Unaudited interim results for the three-month period ended 31 March 2026

The most recent release (29 May 2026) reports unaudited Q1 2026 results, confirming the production and cash position already disclosed in the 14 April 2026 operational update. Gold production was 12,043 oz (up 20% YoY), revenue surged to $50.6 million on an average realized gold price of $4,926/oz, and EBITDA hit $29.2 million. The company fully repaid its $5.3 million Santander loan in January 2026 and ended the quarter debt‑free with cash of $64.4 million. Costs ticked higher: cash cost $1,863/oz and AISC $2,293/oz versus $1,799/oz and $1,818/oz in Q4 2025. The results are the final piece of a multi‑quarter string of operational and financial improvements that saw FY2025 revenue of $155.8 million, an inaugural dividend, and a rapid build‑up of cash. Earlier news from April 2026 showed a major resource update (M&I up 29% to 731 koz, Inferred up 50% to 653 koz) and a growth target of 1.5+ Moz, all supported by a self‑funded 30,000 m drill programme. The company is installing a fourth ball mill to increase Palito throughput to ~900 tpd by Q4 2026, while Coringa is transitioning to mechanized sublevel stoping. The only serious blemish was two fatalities in early 2026, prompting a safety overhaul.

The Q1 2026 financials are routine – positive. All fundamental numbers — production, cash, debt repayment, and gold price — were telegraphed in the 14 April operational release, and the company’s upward trajectory was well established through 2025. The market already knew Serabi was debt‑free and sitting on $64.4 million cash; the financial statements merely add granularity (EPS 27.72 cents, margin details) without changing the investment thesis. While the AISC increase (from $1,818 to $2,293) is a minor negative, it is not unexpected given higher sustaining capital and ore‑sorting ramp‑up. The news reinforces the story that Serabi is generating enormous free cash flow at spot gold prices, but it does not alter expectations or materially re‑rate the stock.

Serabi Gold plc is a Brazil‑focused gold producer with two main assets in the Tapajós region of Pará State: the Palito Complex (underground mine and 650 tpd processing plant) and the high‑grade Coringa Gold Mine, located ~200 km away. Ore from Coringa is trucked to the Palito plant after pre‑concentration using an ore sorter, significantly boosting average feed grade. The company produced 44,169 oz in 2025 and targets 53,000–57,000 oz in 2026, with ambitions to reach 1.5 Moz of consolidated resources. A fourth ball mill at Palito is under installation, and Coringa is being mechanized. Permitting for a permanent Installation License (LI) at Coringa is the key outstanding regulatory milestone.