{"success":true,"data":{"pressRelease":{"id":"174886","rtpr_id":"nGNE1GJ27s-20261021","ticker":"SRB","exchange":"LSE","all_tickers":["SRB"],"title":"REG-Reports Q3-2026 Production & Operational Highlights","author":"Globe Newswire","published_at":"2026-10-21T05:00:00.194Z","article_body":"Reports Q3-2026 Production & Operational Highlights\n\nSerabi Gold plc (“Serabi” or the “Company”) (AIM: SRB, TSX: SBI,\nOTCQX: SRBIF), the Brazilian focused gold mining and development company, is\npleased to announce the Company’s production results and operating\nhighlights for Q3-2026 (all financial amounts are expressed in U.S. dollars\nunless otherwise indicated).\n\nQ3-2026 OPERATIONAL HIGHLIGHTS\n* Quarterly gold production of 11,008 ounces, a 9% decrease from Q3-2025. *\nDriven by lower-than-expected grades from Palito Complex.\n \n* Cash as at 30 September 2026 of $63.2 million vs $65.7 million as at 30 June\n2026, reflecting operational cash generation offset by payment of the\nCompany’s maiden dividend of $5.1 million in July 2026. * $3.4 million of\nadditional cash received on 1 October 2026 from sale of bullion in September\n2026.\n* Company remains debt-free.\n \n* Installation of the fourth ball mill at Palito Complex completed on time\nand budget and in final commissioning, increasing annual processing throughput\nto 330ktpa in 2027.\n* The full transition from selective open stoping to mechanised sublevel\nstoping at Coringa remains on track for Q4-2026.\n* Coringa Mine currently operates under a 3-year GUIA licence which expires\non January 29, 2027. * Discussions are ongoing with the Agência Nacional de\nMineração (\"ANM\"), regarding continuation of the current GUIA.\n \n* For the operating licence (“LO”) at Coringa, the Company requires a\nchange of land use approval from the Instituto Nacional de Colonização e\nReforma Agrária (“INCRA”) as well as the approval of the Estudo de\nComponente Indígena (“ECI”) from Fundação Nacional dos Povos Indígenas\n(“FUNAI”), the Brazilian governmental protection agency for Indigenous\ngroups, which are both progressing. * In September, Secretaria de Estado de\nMeio Ambiente e Sustentabilidade do Pará (“SEMAS”), the Brazilian\ngovernmental agency responsible for environmental policy and licensing, agreed\nthe company can by-pass the installation license (“LI”) and apply directly\nfor the LO, the final step with SEMAS.\n* Change of land use is in the final stage, requiring approvals by INCRA at\nthe state and federal levels.\n \n* Due to permitting delays affecting planned production ramp up, FY2026 gold\nproduction is now expected to be at similar levels to FY2025, compared with\nprevious guidance of over 53,000 ounces.\nMike Hodgson, CEO of Serabi, commented:\n\n“Serabi recorded a solid third quarter of over 11,000 ounces of gold\nproduced, taking the total production year to date to approximately 34,000\nounces. Whilst over 23,000 of these ounces came from the Coringa mine and the\nbalance from Palito, it is the Coringa grades that set it apart.\n\nOur immediate priority during FY2026 has been, to secure the outstanding\napprovals at Coringa, primarily the LO and in the near-term the continuation\nto operate under the GUIA trial mining license. These approvals would have\nenabled us to process additional Coringa material through the expanded Palito\nplant in the fourth quarter. As these approvals have still not been received,\nwe are unable to deliver the previously anticipated increase in Q4-2026\nproduction and FY2026 gold production is now expected to be at similar levels\nto FY2025, compared with previous guidance of over 53,000 ounces.\n\nWe continue to make steady progress towards the LO with the ECI and the change\nof land use agreements close to conclusion.   In parallel, we continue to\nhave positive dialogue with the ANM to allow the continued operations of\nCoringa until the receipt of the LO.\n\nOperationally, Coringa continued to perform very well with average milled\ngrades of close to 8 g/t Au. Year-to-date milled grade of 7.74 g/t Au has been\nrecorded. In contrast, Palito grades were disappointing with the year-to-date\naverage of 4.90 g/t Au. Q4-2026 is expected to see Palito grades improve as we\nincrease mine output from the G3 vein where higher volume and higher-grade\nblocks await.\n\nImportantly, our longer-term growth strategy remains unchanged. We have\nincreased plant capacity at Palito from 650tpd to over 900tpd, with the fourth\nball mill now in final commissioning, providing the additional processing\ncapacity to support increased production once the necessary Coringa approvals\nare secured.\n\nThe transition of mining method from manual selective mining to mechanized\nsublevel open stoping remains on track. Mining is now ongoing at four zones at\nCoringa: Serra, Serra South, Meio and Galena. The development of Serra South\nand Galena in 2026 has been substantial on capital expenditures, we therefore\nexpect significantly lower capital expenditures in 2027.\n\nBrownfield drilling continues across both Palito and Coringa as we seek to\nmaterially grow the Group’s resource base. With a strong financial position\nand lower capital expenditure expected in 2027 following the significant\ndevelopment undertaken at Coringa this year, we have the flexibility to\ncontinue investing in that growth strategy.”\n\nBACKGROUND TO CORINGA PERMITTING\n\nCoringa currently operates under a GUIA trial mining licence, which permits\nthe transportation of up to 100,000 tonnes of ore annually from Coringa to the\nPalito Complex. As at 30 September 2026, 85,602 tonnes had been transported\nagainst the current annual allowance. Until an increase to this limit or the\nLO is granted, additional surface-stockpiled material at Coringa as well as\nadditional ROM cannot be transported to Palito Complex.