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Unaudited Interim Report for the Three Months and Six Months Until June 30, 2019 and Management Discussion and Analysis Immediate Publication

14. August 2019

Serabi Gold plc
("Serabi" or "Company")
Unaudited Interim Report for the Three-Month and Six-Month Durations to June 30, 2019 and Management Discussion and Analysis

Serabi Gold (AIM: SRB, TSX: SBI), a Brazilian-based gold mining and improvement company, at present publishes its unaudited interim report for the three-month and six-month durations ended June 30, 2019, whereas a administration dialogue and analysis has been revealed for the similar period.

FINANCING ITEMS

  • EBITDA for the second quarter was $ three.three million, up 23% from the similar interval in 2018.
  • EBITDA for the yr. $ 7.6 million, up 35% compared to the similar period in 2018.
  • Earnings earlier than tax have been $ 3.four million for the period, 2.92 cents per share.
  • Money belongings at finish of June 2019 $ 12.4. million US $ three.1 million after the end of 2018.
  • Up to now, AISC was $ 1,085 an oz, money costs are $ 860 an oz.
  • Second-quarter working money movement was $ three.0 million ($ 2.3 million). after mine improvement prices), in comparison with $ 1.4 million ($ 0.3 million after mine improvement prices) for the similar period in 2018.
  • Operating money move to date is $ 9.four million ($ 7.9 million after mine improvement prices)) To $ four.5 million ($ 2.5 million after mine improvement costs) for the similar period in 2018.
  • Greater second-quarter funding costs mirror $ zero.eight million in ore sorter.

Financials

6 months –
June 30, 2019
US $
three months –
June 30, 2019
US $
6 months –
June 30, 2018
US $
three months –
June 30, 2018
US $
turnover 29,585,739 [19659021] 12,459,699 25,700,634 [19659024] 11,873,783 [19659020] Gross sales Value [19659026] (19,164,989) [19659026] (7,803,002) [19659026] (17,272,887) [7 753 782] 10,420,750 4,656,697 8,427 747 four,zero89,997 [19659020] Administration and share rewards (2,803,500) [19659026] (1,378,996) [19659026] (2,780,485) (1,422 19659021) 7,617,250 ] three,277,701 5,647,262 [19659034] 2,667,114 [19659020] Depreciation and amortization (four,250,501) [19659026] (1,960,956 (4,490,900) revenue / (loss) before finance and taxes 3,366,749 1,316,745 [19659026] 1,156,362 169,067
profit / (loss) after taxes 1,719,640 169,678 ( 482,634) (493,420)
earnings per share (19659061) 2.92c 0 .29c (1.10c) (zero.94c)
[19659046]
common gold worth obtained $ 1,287 $ 1,292 . ] $ 1,309 $ 1,296
Like
June 30,
2019
$
December 31, 2018
US $
Cash and bank receivables 12,366,683 9,216 048
Internet Belongings . 19659021] 71 452 748 69 110 287
cash and all-in upkeep costs ("AISC") .
6 months June 30, 2019 6 months –
June 30, 2018
12 months –
December 31, 2018
gold production for cash and AISC functions [1 9659026] 19 691 ounces 18 751 ounces 37 108 ounces
complete production value (per ounce) 19659026] $ 861 $ 821
complete manufacturing AISC (per ounce) $ 1,zero85 $ 1,121 $ 1,093

OPERATING AND DEVELOPMENT quarter. gold production of 9,527 ounces of gold, with complete manufacturing of approximately 19,700 ounces in the corresponding interval final yr, an increase of 5% over the corresponding period in 2018.

  • Complete ore mining at 44,784 tonnes at 6.72 grams / yr ("g / t ") gold.
  • 43,711 tonnes of mine ("ROM") ore have been processed from the mixed Palito and Sao Chico ores, averaging 6.72 g / t of gold.
  • 2419 meters of horizontal improvement have been accomplished throughout the quarter, which is 30% more than in the last quarter.
  • Launching a Company Preliminary Economic Assessment (PEA) for the Coringa Gold Undertaking after the fourth quarter up to date mineral useful resource assessment. The outcomes of the research are expected to be out there before the finish of August 2019.
  • The corporate maintains its 2019 production tips, which are 40,000-44,000 ounces, which represents a big enchancment in 2018 manufacturing, or 37,108 ounces.
  • Key Operational Knowledge

