Serabi Gold plc
Serabi Gold is a debt-free gold producer operating the Palito and Coringa underground mines in Brazil's Tapajós region. The company reported record annual production in 2025, raised 2026 guidance, and entered Q2 2026 with $64.4M cash after repaying its remaining debt facilities.
Notable vs. Peers
- Financials score of 10/10 is stronger than the peer average of 6.5/10.
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Sep 2020 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Jul 2014 · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: grid power.
Not in place: mill, tailings facility, grid power.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 11 yrsCoringa
Jurisdiction (40%)6/10
Brazil has an established democracy and mining code with a long operating track record for Serabi, but real (BRL) currency volatility and Amazon-region environmental/permitting complexity temper the score.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at Palito Complex.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Tocantinzinho (G Mining Ventures Corp.), 63 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer stake on file; largest strategic holder is Classe Roca Magma FIP (24.99%) See holders
Not an operating producer, so it isn't the toehold-then-takeout pattern the research documents; a missing producer stake isn't held against a company.
Weight 25% - Distance to a producing mineSub-score:4.6/10
Nearest producing mine: Tocantinzinho (G Mining Ventures Corp.), 63 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Brazil: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Qualified in mining geology with an undergraduate degree from the University of London and a graduate degree from the University of Leicester; Fellow of the Institute of Materials, Minerals and Mining, a Chartered Engineer with the UK Engineering Council, and a Qualified Person under NI 43-101. Has 40 years of international mining experience, including as Manager, Technical Services and Operations for TVX Gold Inc., Chief Operating Officer and VP Technical Services for Orvana Minerals Corporation (improving results at its 80,000 oz/year underground gold mine in Bolivia), and Manager-Technical Services at South Crofty Plc, with further experience at Rio Tinto and Zambia Consolidated Copper Mines. Has served as Chief Executive Officer and Executive Director of Serabi Gold plc since 2007.
Chief Financial Officer of Serabi Gold plc. Member of the Institute of Chartered Accountants of Ireland, fluent in Brazilian Portuguese, who began his career with KPMG in Dublin before spending two years as a management and cost accountant with the Kerry Foods group in Sao Paulo, Brazil. Joined Serabi Gold plc in October 2013 as Group Financial Controller, taking responsibility for the company's financial systems, budgeting, and management and regulatory reporting through a decade of growth. Appointed Chief Financial Officer of Serabi Gold plc on 31 December 2024 and joined the Board as an Executive Director on 25 April 2025.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Serabi Gold's shareholder register carries one large, real position: Classe Roca Magma FIP, an investment vehicle of Starboard, a leading Brazilian private-equity firm, holds 24.99% -- acquired in 2025 when it bought out existing shareholder Greenstone Resources II LP's stake. Starboard is a generalist multi-strategy manager, not a dedicated resource-sector specialist, so this reads as a large but generalist institutional bet rather than specialist conviction; the seller, Greenstone Resources, was itself a genuine Latin-America-focused mining-sector investor, so the change in hands is a real (if quiet) shift in who is backing this position. Ruffer LLP, a UK multi-asset generalist manager, separately holds 3.8%. No producer or strategic corporate backer is disclosed, and this AIM listing sits outside the SEC insider-transaction feed that covers our other coverage, so buying/selling activity is not visible to us beyond two 2025 director disposals too small and too few to read as a pattern.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Serabi Gold is a gold producer operating the Palito Complex and the Coringa mine, both underground, in the Tapajós region of Pará State, Brazil. Measured and indicated resources total 731,000 oz of gold (Palito Complex 427,000 oz and Coringa 303,800 oz) plus 653,000 oz inferred, effective 31 January 2026. The October 2024 updated preliminary economic assessment for Coringa shows an after-tax NPV10% of US$145M at US$2,100/oz gold over an 11-year mine life. Production was 11,007 oz in Q2 2026 and 23,049 oz in the first half, with full-year guidance of more than 53,000 oz, and all-in sustaining cost was US$1,816/oz in 2025. A fourth ball mill at Palito is targeted to be operating in Q4 2026, raising throughput to 330,000 tpa in 2027.