\n\nThe Company is progressing two parallel permitting routes. In the near term,\nit remains in discussions with the ANM regarding the continuation of\noperations under the GUIA. In parallel, the Company is advancing the approvals\nrequired for the LO, including completion of the ECI with FUNAI and\nchange-of-land-use approval from INCRA.\n\nThe ECI has been approved by both Indigenous groups and remains subject to\nfinal approval by FUNAI. The change-of-land-use process has been technically\nand legally agreed and requires final approvals at state and federal levels.\nFollowing a site visit to Coringa in September 2026, SEMAS confirmed that, as\nthe operation is already working under the GUIA as the LO will not require\neither a processing plant or a tailings facility at Coringa, the Company may\nbypass the LI stage. Once the outstanding FUNAI and INCRA approvals have been\nreceived, the Company will therefore be able to apply directly for the LO, the\nfinal stage of the SEMAS approval process. Approval of the LO would then\nenable the ANM to issue the Portaria de Lavra, or mining concession which\ncompletes the permitting process at Coringa.\n\nThe Company continues to have positive dialogue with ANM to continue\noperations under the GUIA trial mining license, and this has been backed up by\nour legal petition supporting the request to continue.\n\nGROWTH AND OPERATIONAL DEVELOPMENT\n\nThe transition at Coringa from manual selective mining to mechanised sublevel\nopen stoping remains on track. Mining is now under way across four zones —\nSerra, Serra South, Meio and Galena. Significant development expenditure has\nbeen incurred at Serra South and Galena during 2026, and the Company therefore\nexpects capital expenditure to be materially lower in 2027.\n\nThe additional processing capacity provided by the fourth ball mill also\ncreates the potential to recommence mining at São Chico, which has been on\ncare and maintenance since 2023. Previous processing constraints, together\nwith the fact that São Chico ore is not suitable for ore sorting, limited the\neconomic rationale for continuing operations. In the current gold-price\nenvironment, the Company is assessing the potential for a restart, including\nresampling the existing surface stockpile and evaluating re-entry into the\nupper mine levels. Any decision to recommence operations would be subject to\ncompletion of this assessment and renewal of the São Chico GUIA licence.\n\nOPERATIONAL RESULTS\n\n SUMMARY PRODUCTION STATISTICS FOR 2026 AND 2025 \n Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 Fiscal \n 2026 2026 2026 2026 2025 2025 2025 2025 2025 \n Group \n Gold production ((1)(2) ) Ounces 12,042 11,007 11,008 34,057 10,013 10,532 12,090 11,534 44,169 \n Mined ore Tonnes 54,965 59,094 60,316 174,375 44,924 52,032 51,625 55,899 204,480 \n Gold grade (g/t) 7.06 6.19 6.04 6.41 7.09 6.72 7.24 6.65 6.91 \n Milled ore Tonnes 54,587 57,122 57,115 168,824 48,155 51,246 53,991 55,607 208,999 \n Gold grade (g/t) 7.05 6.21 6.28 6.51 6.70 6.67 7.18 6.63 6.80 \n Horizontal dev. Metres 4,155 3,903 3,973 12,031 3,505 3,850 3,706 4,535 15,596 \n Palito Complex \n Gold production ( (1)(2)) Ounces 4,592 3,469 2,907 10,968 4,666 5,607 5,246 4,638 20,158 \n Mined ore Tonnes 25,201 25,845 26,465 77,511 25,267 29,294 26,352 27,129 108,042 \n Gold grade (g/t) 5.88 4.55 4.01 4.80 6.15 6.22 6.29 5.48 6.04 \n Milled ore Tonnes 24,977 24,547 23,580 73,104 24,328 29,885 27,081 27,226 108,521 \n Gold grade (g/t) 5.90 4.62 4.12 4.90 6.25 6.15 6.25 5.47 6.03 \n Horizontal dev. Metres 1,882 1,963 2,562 6,407 1,979 2,004 2,125 2,161 8,269 \n Coringa \n Gold production ((1)(2)) Ounces 7,450 7,538 8,101 23,089 5,347 4,925 6,843 6,895 24,010 \n Mined ore Tonnes 29,764 33,250 34,040 97,054 19,657 22,738 25,273 28,770 96,438 \n Gold grade (g/t) 8.06 7.46 7.63 7.70 8.31 7.35 8.23 7.74 7.89 \n Milled ore Tonnes 29,610 32,575 33,535 95,720 23,827 21,361 26,909 28,381 100,478 \n Gold grade (g/t) 8.01 7.41 7.81 7.74 7.17 7.39 8.13 7.75 7.64 \n Horizontal dev. Metres 2,273 1,940 1,411 5,624 1,526 1,846 1,581 2,374 7,327 \n\n           (1)   The table may not sum due to rounding.\n\n           (2)   Production numbers are subject to change\npending final assay analysis from refineries.\n\nGroup\n\nGroup production for the third quarter was 11,008 ounces. Group ore mined\nduring the quarter was 60,316 tonnes at 6.04 g/t Au compared to 59,094 tonnes\nat 6.19 g/t Au for the second quarter of 2026.\n\nThe Palito Complex process plant treated 57,115 tonnes at 6.28 g/t Au compared\nto 57,122 tonnes at 6.21 g/t Au for Q2-2026.\n\nA total of 3,973 metres of horizontal development has been completed for the\nquarter of which 2,031 metres was ore development. The balance was the ramp,\ncrosscuts and stope preparation development.\n\nPalito Complex\n\nPalito Complex mined ore tonnage for the third quarter of 26,465t is\ncomparable to 26,352t from the same period a year ago. Palito mined ore grades\nof 4.01g/t Au for the third quarter was lower in comparison to 6.29g/t Au for\nthe same period a year ago as grades were below budget.\n\nPalito Complex production and development is varied, with production from the\nBarrichello, G3, Ipe, and Piquet zones. Development is ongoing on the\nBarrichello, Senna and G3 veins, ranging from levels 126m down to -210m level\non G3.\n\nCoringa Mine\n\nCoringa mined ore tonnage for the third quarter of 34,040t is higher than\n25,273t from the same period a year ago as the Meio zone is now fully ramped\nup. Coringa mined ore grades of 7.63g/t is slightly below the grade of 8.23\ng/t Au for the same period a year ago.