Unaudited interim results for the three-month period ended 31 March 2025

Core Viewpoint - Serabi Gold plc reported strong operational and financial performance for Q1 2025, with significant increases in gold production and profitability compared to the same period in 2024 [4][8][10]. Financial Performance - Gold production for Q1 2025 totaled 10,013 ounces, an 11% increase from 9,007 ounces in Q1 2024 [4][8]. - Revenue for the quarter was $27.6 million, up from$20.2 million in Q1 2024 [12]. - EBITDA for the quarter was $12.4 million, compared to$4.7 million in Q1 2024 [8][12]. - Post-tax profit reached $8.8 million, significantly higher than$3.6 million in the same quarter last year [8][12]. - Profit per share increased to 11.58 cents from 4.80 cents in Q1 2024 [8][12]. Cost and Pricing - The average realized gold price for Q1 2025 was $2,908 per ounce, an 18$2,469 per ounce in Q1 2024 [7][8]. - Cash costs for the quarter were $1,269 per ounce, down from$1,461 per ounce in Q1 2024 [8][14]. - All-In Sustaining Cost (AISC) for the quarter was $1,636 per ounce, compared to$1,859 per ounce in Q1 2024 [8][14]. Cash Position and Financing - Cash position at the end of March 2025 was $26.5 million, up from$22.2 million at the end of December 2024 [5][11]. - The company repaid a $5 million unsecured loan and secured a new$5 million loan with a lower interest rate of 6.16% [11][37]. Operational Highlights - The company commenced its 2025 exploration program with a budget of $9 million, with drilling activities underway at both Palito and Coringa [6][10]. - Significant grade improvements were noted at both Palito (+32%) and Coringa (+8%) [10]. Market Conditions - The average USD gold price increased by 18% year-on-year, with a notable rise in March 2025 [7][9]. - The Brazilian Real strengthened against the USD, impacting local currency margins despite higher gold prices [9].