1,945). Cash held at 31 December 2024 of $22.2 million (31 December 2023: $11.6 million). Net cash at 31 December 2024 (after interest bearing loans and lease liabilities) of $16.2 million (31 December 2023: $5.0 million. Gold production for the 2024 full year of 37,520 ounces (2023: 33,153 ounces). EBITDA for the year of $35.9 million (2023: $13.8 million), a 160% improvement year on year. Post-tax profit for the year of $27.8 million (2023: Post-tax profit of $6.6 million), a 321% improvement year on year. Profit per share of 36.73 cents compared with a profit per share of 8.68 cents for the 2023 calendar year. Net cash inflow from operations for the year was $24.5 million after mine development expenditure of $6.3 million, compared to $7.7 million in 2023 after accounting for mine development of $4.4 million. Cash costs for the full year of $1,326 per ounce (2023: $1,300) and AISC for the full year of $1,700 per ounce (2023: $1,635). The Board announces a new shareholder return policy, where Serabi will target a return of up to 20% - 30% of the Group’s free cash flow to shareholders through dividends or buy-backs. Robust first quarter of 2025 with 10,013 ounces of gold production. Production guidance of between 44,000 and 47,000 ounces of gold for the 2025 calendar year. Serabi is targeting production of 60,000 ounces by 2026 and aiming to be a +100,000 ounces producer thereafter through its 2025 and 2026 brownfield exploration programmes.

Key Financial Information

| SUMMARY FINANCIAL STATISTICS FOR THE THREE AND TWELVE MONTHS ENDING 31 DECEMBER 2024 | | | | | | | 12 months to 31 Dec 2024 US$ | 3 months to 31 Dec 2024 US$ | 12 months to 31 Dec 2023 US$ | 3 months to 31 Dec 2023 US$ | | Revenue | 94,536,392 | 24,245,751 | 63,707,468 | 15,810,204 | | Cost of Sales | (50,710,007) | (10,869,204) | (43,414,739) | (10,581,049) | | Gross Operating Profit | 43,826,385 | 13,376,547 | 20,292,729 | 5,229,155 | | Administration and share based payments | (7,966,166) | (2,237,807) | (6,508,543) | (1,806,076) | | EBITDA | 35,860,219 | 11,138,740 | 13,784,186 | 3,423,079 | | Depreciation and amortisation charges | (4,273,324) | (976,001) | (6,239,556) | (1,257,370) | | Operating profit before finance and tax | 31,586,895 | 10,162,739 | 7,544,630 | 2,165,709 | | | | | | | | Profit/(loss) after tax | 27,819,718 | 9,982,497 | 6,575,612 | 1,954,833 | | Earnings per ordinary share (basic) | 36.73 cents | 13.18 cents | 8.68 cents | 2.58 cents | | | | | | | | Average gold price received | US$2,407 | US$2,670 | US$1,945 | US$1,972 | | | | | | | | | | | As at 31 December 2024 | As at 31 December 2023 | | Cash and cash equivalents | | | 22,183,049 | 11,552,031 | | Net funds | | | 16,231,293 | 4,998,723 | | Net assets | | | 104,181,654 | 92,792,049 | | | | | | |

| Cash Cost and All-In Sustaining Cost (“AISC”) | | | | | | | 12 months to 31 December 2024 | 3 months to 31 December 2024 | 12 months to 31 December 2023 | 3 months to 31 December 2023 | | Gold production for cash cost and AISC purposes | 37,520 ozs | 10,022 ozs | 33,152 ozs | 7,891 ozs | | | | | | | | Total Cash Cost of production (per ounce) | US$1,326 | US$1,169 | US$1,300 | US$1,343 | | Total AISC of production (per ounce) | US$1,700 | US$1,512 | US$1,635 | US$1,721 |

Colm Howlin, CFO of Serabi commented,

“2024 was another significant year of progress for the Group with gold production of 37,520 ounces, permitting progress at Coringa with the renewal for three years of the trial mining permit, the successful build and commissioning of the Coringa classification plant and the issuing of a new Technical Report for the Coringa mine with 180,000 ounces of Measured and Indicated Resources. More importantly, despite continued development of the Coringa mine with increased activity at the Serra vein, as well as the portal and ramp development commencing at the Meio vein, cash has also improved, with cash almost doubling, increasing by $10.6 million from $11.6 million at 31st December 2023 to $22.2 million at 31st December 2024. The Group has started 2025 positively with an excellent first quarter being recorded with cash balances further increasing to $26.5 million as at 31st March 2025.

During 2024 cash generated from operations and after capitalised mine development expenditure was $22.6 million, a significant improvement on the net cash inflow of $7.7 million in 2023 .