\n\nCoringa Mine continues to perform well. On the Serra zone, production was\nfocused on the levels of 260m, 190m, and 158m with development on levels 170m,\n141m, and 104m. On the Meio zone, there was no horizontal development and\nstoping ongoing on levels 286m and 271m. The new Galena zone is in development\nwith the main ramp currently at the 249m level and sill drive development on\nlevels 269m and 249m.\n\nCoringa Mine operates under the terms of the 3-year GUIA licence which permits\nthe transportation of 100,000 tonnes of ore per year as previously reported.\nIn the 9-months ended 30 September 2026, a total of 95,720 tonnes of ore had\nbeen transported to the Palito Complex. As at 30 September 2026, 85,602 tonnes\nhad been transported against the current annual allowance..\n\nFINANCE UPDATE\n\nCash balance at the end of September 2026 was $63.2 million, reflecting\noperational cash generation offset by the payment of the Company’s maiden\ndividend of $5.1 million in July 2026. $3.4 million of cash received on 1\nOctober 2026 from sale of bullion in September 2026.   The Company remains\ndebt free.\n\nFY2026 PRODUCTION GUIDANCE\n\nDue to permitting delays affecting planned production ramp up, FY2026 gold\nproduction is now expected to be at similar levels to FY2025, compared with\nprevious guidance of over 53,000 ounces. Management will provide a further\nupdate to production guidance in the Q3 financials release expected in late\nNovember.\n\nAbout Serabi Gold plc\n\nSerabi Gold plc is a gold exploration, development and production company\nfocused on the prolific Tapajós region in Para State, northern Brazil. The\nCompany has consistently produced 30,000 to 40,000 ounces per year with the\nPalito Complex and increasing production in the coming years with the ramp up\nof the Coringa Mine. Serabi Gold plc recently made a copper-gold porphyry\ndiscovery on its extensive exploration licence. The Company is headquartered\nin the United Kingdom with a secondary office in Toronto, Ontario, Canada.\n\nThe information contained within this announcement is deemed by the Company to\nconstitute inside information as stipulated under the Market Abuse Regulations\n(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the\nEuropean Union (Withdrawal) Act 2018.\n\nThe person who arranged for the release of this announcement on behalf of the\nCompany was Andrew Khov, Vice President, Head of Investor Relations & Business\nDevelopment.\n\nEnquiries\n\nSERABI GOLD plc\nMichael Hodgson        t +44 (0)20 7246 6830\nChief Executive        m +44 (0)7799 473621\n\nNick Box        \nInterim Chief Financial Officer        m +353 89 6078171\n\nAndrew Khov         m +1 647 885 4874\nVice President, Head of Investor Relations & \nBusiness Development\n        e contact@serabigold.com\n\n        www.serabigold.com\n\nBEAUMONT CORNISH Limited\nNominated Adviser & Financial Adviser\nRoland Cornish / Michael Cornish        t +44 (0)20 7628 3396\n\nPEEL HUNT LLP\nJoint UK Broker\nRoss Allister / Georgia Langoulant        t +44 (0)20 7418 9000\n\nTAMESIS PARTNERS LLP\nJoint UK Broker\nCharlie Bendon / Richard Greenfield t +44 (0)20 3882 2868\n\nCAMARCO\nFinancial PR - Europe\nGeorgia Edmonds / Fergus Young        t +44 (0)20 3757 4980\n\nAssay Results\nAssay results reported within this release include those provided by the\nCompany's own on-site laboratory facilities at Palito and have not yet been\nindependently verified. Serabi closely monitors the performance of its own\nfacility against results from independent laboratory analysis for quality\ncontrol purpose. As a matter of normal practice, the Company sends duplicate\nsamples derived from a variety of the Company's activities to accredited\nlaboratory facilities for independent verification. Since mid-2019, over\n10,000 exploration drill core samples have been assayed at both the Palito\nlaboratory and certified external laboratory, in most cases the ALS laboratory\nin Belo Horizonte, Brazil. When comparing significant assays with grades\nexceeding 1 g/t gold, comparison between Palito versus external results record\nan average over-estimation by the Palito laboratory of 6.7% over this period.\nBased on the results of this work, the Company's management are satisfied that\nthe Company's own facility shows sufficiently good correlation with\nindependent laboratory facilities for exploration drill samples. The Company\nwould expect that in the preparation of any future independent\nReserve/Resource statement undertaken in compliance with a recognized\nstandard, the independent authors of such a statement would not use Palito\nassay results without sufficient duplicates from an appropriately certificated\nlaboratory.\n\nForward-looking statements\nCertain statements in this announcement are, or may be deemed to be, forward\nlooking statements. Forward looking statements are identified by their use of\nterms and phrases such as ‘‘believe’’, ‘‘could’’, “should”\n‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’,\n‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those,\nvariations or comparable expressions, including references to assumptions.\nThese forward-looking statements are not based on historical facts but rather\non the Directors’ current expectations and assumptions regarding the\nCompany’s future growth, results of operations, performance, future capital\nand other expenditures (including the amount, nature and sources of funding\nthereof), competitive advantages, business prospects and opportunities. Such\nforward looking statements reflect the Directors’ current beliefs and\nassumptions and are based on information currently available to the Directors.