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

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

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 2026 (all financial amounts are expressed in U.S. dollars unless otherwise indicated).

Gold production for Q1-2026 of 12,043 ounces (Q1-2025: 10,013 ounces).

Gold sold for Q1-2026 of 10,323 ounces (Q1-2025: 9,699 ounces).

Cash held at 31 March 2026 of $64.4 million (31 December 2025: $49.2 million).

Company now debt free; repaid $5.3 million to Banco Santander in Brazil during the quarter.

EBITDA for the three-month period of $29.2 million (Q1-2025: $12.4 million).

Post-tax profit for the three-month period of $21.0 million (Q1-2025: $8.8 million).

Profit per share of 27.72 cents (Q1-2025: 11.58 cents).

Net cash inflow from operations for the three-month period (after mine development expenditure of $2.2 million and pre operating costs of $0.9 million) of $24.2 million (Q1-2025: $7.1 million inflow after mine development expenditure of $1.6 million and pre operating costs of $1.5 million).

Average gold price of $4,926 per ounce received on gold sales during the three-month period (Q1-2025: $2,908).

Cash Cost for the quarter of $1,863 per ounce (Q4-2025: $1,799 per ounce).

All-In Sustaining Cost for the three-month period to March 2026 of $2,293 per ounce (Q4-2025: $1,818 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

“The first quarter of 2026 marked a strong start to the year, building on the positive momentum in 2025. Gold production for the quarter totalled 12,043 ounces, representing a 20% increase on Q1-2025, driven by higher feed grades at both Palito and Coringa, as well as the commencement of production from the Meio zone at the Coringa Mine. Cash cost and AISC are incrementally higher than Q4-2025, largely driven by the ramp up at Coringa. With the Meio zone now at commercial production, costs associated with mining the Meio zone are now included in cash cost and AISC.

The strong operational performance delivered cash generation of $15.2 million in the quarter, increasing the Group’s cash position to $64.4 million on 31 March 2026, up from $49.2 million at 31 December 2025. The average realised gold price for the quarter was $4,926 per ounce, compared to $2,908 per ounce for the first quarter of 2025.

The exploration results from 2025 and the first quarter of 2026 have consistently demonstrated strong mineralisation continuity and highlight the significant upside potential across our licence areas. We look forward to providing further exploration updates in the coming 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 2025. In Q1-2026, the Group reported revenue and operating costs related to the sale of 10,323 ounces in the period (12,043 ounces produced). This compares to sales reported of 9,699 ounces in Q1-2025 (10,013 ounces produced).

The Company continued to benefit from a strong gold price throughout the first quarter of 2026, with the most material uplift occurring in March, with the USD gold price rising to $5,095 and averaging $4,926 for the quarter, compared to a current spot price of approximately $4,571 per ounce. This contributed to a Q1 average gold price in Brazilian Real of BRL25,881. In Q1-2026, the average USD gold price increased by 69% in comparison to Q1-2025 ($4,926 in Q1-2026 vs $2,908 in Q1-2025).

BRL strengthened during Q1-2026, with the USD:BRL rate moving from 5.5 at 31 December 2025 to 5.25 at 31 March 2026. This strengthening limited the extent to which the stronger USD gold price translated into local currency margins.

The Group delivered a strong start to 2026 with an 20% increase in production year-on-year, driven by significant grade improvements at Coringa (+39%). The classification plant at Coringa contributed meaningfully to the grade uplift, while development at the Meio and Galena veins continued during the first quarter of 2026.

Cash balances at the end of March 2026 were $64.4 million, in comparison to the cash balances at the end of December 2025 of $49.2 million. On 16 January 2026 the Company fully repaid its $5.3 million unsecured loan arrangement with Santander Bank in Brazil which carried an interest coupon of 6.16 per cent. The company did not engage in any new loans during the year of 2026.

SUMMARY FINANCIAL STATISTICS FOR THE THREE-MONTHS ENDING 31 MARCH 2026

3 months to31 March 2026$’000(unaudited)

3 months to31 March 2025$’000(unaudited)

Administration and share based payments

Depreciation and amortisation charges

Operating profit before finance and tax

Earnings per ordinary share (basic)

Average gold price received ($/oz)

As at31 March 2026$’000(unaudited)

As at31 December 2025$’000(audited)

Net funds (after finance debt obligations)

Cash Cost and All-In Sustaining Cost (“AISC”)

12 months to 31 December 2025

Gold production for cash cost and AISC purposes (ounces)

Total Cash Cost of production (per ounce)

Total AISC of production (per ounce)

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.

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 [email protected]

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 PRGeorgia Edmonds / Fergus Young        t +44 (0)20 3757 4980

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 2026.

