Serabi Gold (SRB) Status update summary

Operational developments

• Installation of a fourth ball mill at Palito Complex will boost annual processing to 330ktpa, operational by Q4-2026 and funded from cash flow.

• Transitioning Coringa mining from selective open stoping to longhole open stoping, leveraging mechanized methods and ore sorting success.

• Economic evaluation underway to potentially restart São Chico mine, supported by higher gold prices and expanded plant capacity.

• Coringa operates under a 3-year GUIA license expiring January 2027; full mining license progress depends on INCRA and FUNAI approvals, both advancing.

• Health and safety initiatives include an external audit and recruitment of additional safety and mining personnel.

Exploration programme highlights

• 2025 brownfield exploration completed: 38,400m drilled (17,600m at Palito, 20,800m at Coringa) with 154 holes, 65 returning grades over 3g/t.

• Notable intercepts include 0.25m @ 395g/t Au (Coringa), 2.56m @ 7.05g/t Au (Senna), and 0.36m @ 42.4g/t Au (Piaui).

• Discovery of Serra South zone at Coringa, with ongoing definition drilling and plans for further exploration in 2026.

• New mineralized trends identified at Fofão and Demétrio, with promising grades and ore-sorting potential.

• At Palito, Senna and Piaui targets show strong results, with new zones of hydrothermal alteration and gold mineralization confirmed.

Resource and production outlook

• Targeting a consolidated mineral inventory of 1.5Moz+ by 2027, with updated resource estimates for Palito and Coringa expected Q1-2026.

• $9M 2026 brownfield exploration programme launched, aiming for 30,000m of drilling.

• FY2026 production guidance maintained at 53,000–57,000 ounces of gold.

• Plant expansion and ore sorting underpin a strategy to double production in coming years.