\nSeveral factors could cause actual results to differ materially from the\nresults discussed in the forward-looking statements including risks associated\nwith vulnerability to general economic and business conditions, competition,\nenvironmental and other regulatory changes, actions by governmental\nauthorities, the availability of capital markets, reliance on key personnel,\nuninsured and underinsured losses and other factors, many of which are beyond\nthe control of the Company. Although any forward-looking statements contained\nin this announcement are based upon what the Directors believe to be\nreasonable assumptions, the Company cannot assure investors that actual\nresults will be consistent with such forward looking statements.\n\nQualified Persons Statement\nThe scientific and technical information contained within this announcement\nhas been reviewed and approved by Michael Hodgson, a Director of the Company.\nMr Hodgson is an Economic Geologist by training with over 30 years' experience\nin the mining industry. He holds a BSc (Hons) Geology, University of London, a\nMSc Mining Geology, University of Leicester and is a Fellow of the Institute\nof Materials, Minerals and Mining and a Chartered Engineer of the Engineering\nCouncil of UK, recognizing him as both a Qualified Person for the purposes of\nCanadian National Instrument 43-101 and by the AIM Guidance Note on Mining and\nOil & Gas Companies dated June 2009.\n\nNotice\nBeaumont Cornish Limited, which is authorised and regulated in the United\nKingdom by the Financial Conduct Authority, is acting as nominated adviser to\nthe Company in relation to the matters referred herein. Beaumont Cornish\nLimited is acting exclusively for the Company and for no one else in relation\nto the matters described in this announcement and is not advising any other\nperson and accordingly will not be responsible to anyone other than the\nCompany for providing the protections afforded to clients of Beaumont Cornish\nLimited, or for providing advice in relation to the contents of this\nannouncement or any matter referred to in it.\n\nNeither the Toronto Stock Exchange, nor any other securities regulatory\nauthority, has approved or disapproved of the contents of this news release\n\nSee www.serabigold.com for more information and follow us on X @Serabi_Gold\n\nAttachment\n* 2026.10.21 - Q3 2026 Operational Release - vF\n(https://ml-eu.globenewswire.com/Resource/Download/703e4a11-8060-436a-8dee-ac3082090b38)","article_body_html":"","raw_payload":{"data":{"id":"nGNE1GJ27s-20261021","title":"REG-Reports Q3-2026 Production & Operational Highlights","author":"Globe Newswire","ticker":"SRB","created":"2026-10-21T05:00:00.194Z","tickers":["SRB"],"exchange":"LSE","article_body":"Reports Q3-2026 Production & Operational Highlights\n\nSerabi Gold plc (“Serabi” or the “Company”) (AIM: SRB, TSX: SBI,\nOTCQX: SRBIF), the Brazilian focused gold mining and development company, is\npleased to announce the Company’s production results and operating\nhighlights for Q3-2026 (all financial amounts are expressed in U.S. dollars\nunless otherwise indicated).\n\nQ3-2026 OPERATIONAL HIGHLIGHTS\n* Quarterly gold production of 11,008 ounces, a 9% decrease from Q3-2025. *\nDriven by lower-than-expected grades from Palito Complex.\n \n* Cash as at 30 September 2026 of $63.2 million vs $65.7 million as at 30 June\n2026, reflecting operational cash generation offset by payment of the\nCompany’s maiden dividend of $5.1 million in July 2026. * $3.4 million of\nadditional cash received on 1 October 2026 from sale of bullion in September\n2026.\n* Company remains debt-free.\n \n* Installation of the fourth ball mill at Palito Complex completed on time\nand budget and in final commissioning, increasing annual processing throughput\nto 330ktpa in 2027.\n* The full transition from selective open stoping to mechanised sublevel\nstoping at Coringa remains on track for Q4-2026.\n* Coringa Mine currently operates under a 3-year GUIA licence which expires\non January 29, 2027. * Discussions are ongoing with the Agência Nacional de\nMineração (\"ANM\"), regarding continuation of the current GUIA.\n \n* For the operating licence (“LO”) at Coringa, the Company requires a\nchange of land use approval from the Instituto Nacional de Colonização e\nReforma Agrária (“INCRA”) as well as the approval of the Estudo de\nComponente Indígena (“ECI”) from Fundação Nacional dos Povos Indígenas\n(“FUNAI”), the Brazilian governmental protection agency for Indigenous\ngroups, which are both progressing. * In September, Secretaria de Estado de\nMeio Ambiente e Sustentabilidade do Pará (“SEMAS”), the Brazilian\ngovernmental agency responsible for environmental policy and licensing, agreed\nthe company can by-pass the installation license (“LI”) and apply directly\nfor the LO, the final step with SEMAS.\n* Change of land use is in the final stage, requiring approvals by INCRA at\nthe state and federal levels.\n \n* Due to permitting delays affecting planned production ramp up, FY2026 gold\nproduction is now expected to be at similar levels to FY2025, compared with\nprevious guidance of over 53,000 ounces.\nMike Hodgson, CEO of Serabi, commented:\n\n“Serabi recorded a solid third quarter of over 11,000 ounces of gold\nproduced, taking the total production year to date to approximately 34,000\nounces. Whilst over 23,000 of these ounces came from the Coringa mine and the\nbalance from Palito, it is the Coringa grades that set it apart.\n\nOur immediate priority during FY2026 has been, to secure the outstanding\napprovals at Coringa, primarily the LO and in the near-term the continuation\nto operate under the GUIA trial mining license. These approvals would have\nenabled us to process additional Coringa material through the expanded Palito\nplant in the fourth quarter. As these approvals have still not been received,\nwe are unable to deliver the previously anticipated increase in Q4-2026\nproduction and FY2026 gold production is now expected to be at similar levels\nto FY2025, compared with previous guidance of over 53,000 ounces.