    [19659144] SUMMARY PRODUCTION STATISTICS FOR 2019 AND 2018 CALENDAR YEAR
    Qtr 1 Qtr 2 Complete Qtr 1 Qtr 1 Qtr 1 Qtr Qtr four Complete
    2019 2019 2019 2018 2018 2018 2018 2018. 19659166]
    gold manufacturing (1) (2) ounces [5] 16164. 19659170] 19691 9188 9563 8101 10256 37108
    [19659170]
    [19659170]
    ore mined – complete tonnes 42,609 44,784 87,393 39,669 [1965917] 19659171] 19,259 [196591010]
    gold grade (g / t) 7.47 6.72 7.08 7.49 8.12 ] 6.23 6.23] 7.29
    powdered ore tonnes 43.four 19659170] 87 162 43 145 38 155 41 405 45,548 168,zero15,198 ]
    gold grade (g / t) 7.69 [1965/672] 7.04 7.71 6.11 7.39 ] 7.06
    [19659165] Horizontal Improvement 1,688 2,419 4,287 2,353 2,744 2,814 2,460 10,371
    1. gold production figures might change until ultimate purchases are settled provided copper / gold concentrates and gold colors.
    2. Complete manufacturing in 2019 consists of handling of 10,892 tons of flotation tail at four.38 g / t (full yr 2018: 16,466 tons at 3.71 g / t). t)
    3. The table might not include the sum resulting from rounding.

    Copies of the financial statements and MD&A could be accessed from the Company's website by following the hyperlinks under.

    Mike Hodgson, CEO of Serab, comments:

    . “This second quarter has as soon as again been very pleasant from an operational viewpoint. As we introduced in our second-quarter enterprise replace on July 22, we have been very close to producing more than 10,000 ounces for the third consecutive quarter. Second quarter economic efficiency represents a big improvement over Q1 2018, when gold manufacturing levels have been very comparable, and despite the average gold worth achieved in Q3 2018, we have been truly barely greater than our Q2 2019. money and money equivalents, considering the ongoing mine improvement prices, have been $ 2.3 million, a rise of $ 2.zero million compared to the corresponding quarter in 2018. It is recalled that the cash place acquired a big improve over the first two quarters of 2019. throughout the month by means of the sale of stock held at the finish of December 2018. Nevertheless, the Group's cash reserves have increased slightly in comparison with the state of affairs at the end of March 2019, which, following the $ 1.1 million purchase of equipment and gear in the yr, is cluding $ 800,000 associated to the remaining buy worth of ore sorter and import taxes levied in Brazil.

    “Whereas manufacturing in this second quarter was barely lower than in the first quarter of 2019, AISC has declined barely but continues to be enhancing in comparison with 2018, and current gold worth improvements are anticipated by the authorities to continue its good working margin for the remainder of the yr. In comparison with Q2 2018, complete $ 7.8 million quarterly bills are corresponding to Q3 2018, but margin enchancment is attributable to fourth quarter gross sales progress of 9,667 ounces eight per cent larger than in Q1 2018 [19]. Nevertheless, this enchancment in the worth of gold has had an influence on monetary bills for the financial yr. The implicit worth of the gold options granted by the Company to an insured lender in July 2017 has risen and resulted in a $ 427,000 revaluation cost for six months till June 30, 2019. In all different respects, our quarterly value profile continues to be fairly flat.

    “Earlier this month, we announced the consultants' expected timetable to prepare for the Preliminary Economic Assessment (PEA) for Coringa. As we had previously advised, in our concerns about mine tailings dams, we have decided to move to a dry solution and abandon the conventional tailings dam. Our experts in Global Resource Engineering (“GRE”) have helped with the mandatory modifications in check drive, design, gear specs and dry stacked waste management answer, as well as in the course of design process. This has affected our potential to advance PEA at the tempo you previously hoped for, but in all other respects, the Coringa venture continues to be progressing, and there’s regular progress in securing permission and licenses, which places us able to start out undertaking improvement.

    "Our current business is going well and July was another very good month of production that kept us on the right track to reach our annual production guidelines."

