Investment Case

With a strong balance sheet, expected robust free cash flow generation, a de-risked short term growth plan to increase production to 60koz pa Au by 2026 and to +100koz pa Au by 2028, and significant exploration upside at its under-explored Palito Complex and Coringa Mine in the Tapajós region, Serabi offers a compelling mix of near-term growth and, potential capital returns to shareholders.

This is all underpinned by a proven track record of sustained production, resource growth and managerial experience.

Value Proposition

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  • Production growth to 60koz pa Au by 2026, driving an all-in sustaining cost reduction to approximately $1,500/oz Au
  • Strong balance sheet to pursue near term growth opportunities
  • Organic growth and strategic corporate opportunities to create a 100-200koz pa Au junior gold producer
  • Highly prospective and underexplored landholding to see ‘aggressive’ brownfield exploration programmes in 2025 and 2026 with target of doubling resource
  • Experienced management team with deep experience in Brazil

Near Term Growth

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  • Coringa to increase consolidated production to 60koz pa by 2026
  • Near mine exploration at Palito and Coringa to target 1Moz Au resource at each project by 2027 to unlock a +100koz pa production profile
  • 84,000ha exploration tenements in highly prospective and under-explored Tapajós gold district

Operational Track Record

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  • Over 10 years of continuous gold production from the Palito Complex, producing 30-40koz pa
  • Successful track record of resource replenishment
  • Proven project development expertise – Palito Complex and classification plant at Coringa developed on time and on budget
  • Technically-focused management team

Strong Balance Sheet

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  • Well-funded to pursue near-term growth opportunities
  • Net cash position (no long-term debt)
  • Liquidity bolstered with $5m working capital facility
  • Robust cash flow generation expected to further strengthen the balance sheet
  • Board declared a shareholder return policy beginning 2025 to be in either share buybacks or dividends

ESG Focus

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  • Well established relationships with local communities. Historic expenditure of approximately $2 million since the beginning of 2017
  • Direct employment of over 700 people in a historically impoverished region, with over 70% from the local communities to Palito Complex and Coringa
  • 100% Brazilian in-country management
  • Ethnically and gender diverse Board and management team
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