\n\nWe continue to make steady progress towards the LO with the ECI and the change\nof land use agreements close to conclusion.   In parallel, we continue to\nhave positive dialogue with the ANM to allow the continued operations of\nCoringa until the receipt of the LO.\n\nOperationally, Coringa continued to perform very well with average milled\ngrades of close to 8 g/t Au. Year-to-date milled grade of 7.74 g/t Au has been\nrecorded. In contrast, Palito grades were disappointing with the year-to-date\naverage of 4.90 g/t Au. Q4-2026 is expected to see Palito grades improve as we\nincrease mine output from the G3 vein where higher volume and higher-grade\nblocks await.\n\nImportantly, our longer-term growth strategy remains unchanged. We have\nincreased plant capacity at Palito from 650tpd to over 900tpd, with the fourth\nball mill now in final commissioning, providing the additional processing\ncapacity to support increased production once the necessary Coringa approvals\nare secured.\n\nThe transition of mining method from manual selective mining to mechanized\nsublevel open stoping remains on track. Mining is now ongoing at four zones at\nCoringa: Serra, Serra South, Meio and Galena. The development of Serra South\nand Galena in 2026 has been substantial on capital expenditures, we therefore\nexpect significantly lower capital expenditures in 2027.\n\nBrownfield drilling continues across both Palito and Coringa as we seek to\nmaterially grow the Group’s resource base. With a strong financial position\nand lower capital expenditure expected in 2027 following the significant\ndevelopment undertaken at Coringa this year, we have the flexibility to\ncontinue investing in that growth strategy.”\n\nBACKGROUND TO CORINGA PERMITTING\n\nCoringa currently operates under a GUIA trial mining licence, which permits\nthe transportation of up to 100,000 tonnes of ore annually from Coringa to the\nPalito Complex. As at 30 September 2026, 85,602 tonnes had been transported\nagainst the current annual allowance. Until an increase to this limit or the\nLO is granted, additional surface-stockpiled material at Coringa as well as\nadditional ROM cannot be transported to Palito Complex.\n\nThe Company is progressing two parallel permitting routes. In the near term,\nit remains in discussions with the ANM regarding the continuation of\noperations under the GUIA. In parallel, the Company is advancing the approvals\nrequired for the LO, including completion of the ECI with FUNAI and\nchange-of-land-use approval from INCRA.\n\nThe ECI has been approved by both Indigenous groups and remains subject to\nfinal approval by FUNAI. The change-of-land-use process has been technically\nand legally agreed and requires final approvals at state and federal levels.\nFollowing a site visit to Coringa in September 2026, SEMAS confirmed that, as\nthe operation is already working under the GUIA as the LO will not require\neither a processing plant or a tailings facility at Coringa, the Company may\nbypass the LI stage. Once the outstanding FUNAI and INCRA approvals have been\nreceived, the Company will therefore be able to apply directly for the LO, the\nfinal stage of the SEMAS approval process. Approval of the LO would then\nenable the ANM to issue the Portaria de Lavra, or mining concession which\ncompletes the permitting process at Coringa.\n\nThe Company continues to have positive dialogue with ANM to continue\noperations under the GUIA trial mining license, and this has been backed up by\nour legal petition supporting the request to continue.\n\nGROWTH AND OPERATIONAL DEVELOPMENT\n\nThe transition at Coringa from manual selective mining to mechanised sublevel\nopen stoping remains on track. Mining is now under way across four zones —\nSerra, Serra South, Meio and Galena. Significant development expenditure has\nbeen incurred at Serra South and Galena during 2026, and the Company therefore\nexpects capital expenditure to be materially lower in 2027.\n\nThe additional processing capacity provided by the fourth ball mill also\ncreates the potential to recommence mining at São Chico, which has been on\ncare and maintenance since 2023. Previous processing constraints, together\nwith the fact that São Chico ore is not suitable for ore sorting, limited the\neconomic rationale for continuing operations. In the current gold-price\nenvironment, the Company is assessing the potential for a restart, including\nresampling the existing surface stockpile and evaluating re-entry into the\nupper mine levels. Any decision to recommence operations would be subject to\ncompletion of this assessment and renewal of the São Chico GUIA licence.\n\nOPERATIONAL RESULTS\n\n SUMMARY PRODUCTION STATISTICS FOR 2026 AND 2025 \n Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 Fiscal \n 2026 2026 2026 2026 2025 2025 2025 2025 2025 \n Group \n Gold production ((1)(2) ) Ounces 12,042 11,007 11,008 34,057 10,013 10,532 12,090 11,534 44,169 \n Mined ore Tonnes 54,965 59,094 60,316 174,375 44,924 52,032 51,625 55,899 204,480 \n Gold grade (g/t) 7.06 6.19 6.04 6.41 7.09 6.72 7.24 6.65 6.91 \n Milled ore Tonnes 54,587 57,122 57,115 168,824 48,155 51,246 53,991 55,607 208,999 \n Gold grade (g/t) 7.05 6.21 6.28 6.51 6.70 6.67 7.18 6.63 6.80 \n Horizontal dev. Metres 4,155 3,903 3,973 12,031 3,505 3,850 3,706 4,535 15,596 \n Palito Complex \n Gold production ( (1)(2)) Ounces 4,592 3,469 2,907 10,968 4,666 5,607 5,246 4,638 20,158 \n Mined ore Tonnes 25,201 25,845 26,465 77,511 25,267 29,294 26,352 27,129 108,042 \n Gold grade (g/t) 5.88 4.55 4.01 4.80 6.15 6.22 6.29 5.48 6.04 \n Milled ore Tonnes 24,977 24,547 23,580 73,104 24,328 29,885 27,081 27,226 108,521 \n Gold grade (g/t) 5.90 4.62 4.12 4.90 6.25 6.15 6.25 5.47 6.03 \n Horizontal dev. Metres 1,882 1,963 2,562 6,407 1,979 2,004 2,125 2,161 8,269 \n Coringa \n Gold production ((1)(2)) Ounces 7,450 7,538 8,101 23,089 5,347 4,925 6,843 6,895 24,010 \n Mined ore Tonnes 29,764 33,250 34,040 97,054 19,657 22,738 25,273 28,770 96,438 \n Gold grade (g/t) 8.06 7.46 7.63 7.70 8.31 7.35 8.23 7.74 7.89 \n Milled ore Tonnes 29,610 32,575 33,535 95,720 23,827 21,361 26,909 28,381 100,478 \n Gold grade (g/t) 8.01 7.41 7.81 7.74 7.17 7.39 8.13 7.75 7.64 \n Horizontal dev. Metres 2,273 1,940 1,411 5,624 1,526 1,846 1,581 2,374 7,327 \n\n           (1)   The table may not sum due to rounding.