Statement of Comprehensive IncomeFor the three-month period ended 31 March 2026.

For the three months ended31 March

Revenue (from continuing operations)

Depreciation and amortisation charges

Gain on disposal of fixed assets

Foreign exchange (loss)/gain

Other comprehensive income (net of tax)

Exchange differences on translating foreign operations

Total comprehensive profit for the period(1)

Profit per ordinary share (basic)

Profit per ordinary share (diluted)

(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 2026

As at31 March 2026 (unaudited)

As at31 March 2025 (unaudited)

As at31 December 2025(audited)

Deferred exploration costs

Property, plant and equipment

Trade and other receivables

Prepayments and accrued income

Interest bearing liabilities

Total assets less current liabilities

Interest bearing liabilities

Total non-current liabilities

Equity shareholders’ funds

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 2025 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 2026. 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 2026

Equity shareholders’ funds at 31 December 2024

Foreign currency adjustments

Total comprehensive income for the period

Transfer to taxation reserve

Equity shareholders’ funds at 31 March 2025

Foreign currency adjustments

Total comprehensive income for the period

Transfer to taxation reserve

Share based incentives lapsed in period

Share based incentive expense

Equity shareholders’ funds at 31 December 2025

Foreign currency adjustments

Total comprehensive income for the period

Transfer to taxation reserve

Equity shareholders’ funds at 31 March 2026

(1)     (1) Other reserves comprise a merger reserve of US$361,461 and a taxation reserve of US$23,691,102 (31 December 2025: merger reserve of US$361,461 and a taxation reserve of US$23,381,928).Condensed Consolidated Cash Flow StatementFor the three-month period ended 31 March 2026

For the three monthsended31 March

Post tax profit for period

Depreciation – plant, equipment and mining properties

Net financial (income)/expense

(Gain)/loss on asset disposals

Changes in working capital

(Increase)/decrease in receivables, prepayments and accrued income

Decrease in payables, accruals and provisions

Net cash inflow from operations

Purchase of property, plant and equipment and assets in construction

Mine development expenditure

Pre-operational project expenditure

Geological exploration expenditure

Proceeds from sale of assets

Net cash outflow on investing activities

Receipt of short-term loan

Repayment of short-term loan

Payment of finance lease liabilities

Net cash outflow from financing activities

Net increase / (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of period

Exchange difference on cash

Cash and cash equivalents at end of period

These interim condensed consolidated financial statements are for the three-month period ended 31 March 2026. Comparative information has been provided for the unaudited three-month period ended 31 March 2025 and, where applicable, the audited twelve-month period from 1 January 2025 to 31 December 2025. 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 2025 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 2025 and those envisaged for the financial statements for the year ending 31 December 2026.

Accounting standards, amendments and interpretations effective in 2026

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 2026:

Classification and Measurement of Financial Instruments – Amendments to IFRS 7 and IFRS 9

Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 7 and IFRS 9

Annual Improvements to IFRS Accounting Standards – Volume 11

No other standards or amendments are expected to be effective in 2026.

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 2026 the Group held cash of US$64.4 million which represents an increase of US$15.2 million compared to 31 December 2025.

On 16 January 2026, the Group repaid Banco Santander in Brazil US$5.3 million relating to the short-term working capital loan plus interest which the Group had previously entered on 22 January 2025. As a result, at the time of writing, the Group is debt free.

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 2026 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 2025.

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. Finance expense and income

3 months ended31 March 2026(unaudited)

3 months ended31 March 2025 (unaudited)

Interest expense on unsecured loan

Interest expense on finance leases

Interest expense on short term trade loan

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 2026 reflecting the stronger Brazilian Real exchange rate at the end of the period and resulting in deferred tax income of US$31,310 (three months to 31 March 2025 – income of US$466,264).

The Group has also incurred a tax charge in Brazil for the three-month period of US$6,476,140 (three months to 31 March 2025 tax charge – US$2,476,015).

3 months ended 31 March 2026(unaudited)

3 months ended 31 March 2025(unaudited)

Profit attributable to ordinary shareholders (US$’000)

Weighted average ordinary shares in issue (Thousands)

Basic profit per share (US cents)

Diluted ordinary shares in issue (Thousands) (1)

Diluted profit per share (US cents)

(1) At 31 March 2026 there were 2,728,049 conditional share awards in issue (31 March 2025 – 3,357,649). 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.

5. Post balance sheet events

On 12 May 2026, the Board of Directors awarded in aggregate 458,114 Conditional Share Awards (“CSA’s”) to employees (including directors) of the Company.

2026.05.28 – Q1 Financial Results 2026 – Press Release – Board – v4