Serabi Gold Plc · LSE:SRB
Serabi Gold — Investor Presentation (September 2025)
28 slides from Serabi Gold's investor presentation, September 2025
Slide 1: Investor Presentation
September 2025 Investor Presentation Sustainable gold production and growth in Brazil
Slide 2: Disclaimer
Disclaimer This presentation, and any ancillary documents relating to it, any oral presentation and any question or answer session (together, the "Presentation'') have been prepared and issued by Serabi Gold pic (the "Company"). This Presentation is being supplied to you solely for information purpo
Slide 3: Positioned for growth and value creation
Positioned for growth and value creation ▪ >20 year track record Sustainable Operator ▪ Stable 30-40koz pa production Palito Complex ▪ History of resource replacement ▪ Production growth to 60koz by 2026 Growth to 60koz pa ▪ Updated PEA confirms robust economics Coringa ▪ Classification plant commis
Slide 4: Three-phased strategy to become a +100kozpa producer
Three-phased strategy to become a +100kozpa producer Stable production base growing to 60koz by 2026; brownfield exploration to unlock pathway to becoming a +100kozpa producer F2025 production guidance: 44-47koz Au Palito Coringa 100+ 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026
Slide 5: Corporate overview
Corporate overview Capital Structure Supportive share register Fratelli, 6.9% Ruffer, 4.5% Tickers (AIM / TSX / OTCQX) SRB / SBI / SRBIF River and Mercantile, 1.8% Starboard, 19.9% Share Price (02 September 2025) £2.13 / C$3.91 / US$2.84 Gold 2000, 2.3% Ordinary Shares 75.7m Directors, 0.2% Fully Di
Slide 6: Unlocking value in the globally significant Tapajós mineral province
Unlocking value in the globally significant Tapajós mineral province Para State ▪ No. 2 in Brazil for mining with improving infrastructure ▪ Development incentives - effective tax rate of 15.25% The Tapajós - a globally significant mineral province ▪ ~90,000km2 (size of Portugal) ▪ 3rd largest alluv
Slide 7: Committed to mining sustainably in Brazil
Committed to mining sustainably in Brazil >20 years of successful operation with our stakeholders Commitment to Health & Safety ▪ During 2024, 37,599 hours of safety training was provided to employees, an average of 44 hours per employee Supporting the local economy ▪ 68% of employment sourced from
Slide 8: Leading gold producer emission intensities
Leading gold producer emission intensities Low carbon intensity Gold Producer Greenhouse Gas Emission Intensities (t CO2-e/oz) 2.74 ▪ Serabi has one of the lowest GHG emission 1.33 1.51 1.19 intensities when compared Group intensity avg. of 0.98 to senior gold producers 0.63 0.65 0.76 0.78 0.53 0.55
Slide 9: Asset Overviews
Asset Overviews SERABI
Slide 10: Ore Sorting at Coringa Mine | A Gamechanger
Asset Overviews Ore Sorting at Coringa Mine | A Gamechanger Overview Ore Sorting at Coringa Mine Miner with Jackleg at Coringa Mine ▪ Comex ore sorter sorts on colour and/or density 2025 2026+ ▪ Remove waste and pre- concentrates ROM Ore Sorter Feed Grade <2 g/t <6 g/t ▪ Liberates plant capacity at
Slide 11: Ore Sorting at Palito Complex | Tonnes Cost, Grade Pays
Asset Overviews Ore Sorting at Palito Complex | “Tonnes Cost, Grade Pays” Palito Ore Sorting Ore Sorting at Palito Complex ▪ First ore sorter installed by Serabi in 2019 was at Palito Palito Complex Complex ▪ Palito orebody not as Ore Sorter Feed Grade <2 g/t effective with ore sorting as Coringa or
Slide 12: Palito Complex | Delivering consistent production
Asset Overviews Palito Complex | Delivering consistent production GUIDANCE 44,000 to 47,000oz for 2025 43-101 RESOURCES* (April 2025) M&I: 350koz at 9.9g/t, Inf: 162koz at 7.4g/t MINING Underground - selective open stoping PROCESSING 650tpd conventional flotation and CIP, ore-sorter PRODUCT Gold bul
Slide 13: Coringa Mine | Driving Serabi production growth
Asset Overviews Coringa Mine | Driving Serabi production growth Under construction to create a multi- OWNERSHIP asset >60koz Acquired 100% for US$22m pa producer Resource growth potential STATUS with u/g drilling ECI complete, final permit (LI) pending PRE-ACQUISITION WORK COMPLETED BFS, 50,000m dri
Slide 14: Coringa Mine | De-risked with favourable economics
