Unaudited interim results for the three and nine-month periods ended 30 September 2025

Unaudited interim results for the three and nine-month periods ended 30 September 2025 Serabi (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to release its unaudited interim results for the three and nine-month periods ended 30 September 2025 (all currency amounts are expressed in US Dollars unless otherwise stated). HIGHLIGHTS Gold production for the first nine months of 2025 of 32,634 ounces (corresponding nine-month period of 2024: 27,499 ounces), positioning the Company on track for full year guidance, with record Q3 production of 12,090 ounces. Cash held at 30 September 2025 of $38.8 million (31 December 2024: $22.2 million). Net cash at quarter-end (after interest bearing loans and lease liabilities) of $33.0 million (Q2-2025: $24.6 million). EBITDA for the nine-month period of $48.2 million (corresponding nine-month period of 2024: $24.7 million). Post-tax profit for the nine-month period of $34.9 million (corresponding nine-month period of 2024: $17.8 million). Profit per share of 46.10 cents (corresponding nine-month period of 2024: 23.55 cents). Net cash inflow from operations for the nine-month period (after mine development expenditure of $4.1 million) of $34.3 million (corresponding nine-month period of 2024: $18.2 million inflow, after mine development expenditure of $4.9 million). Average gold price of $3,244 per ounce received on gold sales during the nine-month period (corresponding nine-month period of 2024: $2,338). Cash Cost for the nine-month period to 30 September 2025 of $1,429 per ounce (corresponding nine-month period of 2024: $1,405 per ounce). All-In Sustaining Cost for the nine-month period to 30 September 2025 of $1,816 per ounce (corresponding nine-month period of 2024: $1,790 per ounce). The full interim statements together with commentary can be accessed on the Company’s website using the following LINK.   YTD Q3-2025 YTD Q3-2024 Change % Gold production (oz) 32,634 27,499 +19% EBITDA ($m) $48.2 $24.7 +95% Cash in flow ($m) $34.3 $18.2 +88% EPS ($c) 46.10 23.55 +96% AISC ($/oz) $1,816 $1,790 +1% Colm Howlin, CFO, Commented “The nine months to 30 September 2025 have delivered strong financial and operational performance for the Company placing us firmly on track to meet full-year guidance. Gold production for the year to date totalled 32,634 ounces, a 19% increase compared with the same period of 2024. The continued strong operational performance combined with higher average gold prices has driven a 95% year-on-year increase in EBITDA to $48.2 million and the Company closed the quarter with a cash balance of $38.8 million, up from $22.2 million at 31 December 2024. Net cash inflow from operations for the nine-month period, after mine development expenditure of $4.1 million, was $34.3 million, highlighting the strong cash-generating capacity of the business. All-In Sustaining Cost (AISC) averaged $1,816 per ounce for the period, reflecting the impact of ongoing development investment and inflationary cost pressures. We continue to strengthen our balance sheet with margins remaining robust, supported by firm gold prices, higher production volumes, and disciplined cost control. Post-tax profit for the nine months was $34.9 million, equating to earnings of 46.10 cents per share, compared with $17.8 million and 23.55 cents per share in 2024. In parallel, exploration and resource development drilling continued across both the Palito Complex and Coringa, with approximately 27,937metres completed year to date. Early results are encouraging, supporting the Company’s objective of increasing resources to the 1.5-2.0Moz range in the oncoming years as part of Phase 2 of our growth strategy. With strong cash generation, a solid balance sheet, and a clear focus on operational excellence, the Company remains well positioned to close 2025 with continued momentum and to deliver further growth into 2026.” Overview of the financial results In the first nine months of 2025, the Group has reported revenue and operating costs related to the sale of 32,106 ounces (32,634 ounces produced). This compares to sales reported of 28,912 ounces in the first nine months of 2024. Reported revenues and costs reflect the ounces sold in each period and as a result total costs for the nine-month period are higher than for the corresponding period of 2024. On 7 January 2024, the Group completed a $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 $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. The Company had a net cash balance at the end of Q3-2025 (after interest bearing loans and lease liabilities) of $33.0 million (31 December 2024: net cash $16.2 million). The ore sorter at Coringa has now been operational for