While gold production improved by 13 percent year on year, sales revenue was up by almost 48 percent as a result of the strengthening of the gold price during 2024 with the average gold price achieved during 2024 being up 24 percent in comparison to the previous year. At the same time, total operating expenses only increased by 10 percent resulting in Post-Tax Profit being up by $21.2 million, a 321 percent increase, and EBITDA of $35.9 million being up by $22.1 million, a 160 percent improvement year on year.

Twelve months ago, we communicated that 2024 would be another year of investment for the Group as we sought to continue development of the Coringa mine as well as installing and commissioning the classification plant at the Coringa mine. We completed both of these long-term project plans within the planned timelines and under budget which is a great reflection on our entire Operations team. This will allow us to increase production in 2025 to our target of 44,000 - 47,000 ounces with the increase in production primarily attributable to Coringa, a direct result of the development work performed over the last 24 months.

The Group currently has a strong balance sheet with no long-term debt and only a short-term working capital facility with a local bank in Brazil of $5.0 million. With $22.2 million cash in bank at the end of 2024 which increased to $26.5 million at the end of first quarter of 2025, the aim of the Group is to use this money as effectively as possible during 2025 to bring value to all of our shareholders and we are actively researching and planning the best way to deploy this cash.

Production for the first quarter of 2025 was positive with over 10,000 ounces produced and $4.3 million added to our bank balance. This strong operational performance together with the commencement of an exciting exploration programme involving two diamond drill rigs at both the Palito Complex and the Coringa mine means the future for the Group is looking very exciting.

2024 was a year for investment and development and we will continue to look at both organic and inorganic growth opportunities which should help the Group fulfil its potential of moving from the junior mining space into becoming a mid-tier producer in the medium term.”

Statement from the Chair of Serabi, Michael Lynch-Bell:

Dear Shareholders,

“Whilst 2024 was a remarkable year for Serabi, I am pleased to report that the momentum in our growth has continued into 2025, as the Company remains on track to execute its growth strategy, ramping up annual production to a potential run rate of 60,000 oz per annum by 2026 year-end and ultimately growing into a +100,000 oz per annum producer thereafter through our 2025 and 2026 brownfield exploration programmes at the Palito Complex and Coringa.

Serabi kicked off the year with the announcement of the renewal of the 3-year GU trial mining license, a testament to the support from the Brazilian National Mining Agency - Agência Nacional de Mineração (“ANM”) and the state environmental agency - Secretaria de Meio Ambiente e Sustentabilidade (“SEMAS”), which from a permitting perspective, underpins our ability in achieving the 60,000 oz per annum run rate target for 2026. Alongside this, we remain in pursuit of the Installation License (“LI”) at Coringa, which awaits final acceptance of the indigenous impact study (“ECI”) by Fundação Nacional dos Povos Indígenas (“FUNAI”), the government agency for the indigenous population.

I am pleased to report that the progress in the ramp up of Coringa did not end there. Our operations team were able to install and commission the crusher and ore sorter (“Classification Plant”) within a span of 10 months. Additionally, the Company published an updated Preliminary Economic Assessment for the Coringa Mine outlining the economics of utilising the Classification Plant at Coringa with preconcentrated ore being processed at the Palito Complex. This demonstrated improved economics in comparison to building a stand-alone processing plant as contemplated in our 2019 Preliminary Economic Assessment. Dependent on the success of Phase 2 of our growth strategy, which has the goal of delineating a consolidated resource of 1.5 - 2.0 million ounces of gold with our upcoming brownfield drill programme, we will maintain the optionality of constructing a stand-alone processing plant in the future.

I commend the management team for increasing production 13% year-over-year. The production growth continues well into 2025 as guidance was issued by management at 44,000 to 47,000 oz, demonstrating the focus of the management team to execute our growth strategy.

The macroeconomic backdrop during 2024 resulted in a rise in the price of gold, reaching record highs, a trend that has continued into 2025. Interest rate cuts by the US Federal Reserve, geopolitical uncertainty in Eastern Europe and the Middle East, the US Presidential Election, increased global central bank demand for gold, and market volatility all contributed to a higher-than-expected realised gold price at Serabi.

Significant free cash flow generation contributed to a strengthening balance sheet, as cash grew during the year, after the capital investment for the installation and commissioning of the Classification Plant and underground development at Coringa. At the date of this report, the price of gold has maintained its elevated levels with multiple market analysts calling for additional increases to the price of gold in 2025. Whilst I do not possess a crystal ball, our operations remain robust at current gold price levels and given we don’t have any significant capital investment required for the year, one can reasonably expect the cash flow generation of our operations to remain strong.

