Trial mining license at Coringa renewed for a further three years

Trial mining license at Coringa renewed for a further three years.

Serabi Gold plc (“Serabi” or the “Company”) (AIM: SRB, TSX: SBI), is pleased to announce a three year renewal of the trial mining licence for its wholly owned Coringa mine (“Coringa”).

HIGHLIGHTS

The National Mining Agency (ANM) has issued a renewal of the Company’s trial mining licence (“GU") for Coringa for an additional three years, demonstrating continued stakeholder support for Coringa.

The GU permits the transport of up to 50,000 tonnes of ore per annum from Coringa, to be processed at the Palito Complex.

The environmental agency Secretaria de Estado de Meio Ambiente e Sustentabilidade (“SEMAS”) is continuing its analysis of the company’s application for the Installation Licence for Coringa but has confirmed that the Company’s Trial Mining Operating Licence (“GUOL”) remains active and valid.

Serabi is now permitted to install the planned crusher and ore sorter, the latter expected to be operational by Q4-2024

The official announcement of the three-year renewal of the GU was published on 29 January 2024.

Company guidance of FY 2024 consolidated gold production remains at 38,000 – 40,000 ounces.

Mike Hodgson, CEO of Serabi, commented:

“This is extremely welcome news, which our management and legal team have been working on tirelessly over the past months. The agreement reached in July 2023 with the indigenous communities has been a pivotal moment in permitting success at Coringa followed by a further agreement with all parties signed in December 2023 and sanctioned by the court allowing the ANM and SEMAS to renew the existing licences.

The new GU allows us to continue our current operations and importantly we are allowed to install the planned crusher and ore sorter under this and the accompanying GUOL. Whilst the permit has an annual limitation of 50,000 tonnes of ore that can be transported per annum from the mine, this would be sufficient for 2024, whilst we now focus on completing the final steps to complete the full permitting at Coringa.

Assay results reported within this release include those provided by the Company's own on-site laboratory facilities at Palito and have not yet been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company's activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company's management are satisfied that the Company's own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognized standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory.