Report – Financial Report and Commentary 6 months to 30 June 2026

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# Report – Financial Report and Commentary 6 months to 30 June 2026

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# Report – Financial Report and Commentary 6 months to 30 June 2026
SERABI GOLD PLC
INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS AND FINANCIAL REVIEW
(Stated in US Dollars)
FOR THE THREE AND SIX MONTHS ENDED
30 JUNE 2026
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
2026 2025 2026 2025
(expressed in US$’000) Notes (unaudited) (unaudited) (unaudited) (unaudited)
CONTINUING OPERATIONS
Revenue 100,068 62,528 49,497 34,934
Cost of sales (45,359) (30,532) (27,028) (17,394)
Depreciation and amortisation charges (4,414) (3,680) (2,271) (1,845)
Total cost of sales (49,773) (34,212) (29,299) (19,239)
Gross profit 50,295 28,316 20,198 15,695
Administration expenses (9,892) (5,545) (6,957) (3,566)
Share-based payments (273) (204) (188) (136)
(Loss)/gain on asset disposals (125) 88 (145) 49
Operating profit 40,005 22,655 12,908 12,042
Foreign exchange gain/(loss) 41 108 (33) 38
Finance expense 2 (138) (228) (80) (117)
Finance income 2 718 409 393 203
Profit before taxation 40,626 22,944 13,188 12,166
Income tax expense 3 (10,495) (4,016) (4,050) (2,006)
Profit after taxation 30,131 18,928 9,138 10,160
Other comprehensive income (net of tax)
Exchange differences on translating foreign
6,138 11,882 (1,270) 4,892
operations
Total comprehensive profit for the period(1) 36,269 30,810 7,868 15,052
Earnings per ordinary share (basic) 4 39.71c 24.99c 12.02c 13.42c
Earnings per ordinary share (diluted) 4 39.71c 24.99c 12.02c 13.42c
(1) The Group has no non-controlling interest and all profits are attributable to the equity holders of the Parent Company
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SERABI GOLD PLC
Condensed Consolidated Balance Sheets
As at
As at As at 31 December
(expressed in US$’000) Notes 2025
30 June 2026 30 June 2025
(unaudited) (unaudited) (audited)
Non-current assets
Deferred exploration costs 6 31,598 25,104 29,219
Property, plant and equipment 7 91,717 66,974 74,041
Right of use assets 8 5,969 5,147 5,820
Taxes receivable 11,611 6,742 9,080
Deferred taxation 854 3,279 1,250
Total non-current assets 141,749 107,246 119,410
Current assets
Inventories 9 19,292 16,057 16,182
Trade and other receivables 5,695 3,209 11,288
Prepayments and accrued income 4,705 3,956 3,262
Cash and cash equivalents 65,689 30,432 49,223
Total current assets 95,381 53,654 79,955
Current liabilities
Trade and other payables 21,518 14,532 16,492
Interest bearing liabilities 10 998 5,329 6,002
Accruals 1,193 569 940
Total current liabilities 23,709 20,430 23,434
Net current assets 71,672 33,224 56,521
Total assets less current liabilities 213,421 140,470 175,931
Non-current liabilities
Trade and other payables 2,622 1,955 2,698
Provisions 2,544 3,170 2,374
Interest bearing liabilities 10 1,720 200 1,138
Total non-current liabilities 6,886 5,325 6,210
Net assets 206,535 135,145 169,721
Equity
Share capital 12 11,291 11,214 11,214
Share premium reserve 36,433 36,158 36,158
Option reserve 12 654 358 537
Other reserves 25,613 21,266 23,743
Translation reserve (61,021) (66,578) (67,159)
Retained surplus 193,565 132,727 165,228
Equity shareholders’ funds 206,535 135,145 169,721
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SERABI GOLD PLC
Condensed Consolidated Statements of Changes in Shareholders’ Equity
(expressed in US$’000)
Share Share Share option Other reserves Translation Retained
(unaudited) reserve (1)
reserve Earnings Total equity
capital premium
Equity shareholders’
funds at 31 December 11,214 36,158 221 19,487 (78,460) 115,562 104,182
2024
Foreign currency
— — — — 11,882 — 11,882
adjustments
Profit for the period — — — — — 18,928 18,928
Total comprehensive
— — — — 11,882 18,928 30,810
income for the period
Transfer to taxation
— — — 1,779 — (1,779) —
reserve
Share based incentives
— — (67) — — 16 (51)
lapsed in period
Share based incentives
— — 204 — — — 204
expense
Equity shareholders’
11,214 36,158 358 21,266 (66,578) 132,727 135,145
funds at 30 June 2025
Foreign currency
— — — — (581) — (581)
adjustments
Profit for the period — — — — — 34,978 34,978
Total comprehensive
— — — — (581) 34,978 34,397
income for the period
Transfer to taxation
— — — 2,477 — (2,477) —
reserve
Share based incentives
— — — — — — —
lapsed in period
Share based incentives
— — 179 — — — 179
expense
Equity shareholders’
funds at 31 December 11,214 36,158 537 23,743 (67,159) 165,228 169,721
2025
Foreign currency
— — — — 6,138 — 6,138
adjustments
Profit for the period — — — — — 30,131 30,131
Total comprehensive
— — — — 6,138 30,131 36,269
income for the period
Transfer to taxation
— — — 1,870 — (1,870) —
reserve
Share based incentives
— — — — — — —
lapsed in period
Share based incentives
— — 273 — — — 273
expense
Share based incentives
77 275 (156) — — 76 272
settled in period
Equity shareholders’
11,291 36,433 654 25,613 (61,021) 193,565 206,535
funds at 30 June 2026
(1) Other reserves comprise a merger reserve of US$361k and a taxation reserve of US$25,252k (31 December 2025:
merger reserve of US$361k and a taxation reserve of US$23,382k).
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SERABI GOLD PLC
