Vesting and settlement of 2022 Conditional Share Awards and Notification of transactions by persons discharging managerial responsibilities

Vesting and settlement of 2022 Conditional Share Awards and Notification of transactions by persons discharging managerial responsibilities

Serabi announces that on 5 June 2025 the Board of Directors approved the vesting of Conditional Share Awards that had been granted for the 2022 calendar year pursuant to the Company’s Long Term Incentive Plan (“LTIP”). In aggregate a total of 482,528 new ordinary shares (“the 2022 Awards”) were calculated as being due to vest to participants under the LTIP. The Board has assessed the level of performance compared with the targets for Total Shareholder Return, Return on Capital Employed and Return of Sales over the requisite three-year period.

The terms of the Serabi 2020 Restricted Share Plan (the “2020 Plan”) under which the 2022 Awards were granted, require that awards are subject to a three-year performance period during which time certain performance criteria stipulated by the Board must be attained. In respect of the vesting of the 2022 Awards these were initially granted in respect of the calendar year 2022 and for which the measurement period was the 3 calendar years of 2022, 2023 and 2024

The performance criteria and minimum thresholds that were required to be achieved over the entirety of the three-year period were as follows:

The Board has, in light of the strong cash position of the Group and its desire to minimise the issuance of new ordinary shares, elected, in accordance with the rules of the 2020 Plan, to settle by way of a cash payment the value of the 2022 Awards that are due. The cash settlement has been determined by reference to the 20 Day VWAP price of the Ordinary Shares of the Company as at 5 June 2025 of £1.52, the date immediately prior to this announcement.

In aggregate, 224,576 and 69,050 Conditional Share Awards which were otherwise due to vest to each of Mr Hodgson and Mr Howlin respectively will therefore be settled by a cash payment of £341,356 and £104,956 respectively from which the Company will make deduction of applicable taxes. The Board prioritises aligning the directors’ and shareholders’ interests and demonstrating their commitment to the business and Mike Hodgson has informed the Board that he has purchased 45,000 shares on 5 June 2026 through a market purchase at a price of £1.69. Mr Hodgson now beneficially holds 135,066 Ordinary Shares in the Company representing 0.18% of the issued shares in the Company.

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Michael Hodgson

2

Reason for the notification

a)

Position/status

PDMR - Chief Executive Officer

b)

Initial notification /Amendment

Initial Notification

3

a)

Name

Serabi Gold plc

b)

LEI

213800LTYC1HF9RTUE37

4

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of one penny each

GB00BG5NDX91

b)

Nature of the transaction

Purchase of shares

c)

Price(s) and volume(s)

d)

Aggregated information

• Aggregated volume
• Price

N/a single transaction

e)

Date of the transaction

f)

Place of the transaction

London Stock Exchange

Notice