Latest news with #FY2025
Business Times
4 days ago
- Business
- Business Times
Over two-thirds of SGX companies unprepared for new sustainability reporting standards: EY study
More than two in three Singapore-listed companies are less than prepared to meet climate-related disclosure requirements, according to a study from EY. The deadline to transition to the new IFRS Sustainability Standards Board (ISSB)-aligned climate disclosures will be at the end of FY2025, which could be as early as Dec 31 this year for some companies. Of the 359 companies publishing sustainability reports for the financial year ended Dec 31, 2024, 98 per cent had disclosures that met at least one of the 11 Task Force on Climate-related Financial Disclosures (TCFD) recommendations. The average stood at nine disclosures in FY2024, up from eight in FY2023. But since the end of FY2022, only 32 per cent have made disclosures against all 11 TCFD recommendations. While 60 per cent of the 62 large-cap companies surveyed did so, only 35 per cent of mid-cap and 25 per cent and small-cap companies did so. Companies with financial years ending on Dec 31 now have less than six months to ensure full preparedness for the transition. The ISSB standards are built upon the four core themes – namely, governance, strategy, risk management, and metrics and targets – of the TCFD recommendations, but demand more detailed information. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up As at the end of FY2024, only 14 per cent of companies examined were early adopters of the new ISSB standards and had considered them for their climate-related disclosures. Although there are no specific punitive measures for failure to transition to ISSB-aligned climate-related disclosures by the FY2025 deadline, companies may face penalties for failing to comply with listing rules, said EY in response to a query from The Business Times. However, the group noted that regulators will take into account any difficulties companies may face with the new reporting standards. Transition plans indicate climate resilience Of the companies publishing sustainability reports, just under half disclosed a semblance of a transition plan, up from 20 per cent in FY2023. Notably, only a third of companies that have set net-zero targets have disclosed such plans. A transition plan is a time-bound plan that details how a company's existing business model, operations and resources will change in response to climate-related changes and risks. 'Companies with a transition plan are more likely to exhibit better business resilience towards climate events,' said EY Nhan Quang. 'They would have assessed the related impacts and developed the necessary response.' The study also found that less than one in five of the companies linked sustainability-related performance to remuneration in FY2024. That figure was up from 15 per cent compared with the end of FY2023. Large-cap companies were overrepresented in this metric, with nearly 62 per cent integrating environmental, social and governance (ESG) considerations into their remuneration structure, compared with 23 per cent and 15 per cent for mid-cap and small-cap firms, respectively. 'Having sustainability-linked remuneration suggests accountability from the business to help ensure proper management of their exposure to climate-related risks,' said Quang.
Malay Mail
5 days ago
- Business
- Malay Mail
Ancom Nylex's FY2025 net profit drops to RM63.49m on freight, forex headwinds
KUALA LUMPUR, July 17 — Ancom Nylex Bhd's net profit for the financial year ended May 31, 2025 (FY2025) slipped to RM63.49 million compared to RM81.47 million recorded in FY2024. Revenue fell to RM1.87 billion from RM1.99 billion previously, the group said in a filing with Bursa Malaysia today. Ancom said the lower revenue was largely due to softer contributions from the industrial chemicals segment caused by lower selling prices and volumes, while weaker net profit was chiefly attributed to elevated freight costs and unfavourable foreign exchange (forex) fluctuations. Its managing director and group chief executive officer, Datuk Lee Cheun Wei, said FY2025 has been a demanding year, marked by key geopolitical events that led to elevated freight costs and unfavourable forex fluctuations, which in turn impacted the overall performance. 'Escalating tariffs and volatile trade conditions could further affect both global and domestic economic projections, making it increasingly challenging to anticipate trends in raw material costs and market prices. 'Despite these headwinds, Malaysia's economic growth is anticipated to remain positive over the next 12 months, with potential for further advancement should global conditions stabilise,' he said. For the fourth quarter ended May 31, 2025 (4Q 2025), the group registered a lower net profit of RM17.071 million from RM18.44 million registered in 4Q2024, while revenue fell to RM459.4 million from RM487.2 million previously. For FY2025, the group has paid a first interim dividend by way of distribution of treasury shares on the basis of four treasury shares for every 100 shares, as well as a second interim dividend by way of distribution of treasury shares on the basis of one treasury share for every 100 shares. — Bernama
