Serabi Gold (SRB) Investor presentation summary

Growth strategy and production outlook

• Three-phase plan targets over 100koz annual gold production, with 2026 guidance of 53-57koz Au and ramp-up to ~60koz by 2026.

• Brownfield exploration at Palito and Coringa aims to double consolidated resources to 1.5-2.0Moz by 2026, supported by a $9M exploration program.

• Expansion of Palito Complex processing capacity to 330ktpa by Q4-2026, leveraging existing infrastructure and additional ball mills.

• São Chico mine re-start and further plant expansion planned for post-2026 growth.

• De-risked, organically funded growth with low initial capex and strong balance sheet.

Financial performance and capital structure

• Market capitalization as of April 2026 is £227.1m (US$292.7m), with enterprise value at £185.2m (US$245.5m).

• Cash balance at year-end 2025 was US$54.3m, with debt of US$7.1m.

• 2025 YTD EBITDA reached US$48.2m, with post-tax profit of US$34.3m; AISC per ounce was US$1,816.

• Share price on April 7, 2026 was £3.00.

• Major shareholders include Classe Roca Magma FIP (25%) and Ruffer (4.3%).

Operational highlights and asset overview

• Palito Complex has a >20-year track record, producing 30-40koz annually, with resource replacement and stable operations.

• Coringa Mine acquired for US$22m, with production growth and robust economics; mine life of 11 years and post-tax NPV5% of US$184m.

• Ore sorting at Coringa and Palito reduces transport costs and tailings, with Coringa ore highly amenable to sorting (>98% feed rejected at high grades).

• Palito Complex resources (April 2025): M&I 350koz @ 9.9g/t, Inferred 162koz @ 7.4g/t; Coringa (April 2024): M&I 179koz @ 7.0g/t, Inferred 271koz @ 5.8g/t.

• No tailings dam required at Coringa; pre-concentrated ore processed at Palito Complex.