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ForexTV

29.05.2025

Unaudited interim results for the three-month period ended 31 March 2025 - ForexTV

Unaudited interim results for the three-month period ended 31 March 2025 Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to release its unaudited results for the three-month period ended 31 March 2025 (all financial amounts are expressed in U.S. dollars unless otherwise indicated). HIGHLIGHTS Gold production for Q1-2025 of 10,013 ounces (Q1-2024: 9,007 ounces).Cash held at 31 March 2025 of $26.5 million (31 December 2024: $22.2 million).EBITDA for the three-month period of $12.4 million (Q1-2024: $4.7 million).Post-tax profit for the three-month period of $8.8 million (Q1-2024: $3.6 million).Profit per share of 11.58 cents (Q1-2024: 4.80 cents).Net cash inflow from operations for the three-month period (after mine development expenditure of $1.6 million and pre operating costs of $1.5 million) of $7.1 million (Q1-2024: $0.3 million inflow after mine development expenditure and pre operating costs of $1.6 million).Average gold price of $2,908 per ounce received on gold sales during the three-month period (Q1-2024: $2,081).Cash Cost for the quarter of $1,269 per ounce (Q1-2024: $1,461 per ounce).All-In Sustaining Cost for the three-month period to March 2025 of $1,636 per ounce (Q1-2024: $1,859 per ounce). The full interim statements together with commentary can be accessed on the Company’s website using the following LINK. Colm Howlin, CFO, Commented “Q1 2025 marked a strong start to the year, continuing the positive momentum from H2-2024. Gold production for the quarter totalled 10,013 ounces, representing an 11% increase on Q1-2024. This was driven by higher feed grades at both Palito and Coringa, supported by the first full quarter of operations at the Coringa classification plant. The strong operational performance contributed to cash generation of $4.2 million in the quarter, increasing the Group’s cash position to $26.5 million at 31 March 2025, up from $22.2 million at 31 December 2024. The average realised gold price for the quarter was $2,908 per ounce, compared to $2,407 per ounce for the fiscal 2024 year. We also commenced our 2025 exploration programme, with $9 million allocated for the year and a similar commitment anticipated for 2026. Drilling activity is now underway at both Palito and Coringa. Early drill results from the programme have been encouraging. We look forward to providing an exploration update in the oncoming weeks.” Overview of the financial results Reported revenues and costs reflect the ounces sold in each period and as a result total revenues and costs for the three-month period are higher than the corresponding period in 2024. In Q1-2025, the Group reported revenue and operating costs related to the sale of 9,699 ounces in the period (10,013 ounces produced). This compares to sales reported of 9,007 ounces in Q1-2024. Whilst the Company benefited from an improving gold price throughout the first quarter of 2025, the most material uplift occurred only in March, with the USD gold price rising to $2,996 and averaging $2,908 for the quarter, compared to a current spot price of approximately $3,300 per ounce. This contributed to a Q1 average gold price in Brazilian Real of BRL17,018. In Q1-2025, the average USD gold price increased by 18% in comparison to Q1-2024 ($2,908 in Q1-2025 vs $2,469 in Q1-2024). BRL strengthened during Q1-2025, with the USD:BRL rate moving from 6.19 at 31 December 2024 to 5.74 at 31 March 2025. This strengthening limited the extent to which the stronger USD gold price translated into local currency margins. The Group delivered a strong start to 2025 with an 11% increase in production year-on-year, driven by significant grade improvements at both Palito (+32%) and Coringa (+8%). Coringa’s first full quarter of classification plant operations contributed meaningfully to the grade uplift, while development at new zones across both sites and a ramped-up $9 million brownfield exploration programme with a focus on doubling our resource