Our stand-alone strategy envisions growing the Palito Complex and Coringa into a consolidated +100,000 oz per annum producer, however, we remain amenable to inorganic growth opportunities, continuing to utilise a disciplined approach to M&A. While we do not intend to pay a dividend in respect of our 2024 results, the Board announce Serabi’s policy going forward will be to target returns to shareholders through dividends or share buyback programmes of up to 20% to 30% of the Group’s free cash flow, defined as net cash generated from operating activities less sustaining capital expenditure and necessary brownfield exploration. This reflects our confidence in the business, our commitment to delivering long-term value and our balanced capital allocation strategy.

Whilst we believe that the best use of surplus cash in the short-term would be to further drive organic growth, we will continue to evaluate investment opportunities and risk against shareholder return strategies.

On 31 December 2024, we bid farewell to Clive Line, who served Serabi for over 20 years. I would like to extend my thanks for his significant contributions to the Company and wish him the best of luck in his future endeavours. Colm Howlin, who was appointed to the role of Chief Financial Officer on 31 December 2024, to replace Clive Line, joined the Board on 25 April 2025. In April 2025, we have had personnel changes at the Board of Directors. I would like to express sincere gratitude to Mark Sawyer and Carolina Margozzini for their significant contributions to Serabi during their tenure and wish them well on all of their future endeavours.

My tenure as the Chair of Serabi continues to be exciting. Having joined the Board in August 2022, I remain pleased to be part of the transformation the Board and management have envisioned. Whilst I have no doubt there may be challenges which lie ahead, I do believe there are many reasons to remain confident and optimistic for the future of Serabi. The remainder of the year will be significant for Serabi, as we embark on Phase 2 of our growth strategy and plan for positive drilling success through our brownfield drill programme. I hope that I will be able to report further positive progress at the Annual General Meeting to be held in June and over the rest of the year.

My continuing thanks to the efforts from the management team and our employees and for the support of my fellow Board members.

Michael D Lynch-Bell Chair 30 April 2025

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 Colm Howlin, Director.

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 contact@serabigold.com

www.serabigold.com

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 / Emily Hall t +44 (0)20 3757 4980

HARBOR ACCESS Financial PR – North America Jonathan Patterson / Lisa Micali t +1 475 477 9404

Copies of this announcement are available from the Company's website at www.serabigold.com .

Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this announcement.

See www.serabigold.com for more information and follow us on X @Serabi_Gold

Annual Report

The Annual Report has been published by the Company on its website at www.serabigold.com and printed copies are expected to be available before 31 May 2025. Additional copies will be available to the public, free of charge, from the Company's offices at The Long Barn, Cobham Park Road, Downside, Surrey, KT11 3NE and will be available to download from the Company’s website at www.serabigold.com .

The data included in the selected annual information tables below is taken from the Company’s annual audited financial statements for the year ended 31 December 2024, which were prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006. The Parent Company financial statements have also been prepared in accordance with those parts of the Companies Act 2006 applicable to companies reporting under International Financial Reporting Standards (“IFRS”).

The audited financial statements for the year ended 31 December 2024 will be presented to shareholders for adoption at the Annual General Meeting of the Company’s shareholders and filed with the Registrar of Companies.

The following information, comprising, the Income Statement, the Group Balance Sheet, Group Statement of Changes in Shareholders’ Equity, and Group Cash Flow, is extracted from these financial statements.

Statement of Comprehensive Income For the year ended 31 December 2024

| | | | Group | | | | | | For the year ended 31 December 2024 | For the year ended 31 December 2023 | | | Notes | | US$ | US$ | | | | | | | | Revenue from continuing operations | | | 94,536,392 | 63,707,468 | | Cost of sales | | | (50,940,007) | (43,184,739) | | Stock impairment provision | | | 230,000 | (230,000) | | Depreciation and amortisation charges | | | (4,273,324) | (6,239,556) | | Total cost of sales | | | (54,983,331) | (49,654,295) | | Gross operating profit | | | 39,553,061 | 14,053,173 | | Administration expenses | | | (7,442,698) | (6,492,165) | | Share-based payments | | | (248,911) | (197,344) | | Gain on disposal of fixed assets | | | (274,557) | 180,966 | | Operating profit | | | 31,586,895 | 7,544,630 | | Foreign exchange gain | | | (1,515,370) | 174,105 | | Other income – exploration receipts | 5 | | 331,144 | 4,680,414 | | Other expenses – exploration expenses | 5 | | (299,612) | (4,339,554) | | Finance expense | 6 | | (674,399) | (739,245) | | Finance income | 6 | | 2,848,358 | 847,523 | | Profit before taxation | | | 32,277,016 | 8,167,873 | | Income tax expense | 7 | | (4,457,298) | (1,592,261) | | Profit for the period (1) | | | 27,819,718 | 6,575,612 | | | | | | | | Other comprehensive income (net of tax) Items that may be reclassified subsequently to profit or loss | | | | | | | | | | | | Exchange differences on translating foreign operations | | | (16,679,024) | 4,496,030 | | Total comprehensive profit for the period (1) | | | 11,140,694 | 11,071,642 | | Earnings per ordinary share (basic) (1) | 8 | | 36.73 | 8.68c | | Earnings per ordinary share (diluted) (1) | 8 | | 36.73 | 8.68c |