nine months and has performed exceptionally during this period. Benefiting from favourable economics, the ore sorter has been utilised to process low-grade ore that had been stockpiled since the commencement of operations at the mine, while higher-grade ROM has continued to be transported directly to the Palito Complex plant. As a result of this approach, gold production from Coringa is expected to exceed the original plan for the year. Key Financial Information SUMMARY FINANCIAL STATISTICS FOR THE THREE AND NINE-MONTHS ENDING 30 SEPTEMBER 2025   9 months to 30 September 2025 US$ (unaudited) 9 months to 30 September 2024 US$ (unaudited) 3 months to 30 September 2025 US$ (unaudited) 3 months to 30 September 2024 US$ (unaudited)     Revenue 104,524,009 70,290,641 41,996,366 27,626,034     Cost of sales (48,152,798) (39,840,803) (17,620,959) (14,160,734)     Gross operating profit 56,371,211 30,449,838 24,375,407 13,465,300     Administration and share based payments (8,178,467) (5,728,359) (2,517,931) (1,719,359)     EBITDA 48,192,744 24,721,479 21,857,476 11,745,941     Depreciation and amortisation charges (6,475,006) (3,297,323) (2,795,451) (1,056,517)     Operating profit before finance and tax 41,717,738 21,424,156 19,062,025 10,689,424                   Profit after tax 34,914,606 17,837,221 15,985,655 8,615,387     Earnings per ordinary share (basic) 46.10c 23.55c 21.11c 11.38c                   Average gold price received (US$/oz) US$3,244 US$2,338 US$3,501 US$2,478           As at 30 September 2025 US$ (unaudited) As at 31 December 2024 US$ (audited) Cash and cash equivalents     38,772,337 22,183,049 Net funds (after finance debt obligations)     33,070,053 16,341,245 Net assets     154,314,145 104,181,654           Cash Cost and All-In Sustaining Cost (“AISC”)             9 months to 30 September 2025 9 months to 30 September 2024 12 months to 31 December 2024 Gold production for cash cost and AISC purposes   32,634 ozs 27,499 ozs 37,520 ozs           Total Cash Cost of production (per ounce)   US$1,429 US$1,405 US$1,326 Total AISC of production (per ounce)   US$1,816 US$1,790 US$1,700 About Serabi Gold plc Serabi Gold plc is a gold exploration, development and production company focused on the prolific Tapajós region in Para State, northern Brazil. The Company has consistently produced 30,000 to 40,000 ounces per year with the Palito Complex and is planning to double production in the coming years with the construction of the Coringa Gold project. Serabi Gold plc recently made a copper-gold porphyry discovery on its extensive exploration licence. The Company is headquartered in the United Kingdom with a secondary office in Toronto, Ontario, Canada. 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 Andrew Khov, Vice President, Investor Relations & Business Development. Enquiries 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 [email protected]         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 / Fergus Young                t +44 (0)20 3757 4980 Copies of this announcement are available from the Company's website at www.serabigold.com. Forward-looking statements Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identi?ed by their use of terms and phrases such as ‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re?ect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. Qualified Persons Statement The scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 35 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009. Notice Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it. Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release. See www.serabigold.com for more information and follow us on twitter @Serabi_Gold 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 the unaudited interim financial statements for the three and nine months to 30 September 2025. Statement of Comprehensive Income For the three and nine-month periods ended 30 September 2025.     For the three months ended For the nine months ended     30 September 2025 30 September 2024 30 September 2025 30 September 2024 (expressed in US$) Notes (unaudited) (unaudited) (unaudited) (unaudited) CONTINUING OPERATIONS           Revenue   41,996,366 27,626,034 104,524,009 70,290,641 Cost of sales   (17,620,959) (14,160,734) (48,152,798) (39,840,803) Depreciation and amortisation charges   (2,795,451) (1,056,517) (6,475,006) (3,297,323) Total cost of sales   (20,416,410) (15,217,251) (54,627,804) (43,138,126) Gross profit   21,579,956 12,408,783 49,896,205 27,152,515 Administration expenses   (2,695,260) (1,679,357) (8,239,877) (5,484,788) Share-based payments   (89,232) (65,010) (293,260) (183,902) Gain on asset disposals   266,561 25,008 354,670 (59,669) Operating profit   19,062,025 10,689,424 41,717,738 21,424,156 