    SERABI GOLD PLC
    abstract of consolidated revenue for the three months

    June 30, For a six-month period that ended on June 30, 2019 2018. 19659285] 2019 2018 (expressed in US Dollars) Notes (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 19659294] [19659281] Turnover 12,459,699 29,585,739 25,700,634 Sales Value [196592107] 19659304] (17,472,887) Depreciation and amortization of inventories to 200,000 500,000 200,000 (1,196,609). ] (2,488,047) (four,250,501) (4,490,900) Gross profit 2,695,741 1,591,950 6,170,709 [1965849[1965] 1969,1969] ( 1,415,133) (1,357,814) (2,779,964) (2,689,238) share-based payments (65,486) (78,278) [1965930] [19659172] (155,571) capital good points on gross sales of belongings 101,623 13,209 126,435 64,324 1,316,745 169,067 366,749 1,156,362 Trade price (loss) / profit (51,486) (6681043) (498,543). 19659304] (555,633) finance expenses 2 (849,336) (109,145) (1,123,599) (699,518) 2 finance revenue. 159,600 – 161,817 34 profit / (loss) earlier than taxes 575,523 (438,621) 2338,864 (98.79) . tax expenses 3 (405,845) (54,799) (619,224) (383,879) revenue / (loss) after taxes 169,678 ]. (493,420) 1,719,640 (482,634) other complete revenue (after tax) . ] gadgets that could be subsequently recycled by way of revenue or loss foreign money differences in translation of overseas models 1,053,943 [19659917] ] 491,850 (9,260,602). Profit / (loss) for the period attributable to equity holders of the mother or father company 1 223 621 (9 418 993) 2 211 490 (9 742 638) . revenue / (loss) of widespread inventory (primary) (1) 4 zero.29 c (0.94 c) 2.92 c . (1.10c) revenue / (loss) per strange share (diluted) (1) 4 0.28c (zero.94c) 2.85c [19659183] (1,10c) [19659135] (1) All revenue and bills arise from continuing operations. SERABI GOLD PLC
    condensed consolidated stability sheets

    As in As in [19659442] As of 30. June 30, 19659263 June 31, 19659264 December 2019 2018 2018. 19659455] (expressed in US dollars) (unaudited) (unaudited) (audited) non-current belongings . ] deferred exploration costs 29,591,753 24,490,001 27,707,795 property, plant and gear [19653946] 42,342,102 receivable taxes 1,556,125 1,556,129 1,555,170 1965, 1965, 2,682, 1965, 1962 1965 Complete non-current belongings 74,384,948 70,372,135 73,767,247 Stock [19659469] inventories 6,898,033 5,827,745 eight,511,474 1,965,9758] 1,965,9758 19659276] 758,209 prepayments and accrued revenue four,706,018 three,698,201 four,166,968 [1965/1969] [1965/1969] [1965] 21,zero52,325 19659283] Complete inventories 25,262,239 31,875,249 22,652,647 [1965] [1965] [1965] 19659472] Purchase and different debts 4,302,798 19659271] remaining acquisition charge 11,530,zero27 to 10,997,757 By-product contracts 681,765 346,992 1969, 1969, 1969, 19659213 19659284] 350,878 372,327 Complete Current Liabilities 26,059,336 11,522,224 22,337,179 Internet Belongings . 20,353,025 315,468 Complete belongings less present liabilities 73,587,851 90,725,160 74,zero82,715 1969 [1969] [1969]] Accounts payable and other liabilities 562,927,665 ] 2333353 955 521 Reserves [1965944] 19659472] 1,543,811 Remaining Purchase Payment [19659446] – 10,481,843 – Curiosity-bearing liabilities – 1,686,704 2,463,096 Complete long-term debt ] 2,135,1013 16,259,464 4,972,428 internet belongings 71,452,748 74,465,696 69,110,287 [1965] [1965] [1965] [1965] 19659472] share capital eight,882,803 8,863,755 eight,863,755 share premium account [19654445] [19654445] 19659443] Choice provision 1,106,017 1,189,318 1,363,367 different provisions 595 795 [595] (40315273) (40459572) (40807123) [19659455] accrued surplus 74 436 581 78 123 921 73 154 991 fairness The monetary info of this Interim Report is unaudited and just isn’t a statutory monetary assertion as outlined in part 434 of the Corporations Act. Although the monetary info in this report has been ready in accordance with Worldwide Financial Reporting Requirements (IFRS), this financial assertion doesn’t itself include enough financial info to adjust to IFRS. The Group's statutory financial statements for the yr ended 31 December 2018, prepared in accordance with IFRS as adopted by the EU, and interpretations of IFRS as adopted by the Worldwide Accounting Requirements Board have been filed with the Corporations Register after approval by shareholders at the 2019 Annual Common Meeting. Assembly. The auditor's report on these accounts was goal. The auditor's report didn’t embrace an opinion underneath part 498 (2) or section 498 (3) of the Corporations Act 2006.

