Audited Results for the year ended 31 December 2025
Original announcement by tmx on
- Company
- Serabi Gold plc
- Ticker
- SBI
- Exchange
- TSX
- Region
- Unavailable
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Production, Resource update
- Extracted
- 2026-09-12 23:00:58 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Serabi Gold plc announced strong audited results for the year ended 31 December 2025, with revenue increasing to $155.8 million and post-tax profit reaching $53.9 million, reflecting higher gold production of 44,169 ounces and a higher average gold price. The company also reported its consolidated Measured & Indicated gold resource at 731,000 ounces and Inferred resource at 653,000 ounces, though these figures represent a decrease in M&I and flat Inferred compared to prior estimates, despite the narrative of growth. The company became debt-free and declared its inaugural annual dividend.
Reasoning: Serabi Gold plc reported strong audited financial results for 2025, including significant increases in revenue, EBITDA, and post-tax profit, driven by higher gold production and a favorable gold price. The company achieved a debt-free status and announced its inaugural dividend. However, cash costs and AISC increased, and the reported consolidated M&I resource showed a decrease compared to prior estimates, contradicting the document's narrative of resource growth. The company also noted two fatalities in early 2026.
Positive factors
- strong_financial_performance
- increased_gold_production
- debt_free_status
- inaugural_dividend_announced
- strong_cash_position
- qp_signed
- ni_43_101_compliant
Negative factors
- increased_cash_costs_and_aisc
- contained_metal_decline_in_m_and_i_resource
- narrative_contradicts_numbers_on_resource_growth
- two_fatalities_in_early_2026
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 5
Classification and evidence
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: Gold production increased from 37,520 ounces in 2024 to 44,169 ounces in 2025.
Evidence · text
“Gold production for the 2025 full year of 44,169 ounces (2024: 37,520 ounces).”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Michael Hodgson, a Director of the Company, is recognized as a Qualified Person for NI 43-101 purposes.
Evidence · text
“Michael Hodgson, a Director of the Company... is a Qualified Person for the purposes of Canadian National Instrument 43-101”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The scientific and technical information is reviewed and approved by a Qualified Person for NI 43-101.
Evidence · text
“Qualified Person for the purposes of Canadian National Instrument 43-101”
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: The consolidated M&I contained gold decreased from 1167.2 koz (prior) to 731 koz (new).
Evidence · text
“consolidated M&I resource to 731,000 ounces of gold”
Narrative Contradicts Numbersnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The document claims 'significant increase' in M&I and Inferred ounces, but the reported numbers show a decrease in M&I and flat Inferred when compared to prior estimates.
Evidence · text
“significant increase in the Company’s consolidated M&I ounces and Inferred ounces... contributed to the growth of our consolidated M&I resource to 731,000 ounces of gold and Inferred resource to 653,000 ounces of gold.”
Extracted facts
Stored fact records: 2. Some facts used in scoring do not have a stored record.
Resource Estimates (2)
indicatedconsolidated (palito complex & coringa mine) · goldContained Metal: 731000Contained Unit: ozView all detailsHide details
Identity
- Project
- consolidated (palito complex & coringa mine)
- Commodity
- gold
- Ticker
- SBI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Michael Hodgson
- Resource group id
- resource:24c2276eebd84ad40080
Resource Data
- Category
- indicated
- Contained Metal
- 731000
- Contained Unit
- oz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Contained Metal
- 1167.2
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-01T00:00:00.000Z
Reasoning: The reported consolidated M&I contained gold of 731 koz represents a significant decrease from the prior consolidated M&I of 1167.2 koz, directly contradicting the document's claim of 'growth'.
Positive factors
- qp_signed
- ni_43_101_compliant
Negative factors
- contained_metal_decline
- narrative_contradicts_numbers
Evidence · text
“consolidated M&I resource to 731,000 ounces of gold”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 731000 against 1167.2 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredconsolidated (palito complex & coringa mine) · goldContained Metal: 653000Contained Unit: ozView all detailsHide details
Identity
- Project
- consolidated (palito complex & coringa mine)
- Commodity
- gold
- Ticker
- SBI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Michael Hodgson
- Resource group id
- resource:855e7c7a4e505c6ca998
Resource Data
- Category
- inferred
- Contained Metal
- 653000
- Contained Unit
- oz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Contained Metal
- 653.3
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-01T00:00:00.000Z
Reasoning: The reported consolidated Inferred contained gold of 653 koz is essentially flat compared to the prior 653.3 koz, directly contradicting the document's claim of 'growth'.
Positive factors
- qp_signed
- ni_43_101_compliant
Negative factors
- narrative_contradicts_numbers
Evidence · text
“Inferred resource to 653,000 ounces of gold”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 653000 against 653.3 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.