Vesting and settlement of 2023 Conditional Share Awards and Notification of transactions by persons discharging managerial responsibilities
Management’s performance share vesting crystallizes the fruits of a record year but offers no new market catalyst.
The most recent release (2026-05-13) announces the vesting and settlement of Serabi Gold’s 2023 Conditional Share Awards following the three-year performance period to the end of 2025. All key financial targets were materially exceeded—Total Shareholder Return (TSR) of 9.5x vs. 2.6x for the BMO junior gold index, Return on Capital Employed (ROCE) of 29.7% against a 12.7% WACC, and Return on Sales (ROS) of 30.66% vs. a 23.42% budget. As a result, the Remuneration Committee increased vesting by 17.5%, leading to the issue of 573,209 net settlement shares (after tax). Directors Michael Hodgson (CEO) and Colm Howlin (CFO) receive 305,397 and 85,333 net shares, respectively. The enlarged share capital will be 76,307,760 ordinary shares after admission around 19 May 2026.
This follows a sequence of strongly positive news: FY2025 audited results (record revenue, profit, cash flow, debt-free status, inaugural dividend), Q1-2026 production of 12,042 oz (20% YoY increase), a resource update with consolidated M&I +29% to 730,800 oz Au and Inferred +50% to 653,300 oz Au, and the confirmation of a 4th ball mill to increase Palito throughput.
The vesting of long-term incentive shares is a routine corporate governance event. The performance metrics cited are historical and were already fully reflected in the audited FY2025 results and operational updates released in the prior weeks. The issuance of 573,209 new shares represents dilution of approximately 0.75% – too small to be material. There is no new operational, financial, or strategic information that would alter the market’s assessment of the company. Therefore, the most recent news has no material impact on the stock’s fair value; it is purely a backward-looking administrative step.
Serabi Gold plc is a gold mining and exploration company operating in the Tapajós region of Pará State, Brazil. Its flagship assets are the Palito Complex (Palito Mine and São Chico Mine) and the Coringa Gold Mine. The company produces gold from underground operations, with ore processed at the Palito plant. A key growth project is the expansion of processing capacity from 650 tpd to ~900 tpd via a fourth ball mill, and the ongoing transition of Coringa to mechanized sublevel stoping. The consolidated mineral resource base (M&I + Inferred) exceeds 1.38 Moz Au, with a target to reach 1.5 Moz+ by end‑2026. The company benefits from record gold prices and has become debt‑free, self‑funding exploration and development.