Yahoo
6 days ago
- Business
- Yahoo
Old Chang Kee Full Year 2025 Earnings: EPS: S$0.093 (vs S$0.08 in FY 2024)
Old Chang Kee (Catalist:5ML) Full Year 2025 Results Key Financial Results Revenue: S$102.0m (up 1.0% from FY 2024). Net income: S$11.3m (up 17% from FY 2024). Profit margin: 11% (up from 9.6% in FY 2024). EPS: S$0.093 (up from S$0.08 in FY 2024). AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. All figures shown in the chart above are for the trailing 12 month (TTM) period The primary driver behind last 12 months revenue was the Singapore segment contributing a total revenue of S$101.7m (100% of total revenue). The largest operating expense was Sales & Marketing costs, amounting to S$40.7m (69% of total expenses). Explore how 5ML's revenue and expenses shape its earnings. Old Chang Kee shares are up 2.0% from a week ago. Risk Analysis Before we wrap up, we've discovered 1 warning sign for Old Chang Kee that you should be aware of. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Al-Ahram Weekly
6 days ago
- Business
- Al-Ahram Weekly
Factbox: In-depth look into IMF's 4th review report on Egypt's EFF loan - Economy
As Egypt enters a critical phase of its $8 billion Extended Fund Facility (EFF) loan programme with the International Monetary Fund (IMF), new data reveal a sharp increase in the country's external financing needs. The IMF outlines significant shifts in Egypt's fiscal and structural reform agenda in its latest report, released on Tuesday, on the fourth review of the EFF programme. These shifts include recalibrated budget targets, lagging divestment efforts, and renewed commitments to tax reform and social protection. Here, we will break down the key takeaways, risks, and policy actions shaping Egypt's economic outlook amid regional tensions and evolving domestic challenges. Egypt's external financing needs are projected to increase from an estimated $25.9 billion in both FY2025/2026 and FY2026/2027 to $30.4 billion and then decline to $27.5 billion due to the implications of regional tensions, according to the report. The IMF also raised its projections for the financing gap the country will experience in FY2025/2026 from $5.2 billion to $8.2 billion. For the upcoming FY2026/2027, the IMF projected this level to almost double, reaching $6.1 billion compared to an estimated $3.2 billion. The fourth review of the EFF programme was primarily completed in March. However, the IMF said in July that it will complete both the fifth and sixth reviews in September. According to the EFF reviews schedule, the upcoming review is set to be completed on 15 September, with the remaining two reviews scheduled for 15 March and 16 September 2026. Adjusting fiscal targets amid domestic, external pressures In response to challenging external and domestic conditions, Egypt has recalibrated its short-term fiscal targets. The primary surplus target for FY2024/2025 remains at 3.5 percent of GDP (excluding divestment proceeds), aligning with the approved budget. For the current FY2025/2026, the primary surplus target has been lowered to four percent of GDP, a 0.5 percent decrease from earlier programme commitments. The target is set to increase to five percent of GDP in the upcoming FY2026/2027, aligning with previous IMF programme goals. As per the report, the tax reforms Egypt has adopted are expected to boost revenues by two percent of GDP till FY2026/2027. FY2025/2026 tax reform package targets +1 percent of GDP, with VAT reform aiming to remove exemptions and reduce rates on a wide scale of sectors, including construction services, sale of non-residential property, crude oil, advertising and media agency services, and excise tax hike on cigarettes. It also includes withholding tax on free-zone sales to the domestic market (0.10 percent of GDP) and a new small and medium-sized enterprise (SME) tax regime to reduce informality (0.15 percent of GDP). Further legislated structural tax measures are expected for the FY2026/2027 budget as a new structural benchmark under the EFF programme, with additional VAT exemption removals anticipated to enhance tax equity. Social protection expansion through reallocated fiscal space Social protection and development spending is expected to rise by 0.5 percent of GDP by FY2026/2027, with a focus on healthcare, education, and