Serabi Gold Plc · LSE:SRB
Serabi Gold — PDAC 2024
27 slides from Serabi Gold's conference presentation, March 2024
Slide 1: Corporate Presentation
March 2024 Corporate Presentation Sustainable gold production and growth in Brazil
Slide 2: Disclaimer
Disclaimer This presentation, and any ancillary documents relating to it, any oral presentation and any question or answer session (together, the "Presentation'') have been prepared and issued by Serabi Gold pic (the "Company"). This Presentation is being supplied to you solely for information purpo
Slide 3: Positioned for growth and value creation
Positioned for growth and value creation ▪ >20 year track record Sustainable Operator ▪ Stable 30-40koz pa production Palito Complex ▪ History of resource replacement ▪ Low cost & low risk doubling of production Growth to >60koz pa ▪ Underground mine development progressing Coringa ▪ Final permit pe
Slide 4: Clear path to delivering re-rating for shareholders
Clear path to delivering re-rating for shareholders Stable production base with near-term doubling (koz pa) Doubling production by 2026 Palito Coringa ▪ Low-execution risk 60 ▪ Low initial capex of ~US$10m ▪ Mine development underway – producing gold 40 ▪ Increased scale to reduce group AISC Re-rati
Slide 5: Committed to mining sustainably in Brazil
Committed to mining sustainably in Brazil >20 years of successful operation with our stakeholders Commitment to Health & Safety ▪ >9,000 hours of safety training ▪ 31% compound annual TRIFR improvement over 6 years Supporting local communities ▪ Majority local workforce: 70% from State of Para, 32%
Slide 6: Uniquely positioned in globally significant Tapajós mineral province
Uniquely positioned in globally significant Tapajós mineral province Para State ▪ No. 2 in Brazil for mining with improving infrastructure ▪ Development incentives - effective tax rate of 15.25% The Tapajós - a globally significant mineral province ▪ ~90,000km2 (size of Portugal) ▪ 3rd largest alluv
Slide 7: Palito Complex
Palito Complex SERABI
Slide 8: Delivering consistent production
Palito Complex Delivering consistent production GUIDANCE 38,000 to 40,000oz for 2024 43-101 RESOURCES* (Oct 2023) M&I: 378koz at 10.1g/t, Inf: 154koz at 7.0g/t MINING Underground - selective open stoping PROCESSING 500tpd conventional flotation and CIP, ore-sorter PRODUCT Gold bullion and concentrat
Slide 9: Unlocking full value
Palito Complex Unlocking full value Ore sorting ▪ Sorts on colour and/or density ▪ Used to upgrade diluted development ore ▪ Removing waste/dilution from mill feed and tailings ▪ Enables increase in production with high value/ low-cost ounces Applicable at Coringa ▪ Coringa highly amenable to ore so
Slide 10: Palito headframe exploration
Palito Complex Palito headframe exploration ▪ History of resource replenishment ▪ Palito mine sits within 8km NW-SE trend ▪ Ore-bodies remain open laterally, on strike and to depth ▪ Intrusion-related gold deposit – expected to have very significant vertical extent ▪ 2022-23 drilling expected to add
Slide 11: Coringa
Coringa Our next mine to double production… development underway
Slide 12: Low capex doubling production
Coringa Low capex doubling production Advanced development project to create a multi- OWNERSHIP asset >60koz Acquired 100% for US$22m pa producer HISTORIC SPEND Equinox* spent C$65m (2016-18) PRE-ACQUISITION WORK COMPLETED BFS, 50,000m drilling, process plant, infrastructure MINING 3-yr trial licenc
Slide 13: Low risk and favourable economics
Coringa Low risk and favourable economics Low risk ▪ Coringa, a carbon-copy of Palito ~200km to south PEA Summary ▪ No tailings dam Annual production 38koz1 ▪ Camp, lab, workshops and access roads all newly built ▪ Mine under development Mine life 9 years Average mined grade 8.34g/t Low cost ▪ Low i