at Palito Complex and Coringa, position the Group well for continued growth. Cash balances at the end of March 2025 were $26.5 million, in comparison to the cash balances at the end of December 2024 of $22.2 million. On 6 January 2025 the Company fully repaid its $5.0 million unsecured loan arrangement with Itau Bank in Brazil which carried an interest coupon of 8.47 per cent. On 22 January 2025, the Group secured a new $5.0 million loan from Banco Santander. The Banco Santander loan is repayable as a bullet payment on 21 January 2026 and carries an interest coupon of 6.16%. The Company had a net cash balance at the end of Q1-2025 (after interest bearing loans and lease liabilities) of $20.9 million (31 December 2024: net cash $16.2 million). Key Financial Information SUMMARY FINANCIAL STATISTICS FOR THE THREE-MONTHS ENDING 31 MARCH 2025   3 months to31 March 2025$(unaudited)3 months to31 March 2024$(unaudited)  Revenue  27,593,36320,246,400  Cost of sales  (13,138,165)(13,556,599)  Gross operating profit  14,455,1986,689,801  Administration and share based payments  (2,006,445)(1,984,990)  EBITDA  12,448,7534,704,811  Depreciation and amortisation charges  (1,834,773)(1,046,561)  Operating profit before finance and tax  10,613,9803,658,250         Profit after tax  8,769,7593,637,563         Earnings per ordinary share (basic)  11.58c4.80c         Average gold price received ($/oz)  $2,908$2,081           As at31 March 2025$(unaudited)As at31 December 2024$(audited)Cash and cash equivalents  26,504,93922,183,049Net funds (after finance debt obligations)  21,168,75916,341,245Net assets  120,008,729104,181,654      Cash Cost and All-In Sustaining Cost (“AISC”)      3 months to 31 March 20253 months to 31 March 202412 months to 31 December 2024Gold production for cash cost and AISC purposes (ounces) 10,0139,00737,520     Total Cash Cost of production (per ounce) $1,269$1,461$1,326Total AISC of production (per ounce) $1,636$1,859$1,700 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 SERABI GOLD plcMichael Hodgson        t +44 (0)20 7246 6830Chief Executive        m +44 (0)7799 473621 Colm Howlin        Chief Financial Officer        m +353 89 6078171 Andrew Khov         m +1 647 885 4874Vice President, Investor Relations & Business Development        e contact@serabigold.com         www.serabigold.com BEAUMONT CORNISH LimitedNominated Adviser & Financial AdviserRoland Cornish / Michael Cornish        t +44 (0)20 7628 3396 PEEL HUNT LLPJoint UK BrokerRoss Allister / Georgia Langoulant        t +44 (0)20 7418 9000 TAMESIS PARTNERS LLPJoint UK BrokerCharlie Bendon/ Richard Greenfield        t +44 (0)20 3882 2868 CAMARCOFinancial PR - EuropeGordon Poole / Emily Hall                t +44 (0)20 3757 4980 HARBOR ACCESS Financial PR – North AmericaJonathan Patterson / Lisa Micali                t +1 475 477 9404 Forward-looking statementsCertain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified 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 reflect 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 StatementThe 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. NoticeBeaumont 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 X @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 months to 31 March 2025. Statement of Comprehensive IncomeFor the three-month period ended 31 March 2025.    For the three months ended31 March    20252024(expressed in US$)Notes  (unaudited)(unaudited)CONTINUING OPERATIONS     Revenue (from continuing operations)   27,593,36320,246,400Cost of sales   (13,138,165)(13,556,599)Depreciation and amortisation charges   (1,834,773)(1,046,561)Total cost of sales   (14,972,938)(14,603,160)Gross profit    12,620,4255,643,240Administration expenses   (1,978,239)(1,942,740)Share-based payments   (67,714)(53,883)Gain on disposal of fixed assets   39,50811,633Operating profit   10,613,9803,658,250Other income – exploration receipts2  —339,854Other expenses – exploration expenses2  —(312,518)Foreign exchange (loss)/gain   70,426(34,566)Finance expense3  (110,974)(174,605)Finance income3  206,078141,555Profit