Audited Results for the year ended 31 December 2024

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

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

The person who arranged for the release of this announcement on behalf of the Company was Colm Howlin, Director.

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

Annual Report

Statement of Comprehensive Income

For the year ended 31 December 2024

Group

Other comprehensive income (net of tax) Items that may be reclassified subsequently to profit or loss

Other reserves comprise a merger reserve of US$361,461 and a taxation reserve of US$19,125,223 (2023: merger reserve of US$361,461 and taxation reserve of US$15,598,545).

Cash Flow Statement

For the twelve month period ended 31 December 2024

Group

Notes

• General Information
• Auditor’s Opinion
• Basis of Preparation

Accounting standards, amendments and interpretations effective in 2024

The following Accounting standards came into effect as of 1 January 2024

Going concern and availability of finance

The Directors have a reasonable expectation that, after taking into account reasonably possible changes in trading performance, and the current macroeconomic situation, the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the Financial Statements. Further details are provided in Going Concern section of the Group Strategic Report.

Other income and expense

Exploration and development of copper deposits is not the core activity of the Group and further funding beyond the Phase 1 commitment would be required before a judgment could be made as to a project being commercially viable. There is a significant cost involved in developing new copper deposits and it is unlikely that, without the financial support of a partner, the Group would independently seek to develop a copper project in preference to any of its existing gold projects and discoveries. As a result, both the funding received from Vale and the related exploration expenditures was recognised through the income statement. As this is not a principal business activity of the Group these receipts and expenditures were classified as other income and other expenses.

Finance expense and income

Group

Taxation

The Group has incurred a tax charge on profits in Brazil for the year to 31 December 2024 of US$4,999,173 (31 December 2023 - US$2,199,658)

The Group has also recognised a deferred tax asset to the extent that the Group has reasonable certainty as to the level and timing of future profits that might be generated and against which the asset may be recovered. The Group has registered a net deferred tax credit of US$541,875 during the year to 31 December 2023 (31 December 2023 – credit of US$607,397).

Earnings per share

• At 31 December 2024 there were 2,814,632 conditional share awards in issue (31 December 2023 - 2,075,400). These are subject to performance conditions which may or not be fulfilled in full or in part. These CSAs have not been included in the calculation of the diluted earnings per share.
• Post balance sheet events

On 7 January 2024, the Group completed a US$5.0 million unsecured loan arrangement with Brazilian bank Itau which carried a fixed interest coupon of 8.47 per cent. The loan was repaid as a bullet payment on 6 January 2025. On 22 January 2025, the Group completed a further US$5.0 million unsecured loan arrangement with a different Brazilian bank (Santander) which carries a fixed interest coupon of 6.16 per cent. This loan is repayable on 16 January 2026.

Assay Results

Assay results reported within this release include those provided by the Company's own on-site laboratory facilities at Palito and have not yet been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company's activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company's management are satisfied that the Company's own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognised standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory.

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