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 6.4/10.
- 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 · Para's State Environmental Council (COEMA) approved the Preliminary Licence (Licenca Previa) for the Coringa gold project, the first of Brazil's three-stage mine licensing process. · Source
- Reached — date not disclosed · No standalone FID release was located; Serabi's disclosures move directly from permit receipt to development, with a Sept 20, 2021 update reporting mine portal development already underway at Coringa. · Source
- Reached — date not disclosed · Development work (mine portal construction toward the Serra zone, first blasts into hard rock) began late July 2021 under Coringa's trial mining licence (GU); exact calendar day not disclosed. · Source
- Reached — date not disclosed · Serabi's disclosures place Coringa's first gold production in July 2022 (1,013 oz produced for full-year 2022, ore trucked to the Palito plant); exact calendar day not found. · Source
- Jul 2014 · Genuinely reached with a clean, single, well-documented date: Serabi Gold's own release ("Declaration of commercial production at Palito") confirms commercial production at the Palito mine (Para, Brazil), the company's flagship and continuously-owned original asset, commenced with effect from 2014-07-01. Sao Chico, a satellite deposit processed through the same Palito Complex plant (not a separately-owned mine), was added later as an additional ore source -- noted for completeness, not used as achievedDate, matching the TXG/Media Luna and EDR/Terronera precedent (batch4): a later satellite addition to an already-producing complex does not reset the original milestone. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. [Task #697 chronology ruling, 2026-08-25] NOT A DATE ERROR -- READ THIS BEFORE "CORRECTING" THE DATE. Task #696's permit rule flags PERMIT_GRANTED (2020-09-25) as postdating this row. Both dates are correct and describe DIFFERENT ASSETS: this row is PALITO (Para, Brazil -- Serabi's flagship and continuously-owned original mine, commercial production declared with effect from 1 Jul 2014 in the company's own release), while the permit row is CORINGA's Preliminary Licence (Licenca Previa), the first stage of Brazil's three-stage mine licensing process for a SEPARATE project whose CONSTRUCTION_DECISION, CONSTRUCTION_START and FIRST_PRODUCTION rows are all correctly recorded reached-but-undated. A long-producing mine and a later separate project under one ticker cannot be ordered against each other in a chain with no per-asset scoping. Same structural shape as SBMI. Deliberately NOT disputed=true: Palito's commercial production genuinely occurred as recorded. Flagged for the reviewed exception set (key: PERMIT_GRANTED_AFTER_COMMERCIAL_PRODUCTION); not added here because the rules file was under concurrent edit. · 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.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
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 the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
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.
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
We haven't parsed this company's PEA/PFS/FS recommendations yet — cut-off grade, mine life, DCF/NPV, and the report's own next-steps guidance are a planned research pass, not live data for every company yet.