Investment Case
With a strong balance sheet, expected robust free cash flow generation, a de-risked short term growth plan to increase production to 53,000 – 53,000 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
- Production of 53,000 to 57,000oz in 2026
- Strong balance sheet with no debt to pursue near term organic and inorganic 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 increasing consolidated resource to between 1.5-2.0Moz by the end of 2026 (1.4Moz as of 2025)
- Experienced management team with deep experience in Brazil
Near Term Growth
- Continued ramp-up of Coringa Mine to increase consolidated production to 53-57koz in 2026
- Near mine exploration at Palito Complex and Coringa Mina to target a consolidated resource of 1.5-2.0Moz to underpin a significantly larger and sustainable production level
- 84,000ha exploration tenements in the highly prospective and under-explored Tapajos province, with little systematic exploration to date at Palito Complex and Coringa Mine
Operational Track Record
- 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
- Well-funded to pursue near-term organic and inorganic growth opportunities
- Cash balance of US$49.2 million as at 31 December 2025.
- Net cash position (balance sheet is debt free)
- Delete liquidity bolstered with $5m working capital facility
- Robust cash flow generation expected to further strengthen the balance sheet
- Board declared an inaugural dividend of 5 pence per share based on 2025 financial results; shareholder return policy declared for 2026 to be either in the form of hare buybacks or dividends
ESG Focus
- Well established relationships with local communities. Historic expenditure of over $2.7 million since the beginning of 2017
- Direct employment of over 1,000 people in a historically impoverished region, with over 70% from the local communities to Palito Complex and Coringa Mine
- Ethnically and gender diverse Board and management team
- Low carbon emissions per ounce of gold produced due to operations being modestly sized and underground