Other income – exploration receipts 2 — — — 351,186 Other expenses – exploration expenses 2 — — — (317,746) Foreign exchange (loss)/gain   (21,403) 129,429 86,602 (690,927) Finance expense 3 (125,596) (127,729) (354,065) (438,032) Finance income 3 268,694 109,262 677,996 345,727 Profit before taxation   19,183,720 10,800,386 42,128,271 20,674,364 Income tax expense 4 (3,198,065) (2,184,999) (7,213,665) (2,837,143) Profit after taxation   15,985,655 8,615,387 34,914,606 17,837,221               Other comprehensive income (net of tax)                       Exchange differences on translating foreign operations   3,128,112 808,689 15,009,804 (7,374,025) Total comprehensive profit / (loss) for the period(1)   19,113,767 9,424,076 49,924,410 10,463,196             Profit per ordinary share (basic) 5 21.11c 11.38c 46.10c 23.55c Profit per ordinary share (diluted) 5 21.11c 11.38c 46.10c 23.55c (1) The Group has no non-controlling interests and all profits are attributable to the equity holders of the Parent Company Balance Sheet as at 30 September 2025 (expressed in US$)     As at 30 September 2025 (unaudited) As at 30 September 2024 (unaudited) As at 31 December 2024 (audited) Non-current assets           Deferred exploration costs     27,985,884 20,211,858 18,839,836 Property, plant and equipment     72,750,486 56,310,566 53,593,723 Right of use assets     5,680,426 4,928,263 4,287,020 Taxes receivable     8,106,612 7,110,445 6,246,352 Deferred taxation     3,670,994 1,903,307 1,878,081 Total non-current assets     118,194,402 90,464,439 84,845,012 Current assets           Inventories     16,739,178 12,338,958 13,115,648 Trade and other receivables     4,831,280 2,100,956 2,533,450 Prepayments and accrued income     4,106,439 1,633,602 2,220,463 Cash and cash equivalents     38,772,337 20,029,407 22,183,049 Total current assets     64,449,234 36,102,923 40,052,610 Current liabilities           Trade and other payables     15,903,235 10,672,705 9,695,560 Interest bearing liabilities     5,702,284 5,886,714 5,841,804 Accruals     901,515 431,716 419,493 Total current liabilities     22,507,034 16,991,135 15,956,857 Net current assets     41,942,200 19,111,788 24,095,753 Total assets less current liabilities   160,136,602 100,131,973 109,576,227 Non-current liabilities           Trade and other payables     1,857,937 3,676,181 2,809,243 Provisions     3,222,732 2,325,573 1,839,916 Interest bearing liabilities     741,788 135,326 109,952 Total non-current liabilities     5,822,457 6,137,080 4,759,111 Net assets     154,314,145 103,439,147 104,181,654 Equity           Share capital     11,213,618 11,213,618 11,213,618 Share premium reserve     36,158,068 36,158,068 36,158,068 Option reserve     447,460 359,475 221,613 Other reserves     22,839,025 17,609,380 19,486,684 Translation reserve     (63,483,475) (69,154,766) (78,459,765) Retained surplus     147,139,449 107,253,372 115,561,436 Equity shareholders’ funds     154,314,145 103,439,147 104,181,654 Statements of Changes in Shareholders’ Equity For the nine-month period ended 30 September 2025 (expressed in US$)               (unaudited) Share capital Share premium Share option reserve Other reserves (1) Translation reserve Retained Earnings Total equity   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 — — — — (7,374,025) — (7,374,025)     Profit for the period — — — — — 17,837,221 17,837,221     Total comprehensive income for the period — — — — (7,374,025) 17,837,221 10,463,196     Transfer to taxation reserve — — — 1,649,374 — (1,649,374) —     Share incentives expense — — 183,902 — — — 183,902     Equity shareholders’ funds at 30 September 2024 11,213,618 36,158,068 359,475 17,609,380 (69,154,766) 107,253,372 103,439,147     Foreign currency adjustments — — — — (9,304,999) — (9,304,999)     Profit for the period — — — — — 9,982,497 9,982,497     Total comprehensive income for the period — — — — (9,304,999) 9,982,497 677,498     Transfer to taxation reserve — — — 1,877,304 — (1,877,304) —     Share based incentives lapsed in period — — (202,871) — — 202,871 —     Share option expense — — 65,009 — — — 65,009     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     Foreign currency adjustments — — — — 14,976,290 — 14,976,290     Profit for the period — — — — — 34,914,606 34,914,606     Total comprehensive income for the period — — — — 14,976,290 34,914,606 49,890,896     Transfer to taxation reserve — — — 3,352,341 — (3,352,341) —     Share option expense — — 293,260 — — — 293,260     Share options settled in period — — (51,665) — — — (51,665)     Share based incentives lapsed in period — — (15,748) — — 15,748 —     Equity shareholders’ funds at 30 September 2025 11,213,618 36,158,068 447,460 22,839,025 (63,483,475) 147,139,449 154,314,145     (1) Other