Condensed Consolidated Cash Flow Statements
For the six months For the three months
ended ended
30 June 30 June
2026 2025 2026 2025
(expressed in US$’000) (unaudited) (unaudited) (unaudited) (unaudited)
Operating activities
Post tax profit for period 30,131 18,928 9,138 10,160
Depreciation – plant, equipment and mining properties 4,414 3,680 2,271 1,845
Net finance income (621) (289) (280) (124)
Provision for taxation 10,495 4,016 4,050 2,006
Loss/(gain) on asset disposals 125 (88) 145 (49)
Share-based payments 273 204 188 136
Taxation paid (11,216) (5,469) (8,616) (3,537)
Interest (received)/paid (316) (413) 24 (32)
Foreign exchange (loss)/gain (631) 359 (761) 175
Changes in working capital
(Increase)/decrease in inventories (3,109) (1,685) 2,327 223
Decrease/(increase) in receivables, prepayments and
4,151 (1,290) (1,054) (219)
accrued income
Increase in payables, accruals and provisions 6,416 3,909 5,446 1,057
Net cash inflow from operations 40,112 21,862 12,878 11,641
Investing activities
Purchase of property, plant and equipment and assets in
(7,036) (3,721) (4,744) (2,120)
construction
Mine development expenditure (5,316) (2,730) (3,163) (1,104)
Geological exploration expenditure (5,555) (3,793) (2,991) (2,267)
Pre-operational project costs (1,681) (4,163) (767) (2,627)
Proceeds from sale of assets 71 97 33 47
Interest received 718 409 393 203
Net cash outflow on investing activities (18,799) (13,901) (11,239) (7,868)
Financing activities
Receipt of short-term loan — 5,000 — —
Repayment of short-term loan (5,000) (5,154) — —
Payment of finance lease liabilities (109) (240) (55) (98)
Repayment of credit facilities (360) — (360) —
Net cash outflow from financing activities (5,469) (394) (415) (98)
Net increase in cash and cash equivalents 15,844 7,567 1,224 3,675
Cash and cash equivalents at beginning of period 49,223 22,183 64,438 26,505
Exchange difference on cash 622 682 27 252
Cash and cash equivalents at end of period 65,689 30,432 65,689 30,432
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SERABI GOLD PLC
Report and condensed consolidated financial statements for the three-and six-month periods ended 30 June
2026
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
2026. Comparative information has been provided for the unaudited three-, and six-month periods ended 30 June 2025
and, where applicable, the audited twelve-month period from 1 January 2025 to 31 December 2025. 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 2025 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 2025 and those envisaged for the financial statements
for the year ending 31 December 2026.
The interim condensed consolidated financial statements are presented in thousands of US Dollars, unless otherwise
stated.
Accounting standards, amendments and interpretations effective in 2026
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 2026:
Classification and Measurement of Financial Instruments – Amendments to IFRS 7 and
1 January 2026
IFRS 9
Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 7 and IFRS 9 1 January 2026
Annual Improvements to IFRS Accounting Standards – Volume 11 1 January 2026
No other standards or amendments are expected to be effective in 2026.
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 2026 the Group held cash of US$65,689k which represents an increase of US$16,466k million from the
cash balance as at 31 December 2025.
On 16 January 2026, the Group fully repaid the Banco Santander short-term working capital loan which the Group
had previously entered into on 22 January 2025. As a result, at the time of writing, the Group is debt-free.
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 assumptions that the
Directors consider are reasonable in the current global economic climate. The current plans assume that during 2026
the Group will continue gold production from its Palito Complex operation and current production from the Coringa
mine without interruption, assuming that the GUIA licence issued for Coringa from the ANM (Ministry of Mines) under
which the Company is currently permitted to transport annually 100,000 tonnes of ore to Palito is increased to 200,000
tonnes or receipt of the full mining concession by Q4-2026, thereby lifting all tonnage constraints at Coringa. Even if
neither of these scenarios eventuate, and production is suspended at Coringa, cash flow forecasts show adequate
resources to continue in operational existence for the foreseeable future.
The Directors will limit the Group’s discretionary expenditures, when necessary, to manage the Group’s liquidity.
The Directors acknowledge that the Group remains subject to operational and economic risks and any unplanned
interruption or reduction in gold production or unforeseen changes in economic assumptions may adversely affect the
level of free cash flow that the Group can generate on a monthly basis. The Directors have a reasonable expectation
that, after taking into account reasonably possible changes in trading performance, and the current macroeconomic
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situation, the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they
continue to adopt the going concern basis of accounting in preparing the Financial Statements.
(b) Use

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