# Audited Results for the year ended 31 December 2025 Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/audited-results-for-the-year-ended-31-december-2025--4abcc685-bc47-45f6-8506-e7075996412f Original source: https://money.tmx.com/en/quote/SBI/news/7233125147767236/audited-results-for-the-year-ended-31-december-2025 Publisher: tmx Original announcement: 2026-05-01T06:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas 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 factor: strong\_financial\_performance - Positive factor: increased\_gold\_production - Positive factor: debt\_free\_status - Positive factor: inaugural\_dividend\_announced - Positive factor: strong\_cash\_position - Positive factor: qp\_signed - Positive factor: ni\_43\_101\_compliant - Negative factor: increased\_cash\_costs\_and\_aisc - Negative factor: contained\_metal\_decline\_in\_m\_and\_i\_resource - Negative factor: narrative\_contradicts\_numbers\_on\_resource\_growth - Negative factor: 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 Growth** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Decline** Polarity: negative Definition: 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 Numbers** Polarity: negative Story-specific tag Definition: 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) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/audited-results-for-the-year-ended-31-december-2025--4abcc685-bc47-45f6-8506-e7075996412f#fact-resource-facts-3) consolidated \(palito complex & coringa mine\) · gold #### 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 factor: qp\_signed - Positive factor: ni\_43\_101\_compliant - Negative factor: contained\_metal\_decline - Negative factor: narrative\_contradicts\_numbers Evidence · text > consolidated M&I resource to 731,000 ounces of gold #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Growth** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/audited-results-for-the-year-ended-31-december-2025--4abcc685-bc47-45f6-8506-e7075996412f#fact-resource-facts-4) consolidated \(palito complex & coringa mine\) · gold #### 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 factor: qp\_signed - Positive factor: ni\_43\_101\_compliant - Negative factor: narrative\_contradicts\_numbers Evidence · text > Inferred resource to 653,000 ounces of gold #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Growth** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: 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.