(1) The Group has no non-controlling interests, and all losses are attributable to the equity holders of the parent company

Balance Sheet as at 31 December 2024

| | | | | Group | | | | | | | At 31 December 2024 | At 31 December 2023 | | | | | | US$ | US$ | | Non-current assets | | | | | | | Deferred exploration costs | | | | 18,839,836 | 20,499,257 | | Property, plant and equipment | | | | 53,593,723 | 53,340,903 | | Right of use assets | | | | 4,287,020 | 5,316,330 | | Taxes receivable | | | | 6,246,352 | 4,653,063 | | Deferred taxation | | | | 1,878,081 | 1,791,983 | | Total non-current assets | | | | 84,845,012 | 85,601,536 | | Current assets | | | | | | | Inventories | | | | 13,115,648 | 12,797,951 | | Trade and other receivables | | | | 2,533,450 | 2,858,072 | | Prepayments | | | | 2,220,463 | 2,320,256 | | Derivative financial assets | | | | — | 115,840 | | Cash and cash equivalents | | | | 22,183,049 | 11,552,031 | | Total current assets | | | | 40,052,610 | 29,644,150 | | Current liabilities | | | | | | | Trade and other payables | | | | 9,695,560 | 8,626,292 | | Interest-bearing liabilities | | | | 5,841,804 | 6,403,084 | | Accruals | | | | 419,493 | 649,225 | | Total current liabilities | | | | 15,956,857 | 15,678,601 | | Net current assets | | | | 24,095,753 | 13,965,549 | | Total assets less current liabilities | | | | 108,940,765 | 99,567,085 | | Non-current liabilities | | | | | | | Trade and other payables | | | | 2,809,243 | 3,960,920 | | Provisions | | | | 1,839,916 | 2,663,892 | | Interest-bearing liabilities | | | | 109,952 | 150,224 | | Total non-current liabilities | | | | 4,759,111 | 6,775,036 | | Net assets | | | | 104,181,654 | 92,792,049 | | | | | | | | | | | | | | | | Equity | | | | | | | Share capital | | | | 11,213,618 | 11,213,618 | | Share premium reserve | | | | 36,158,068 | 36,158,068 | | Share incentive reserve | | | | 221,613 | 175,573 | | Other reserves | | | | 19,486,684 | 15,960,006 | | Translation reserve | | | | (78,459,765) | (61,780,741) | | Retained surplus | | | | 115,561,436 | 91,065,525 | | Equity shareholders’ funds attributable to owners of the parent | | | | 104,181,654 | 92,792,049 |

Statements of Changes in Shareholders’ Equity For the twelve month period ended 31 December 2024

| Group | Share capital | Share premium | Share incentive reserve | Other reserves | Translation reserve | Retained surplus | Total equity | | | US$ | US$ | US$ | US$ | US$ | US$ | US$ | | Equity shareholders’ funds at 31 December 2022 | 11,213,618 | 36,158,068 | 1,324,558 | 14,459,255 | (66,276,771) | 84,644,335 | 81,523,063 | | Foreign currency adjustments | – | – | – | – | 4,496,030 | – | 4,496,030 | | Profit for year | – | – | – | – | – | 6,575,612 | 6,575,612 | | Total comprehensive income for the year | – | – | – | – | 4,496,030 | 6,575,612 | 11,071,642 | | Transfer to taxation reserve | – | – | – | 1,500,751 | – | (1,500,751) | – | | Share based incentives lapsed in period | – | – | (1,346,329) | – | – | 1,346,329 | – | | Share based incentive expense | – | – | 197,344 | – | – | – | 197,344 | | Equity shareholders’ funds at 31 December 2023 | 11,213,618 | 36,158,068 | 175,573 | 15,960,006 | (61,780,741) | 91,065,525 | 92,792,049 | | Foreign currency adjustments | – | – | – | – | (16,679,024) | | (16,679,024) | | Profit for year | – | – | – | – | | 27,819,718 | 27,819,718 | | Total comprehensive income for the year | – | – | – | – | (16,679,024) | 27,819,718 | 11,140,694 | | Transfer to taxation reserve | – | – | – | 3,526,678 | – | (3,526,678) | – | | Share based incentives lapsed in period | – | – | (202,871) | – | – | 202,871 | – | | Share based incentive expense | – | – | 248,911 | – | – | – | 248,911 | | Equity shareholders’ funds at 31 December 2024 | 11,213,618 | 36,158,068 | 221,613 | 19,486,684 | (78,459,765) | 115,561,436 | 104,181,654 |