targeted cash transfers. For Takaful and Karama, total spending on the programme will be increased to 0.4 percent of GDP in the current FY2025/2026, along with ongoing support for basic foodstuffs through ration and bread cards. The report also highlighted that the social solidarity and cash transfer law, issued in 2024, enables the gradual consolidation of in-kind subsidies into direct cash transfers. Adjusting fuel prices to free up fiscal space The government will continue adjusting retail fuel prices toward cost recovery, expected in December 2025, creating additional fiscal room for targeted social assistance. State Ownership Policy implementation The State Ownership Policy (SOP) is a central component of Egypt's structural reform agenda under the EFF. It aims to rebalance the economy by reducing the state's economic footprint and boosting private sector activity. The report noted that the progress in this respect has been sporadic, despite several legislative and procedural steps taken. A set of four indicators was developed to track SOP progress, meeting the September 2024 structural benchmark. This includes the private sector's share in investment, credit, and employment, as well as its contribution to GDP growth, and the approval of a new benchmark that incorporates an additional indicator to track divestment from non-strategic sectors. However, the report said the SOP has seen a limited implementation of critical reforms. The removal of tax exemptions for state-owned companies has not yet led to noticeable gains in the country's tax revenue. The Egyptian Competition Authority's independence has yet to be legislatively strengthened, along with stalled divestment efforts. The report revealed that only nine of the 35 state-owned companies announced for sale in early 2023 have been partially divested. Moreover, the pace of divestment slowed in 2024, undermining confidence in the state's support for the private sector. As a result, USD inflows from divestments for FY2024/2025 were cut from $3 billion to $0.6 billion due to delays. The shortfall was reprogrammed into the final two years of the EFF programme. New divestment plans and benchmarks In mid-December 2024, the government announced 11 state-owned companies for divestment in 2025, including two banks and four military-owned entities, following the listing of 30 percent of the CBE's stake in United Bank on the EGX in early December. Meanwhile, a new structural benchmark has been introduced to ensure the hiring of investment advisors for a subset of these companies' sales, providing tangible progress on divestment goals. The report also highlighted the growing role of military-affiliated entities in the country's economic activity, including the acquisition of private land and companies. In this respect, the report stated that this situation sends mixed signals about the government's commitment to private-sector-led growth and contradicts the EFF's objective of empowering the private sector. Thus, it 'must be corrected.' Overall financing status The report estimated the total external financing needs to meet Egypt's Net International Reserves (NIR) targets at $11.4 billion for FY2024/2025, ending in June 2025, and $5.8 billion for FY2025/2026. These figures exclude IMF disbursements. Divestment proceeds are part of the financing plan, but now they have a more backloaded profile as follows: FY2023/2024: $2 billion (below original projections) FY2024/2025: $0.6 billion (downward revision) FY2025/2026: $3 billion (increased to offset earlier shortfalls) FY2026/2027: $2.1 billion These upward revisions aim to maintain the total divestment envelope originally agreed upon at programme approval, according to the report. On the foreign direct investment (FDI) front, the authorities have secured $3 billion in firm FDI commitments for the fiscal year 2024/2025. These FDI inflows will help offset the lower-than-expected divestment revenues and sustain the share of non-debt-creating financing. The report also noted that $18.3 billion in GCC deposits at the CBE are guaranteed to remain in place until the EFF ends in October 2026. These deposits can only be withdrawn early if used to purchase equities, and the FX proceeds from any equity sales will be retained in the CBE's foreign reserves. Looking forward, the IMF staff confirmed full financing coverage for the next 12 months. Yet, the continued programme financing hinges on meeting divestment targets, sustaining FDI inflow, and securing further multilateral assistance. As per the report, Egypt's NIRs exceed its IMF obligations, providing a repayment buffer. It explains that the composition of reserves improved after the conversion of $11 billion in UAE deposits at the CBE into EGP-denominated equivalents under the Ras El-Hekma