Director/PDMR Shareholding

Director / PDMR Shareholding

Serabi announces that on 1 February 2024 the Board of Directors agreed to award in aggregate 888,019 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. Shareholders confirmed the Board’s continuing authority to make awards under the 2020 Plan at the Annual General Meeting held on 27 June 2023.

The awards are subject to a three-year performance period during which time certain performance criteria stipulated by the Board must be attained. The underlying shares to be issued pursuant to each of the Conditional Share Awards will only be issued and the rights transferred to the employees after the completion of the performance period and only in such amount (if any) as is required based on the achievement of the performance criteria.

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 there will be 0% vesting if Serabi TSR is in line with the BMO junior gold index increasing in a linear manner up to 100% vesting under this KPI if Serabi hits 1.2x the index over same period.)
• 30% of the award is subject to Return on Capital Employed (where ROCE premium over Weighted Average Cost of Capital (“WACC”) must be in excess of 1.05 times. If this hurdle is met vesting will occur in a linear manner such that 100% vesting of this portion is achieved at 1.2x WACC), 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 657,201 Conditional Share Awards have been granted by the Board, as recommended by the Remuneration Committee, to directors of the Company as follows:

Director	Award Year	Number of Conditional Shares awarded
Michael Hodgson	2024	385,993
Clive Line	2024	271,208

The remaining 230,818 Conditional Share Awards have been made to other employees of the Company. The number of Conditional Shares awarded was calculated by reference to the 30 day VWAP average of the Company's shares of on 30 January 2024.