Asset Overviews Coringa Mine | De-risked with favourable economics Coringa Mine Units 2024 PEA Base Case Coringa Project (100% ownership, Para State, Brazil) Gold Price $/oz $2,100 ▪ Commenced development in 2021, producing first gold in July 2022 Cut-off Grade g/t Au 3.16 ▪ Current operations signi
Slide 15: Exploration Opportunities
Exploration ee Opportunities S SERABI GOLD
Slide 16: Brownfield at Palito Complex | Headframe exploration
Exploration Brownfield at Palito Complex | Headframe exploration ▪ History of resource replenishment ▪ Palito mine sits within 8km NW-SE trend ▪ Ore-bodies remain open laterally, on strike and to depth ▪ Intrusion-related gold deposit – expected to have very significant vertical extent ▪ 2022-23 dri
Slide 17: Brownfield at Palito Complex | 2025 Exploration Update
Exploration Brownfield at Palito Complex | 2025 Exploration Update 25-CR-006 0.75 m @ 3.62 g/t 0.26 m @ 4.36 g/t 25-CR- 003 0.28 m @ 3.47 g/t 16
Slide 18: Brownfield at Palito Complex | 2025 Exploration Update (Cont'd)
Exploration Brownfield at Palito Complex | 2025 Exploration Update (Cont’d) 17
Slide 19: Brownfield at Coringa Mine | Potential for multiple mines
Exploration Brownfield at Coringa Mine | Potential for multiple mines ▪ Significant resource growth potential as drilling limited to ~250m vertical depth ▪ Current resource underlies 1.5km of artisanal workings in 8km artisanal trend ▪ All lying within 30km of anomalous soil geochemistry – remainder
Slide 20: Brownfield at Coringa Mine | 2025 Exploration Update
Exploration Brownfield at Coringa Mine | 2025 Exploration Update 25-JA-003 0.5m @ 24.9 g/t VALDETE GALENA SERRA JATOBÁ NORTE 25-GA-001 25-SR-005 0.5m @ 48.3 g/t 0.79m @ 25.67 g/t 25-GA-002 25-SR-010 0.5m @ 3,2 g/t 0.53m @ 151.00 g/t 25-SR-009 25-GA-004 0.25m @ 19.75 g/t 0.5m @ 4.67 g/t 25-SR-011 MÃE
Slide 21: Brownfield at Coringa Mine | 2025 Exploration Update (Cont'd)
Exploration Brownfield at Coringa Mine | 2025 Exploration Update (Cont’d) NW Serra ore body SE SE Serra South ore body 25-SR-013 25-SR-010 0.35 m @ 25.84 g/t 0.53 m @ 153.07 g/t 25-SR-011 0.39 m @ 23.41 g/t 25-SR-017 0.25 m @ 18.49 g/t 25-SR-005 25-SR-001 0.79 m @ 31.68 g/t 0.5 m @ 5.3 g/t 25-SR-002
Slide 22: Greenfield at Palito Complex | High priority exploration targets
Exploration Greenfield at Palito Complex | High priority exploration targets Priority targets 1. São Domingos ▪ 4km x 2km target ▪ Significant artisanal activity ▪ High grade first pass drilling 2. Matilda ▪ 4km x 4km target ▪ In 2023, drilled 7,598m (21 holes) ▪ 12 holes hit copper porphyry mineral
Slide 23: Greenfield at Palito Complex | São Domingos
Exploration Greenfield at Palito Complex | São Domingos Hole 21-SD-010: 7.15m at 258g/t Au ▪ Drilling to follow-up on 7.15m at 258g/t intercept – 7th highest intercept for TSX company in 2021* * www.mining.com/mining-2021-top-10-drill-holes-of-the-year/ 22
Slide 24: Greenfield at Palito Complex | Matilda prospect
Exploration Greenfield at Palito Complex | Matilda prospect ▪ 4x4 km geochemical anomaly with 2x2 km Au-Cu-Mo-W core ▪ Coincident with anomalous high magnetic susceptibility associated with magnetite alteration ▪ Mapped granites with potassic, propylitic and sericite-chlorite alteration, dacite porp
Slide 25: Delivering Value
Delivering Value SERABI GOLD
Slide 26: Re-rating potential: Undervalued, enhanced scale to drive re-rating
Delivering Value Re-rating potential Undervalued, enhanced scale to drive re-rating P/NAV (x) 2025E EV/EBITDA (x) 2025E FCF Yield (%) Andean Precious 1.7x Aris 8.0x Serabi 15% Americas G&S 1.2x McEwen 7.9x Mineros 13% Wesdome 1.1x Luca 5.5x Luca 11% McEwen 0.8x Andean Precious 5.1x Wesdome 10% Miner
Slide 27: Board and Key Management
Delivering Value Board and Key Management Mike Hodgson (CEO, Director) Michael Lynch-Bell (Non-exec Chairman) 40+ years worldwide mining experience, focused on operating and 38 years with Ernst & Young (EY), having led its Global Oil and Gas, building underground mines. Previously COO at Orvana Mine
Slide 28: SERABI GOLD plc
For further information please contact us: SERABI GOLD plc Andrew Khov Vice President, Investor Relations & Business Development tel +44 (0) 20 7246 6830 email [email protected] The Long Barn Cobham Park Road Downside Surrey KT11 3NE United Kingdom www.serabigold.com