deal. The report also stressed that Egypt's fiscal and external positions are improving, supporting continued market access, and sovereign spreads have narrowed significantly since early 2024. These trends underpin confidence in Egypt's ability to repay the Fund. $1.3 RSF fresh financing for Egypt The report includes new updates on the resilience and sustainability finance (RSF) loan programme the IMF approved for Egypt in March, upon the country's request, with a total amount of roughly $1.3 billion (49 percent of Egypt's quota at the IMF). The first review is expected to be completed on 15 September 2025, with three reviews set for the programme till it ends on 15 September 2026. The first tranche is expected to exceed $2.3 million. The report explained that Egypt contributes only 0.73 percent of global greenhouse gas (GHG) emissions (as of 2022). However, Egypt's GHG emissions have more than doubled since 1990. Due to its large population, Egypt is the third-largest emitter in the MENA region. The energy sector accounts for over 70 percent of Egypt's national GHG emissions. The current energy supply is heavily fossil-fuel dependent, as 58 percent stems from natural gas, 34 percent from oil, and a minimal contribution from renewables. The report said the country faces growing energy demand, which worsens the oil and gas trade deficit, and its reliance on natural gas exports also exposes it to transition risks during the global shift to clean energy. Egypt's requests for waivers According to the letter of intent Egypt submitted to the IMF concerning the completion of the EFF fourth review, Egypt requested two waivers as follows. 1. CBE Lending to Public agencies: Deviation from the end-December 2024 target was temporary. Sufficient loan repayments were received in January-February 2025 to bring balances in line with programme targets. As per the report, CBE lending to public agencies accounts for 3.5 percent of the country's GDP. 2. Primary Fiscal Balance (including divestment): With the shortfall in achieving the end-of-December 2024 quantitative performance criterion, Egypt pledged corrective action by applying 100 percent of proceeds from a $3 billion land sale toward public debt reduction in the current fiscal year. This exceeds the amount needed to offset the shortfall. The report also noted that 50 percent of the Ras El-Helma $35 billion proceeds went to lowering Egypt's debt ratio. Meanwhile, it showed that Egypt met the target for the government's overdraft account balance as of the end of December 2024. Out of 17 structural benchmarks, Egypt has met only eight. Authorities have proposed new timelines to fulfil most of the outstanding benchmarks. Egypt also requested modification of future targets and consequently the revision of quantitative performance criteria for upcoming reviews based on a stronger commitment to revenue-based fiscal consolidation. This comes as it pushes for larger NIR balances to maintain a buffer of approximately 120 percent of the IMF's Assessing Reserve Adequacy metric. The country also affirmed its willingness to take additional measures if needed and consult the IMF before implementing any policy changes that could affect programme commitments, avoiding policies inconsistent with its objectives. Follow us on: Facebook Instagram Whatsapp Short link:
Yahoo
14-07-2025
- Business
- Yahoo
Q2-2025 Production Results and Operational Highlights
Q2-2025 Production Results and Operational Highlights Serabi Gold plc ('Serabi' or the 'Company') (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to announce the Company's second quarter production results and operating highlights for FY2025 (all financial amounts are expressed in U.S. dollars unless otherwise indicated). Q2-2025 HIGHLIGHTS Gold production of 10,532 ounces, a 17% increase from Q2-2024. Over 3,850 metres of horizontal development for the quarter, a 10% increase on Q1-2025 and the highest quarterly development since operations commenced. Cash as at 30 June 2025 of $30.4 million vs $26.5 million as at 31 March 2025. Net cash at quarter-end (after interest bearing loans and lease liabilities) of $24.6 million (Q1-2025: $21.1 million). The Company remains on track to achieve 2025 consolidated production guidance of 44,000 – 47,000 ounces gold. First results from the brownfield exploration opportunities at Palito Complex, Coringa Mine and São Domingos target, which is part of Phase II of the Company's growth strategy: Hole 25-SE-001 – 0.6m @ 27.17 g/t Au from 274m (Senna orebody at Palito Complex) Hole 25-SE-001 – 1.05m @ 6.42 g/t Au from 276m (Senna orebody at Palito Complex) Hole 25-JA-003 – 0.5m @ 27.78 g/t Au from 120m (Jatobá orebody at Coringa) Hole 25-GA-001 – 0.5m @ 52.07 g/t Au from 150m (Galena orebody at Coringa) Hole 24-SD-016 – 1.65m @ 80.50 g/t Au from 193m (São Domingos) Hole 24-SD-023 – 1.35m @ 19.97 g/t Au from 143m (São Domingos) Hole 24-SD-024 – 0.60m @ 16.25 g/t Au from 186m (São Domingos) Hole 24-SD-026 – 1.50m @ 30.13 g/t Au from 317m (São Domingos) Hole 24-SD-026 – 0.75m @ 42.30 g/t Au from 330m (São Domingos) Mike Hodgson, CEO of Serabi, commented: 'We have followed a strong first quarter with an even better second quarter, which at 10,532 ounces, has been the highest quarterly output recorded since operations recommenced in 2013. Year-to-date, that gives total gold production of 20,545 ounces, slightly above budget and leaving us tracking guidance. Development rates were also excellent, 10% improved on the first quarter. A 17% increase on the corresponding quarter in 2024, and most pleasing within these numbers was the grade improvements at both Palito and Coringa. Palito plant feed grades year-to-date are 27% improved on the 2024 average, whilst Coringa plant feed grades improved 12%. At Coringa, the ore sorter has now been operational for 6 months with excellent performance. During this period, we have taken advantage of favourable economics and have been using the ore sorter to process low grade ore stockpiled since the mine opened, whilst higher grade ROM is transported directly to the Palito plant. By doing this we can produce more ounces from Coringa this year than originally planned. Coringa is of course, a relatively new mine and has continued to grow and perform well and we now have production coming from two main sectors, Serra, and Meio. The Serra zone has now been operating for 4 years with multiple levels in development and production; however, the mine is still relatively shallow with all activities still less than 200 vertical metres from surface. The Serra zone has production and development from multiple levels between 260m down to level 125m. The main ramps north and south are now deepening below 125m. The second quarter also saw further development into the Meio zone, the second sector at Coringa. The first two levels, 356m and 336m are now fully developed and stoping has just commenced. Grades are very encouraging, but development rates are slower than planned. At the Serra zone, we are blessed with excellent ground conditions, however the Meio zone is significantly weaker as we are still in the upper levels, close to surface and rock conditions are still somewhat weathered. As we deepen, we expect conditions to improve. However, it does mean more support as we advance and this slows development. At Palito, we have seen grades continue to improve and year to date 2025 mined grades have been approximately 6.19 g/t gold compared to 4.86 g/t gold in 2024. Much of this improvement has come from stoping the Barrichello zone, along with some excellent grades being returned from the G3 vein, which formed the backbone of production at Palito from 2005-2017. The G3 vein is now being mined on the -20m, -85m and -210m levels. 2025-2027 will see significant contribution from G3. The second quarter also saw our brownfield exploration programme gather pace. We have two rigs turning at Palito and two at Coringa as we target some 30,000 metres of drilling this year. The first results were published early in the quarter (LINK), with very encouraging results. The drilling results from the Senna orebody at the Palito Complex, as well as Jatobá and Galena in Coringa, indicate we are progressing towards our goal of increasing the current mineral resource inventory to between 1.5Moz-2.0Moz. We are enjoying excellent operational performance, strong prevailing gold prices, cash growth and anticipate further success. Our production profile will see greater quarterly production in Q3 and Q4 to reach guidance. With this as a foundation to what we anticipate will be a successful period of organic growth to look forward to in the second half of 2025.' OPERATIONAL RESULTS SUMMARY PRODUCTION STATISTICS FOR 2025 AND 2024 Qtr 1 Qtr 2 YTD Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD 2025 2025 2025 2024 2024 2024 2024 2024 Group Gold production (1)(2) Ounces 10,013 10,532 20,545 9,007 9,003 9,489 10,022 37,520 Mined ore Tonnes 44,924 52,032 96,956 56,296 59,564 58,682 50,327 225,049 Gold grade (g/t) 7.09 6.72 6.89 5.31 5.06 5.48 6.19 5.49 Milled ore Tonnes 48,155 51,246 99,401 54,521 55,192 54,579 52,363 216,655 Gold grade (g/t) 6.7 6.67 6.69 5.38 5.31 5.59 6.21 5.61 Horizontal development Metres 3,505 3,850 7,355 3,131 3,550 3,325 3,129 13,135 Palito Complex Gold production (1)(2) Ounces 4,666 5,607 10,273 5,135 4,251 3,648 4,369 17,404 Mined ore Tonnes 25,267 29,294 54,561 36,471 30,488 26,878 23,642 117,479 Gold grade (g/t) 6.15 6.22 6.19 4.72 4.52 4.34 6.10 4.86 Milled ore Tonnes 24,328 29,885 54,213 35,861 30,750 27,454 23,719 117,785 Gold