\n\n           (2)   Production numbers are subject to change\npending final assay analysis from refineries.\n\nGroup\n\nGroup production for the third quarter was 11,008 ounces. Group ore mined\nduring the quarter was 60,316 tonnes at 6.04 g/t Au compared to 59,094 tonnes\nat 6.19 g/t Au for the second quarter of 2026.\n\nThe Palito Complex process plant treated 57,115 tonnes at 6.28 g/t Au compared\nto 57,122 tonnes at 6.21 g/t Au for Q2-2026.\n\nA total of 3,973 metres of horizontal development has been completed for the\nquarter of which 2,031 metres was ore development. The balance was the ramp,\ncrosscuts and stope preparation development.\n\nPalito Complex\n\nPalito Complex mined ore tonnage for the third quarter of 26,465t is\ncomparable to 26,352t from the same period a year ago. Palito mined ore grades\nof 4.01g/t Au for the third quarter was lower in comparison to 6.29g/t Au for\nthe same period a year ago as grades were below budget.\n\nPalito Complex production and development is varied, with production from the\nBarrichello, G3, Ipe, and Piquet zones. Development is ongoing on the\nBarrichello, Senna and G3 veins, ranging from levels 126m down to -210m level\non G3.\n\nCoringa Mine\n\nCoringa mined ore tonnage for the third quarter of 34,040t is higher than\n25,273t from the same period a year ago as the Meio zone is now fully ramped\nup. Coringa mined ore grades of 7.63g/t is slightly below the grade of 8.23\ng/t Au for the same period a year ago.\n\nCoringa Mine continues to perform well. On the Serra zone, production was\nfocused on the levels of 260m, 190m, and 158m with development on levels 170m,\n141m, and 104m. On the Meio zone, there was no horizontal development and\nstoping ongoing on levels 286m and 271m. The new Galena zone is in development\nwith the main ramp currently at the 249m level and sill drive development on\nlevels 269m and 249m.\n\nCoringa Mine operates under the terms of the 3-year GUIA licence which permits\nthe transportation of 100,000 tonnes of ore per year as previously reported.\nIn the 9-months ended 30 September 2026, a total of 95,720 tonnes of ore had\nbeen transported to the Palito Complex. As at 30 September 2026, 85,602 tonnes\nhad been transported against the current annual allowance..\n\nFINANCE UPDATE\n\nCash balance at the end of September 2026 was $63.2 million, reflecting\noperational cash generation offset by the payment of the Company’s maiden\ndividend of $5.1 million in July 2026. $3.4 million of cash received on 1\nOctober 2026 from sale of bullion in September 2026.   The Company remains\ndebt free.\n\nFY2026 PRODUCTION GUIDANCE\n\nDue to permitting delays affecting planned production ramp up, FY2026 gold\nproduction is now expected to be at similar levels to FY2025, compared with\nprevious guidance of over 53,000 ounces. Management will provide a further\nupdate to production guidance in the Q3 financials release expected in late\nNovember.\n\nAbout Serabi Gold plc\n\nSerabi Gold plc is a gold exploration, development and production company\nfocused on the prolific Tapajós region in Para State, northern Brazil. The\nCompany has consistently produced 30,000 to 40,000 ounces per year with the\nPalito Complex and increasing production in the coming years with the ramp up\nof the Coringa Mine. Serabi Gold plc recently made a copper-gold porphyry\ndiscovery on its extensive exploration licence. The Company is headquartered\nin the United Kingdom with a secondary office in Toronto, Ontario, Canada.\n\nThe information contained within this announcement is deemed by the Company to\nconstitute inside information as stipulated under the Market Abuse Regulations\n(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the\nEuropean Union (Withdrawal) Act 2018.\n\nThe person who arranged for the release of this announcement on behalf of the\nCompany was Andrew Khov, Vice President, Head of Investor Relations & Business\nDevelopment.\n\nEnquiries\n\nSERABI GOLD plc\nMichael Hodgson        t +44 (0)20 7246 6830\nChief Executive        m +44 (0)7799 473621\n\nNick Box        \nInterim Chief Financial Officer        m +353 89 6078171\n\nAndrew Khov         m +1 647 885 4874\nVice President, Head of Investor Relations & \nBusiness Development\n        e contact@serabigold.com\n\n        www.serabigold.com\n\nBEAUMONT CORNISH Limited\nNominated Adviser & Financial Adviser\nRoland Cornish / Michael Cornish        t +44 (0)20 7628 3396\n\nPEEL HUNT LLP\nJoint UK Broker\nRoss Allister / Georgia Langoulant        t +44 (0)20 7418 9000\n\nTAMESIS PARTNERS LLP\nJoint UK Broker\nCharlie Bendon / Richard Greenfield t +44 (0)20 3882 2868\n\nCAMARCO\nFinancial PR - Europe\nGeorgia Edmonds / Fergus Young        t +44 (0)20 3757 4980\n\nAssay Results\nAssay results reported within this release include those provided by the\nCompany's own on-site laboratory facilities at Palito and have not yet been\nindependently verified. Serabi closely monitors the performance of its own\nfacility against results from independent laboratory analysis for quality\ncontrol purpose. As a matter of normal practice, the Company sends duplicate\nsamples derived from a variety of the Company's activities to accredited\nlaboratory facilities for independent verification. Since mid-2019, over\n10,000 exploration drill core samples have been assayed at both the Palito\nlaboratory and certified external laboratory, in most cases the ALS laboratory\nin Belo Horizonte, Brazil. When comparing significant assays with grades\nexceeding 1 g/t gold, comparison between Palito versus external results record\nan average over-estimation by the Palito laboratory of 6.7% over this period.