    SERABI GOLD PLC
    Condensed Consolidated Statement of Modifications in Equity

    (Expressed in US) $ (Unaudited) Share
    Equity Share
    19659379] different reserves (1) conversion reserve retained earnings complete fairness equity funds December 31, 2017 1,522,960 1,722,222 1,425,zero42 4,015,369 (31,199,568) 79,266,705 60,770,712 Change price adjustments – – – – – – – 2609705) (9,260,705). (9,260,004) Profit for the interval – – – – – (48) 2,634 (482,634) Complete [19659394] – – – – (9,260,004) (482,634) ) Transfer to tax reservation – – – – ] 1,051,427 – (1,051,427) – Shares issued throughout the interval . 19659705] 19,959,256 – – – – 23,282,051 The inventory choices expired throughout the interval – – (39659395) ). 19659705] – 391 277 – Inventory Choice Expenses – – 155 571 – – – 155 571 fairness funds June 30, 2018 8,863,755 1,189,318 5,066,796 (40,459,572) 78,123,921 74,465 696 [1965-7070] 705] – – – (347,551) – (347,551) Losses for – – – – – (four,968,930) (four,968,930) Complete income for the interval – – – – 347,551) [1965970]. (4 968 930) (5 316 481) switch to tax reservation – – – (302,977) – (302.977) Shares issued throughout the interval 19,048 70,952 – – – – 90,000 Stock choices costs – 17 19659697]. – – – 174,049 Fairness funds on December 31, 2018 8,882,803 21,752,430 1,363,367] 19,659,397] 19,659,397] 69110287 For Overseas Foreign money Adjustment – – – – 491,850 – 491,850 Revenue for the period – – – – – 1,719,640 1,719,640 Complete income for the period – – – – 491 850 [1965970] 19659705] 211 490 Transfer to tax money owed – – – 826,371 – 19659395] – inventory options lapsed. ] – – (388,321) – – 388,321 – Stock Choice Expenses – – 130,971. – – 130,971 equity funds June 30, 2019 eight,882,803 21,752,430 1,106,017 5,590,190 [19659387457397] 748
    1. Other provisions include a $ 361,461 merger reserve and a $ 5,228,729 tax provision (December 31, 2018: $ 361,461 merger provision and $ four,402,358 tax provision).