grade (g/t) 6.25 6.15 6.20 4.73 4.56 4.33 6.05 4.86 Horizontal development Metres 1,979 2,004 3,983 2,153 2,315 1,859 1,948 8,275 Coringa Gold production (1)(2) Ounces 5,347 4,925 10,272 3,871 4,752 5,841 5,653 20,117 Mined ore Tonnes 19,657 22,738 42,395 19,825 29,076 31,984 26,685 107,569 Gold grade (g/t) 8.31 7.35 7.80 6.39 5.62 6.44 6.27 6.17 Milled ore Tonnes 23,827 21,361 45,188 18,660 24,441 27,125 28,645 98,871 Gold grade (g/t) 7.17 7.39 7.27 6.61 6.25 6.87 6.34 6.51 Horizontal development Metres 1,526 1,846 3,372 978 1,235 1,466 1,181 4,860 (1) The table may not sum due to rounding. (2) Production numbers are subject to change pending final assay analysis from refineries. Total production for the second quarter was 10,532 ounces. Total ore mined during the quarter was 52,032 tonnes at 6.72 g/t Au compared to 44,924 tonnes at 7.09 g/t for the first quarter of 2025. The Palito Complex process plant treated 51,246 tonnes at 6.67 g/t Au compared to 48,155 tonnes of ROM ore at a grade of 6.70 g/t Au for Q1-2025. A total of 3,850 metres of horizontal development has been completed for the quarter of which 1,879 metres was ore development. The balance was the ramp, crosscuts and stope preparation development. The Coringa orebody continues to perform well. Production was focused on the levels of 260m, 225m, 195m, 165m and now 130m level. The newly intersected Meio zone is in development with levels 356m and 336m advanced and stoping just underway. FINANCE UPDATE Cash balances at the end of June 2025 were $30.4 million, in comparison to the cash balances at the end of December 2024 of $22.2 million. On 6 January 2025 the Company fully repaid its $5.0 million unsecured loan arrangement with Itau Bank in Brazil which carried an interest coupon of 8.47 per cent. On 22 January 2025, the Group secured a new $5.0 million loan from Banco Santander. The Banco Santander loan is repayable as a bullet payment on 21 January 2026 and carries an interest coupon of 6.16%. The Company had a net cash balance at the end of Q2-2025 (after interest bearing loans and lease liabilities) of $24.6 million (31 December 2024: net cash $16.2 million). FY2025 PRODUCTION GUIDANCE The Company remains on track to achieve 2025 consolidated production guidance of 44,000 – 47,000 ounces gold. About Serabi Gold plcSerabi Gold plc is a gold exploration, development and production company focused on the prolific Tapajós region in Para State, northern Brazil. The Company has consistently produced 30,000 to 40,000 ounces per year with the Palito Complex and is planning to double production in the coming years with the construction of the Coringa Gold project. Serabi Gold plc recently made a copper-gold porphyry discovery on its extensive exploration licence. The Company is headquartered in the United Kingdom with a secondary office in Toronto, Ontario, Canada. The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. The person who arranged for the release of this announcement on behalf of the Company was Andrew Khov, Vice President, Investor Relations & Business Development. Enquiries SERABI GOLD plcMichael Hodgson t +44 (0)20 7246 6830Chief Executive m +44 (0)7799 473621 Colm Howlin Chief Financial Officer m +353 89 6078171 Andrew Khov m +1 647 885 4874Vice President, Investor Relations & Business Development e contact@ BEAUMONT CORNISH LimitedNominated Adviser & Financial AdviserRoland Cornish / Michael Cornish t +44 (0)20 7628 3396 PEEL HUNT LLPJoint UK BrokerRoss Allister / Georgia Langoulant t +44 (0)20 7418 9000 TAMESIS PARTNERS LLPJoint UK BrokerCharlie Bendon/ Richard Greenfield t +44 (0)20 3882 2868 CAMARCOFinancial PR - EuropeGordon Poole / Emily Hall t +44 (0)20 3757 4980 HARBOR ACCESS Financial PR – North AmericaJonathan Patterson / Lisa Micali t +1 475 477 9404 Assay ResultsAssay results reported within this release include those provided by the Company's own on-site laboratory facilities at Palito and have not yet been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company's activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company's management are satisfied that the Company's own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognized standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory. Forward-looking statementsCertain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', 'should' ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. Qualified Persons StatementThe scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 30 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009. NoticeBeaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it. Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release See for more information and follow us on X @Serabi_GoldError while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
