Industria
Increases Total Mineral Inventory: Provides Results of Updated Mineral Resource and Reserves
Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company , is pleased to announce updated Mineral Reserve estimates and Mineral Resource estimates for its Palito Mine, prepared in accordance with the standard of CIM and Canadian National Instrument 43-101, with an effective date of 1 April, 2025 as outlined below (all financial amounts are expressed in U.S. dollars unless otherwise indicated) .
HIGHLIGHTS
Mike Hodgson CEO commented:
“This updated Mineral Resource demonstrates Serabi’s ability to replenish resources on a consistent basis. We have regularly maintained our ability to replace production with new resources and in this instance, the combined Measured, Indicated and the Inferred resource categories have increased by 4% since 2023. The Company has a strong track record of maintaining a ~500koz ounces total mineral inventory at the Palito Complex and this latest estimate is no different as we increase to 552koz. Within this mineral resource inventory, we have reported a 2P Mineral Reserve of ~163koz, equating to over six years of reserve life at current extraction rates, excluding any future resource to reserve conversion. For a narrow vein mine, this is a great position to be in. With São Chico on care and maintenance since 2022, the 2023 estimated resources and reserves have simply been restated here, albeit these resources and reserves were calculated at a more conservative gold price and exchange rate.
In early 2025 we embarked on a $9m brownfield surface exploration drill programme spread across the Palito Complex and Coringa, approximately 50% of this budget will be used at Palito to test extensions of known orebodies. As this drill programme did not commence until March, this updated resource estimate does not include results from the exploration programme. We therefore look forward to an update in early 2026, when we do expect to incorporate results from our ‘aggressive’ brownfield programme. In the meantime, this increase, which excludes the surface drill programme, is especially pleasing.”
The Mineral Reserve estimate was prepared by Mr Carlos Guzman of NCL Ingeniería y Construcción SpA, who is a Qualified Person under the Canadian National Instrument 43-101.
The Mineral Resource estimate was prepared by Mr Nicolas Fuster of NCL Ingeniería y Construcción SpA, who is a Qualified Person under the Canadian National Instrument 43-101.
Mineral Reserve Estimates
The updated Mineral Reserve estimates for the Palito Mine and the São Chico Mine are based on data as at 1 April 2025.
Table 1: Palito Complex Mineral Reserve Statement as of April 1, 2025
Notes to Palito Complex Mineral Reserve Estimates
Mineral Resource Estimates
The updated Mineral Resource estimates for the Palito Mine and the Sao Chico Mine are based on data as at 1 April 2025 and 31 July 2023, respectively.
Table 2: Mineral Resource Statement, Palito Mine as of April 1, 2025
Notes to Palito Mine Mineral Resource Statement
Table 3: Mineral Resource Statement, São Chico Mine as of July 31, 2023
Notes to Mineral Resource Statement, São Chico Mine
Qualified Persons and Quality Control
The scientific and technical information contained in this news release pertaining to the Palito Complex has been reviewed and approved by the following Qualified Persons under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"):
The Qualified Persons have verified the information disclosed herein, including the sampling, preparation, security and analytical procedures underlying the information or opinions contained in this announcement in accordance with standards appropriate to their qualifications.
Technical Report
A Technical Report prepared by NCL Ingeniería y Construcción SpA. In accordance with NI 43-101 will be filed on SEDAR ( www.sedar.com ) within 45 days of this release as well as on the Company’s website
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
SERABI GOLD plc
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 contact@serabigold.com
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 / Emily Hall t +44 (0)20 3757 4980
Assay Results
Assay results reported within this release include those provided by the Company's own on-site laboratory facilities at Palito and have not yet been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company's activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company's management are satisfied that the Company's own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognized standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory.
Forward-looking statements
Certain 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. Several 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 30 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 X @Serabi_Gold
APPENDIX
Mineral Reserves and Resources
The Company estimates and discloses mineral reserves and resources using the definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum, and in accordance with NI 43-101. Further details are available at www.cim.org. See the “Glossary of Geological and Mining Terms” for complete definitions of mineral reserves and mineral resources.
About Mineral Resources
Mineral resources are not mineral reserves and do not have demonstrated economic viability but do have reasonable prospect for economic extraction. They fall into three categories: measured, indicated, and inferred. The reported mineral resources are stated inclusive of mineral reserves. Measured and indicated mineral resources are sufficiently well-defined to allow geological and grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the mineral resource. Inferred mineral resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred mineral resources are too speculative geologically to have economic considerations applied to them. There is no certainty that mineral resources of any category will be upgraded to mineral reserves.
Important Information about Mineral Reserve and Resource Estimates
Whilst the Company takes all reasonable care in the preparation and verification of the mineral reserve and resource figures, the figures are estimates based in part on forward-looking information. Estimates are based on management’s knowledge, mining experience, analysis of drilling results, the quality of available data and management’s best judgment. They are, however, imprecise by nature, may change over time, and include many variables and assumptions including geological interpretation, commodity prices and currency exchange rates, recovery rates, and operating and capital costs. There is no assurance that the indicated levels of metal will be produced, and the Company may have to re-estimate the mineral reserves based on actual production experience. Changes in the metal price, production costs or recovery rates could make it unprofitable to operate or develop a particular deposit for a period of time.
A comparison of the updated Mineral Reserve Estimates as at 1 April 2025 with the previously reported Mineral Reserve Estimates as at 31 July 2023 published on 20 November 2023 is set out below.
A comparison of the updated Mineral Resource Estimates as at 1 April 2025 with the previously reported Mineral Resource Estimates as at 31 July 2023 published on 20 November 2023 is set out below.
GLOSSARY OF TERMS
The following is a glossary of technical terms:
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