reserves comprise a merger reserve of US$361,461 and a taxation reserve of US$22,477,564 (31 December 2024: merger reserve of US$361,461 and a taxation reserve of US$19,125,223). Condensed Consolidated Cash Flow Statement For the three and nine-month periods ended 30 September 2025   For the three months ended 30 September For the nine months ended 30 September   2025 2024 2025 2024 (expressed in US$) (unaudited) (unaudited) (unaudited) (unaudited) Operating activities         Post tax profit for period 15,985,655 8,615,387 35,451,763 17,837,221 Depreciation – plant, equipment and mining properties 2,795,451 1,056,517 6,475,006 3,297,323 Net financial expense/(income) (121,695) (110,962) (410,533) 749,792 Provision for taxation 3,198,065 2,184,999 7,213,665 2,837,143 Gain / (loss) on disposals (266,561) (25,008) (354,670) 59,669 Share-based payments 89,232 65,010 293,260 183,902 Taxation paid (2,057,272) (347,589) (7,526,271) (789,287) Interest paid (33,789) (10,091) (447,174) (39,599) Foreign exchange (loss) / gain 18,255 (291,702) 369,194 (343,986) Changes in working capital           (Increase)/decrease in inventories (657,797) 217,474 (2,342,867) (1,049,888)   (Increase)decrease in receivables, prepayments and accrued income (4,030,722) 1,238,492 (5,320,287) (1,002,244)   Increase in payables, accruals and provisions 1,027,939 979,209 4,937,192 1,384,012 Net cash inflow from operations 16,476,761 13,571,736 38,338,278 23,124,058           Investing activities         Purchase of property, plant and equipment and assets in construction (2,275,094) (2,219,242) (5,996,314) (6,231,132) Mine development expenditure (1,347,803) (1,977,182) (4,077,333) (4,913,351) Geological exploration expenditure (2,219,836) (922,400) (6,012,583) (1,835,856) Pre-operational project costs (2,895,281) (393,044) (7,057,868) (865,728) Proceeds from sale of assets 267,014 21,474 363,774 73,955 Interest Received 268,694 109,262 677,996 338,895 Net cash outflow on investing activities (8,202,306) (5,381,132) (22,102,328) (13,433,217)           Financing activities         Receipt of short-term loan — — 5,000,000 5,000,000 Repayment of short-term loan — — (5,153,577) (5,000,000) Payment of finance lease liabilities (54,387) (210,366) (294,854) (708,816) Net cash (outflow)/inflow from financing activities (54,387) (210,366) (448,431) (708,816)           Net increase/(decrease) in cash and cash equivalents 8,220,068 7,980,238 15,787,519 8,982,025 Cash and cash equivalents at beginning of period 30,432,470 12,041,017 22,183,049 11,552,031 Exchange difference on cash 119,799 8,152 801,769 (504,649) Cash and cash equivalents at end of period 38,772,337 20,029,407 38,772,337 20,029,407 Notes Basis of preparation 1. Basis of preparation These interim condensed consolidated financial statements are for the three and nine-month periods ended 30 September 2025. Comparative information has been provided for the unaudited three and nine-month periods ended 30 September 2024 and, where applicable, the audited twelve-month period from 1 January 2024 to 31 December 2024. These condensed consolidated financial statements do not include all the disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2024 annual report. The condensed consolidated financial statements for the periods have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” and the accounting policies are consistent with those of the annual financial statements for the year ended 31 December 2024 and those envisaged for the financial statements for the year ending 31 December 2025. The interim financial information has not been audited and does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. Whilst the financial information included in this announcement has been compiled in accordance with International Financial Reporting Standards (“IFRS”) this announcement itself does not contain sufficient financial information to comply with IFRS. The Group statutory accounts for the year ended 31 December 2024 prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 have been filed with the Registrar of Companies. The auditor’s report on these accounts was unqualified. The auditor’s report did not contain a statement under Section 498 (2) or 498 (3) of the Companies Act 2006. Accounting standards, amendments and interpretations effective in 2025 The Group has not adopted any standards or amendments in advance of their effective date. The following new amendment has been issued by the IASB and is effective for annual periods beginning on or after 1 January 2025: Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability The amendments provide guidance for determining the spot exchange rate when exchangeability between two currencies is lacking. They clarify when a currency is considered exchangeable and introduce a methodology for estimating an appropriate exchange rate when necessary. The Group does not expect a material impact on its financial statements from these amendments. No other standards or amendments are expected to be effective in 2025. Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on the Company’s current or future reporting periods. These financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. (i)      Going concern At 30 September 2025 the Group held cash of US$38.8 million which represents an increase of US$16.6 million compared to 31 December 2024. 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. Management prepares, for Board review, regular updates of its operational plans and cash flow forecasts based on their best judgement of the expected operational performance of the Group and using economic assumptions that the Directors consider are reasonable in the current global economic climate. The current plans assume that during 2025 the Group will continue gold production from its Palito Complex operation as well as increase production from the Coringa mine and will be able to increase gold production to exceed the levels of 2024. The Directors will limit the Group’s discretionary expenditures, when necessary, to manage the Group’s liquidity. The Directors acknowledge that the Group remains subject to operational and economic risks and any unplanned interruption or reduction in gold production or unforeseen changes in economic assumptions may adversely affect the level of free cash flow that the Group can generate on a monthly basis. 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. 2.         Other Income and Expenses Under the copper exploration alliance with Vale announced on 10 May 2024, the related exploration activities undertaken by the Group under the management of a working committee (comprising representatives from Vale and Serabi), were funded in their entirety by Vale during Phase 1 of the programme. Following the completion of Phase 1, Vale advised the Group, in April 2024, that it did not wish to continue the exploration alliance. 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 has been recognised through the income statement. As this is not a principal business activity of the Group these receipts and expenditures are classified as other income and other expenses. 3.         Finance expense and income   3 months ended 30 September 2025 (unaudited) 3 months ended 30 September 2024 (unaudited) 9 months ended 30 September 2025 (unaudited) 9 months ended 30 September 2025 (unaudited)   US$ US$ US$ US$ Interest expense on short term loan (84,905) (93,486) (245,498) (335,563) Interest expense on trade finance (25,724) (22,120) (67,142) (54,333) Interest expense on finance leases (14,967) (12,123) (41,425) (48,136) Total Financial expense (125,596) (127,729) (354,065) (438,032)           Interest Income 268,694 109,262 677,996 338,895 Realised gain on hedging derivatives — — — 6,832 Total Financial income 268,694 109,262 677,996 345,727 Net finance (expense) / income 143,098 (18,467) 323,931 (92,305) 4.         Taxation The Group has 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 deferred tax liability arising on unrealised exchange gains has been eliminated in previous periods, and the stronger Brazilian Real exchange rate at the end of the period has resulted in deferred tax income of US$1,405,796 (nine months to 30 September 2024 – income of US$946,220). The Group has also incurred a tax charge in Brazil for the nine-month period of US$8,619,461 (nine months to 30 September 2024 tax charge - US$3,783,403). 5.        Earnings per Share          3 months ended 30 September 2025 (unaudited) 3 months ended 30 September 2024 (unaudited) 9 months ended 30 September 2025 (unaudited) 9 months ended 30 September 2025 (unaudited) Profit attributable to ordinary shareholders (US$) 15,985,655 8,615,387 34,914,606 17,837,221 Weighted average ordinary shares in issue 75,734,551 75,734,551 75,734,551 75,734,551 Basic profit per share (US cents) 21.11c 11.38c 46.10c 23.55c Diluted ordinary shares in issue (1) 75,734,551 75,734,551 75,734,551 75,734,551 Diluted profit per share (US cents) 21.11c 11.38c 46.10c 23.55c (1) At 30 September 2025 there were 2,728,049 conditional share awards in issue (30 September 2024 – 2,814,541). 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. 6.        Post balance sheet events There has been no item, transaction or event of a material or unusual nature likely, in the opinion of the Directors of the Company to affect significantly the continuing operation of the entity, the results of these operations, or the state of affairs of the entity in future financial periods. Attachment PR Q3 F2025 Financial Results 2025 vF