    SERABI GOLD PLC
    Condensed Consolidated Cash Circulate Assertion

    for three months
    ended
    on June 30
    ended for six months
    ended
    on June 30, 2019
    ]. ] 2018 2019 2018
    (expressed in US dollars) (unaudited) (unaudited) (unaudited) (unaudited)
    Enterprise [19459567] 19659570]
    after tax (loss) / profit for the interval 169,678 (493,420) 1,719,640 (482,634)
    gear depreciation and mining properties 1,960,956 2,488,zero47 four,250,501 four,490,900
    Internet financial bills 741,222 [19659896] 607,688 1,zero27,885 117
    Revaluation reserve reserve (200,000) (500,000) (200,000)
    tax provision
    405,845 54,799 619 224 383,879
    share-based funds 65,486 78,278 130,971 245,571 [196598894] 404,652 222,774 [19659570] (382,801) 154,350
    Modifications in working capital
    (shares)] (572,470) (619,967) 2,165,340 117,146
    (improve in receivables, prepayments and accrued revenue) (19659895) (376,417) (1003,967) (1,003,967). 1,113,022) (1,503,295)
    improve / (decrease) in debt, service and provision 979,894 242,933 1,518,388 113,080 [19659957] internet money move from operating activities [19659609] 2 969 542 1387 185 9 436 126 four 484 114
    19659896]
    acquisition charges (120 988) (4 740 928) (1 156 zero65) (four 740 928)
    activated mine improvement prices ( 19,659,895). (1 064 966) (1 492 563) (2 030 489)
    buy of property, plant and gear and development tasks (1 071 564) (892 233) (1 461) 292) (1,317,926)
    Expenditure on geological survey (208,062) (1,443,384) (796,524) (2,011,802)
    operational undertaking costs (403,580). (496,049) (843,522) (1,289,479)
    revenue from the sale of property 118,039 13,209 153,081 64,324 [19659957] Interest acquired 2,217 34
    Internet cash movement from investing activities (2,340,408) (8,624,351) (5,594,688) . (11,326,266)
    financial activities
    provision of atypical share capital . 23,807,346 23,807,346
    Prices associated to the situation of share capital (566,518) (566,518)
    [nostettuvakuuslaina19659896] – [19659570] – three,000,000
    Insured Loan Reimbursement (195,zero43) (666,667) (195,zero43) (1,000,000) [rahoitussopimukset19659894]. (81,573) (143,063) (267,178) (426,210)
    Curiosity paid and other financial expenses (151,137) (234,166) ]) [19659954] (386,587)
    internet cash circulate (outflow) / financial revenue (427,753) 22,196,932 (766,154) 24,428,031
    ]
    internet improve / (decrease) in cash and money equivalents 201,381 14,959,976 three,075,294 17,585,879
    at beginning of period [19659569]] 6,695,526 9,216,048 4,093,866 [19659650] 31,590 (602,967) 75,341 (627,420)
    cash and cash equivalents] 12366683 21052325 12366683 21052325

    Notes

    1. Accounting Policies
    These condensed interim financial statements are introduced for the three-month and six-month durations ended June 30, 2019. The comparative info has been introduced for the unaudited three-month and six-month period ended 30 June 2018 and, if crucial, for the audited 12-month interval 1 January 2018 – 31 December 2018. These condensed consolidated financial statements do not embrace all the info that may in any other case be required by they need to be read together with the 2018 Annual Report.
    The condensed consolidated financial statements for the interval have been ready in accordance with Worldwide Accounting Normal 34, Interim Monetary Reporting, and the accounting policies are constant 31. Annual Accounts for the Yr Ended December 31, 2018 and Accounting Insurance policies Designed for the Monetary Statements. Yr ending December 31, 2019.

    Accounting Requirements, Amended Standards and Interpretations Effective in 2019
    The Group has not adopted any requirements or interpretations earlier than the required adoption dates.
    IFRS 16 Leases entered into drive on 1 January 2019 and requires lessees to acknowledge all lease belongings and liabilities in the stability sheet for both finance leases and working leases. The adoption of IFRS 16 has not had a big impression on the consolidated financial statements as a result of the leases held by the Group are of little worth and most of the present leases either relate to service contracts or do not otherwise give rise to a proper to make use of fastened belongings or leases.

    These monetary statements usually are not statutory accounts as defined in part 434 of the Corporations Act 2006.

    1. Persevering with operations

    On June 30, 2019, the Group had cash and money equivalents of $ 12.three million and internet belongings of $ 71.5 million. The directors have reviewed the forecast cash movement of the Group for the subsequent 12 months. Based mostly on this forecast, which incorporates planned capital and exploration programmes, the Group might not be capable of generate enough money flows to settle, in full, the deferred consideration of US$12 million payable for the acquisition of Coringa which falls due in December 2019.

    The Administrators consider there is a affordable prospect of the Group securing further funds as and when required so that the Group can meet all liabilities together with the deferred consideration payable for the acquisition of Coringa as and once they fall due in the subsequent 12 months and have ready the monetary statements on a going concern foundation.

    As at the date of this report the consequence of raising further funds stays uncertain and this represents a cloth uncertainty surrounding going concern. If the Group fails to boost the essential funds the Group may be unable to understand its belongings and discharge its liabilities in the regular course of business. The issues defined indicate that a material uncertainty exists which will forged vital doubt on the Group and Mother or father’s capacity to proceed as a going concern. These monetary statements do not present the changes to the belongings and liabilities of the Group or the Father or mother firm if this was to occur.

