We waited three years between Xerath's II and III records, which came out in 2011 and 2014, so it's interesting that the band is back in the studio recording "a present for you fuckers." That's their words that they said on Facebook alongside the above photo, not mine. I don't think you're fuckers.
Xerath is embarking on a UK tour toward the end of March, so my guess would be the present is a special tour EP of some kind? There's lighting in the photo as well hinting at it possibly being some kind of video too. I guess we'll see soon enough! In the meantime, check out III if you haven't yet.