Director / PDMR Shareholding

For immediate release

8 December 2021

Serabi Gold Plc

("Serabi" or the "Company")

Director / PDMR Shareholding

Serabi announces that on 7 December 2021 the Board of Directors agreed to award in aggregate 864,500 Conditional Share Awards to employees (including directors) of the Company. The awards are part of the Company's normal annual compensation review and the issuance is made under the Serabi 2020 Restricted Share Plan (the "2020 Plan") which was approved by shareholders on 16 June 2020 and adopted by the Board on 10 November 2020. Details of the 2020 Plan were set out in the Notice of Annual General Meeting dated 15 May 2020, and which is available from the Company's website.  

While the intention of the Board is that awards under the 2020 Plan should be made annually, as a result of the exceptional circumstances in 2020, no awards under the 2020 Plan were made during 2020 following its approval by shareholders. The Board is therefore combining in this award the annual awards for 2020 and the annual awards for 2021.

The awards are subject to a three-year performance period during which time certain performance criteria stipulated by the Board must be attained. The performance criteria and minimum thresholds to be achieved can be summarised as follows:

• 40% of the award is subject to Total Shareholder Return, (where TSR must be 1.2 times or more the BMO Junior Gold Index)
• 30% of the award is subject to Return on Capital Employed (where ROCE premium over Weighted Average Cost of Capital must be 1.2 times or more), and
• 30% of the award is subject to Return on Sales (where ROS must exceed average annual budget by 10 per cent or more)
  
  

A total of 622,900 Conditional Share Awards have been granted by the Board, as recommended by the Remuneration Committee, to directors of the Company as follows:

The remaining 241,600 Conditional Share Awards have been made to other employees of the Company.   In all cases, the number of Conditional Shares awarded was calculated by reference to the 20 day VWAP average of the Company's shares on the date of grant. The underlying shares to be issued pursuant to each of the Conditional Share Awards will only be issued at the time of vesting and only in such amount (if any) as is required based on the achievement of the performance criteria.

Enquiries:

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

Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this announcement.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulations, provides further detail in respect of the transaction as described above.

1
Details of the person discharging managerial responsibilities / person closely associated

a)
Name
1. Mike Hodgson

2. Clive Line

2
Reason for notification

a)
Position / status
1. Chief Executive Officer

2. Finance Director

b)
Initial notification
/Amendment

Initial
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)
Name
Serabi Gold plc

b)
LEI
213800LTYC1HF9RTUE37

4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)
Description of the financial instrument, type of instrument
Identification code
Conditional Share Awards over Ordinary Shares of 10p each in Serabi Gold plc ("Ordinary Shares")

ISIN GB00BG5NDX91

Nature of the transaction

Nil-cost Conditional Share Awards pursuant to the Company's 2020 Restricted Share Plan

Price(s) and volumes(s)
Conditional Awards over Ordinary Shares granted:

d)
Aggregated information
Conditional Awards over Ordinary Shares granted:

e)
Date of the transaction
7 December 2021

f)
Place of the transaction
Outside a trading venue

ENDS

Attachment

• Conditional Share Awards - 7 Dec 21 vFinal