    (ii)   Use of estimates and judgements
    There have been no material revisions to the nature and amount of modifications in estimates of amounts reported in the 2018 annual financial statements.

    (iii)  Impairment

    At each stability sheet date, the Group evaluations the carrying amounts of its property, plant and gear and intangible belongings to determine whether or not there’s any indication that these belongings have suffered impairment. Previous to carrying out of impairment evaluations, the vital money producing models are assessed to find out whether or not they should be reviewed beneath the necessities of IFRS 6 – Exploration for and Analysis of Mineral Assets or IAS 36 – Impairment of Belongings. Such willpower is by reference to the stage of improvement of the venture and the degree of reliability and surety of data used in calculating value in use or truthful worth less costs to promote. Impairment critiques carried out underneath IFRS 6 are carried out on a undertaking by venture basis, with every challenge representing a potential single cash producing unit. An impairment evaluation is undertaken when indicators of impairment arise; sometimes when certainly one of the following circumstances applies:

    (i)            enough knowledge exists that render the useful resource uneconomic and unlikely to be developed

    (ii)           title to the asset is compromised

    (iii)          budgeted or deliberate expenditure is just not anticipated in the foreseeable future

    (iv)          inadequate discovery of commercially viable assets resulting in the discontinuation of activities

    Impairment critiques performed underneath IAS 36 are carried out when there is an indication that the carrying worth could also be impaired. Such key indicators (although not exhaustive) to the business embrace:

    (i)            a big deterioration in the spot worth of gold

    (ii)           a big improve in production prices

    (iii)          a big revision to, and discount in, the lifetime of mine plan

    If any indication of impairment exists, the recoverable amount of the asset is estimated, being the greater of truthful worth less costs to sell and worth in use. In assessing value in use, the estimated future money flows are discounted to their present worth utilizing a pre-tax low cost price that displays current market assessments of the time worth of cash and the dangers specific to the asset for which the estimates of future cash flows haven’t been adjusted.

    If the recoverable amount of an asset (or cash-generating unit) is estimated to be lower than its carrying quantity, the carrying amount of the asset (or cash-generating unit) is lowered to its recoverable quantity. Such impairment losses are recognised in revenue or loss for the yr.

    The place an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the elevated carrying quantity does not exceed the carrying quantity that may have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised in revenue or loss for the yr.

    2. Finance Costs

      three months ended
    30 June 2019
    (unaudited)
    3 months ended
    30 June 2018
    (unaudited)
    6 months ended
    30 June 2019
    (unaudited)
    6 months
    ended
    30 June 2018 (unaudited)
      US$ US$ US$ US$
    Interest expense on secured loan (150,956) (205,479) (300,540) (357,899)
    Unwinding of discount on acquisition cost (270,750) (246,137) (532,271) (483,883)
    Arrangement payment for secured mortgage (90,000)
    Loss on revaluation of derivatives (427,630) (290,788)
    Amortisation of truthful value of derivatives (65,000) (130,000)
      (849,336) (516,616) (1,123,599)[1 9459237](1,061,782)
    Achieve on revaluation of derivatives 407,471 362,264
      159,000 159,000
    Interest revenue 2,217 34
    Internet finance expense (689,736) (109,145) (961,782) (699,484)

    3. Taxation

    The Group has recognised a deferred tax asset to the extent that the Group has affordable certainty as to the degree and timing of future income that may be generated and towards which the asset may be recovered. The Group has released the quantity of US$502,707 as a deferred tax charge throughout the six month interval to 30 June 2019.

    The Group has additionally incurred a tax cost in Brazil for the six month interval of US$116,517.