\nBased on the results of this work, the Company's management are satisfied that\nthe Company's own facility shows sufficiently good correlation with\nindependent laboratory facilities for exploration drill samples. The Company\nwould expect that in the preparation of any future independent\nReserve/Resource statement undertaken in compliance with a recognized\nstandard, the independent authors of such a statement would not use Palito\nassay results without sufficient duplicates from an appropriately certificated\nlaboratory.\n\nForward-looking statements\nCertain statements in this announcement are, or may be deemed to be, forward\nlooking statements. Forward looking statements are identified by their use of\nterms and phrases such as ‘‘believe’’, ‘‘could’’, “should”\n‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’,\n‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those,\nvariations or comparable expressions, including references to assumptions.\nThese forward-looking statements are not based on historical facts but rather\non the Directors’ current expectations and assumptions regarding the\nCompany’s future growth, results of operations, performance, future capital\nand other expenditures (including the amount, nature and sources of funding\nthereof), competitive advantages, business prospects and opportunities. Such\nforward looking statements reflect the Directors’ current beliefs and\nassumptions and are based on information currently available to the Directors.\nSeveral factors could cause actual results to differ materially from the\nresults discussed in the forward-looking statements including risks associated\nwith vulnerability to general economic and business conditions, competition,\nenvironmental and other regulatory changes, actions by governmental\nauthorities, the availability of capital markets, reliance on key personnel,\nuninsured and underinsured losses and other factors, many of which are beyond\nthe control of the Company. Although any forward-looking statements contained\nin this announcement are based upon what the Directors believe to be\nreasonable assumptions, the Company cannot assure investors that actual\nresults will be consistent with such forward looking statements.\n\nQualified Persons Statement\nThe scientific and technical information contained within this announcement\nhas been reviewed and approved by Michael Hodgson, a Director of the Company.\nMr Hodgson is an Economic Geologist by training with over 30 years' experience\nin the mining industry. He holds a BSc (Hons) Geology, University of London, a\nMSc Mining Geology, University of Leicester and is a Fellow of the Institute\nof Materials, Minerals and Mining and a Chartered Engineer of the Engineering\nCouncil of UK, recognizing him as both a Qualified Person for the purposes of\nCanadian National Instrument 43-101 and by the AIM Guidance Note on Mining and\nOil & Gas Companies dated June 2009.\n\nNotice\nBeaumont Cornish Limited, which is authorised and regulated in the United\nKingdom by the Financial Conduct Authority, is acting as nominated adviser to\nthe Company in relation to the matters referred herein. Beaumont Cornish\nLimited is acting exclusively for the Company and for no one else in relation\nto the matters described in this announcement and is not advising any other\nperson and accordingly will not be responsible to anyone other than the\nCompany for providing the protections afforded to clients of Beaumont Cornish\nLimited, or for providing advice in relation to the contents of this\nannouncement or any matter referred to in it.\n\nNeither the Toronto Stock Exchange, nor any other securities regulatory\nauthority, has approved or disapproved of the contents of this news release\n\nSee www.serabigold.com for more information and follow us on X @Serabi_Gold\n\nAttachment\n* 2026.10.21 - Q3 2026 Operational Release - vF\n(https://ml-eu.globenewswire.com/Resource/Download/703e4a11-8060-436a-8dee-ac3082090b38)"},"type":"article","timestamp":"2026-10-21T05:00:00.331042993Z","server_sent_at_ms":1792558800331},"received_at":"2026-10-21T05:00:00.449Z","source_url":null},"analysis":{"id":"162925","press_release_id":"174886","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["FY2026 production guidance cut ~17% from over 53,000 oz to FY2025-like levels","Coringa GUIA licence expires January 29, 2027 without confirmed continuation; failure would halt ore transport","Palito grades deteriorating (4.01 g/t mined vs 6.29 g/t a year ago)","New guidance only expected in late November -- near-term uncertainty"],"eventType":"operations_update","narrative":"Serabi Gold cut FY2026 production guidance: gold output is now expected to be at similar levels to FY2025, versus previous guidance of over 53,000 ounces, due to permitting delays at the Coringa mine.\n\nQ3 production of 11,008 ounces was down 9% year-over-year, driven by below-budget Palito grades (4.01 g/t mined), while Coringa continued to perform well at 8,101 ounces with grades near 8 g/t.\n\nThe bottleneck is Coringa's GUIA trial-mining licence, which expires January 29, 2027, with 85,602 of the 100,000 annual transport tonnes already used; LO permitting is advancing, with SEMAS allowing the company to bypass the installation licence stage.