Report – Financial Report and Commentary 6 months to 30 June 2025

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# Report – Financial Report and Commentary 6 months to 30 June 2025

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# Report – Financial Report and Commentary 6 months to 30 June 2025
SERABI GOLD PLC
INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS AND FINANCIAL REVIEW
(Stated in US Dollars)
FOR THE SIX MONTHS ENDED
30 JUNE 2025
NOTICE
These unaudited interim condensed consolidated financial
statements have been prepared by management and have not been
subject to review by the Company’s independent auditor.
SERABI GOLD PLC
Condensed Consolidated Statements of Comprehensive Income
For the six months ended For the three months ended
30 June 30 June 30 June 30 June
2025 2024 2025 2024
(expressed in US$) Notes (unaudited) (unaudited) (unaudited) (unaudited)
CONTINUING OPERATIONS
Revenue 62,527,643 42,664,607 34,934,280 22,418,207
Cost of sales (30,531,839) (25,680,069) (17,393,674) (12,123,470)
Depreciation and amortisation charges (3,679,555) (2,240,806) (1,844,782) (1,194,245)
Total cost of sales (34,211,394) (27,920,875) (19,238,456) (13,317,715)
Gross profit 28,316,249 14,743,732 15,695,824 9,100,492
Administration expenses (5,544,617) (3,805,431) (3,566,378) (1,862,691)
Share-based payments (204,028) (118,892) (136,314) (65,009)
Gain on asset disposals 88,109 (84,677) 48,601 (96,310)
Operating profit 22,655,713 10,734,732 12,041,733 7,076,482
Other income – exploration receipts 2 — 351,186 — 11,332
Other expenses – exploration expenses 2 — (317,746) — (5,228)
Foreign exchange (loss)/gain 108,005 (820,356) 37,579 (785,790)
Finance expense 3 (228,469) (310,303) (117,495) (135,698)
Finance income 3 409,302 236,465 203,224 94,910
Profit before taxation 22,944,551 9,873,978 12,165,041 6,256,008
Income tax expense 4 (4,015,600) (652,144) (2,005,849) (671,737)
Profit after taxation 18,928,951 9,221,834 10,159,192 5,584,271
Other comprehensive income (net of tax)
Exchange differences on translating foreign
11,881,692 (8,182,714) 4,892,090 (6,401,786)
operations
Total comprehensive profit / (loss) for the
30,810,643 1,039,120 15,051,282 (817,515)
period(1)
Profit per ordinary share (basic) 5 24.99c 12.18c 13.41c 7.37c
Profit per ordinary share (diluted) 5 24.99c 12.18c 13.41c 7.37c
(1) The Group has no non-controlling interest and all profits are attributable to the equity holders of the Parent
Company
1
SERABI GOLD PLC
Condensed Consolidated Balance Sheets
As at
As at As at 31 December
(expressed in US$) Notes 2024
30 June 2025 30 June 2024
(unaudited) (unaudited) (audited)
Non-current assets
Deferred exploration costs 7 25,104,242 18,952,915 18,839,836
Property, plant and equipment 8 66,974,329 52,438,422 53,593,723
Right of use assets 9 5,147,282 4,887,175 4,287,020
Taxes receivable 6,742,249 5,839,555 6,246,352
Deferred taxation 3,279,129 1,688,554 1,878,081
Total non-current assets 107,247,231 83,806,621 84,845,012
Current assets
Inventories 10 16,057,105 13,041,361 13,115,648
Trade and other receivables 3,208,992 3,402,714 2,533,450
Prepayments and accrued income 3,956,160 2,758,307 2,220,463
