Directorate Change

Serabi Gold plc (“Serabi” or the “Company”) (AIM: SRB, TSX: SBI, OTCQX : SRBIF), announces that Clive Line, Finance Director of Serabi, has informed the Board of his intention to retire at the end of December 2024 and as a result to step down from his role with Serabi and as a Director of the Company. Notwithstanding, Mr. Line has agreed with the Board that he will remain available to assist the Company after the end of December 2024 for a period of up to a further six months.

The Board will appoint Mr Colm Howlin, the current Group Controller of Serabi, to the role of Chief Financial Officer (“CFO”) of the Company to succeed Mr. Line upon his departure. He will be working alongside Mr. Line, during this transition period. Mr. Howlin, is a member of the Institute of Chartered Accountants of Ireland. He has been with the Company since 2013 and is fluent in Portuguese. At this time Mr. Howlin will not, in his role as CFO, be appointed to the Board of Serabi.

Michael Hodgson, CEO of Serabi, said: “Clive will be much missed by all at Serabi. It has a been a pleasure to work alongside him and I would like to thank him for his very significant contribution to the business. He has been instrumental at helping me bring the Company to its current position with a strong balance sheet and able to fund the next stage of development and growth of our Palito and Coringa operations from operating cash flow. Having been with the Company for over 11 years, Colm Howlin is well qualified to take over as the Company’s CFO and continue to maintain the necessary level of financial discipline over our operations.”

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.

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