12:11 PM EDT, 09/09/2025 (MT Newswires) -- (Updates shares.)

Serabi Gold ( SRBIF ) said Tuesday it is midway through a $9 million, 30,000-meter brownfield surface drill program split between its Palito Complex and Coringa mine in Brazil.

The company said it has discovered a new orebody in the Serra South zone about 500 meters south of the Serra mine at Coringa and extended the strike of the Meio zone trend there. At Palito Complex, drilling has extended the Senna orebody to the north and south.

Serabi said the 2025 drill program, along with a similar campaign in 2026, aims to grow its current mineral inventory from 1-million ounces to more than 1.5-million ounces.

The 2025 program is scheduled to end in December, with an updated mineral resource estimate for both Palito and Coringa expected in the first quarter of 2026. The 2026 drill program is slated to begin in the second quarter of 2026.

Serabi shares were last seen up $0.34 to $4.46 on the Toronto Stock Exchange.

Price: 4.46, Change: +0.34, Percent Change: +8.25