Cash and cash equivalents 30,432,470 12,041,017 22,183,049
Total current assets 53,654,727 31,243,399 40,052,610
Current liabilities
Trade and other payables 14,531,780 8,562,520 9,695,560
Interest bearing liabilities 11 5,329,376 5,943,236 5,841,804
Accruals 569,261 412,291 419,493
Total current liabilities 20,430,417 14,918,047 15,956,857
Net current assets 33,224,310 16,325,352 24,095,753
Total assets less current liabilities 140,471,541 100,131,973 108,940,765
Non-current liabilities
Trade and other payables 1,956,161 3,738,633 2,809,243
Provisions 3,170,488 2,282,580 1,839,916
Interest bearing liabilities 11 200,232 160,699 109,952
Total non-current liabilities 5,326,881 6,181,912 4,759,111
Net assets 135,144,660 93,950,061 104,181,654
Equity
Share capital 14 11,213,618 11,213,618 11,213,618
Share premium reserve 36,158,068 36,158,068 36,158,068
Option reserve 14 358,228 294,465 221,613
Other reserves 21,266,122 17,609,380 19,486,684
Translation reserve (66,578,073) (69,963,455) (78,459,765)
Retained surplus 132,726,697 98,637,985 115,561,436
Equity shareholders’ funds 135,144,660 93,950,061 104,181,654
2
SERABI GOLD PLC
Condensed Consolidated Statements of Changes in Shareholders’ Equity
(expressed in US$)
Share Share Share option Other reserves Translation Retained
(unaudited) reserve (1) reserve Earnings Total equity
capital premium
Equity shareholders’
funds at 31 December 11,213,618 36,158,068 175,573 15,960,006 (61,780,741) 91,065,525 92,792,049
2023
Foreign currency
— — — — (8,182,714) — (8,182,714)
adjustments
Profit for the period — — — — — 9,221,834 9,221,834
Total comprehensive
— — — — (8,182,714) 9,221,834 1,039,120
income for the period
Transfer to taxation
— — — 1,649,374 — (1,649,374) —
reserve
Share incentives
— — — — — — —
expired
Share incentives
— — 118,892 — — — 118,892
expense
Equity shareholders’
funds at 30 June 11,213,618 36,158,068 294,465 17,609,380 (69,963,455) 98,637,985 93,950,061
2024
Foreign currency
— — — — (8,496,310) — (8,496,310)
adjustments
Profit for the period — — — — — 18,597,884 18,597,884
Total comprehensive
— — — — (8,496,310) 18,597,884 10,101,574
income for the period
Transfer to taxation
— — — 1,877,304 — (1,877,304) —
reserve
Share based incentives
— — (202,871) — — 202,871 —
lapsed in period
Share option expense — — 130,019 — — — 130,019
Equity shareholders’
funds at 31 December 11,213,618 36,158,068 221,613 19,486,684 (78,459,765) 115,561,436 104,181,654
2024
Foreign currency
— — — — 11,881,692 — 11,881,692
adjustments
Profit for the period — — — — — 18,928,951 18,928,951
Total comprehensive
— — — — 11,881,692 18,928,951 30,810,643
income for the period
Transfer to taxation
— — — 1,779,438 — (1,779,438) —
reserve
Share option expense — — 204,028 — — — 204,028
Share options settled
— — (51,665) — — — (51,665)
in period
Share based incentives
— — (15,748) — — 15,748 —
lapsed in period
Equity shareholders’
funds at 30 June 11,213,618 36,158,068 358,228 21,266,122 (66,578,073) 132,726,697 135,144,660
2025
(1) Other reserves comprise a merger reserve of US$361,461 and a taxation reserve of US$20,904,661 (31 December
2024: merger reserve of US$361,461 and a taxation reserve of US$19,125,223).