Slide 14: Potential for multiple mines
Coringa Potential for multiple mines ▪ Significant resource growth potential as drilling limited to ~250m vertical depth ▪ Current resource underlies 1.5km of artisanal workings in 8km artisanal trend ▪ All lying within 30km of anomalous soil geochemistry – remainder is untested 13
Slide 15: Exploration
Exploration SERABI GOLD
Slide 16: Targeting bulk discoveries with Vale Exploration Alliance
Exploration Targeting bulk discoveries with Vale Exploration Alliance ▪ Exploration Alliance with Vale funding – Phase 1 to Jan 2024 - US$5m initial commitment Then for each project: – Min. US$2.0m pa, PFS and US$5m payment to reach 75% – DFS and greater of US$5m or 1.5% of NPV to reach 90% ▪ 20 yea
Slide 17: Bulk >1Moz targets
Exploration Bulk >1Moz targets Priority targets 1. São Domingos ▪ 4km x 2km target ▪ Significant artisanal activity ▪ High grade first pass drilling 2. Matilda ▪ 4km x 4km target ▪ In 2023, drilled 7,598m (21 holes) ▪ 12 holes hit copper porphyry mineralization Ganso Calico ▪ Geological potential es
Slide 18: Matilda prospect
Exploration Matilda prospect ▪ 4x4 km geochemical anomaly with 2x2 km Au-Cu-Mo-W core ▪ Coincident with anomalous high magnetic susceptibility associated with magnetite alteration ▪ Mapped granites with potassic, propylitic and sericite-chlorite alteration, dacite porphyry and quartz-sulphide veins
Slide 19: São Domingos – Toucano prospect
Exploration São Domingos – Toucano prospect ▪ Intercepts include 7.15m at 258g/t – 7th highest intercept for TSX company in 2021* ▪ Follow-up drilling planned for 2023-24 * www.mining.com/mining-2021-top-10-drill-holes-of-the-year/ 18
Slide 20: Delivering Value
oD) = O > o) c <= O _— 5a) a) 6 od SERABI GOLD
Slide 21: Significant re-rating potential
Delivering Value Significant re-rating potential Undervalued, enhanced scale to drive re-rating EV / 2024E Production (US$/oz) EV / 2024E EBITDA (x) Orla $8,339 Mako 9.2x Wesdome $4,750 Orla 8.6x Mako $4,028 Americas G&S 6.1x McEwen $3,510 Steppe 5.8x Steppe $2,971 Wesdome 5.3x Karora $2,638 Cerrado
Slide 22: Objectives
Delivering Value Objectives ▪ Maintain production rates Sustainable Operator ▪ Enhance cash flows through ore sorting Palito Complex ▪ Continued resource growth ▪ Continue underground development Growth to >60koz pa ▪ Grow production Coringa ▪ Receive final permit and install crusher and ore sorter
Slide 23: Appendix
Appendix SERABI
Slide 24: Corporate overview
Corporate overview Capital Structure Supportive share register Tickers (AIM / TSX / OTCQX) SRB / SBI / SRBIF Greenstone, Fratelli, 25.5% 25.2% Share Price (23 Feb 2024) £0.49 / C$0.84 / US$0.60 Ordinary Shares 75.7m Directors, 0.2% Fully Diluted Shares 78.2m River and Market Capitalisation (23 Feb 2
Slide 25: Key Board and Management
Key Board and Management Mike Hodgson (CEO) Michael Lynch-Bell (Non-exec Chairman) Over 30 years worldwide experience, focused on operating and building 38 years with Ernst & Young (EY), having led its Global Oil and Gas, UK IPO small to medium sized underground mines. Speaks Spanish and basic and G
Slide 26: Key financial information
Key financial information Summary Financial Information for Recent Periods 12 months to 12 months to 12 months to 12 months to 12 months to 12 months to 12 months to 31 December 31 December 31 December 31 December 31 December 31 December 31 December 2022 2021 2020 2019 2018 2017 2016 US$000’s US$000
Slide 27: SERABI GOLD plc
For further information please contact us: SERABI GOLD plc Mike Hodgson Chief Executive tel +44 (0) 20 7246 6830 email contact@serabigold.com The Long Barn Cobham Park Road Downside Surrey KT11 3NE United Kingdom www.serabigold.com