    4. Earnings per share

      three months ended 30 June 2019
    (unaudited)
    3 months ended 30 June 2018
    (unaudited)
    6 months ended 30 June 2019
    (unaudited)
    6 months ended 30 June 2018
    (unaudited)
    Profit / (loss) attributable to bizarre shareholders (US$) 169,678 (493,420) 1,719,640 (482,634)
    Weighted common unusual shares in situation 58,909,551 52,529,475 58,909,551 43,821,118
    Primary revenue / (loss) per share (US cents) 0.29c (zero.94) 2.92c (1.10)
    Diluted atypical shares in problem 60,430,473(1) 52,529,475(1) 60,430,473(2) 43,821,118(1)
    Diluted profit / (loss) per share (US cents) zero.28c (0.94c) 2.85c (1.10c)
    1. As the effect of dilution is to scale back the loss per share, the diluted shares in challenge are the similar as the primary shares in problem and the diluted loss per share is taken into account to be the similar as the primary loss per share.
    2. Based mostly on 1,520,922 options vested and exercisable as at 30 June 2019.

    Enquiries:

    Serabi Gold plc   Michael Hodgson Tel: +44 (0)20 7246 6830 Chief Government Cellular: +44 (zero)7799 473621     Clive Line Tel: +44 (zero)20 7246 6830 Finance Director Cellular: +44 (zero)7710 151692     E mail: contact@serabigold.com   Web site:  www.serabigold.com       Beaumont Cornish Limited
    Nominated Adviser and Financial Adviser   Roland Cornish Tel: +44 (zero)20 7628 3396 Michael Cornish Tel: +44 (0)20 7628 3396     Peel Hunt LLP
    UK Broker[19660203]  Ross Allister Tel: +44 (zero)20 7418 9000 James Bavister Tel: +44 (0)20 7418 9000

    Copies of this announcement are available from the Company’s website at www.serabigold.com.

    Neither the Toronto Inventory Change, nor some other securities regulatory authority, has permitted or disapproved of the contents of this announcement.

    The Company will, in compliance with Canadian regulatory necessities, submit the Unaudited Interim Financial Statements and the Management Discussion and Analysis for the three and six month durations ended 30 June 2019 on SEDAR at www.sedar.com. These paperwork may also obtainable from the Company’s website – www.serabigold.com.

    Serabi’s Administrators Report and Financial Statements for the yr ended 31 December 2018 together the Chairman’s Statement and the Management Discussion and Evaluation, are available from the Company’s website – www.serabigold.com and on SEDAR at www.sedar.com.

    This announcement is inside info for the functions of Article 7 of Regulation 596/2014. The one that arranged for the launch of this announcement on behalf of the Company was Clive Line, Director.

    GLOSSARY OF TERMS
    The following is a glossary of technical phrases:
    “Au” means gold.
    “assay” in financial geology, means to analyse the proportions of metallic in a rock or overburden sample; to check an ore or mineral for composition, purity, weight or other properties of economic interest.
    “development” – excavations used to determine access to the mineralised rock and different workings.
    “doré – a semi-pure alloy of gold silver and other metals produced by the smelting process at a mine that will be subject to further refining.
    “DNPM” is the Departamento Nacional de Produção Mineral.
    “grade” is the concentration of mineral inside the host rock sometimes quoted as grammes per tonne (g/t), elements per million (ppm) or elements per billion (ppb).
    “g/t” means grammes per tonne.
    “granodiorite” is an igneous intrusive rock just like granite.
    “igneous” is a rock that has solidified from molten material or magma.
    “Intrusive” is a body of igneous rock that invades older rocks.
    “on-lode development” – Improvement that is undertaken in and following the course of the Vein.
    “mRL” – depth in metres measured relative to a hard and fast level – in the case of Palito and Sao Chico this is sea-level. The mine entrance at Palito is at 250mRL.
    “saprolite” is a weathered or decomposed clay‐rich rock.
    “stoping blocks” – a discrete space of mineralised rock established for planning and scheduling purposes that might be mined using one in every of the numerous stoping methods.
    “Vein” is a generic term to describe an prevalence of mineralised rock inside an space of non-mineralised rock.

    Qualified Individuals Statement
    The scientific and technical info contained inside this announcement has been reviewed and permitted by Michael Hodgson, a Director of the Firm. Mr Hodgson is an Financial Geologist by coaching with over 26 years’ expertise in the mining business. He holds a BSc (Hons) Geology, College 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, recognising him as both a Qualified Individual for the functions of Canadian Nationwide Instrument 43-101 and by the AIM Steerage Word on Mining and Oil & Fuel Corporations dated June 2009.

    Forward Wanting Statements
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    ENDS

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