3
SERABI GOLD PLC
Condensed Consolidated Cash Flow Statements
For the six months For the three months
ended ended
30 June 30 June
2025 2024 2025 2024
(expressed in US$) (unaudited) (unaudited) (unaudited) (unaudited)
Operating activities
Post tax profit for period 18,928,951 9,221,834 10,159,192 5,584,271
Depreciation – plant, equipment and mining properties 3,679,555 2,240,806 1,844,782 1,194,245
Net financial expense/(income) (288,838) 860,754 (123,308) 793,138
Provision for taxation 4,015,600 652,144 2,005,849 671,737
Gain / (loss) on disposals (88,109) 84,677 (48,601) 96,310
Share-based payments 204,028 118,892 136,314 65,009
Taxation paid (5,468,999) (441,698) (3,537,248) (426,344)
Interest paid (413,385) (29,508) (32,615) 362,760
Foreign exchange (loss) / gain 358,096 (52,284) 175,709 (120,031)
Changes in working capital
(Increase)/decrease in inventories (1,685,070) (1,267,362) 222,592 (12,077)
(Increase)/decrease in receivables, prepayments and
(1,289,565) (2,240,736) (218,201) (1,482,794)
accrued income
Increase in payables, accruals and provisions 3,909,253 404,803 1,057,215 925,657
Net cash inflow from operations 21,861,517 9,552,322 11,641,680 7,651,881
Investing activities
Purchase of property, plant and equipment and assets in
(3,721,220) (4,011,890) (2,120,071) (3,572,905)
construction
Mine development expenditure (2,729,530) (2,936,169) (1,103,316) (1,346,542)
Geological exploration expenditure (3,792,747) (913,456) (2,267,239) (763,872)
Pre-operational project costs (4,162,587) (472,684) (2,626,734) (472,684)
Proceeds from sale of assets 96,760 52,481 49,508 40,573
Interest Received 409,302 229,633 203,224 94,910
Net cash outflow on investing activities (13,900,022) (8,052,085) (7,866,884) (6,020,520)
Financing activities
Receipt of short-term loan 5,000,000 5,000,000 — —
Repayment of short-term loan (5,153,577) (5,000,000) — —
Payment of finance lease liabilities (240,467) (498,450) (98,813) (243,205)
Net cash (outflow)/inflow from financing activities (394,044) (498,450) (98,813) (243,205)
Net increase/(decrease) in cash and cash equivalents 7,567,451 1,001,787 3,675,983 1,388,156
Cash and cash equivalents at beginning of period 22,183,049 11,552,031 26,504,939 11,056,317
Exchange difference on cash 681,970 (512,801) 251,548 (403,456)
Cash and cash equivalents at end of period 30,432,470 12,041,017 30,432,470 12,041,017
4
SERABI GOLD PLC
Report and condensed consolidated financial statements for the three-and six-month periods ended 30 June
2025
Notes to the Condensed Consolidated Financial Statements
1. Basis of preparation
These interim condensed consolidated financial statements are for the three and six-month periods ended 30 June
2025. Comparative information has been provided for the unaudited three and six-month periods ended 30 June 2024
and, where applicable, the audited twelve-month period from 1 January 2024 to 31 December 2024. These condensed
consolidated financial statements do not include all the disclosures that would otherwise be required in a complete set
of financial statements and should be read in conjunction with the 2024 annual report.
The condensed consolidated financial statements for the periods have been prepared in accordance with International
Accounting Standard 34 “Interim Financial Reporting” and the accounting policies are consistent with those of the
annual financial statements for the year ended 31 December 2024 and those envisaged for the financial statements
for the year ending 31 December 2025.
Accounting standards, amendments and interpretations effective in 2025
The Group has not adopted any standards or amendments in advance of their effective date. The following new
amendment has been issued by the IASB and is effective for annual periods beginning on or after 1 January 2025:
Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
The amendments provide guidance for determining the spot exchange rate when exchangeability between two
currencies is lacking. They clarify when a currency is considered exchangeable and introduce a methodology for
estimating an appropriate exchange rate when necessary. The Group does not expect a material impact on its financial
statements from these amendments.
No other standards or amendments are expected to be effective in 2025.
Certain new accounting standards and interpretations have been published that are not mandatory for the current
period and have not been early adopted. These standards are not expected to have a material impact on the
Company’s current or future reporting periods.
These financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
a) Going concern
At 30 June 2025 the Group held cash of US$30.4 million which represents an increase of US$8.2 million compared to
31 December 2024.
On 7 January 2024, the Group completed a US$5.0 million unsecured loan arrangement with Brazilian bank Itau
which carried a fixed interest coupon of 8.47 per cent. The loan was repaid as a bullet payment on 6 January 2025.
On 22 January 2025, the Group completed a further US$5.0 million unsecured loan arrangement with a different
Brazilian bank (Santander) which carries a fixed interest coupon of 6.16 per cent. This loan is repayable on 16
January 2026.
Management prepares, for Board review, regular updates of its operational plans and cash flow forecasts based on
their best judgement of the expected operational performance of the Group and using economic assumptio

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