before taxation   10,779,5103,617,970Income and other taxes4  (2,009,751)19,593Profit after taxation(1)   8,769,7593,637,563        Other comprehensive income (net of tax)     Exchange differences on translating foreign operations   6,989,602(1,780,928)Total comprehensive profit for the period(1)   15,759,3611,856,635      Profit per ordinary share (basic)5  11.58c4.80cProfit per ordinary share (diluted)5  11.58c4.80c (1) The Group has no non-controlling interest and all profits are attributable to the equity holders of the Parent Company Balance Sheet as at 31 March 2025 (expressed in US$)  As at31 March 2025 (unaudited)As at31 March 2024 (unaudited)As at31 December 2024(audited)Non-current assets     Deferred exploration costs  21,710,72820,075,45818,839,836Property, plant and equipment  60,650,59052,662,60653,593,723Right of use assets  4,957,7915,006,1174,287,020Taxes receivable  5,396,1803,734,3096,246,352Deferred taxation  2,532,5941,736,0771,878,081Total non-current assets  95,247,88383,214,56784,845,012Current assets     Inventories  15,649,25813,999,67413,115,648Trade and other receivables  2,841,7074,024,8962,533,450Prepayments and accrued income  3,553,4853,181,0242,220,463Cash and cash equivalents  26,504,93911,056,31722,183,049Total current assets  48,549,38932,261,91140,052,610Current liabilities     Trade and other payables  12,772,7217,808,6399,695,560Interest bearing liabilities  5,336,1805,689,8055,841,804Accruals  462,371401,939419,493Total current liabilities  18,571,27213,900,38315,956,857Net current assets  29,978,11718,361,52824,095,753Total assets less current liabilities  125,226,000101,576,095108,940,765Non-current liabilities     Trade and other payables  1,928,7994,249,1152,809,243Provisions  3,037,9792,568,2871,839,916Interest bearing liabilities  250,49356,126109,952Total non-current liabilities  5,217,2716,873,5284,759,111Net assets  120,008,72994,702,567104,181,654Equity     Share capital  11,213,61811,213,61811,213,618Share premium reserve  36,158,06836,158,06836,158,068Option reserve  289,327229,456221,613Other reserves  20,110,10016,708,28519,486,684Translation reserve  (71,470,163)(63,561,669)(78,459,765)Retained surplus  123,707,77992,954,809115,561,436Equity shareholders’ funds  120,008,72994,702,567104,181,654 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 will be filed with the Registrar of Companies before 30 June 2025. The auditor’s report on these accounts was unqualified and did not contain a statement under Section 498 (2) or 498 (3) of the Companies Act 2006. Statements of Changes in Shareholders’ EquityFor the three-month period ended 31 March 2025 (expressed in US$)       (unaudited)SharecapitalSharepremiumShare option reserveOther reserves (1)Translation reserveRetained EarningsTotal equityEquity shareholders’ funds at 31 December 202311,213,61836,158,068175,57315,960,006(61,780,741)91,065,52592,792,049Foreign currency adjustments————(1,780,928)—(1,780,928)Profit for the period—————3,637,5633,637,563Total comprehensive income for the period————(1,780,928)3,637,5631,856,635Transfer to taxation reserve———748,279—(748,279)—Share option expense——53,883———53,883Equity shareholders’ funds at 31 March 202411,213,61836,158,068229,45616,708,285(63,561,669)93,954,80994,702,567Foreign currency adjustments————(14,898,096)—(14,898,096)Profit for the period—————24,182,15524,182,155Total comprehensive income for the period————(14,898,096)24,182,1559,284,059Transfer to taxation reserve———2,778,399—(2,778,399)—Share based incentives lapsed in period——(202,871)——202,871—Share based incentive expense——195,028———195,028Equity shareholders’ funds at 31 December 202411,213,61836,158,068221,61319,486,684(78,459,765)115,561,436104,181,654Foreign currency adjustments————6,989,602—6,989,602Profit for the period—————8,769,7598,769,759Total comprehensive income for the period————6,989,6028,769,75915,759,361Transfer to taxation reserve———623,416—(623,416)—Share option expense——67,714———67,714Equity shareholders’ funds at 31 March 202511,213,61836,158,068289,32720,110,100(71,470,163)123,707,779120,008,729 (1)     (1) Other reserves comprise a merger reserve of US$361,461 and a taxation reserve of US$19,748,639 (31 December 2024: merger reserve of US$361,461 and a taxation reserve of US$19,125,223).Condensed Consolidated Cash Flow StatementFor the three-month period ended 31 March 2025   For the three monthsended31 March    20252024(expressed in US$)  (unaudited)(unaudited)Operating activities    Post tax profit for period  8,769,7593,637,563Depreciation – plant, equipment and mining properties  1,834,7731,046,561Net financial (income)/expense  (165,530)67,616(Gain)/loss on asset disposals  (39,508)(11,633)Provision for taxation  2,009,751(19,593)Share-based payments  67,71453,883Taxation paid  (1,931,751)(15,354)Interest paid  (380,770)(392,268)Foreign exchange loss  182,38767,747Changes in working capital     Increase in inventories  (1,907,662)(349,744) (Increase)/decrease in receivables, prepayments and accrued income  (1,071,364)1,881,445 Decrease in payables, accruals and provisions  2,852,038 (686,484)Net cash inflow from operations  10,219,8371,900,441     Investing activities    Purchase of property, plant and equipment and assets in construction  (1,601,149)(438,985)Mine development expenditure  (1,626,214)(1,589,627)Pre-operational project expenditure  (1,535,853) Geological exploration expenditure  (1,525,508)(149,584)Proceeds from sale of assets  49,50811,908Interest received  206,078134,723Net cash outflow on investing activities  (6,033,138)(2,031,565)     Financing activities    Receipt of short-term loan  5,000,0005,000,000Repayment of short-term loan  (5,153,577)(5,000,000)Payment of finance lease liabilities  (141,654)(255,245)Net cash outflow from financing activities  (295,231)(255,245)     Net increase / (decrease) in cash and cash equivalents  3,891,468(386,369)Cash and cash equivalents at beginning of period  22,183,04911,552,031Exchange difference on cash  430,422(109,345)Cash and cash equivalents at end of period  26,504,93911,056,317 Notes Basis of preparation These interim condensed consolidated financial statements are for the three-month period ended 31 March 2025. Comparative information has been provided for the unaudited three-month period ended 31 March 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. Accounting standards, amendments and interpretations effective in 2024 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 ExchangeabilityThe 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 concernAt 31 March 2025 the Group held cash of US$26.5 million which represents an increase of US$4.3 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 2025, 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 ended31 March 2025(unaudited)3 months ended31 March 2024 (unaudited) US$US$Interest expense on unsecured loan(79,011)(141,647)Interest expense on finance leases(14,287)(14,036)Interest expense on short term trade loan(17,676)(18,922)Total finance expense(110,974)(174,605)Interest income206,078134,723Gain on revaluation of hedging derivatives— 6,832Total finance income206,078141,555Net finance (expense)95,104(33,050) 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 the three-month period to 31 March 2025 reflecting the stronger Brazilian Real exchange rate at the end of the period and resulting in deferred tax income of US$466,264 (three months to 31 March 2024 – income of US$674,185). The Group has also incurred a tax charge in Brazil for the three-month period of US$2,475,989 (three months to 31 March 2024 tax charge - US$654,592). 5.        Earnings per Share         3 months ended 31 March 2025(unaudited)3 months ended 31 March 2024(unaudited)Profit attributable to ordinary shareholders (US$)8,769,7593,637,563Weighted average ordinary shares in issue75,734,55175,734,551Basic profit per share (US cents)11.58c4.80cDiluted ordinary shares in issue (1)75,734,55175,734,551Diluted profit per share (US cents)11.58c4.80c (1) At 31 March 2025 there were 3,357,649 conditional share awards in issue (31 March 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.

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