\n\nOffsets include a debt-free balance sheet with $63.2 million in cash, a completed fourth ball mill lifting Palito capacity to 330ktpa in 2027, and materially lower capex expected next year. An updated guidance figure comes with the Q3 financials in late November.","sentiment":"bearish","agentHooks":{"shouldPost":true,"suggestedAngle":"Permitting gridlock at Coringa forces a guidance cut -- licence expiry in January is the key binary risk to watch."},"keyFigures":{"guidance":"FY2026 gold production now expected at similar levels to FY2025, cut from previous guidance of over 53,000 ounces; further update in late November Q3 financials release","customDimensions":{"cash_balance":"$63.2 million","ytd_production_oz":34057,"maiden_dividend_paid":"$5.1 million","q3_gold_production_oz":11008,"palito_ytd_milled_grade":"4.90 g/t Au","coringa_tonnes_transport":85602,"coringa_ytd_milled_grade":"7.74 g/t Au","q3_production_yoy_change":"-9%","palito_throughput_2027_ktpa":330,"coringa_guia_allowance_tonnes":100000}},"quotedText":"Due to permitting delays affecting planned production ramp up, FY2026 gold production is now expected to be at similar levels to FY2025, compared with previous guidance of over 53,000 ounces.","namedEntities":{"people":[{"name":"Mike Hodgson","role":"CEO"},{"name":"Andrew Khov","role":"VP, Head of Investor Relations & Business Development"},{"name":"Nick Box","role":"Interim CFO"}],"products":["Palito Complex","Coringa Mine","São Chico"],"companies":[{"name":"Serabi Gold plc","ticker":"SRB"},{"name":"Agência Nacional de Mineração (ANM)","relationship":"regulator"},{"name":"FUNAI","relationship":"regulator"},{"name":"INCRA","relationship":"regulator"},{"name":"SEMAS","relationship":"regulator"},{"name":"Beaumont Cornish Limited","relationship":"nominated adviser"},{"name":"Peel Hunt LLP","relationship":"joint UK broker"},{"name":"Tamesis Partners LLP","relationship":"joint UK broker"}],"dollarAmounts":[{"amount":"$63.2 million","context":"cash balance at 30 September 2026"},{"amount":"$65.7 million","context":"cash balance at 30 June 2026"},{"amount":"$5.1 million","context":"maiden dividend paid July 2026"},{"amount":"$3.4 million","context":"cash received 1 October 2026 from September bullion sale"},{"amount":"over 53,000 ounces","context":"previous FY2026 production guidance"}]},"materialImpact":{"score":3,"reasoning":"FY2026 production guidance cut from over 53,000 ounces to levels similar to FY2025 (~44,000 oz) due to permitting delays at Coringa -- a roughly 17% reduction. Q3 production of 11,008 oz was down 9% YoY on weak Palito grades. Offsetting positives: debt-free balance sheet with $63.2M cash and fourth ball mill completed on budget."},"tickerRelevance":{"others":[],"primary":"SRB"},"globalImportance":30,"audienceRelevance":25,"eventTypeSecondary":["guidance_update"],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"guidance_cut","sectorWeight":"gold-producer","householdBrandBoost":0,"retailFavoriteBoost":0}},"event_type":"operations_update","event_type_secondary":["guidance_update"],"sentiment":"bearish","material_impact_score":3,"narrative":"Serabi Gold cut FY2026 production guidance: gold output is now expected to be at similar levels to FY2025, versus previous guidance of over 53,000 ounces, due to permitting delays at the Coringa mine.\n\nQ3 production of 11,008 ounces was down 9% year-over-year, driven by below-budget Palito grades (4.01 g/t mined), while Coringa continued to perform well at 8,101 ounces with grades near 8 g/t.\n\nThe bottleneck is Coringa's GUIA trial-mining licence, which expires January 29, 2027, with 85,602 of the 100,000 annual transport tonnes already used; LO permitting is advancing, with SEMAS allowing the company to bypass the installation licence stage.\n\nOffsets include a debt-free balance sheet with $63.2 million in cash, a completed fourth ball mill lifting Palito capacity to 330ktpa in 2027, and materially lower capex expected next year. An updated guidance figure comes with the Q3 financials in late November.","key_figures":{"guidance":"FY2026 gold production now expected at similar levels to FY2025, cut from previous guidance of over 53,000 ounces; further update in late November Q3 financials release","customDimensions":{"cash_balance":"$63.2 million","ytd_production_oz":34057,"maiden_dividend_paid":"$5.1 million","q3_gold_production_oz":11008,"palito_ytd_milled_grade":"4.90 g/t Au","coringa_tonnes_transport":85602,"coringa_ytd_milled_grade":"7.74 g/t Au","q3_production_yoy_change":"-9%","palito_throughput_2027_ktpa":330,"coringa_guia_allowance_tonnes":100000}},"named_entities":{"people":[{"name":"Mike Hodgson","role":"CEO"},{"name":"Andrew Khov","role":"VP, Head of Investor Relations & Business Development"},{"name":"Nick Box","role":"Interim CFO"}],"products":["Palito Complex","Coringa Mine","São Chico"],"companies":[{"name":"Serabi Gold plc","ticker":"SRB"},{"name":"Agência Nacional de Mineração (ANM)","relationship":"regulator"},{"name":"FUNAI","relationship":"regulator"},{"name":"INCRA","relationship":"regulator"},{"name":"SEMAS","relationship":"regulator"},{"name":"Beaumont Cornish Limited","relationship":"nominated adviser"},{"name":"Peel Hunt LLP","relationship":"joint UK broker"},{"name":"Tamesis Partners LLP","relationship":"joint UK broker"}],"dollarAmounts":[{"amount":"$63.2 million","context":"cash balance at 30 September 2026"},{"amount":"$65.7 million","context":"cash balance at 30 June 2026"},{"amount":"$5.1 million","context":"maiden dividend paid July 2026"},{"amount":"$3.4 million","context":"cash received 1 October 2026 from September bullion sale"},{"amount":"over 53,000 ounces","context":"previous FY2026 production guidance"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-21T05:00:09.178Z","global_importance":30,"audience_relevance":25,"importance_components":{"tickerTier":"small-cap","eventGravity":"guidance_cut","sectorWeight":"gold-producer","householdBrandBoost":0,"retailFavoriteBoost":0}},"durationMs":8696,"modelName":"glm-5.3-flashx"}}