Operational & Corporate Update

Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to provide an operational update on its activities in the Tapajós region of Para State, Northern Brazil. (All financial amounts are expressed in U.S. dollars unless otherwise indicated).

To access a PDF copy of this news release including images please use the following link - https://bit.ly/47pnbuX

HIGHLIGHTS

Construction of the classification plant at Coringa remains on schedule and on budget. The crushing plant is expected to be operational by the end of September, with the ore sorter scheduled for commissioning in October.

The updated independent Preliminary Economic Assessment (PEA) covering the Coringa project, being undertaken by NCL Ingeniería y Construcción SpA of Santiago, Chile (“NCL”) is progressing well and the Company continues to expect the release of results in Q3-2024E.

Encouraging first results from a 3,500m exploration surface drill programme targeting the southerly step-out and step-down extension beyond the mine workings of the G3 vein at Palito. Highlight intersections include:

PDD0622 – 1.45m @ 43.72 g/t Au from 526m drilled depth

PDD0625 – 1.00m @ 9.16 g/t Au from 169.7m drilled depth

The Company remains on track to achieve F2024 production guidance of 38,000 – 40,000 ounces.

Cash balance of $16 million as at August 31, 2024, representing an increase of $4.4 million for the year to date (net of capital expenditures).

Serabi Management will attend the Precious Metals Summit at Beaver Creek as well as the OTC Markets Metals & Mining Virtual Investor Conference and the Mining 121 Conferences in Singapore and Dubai.

Mike Hodgson, CEO of Serabi, commented:

“After a very satisfactory first half of the year, we are enjoying another strong quarter as reflected by our growing cash position, and projected activity for September should ensure another successful quarter. We are making good progress with the installation of the classification plant at Coringa which will positively contribute to the fourth quarter of this year. We plan to have the crusher commissioned by the end of September which will allow us to commence crushing 50,000 tonnes of low-grade ore that has been stockpiled to be passed through the ore sorter, which remains on track for commissioning by the manufacturer, COMEX, in October.

The ore sorter is rated at over 45 tonnes per hour, so it will be able to accept all the run of mine (ROM) ore coming from the Coringa mine as well as treat a substantial part of the low-grade stock accumulated at the site over the past 2 years. For this reason, we are hopeful for a record Q4 production from Coringa.

At Palito, we commenced brownfield exploration in June, focussing on deep step-down and step-out drilling of the G3 vein south of the mine workings. We have drilled 6 holes to date, with results for 4, two of which (PDD0622 and PDD0625) have recorded excellent intersections. Drilling will continue until October, nevertheless this news has been sufficiently encouraging for us to continue with the Palito main ramp at level -50m, which will advance towards this exciting new area defined from this drilling.”

Coringa Update

Construction of the classification plant (crusher and ore sorter) at Coringa remains on schedule and on budget. The ore sorter for Coringa has now been delivered to site and the ground works required for installing the crushing plant and the related infrastructure for the ore sorter are progressing well with the intention that the plant can be operational during the fourth quarter of this year, processing some of the lower grade material that has been stockpiled at Coringa and boosting gold production in that last three-month period.

Figure 1: Primary, secondary and tertiary crushers in place at Coringa with conveyors being installed

To access an image of the crushers please use the following link - https://bit.ly/4cURpHh

Figure 2: Ore sorter at Coringa awaiting commissioning

To access an image of the ore sorter please use the following link - https://bit.ly/3ZetWO5

The updated independent PEA covering the Coringa project, being undertaken by NCL is progressing well and the company anticipates the release of the results later this month. The PEA will formally document the Company’s plans to pre-concentrate mined ore at the Coringa project using the classification plant currently under construction and trucking the preconcentrated product to the Palito Complex, 200km to the north on a paved federal highway. The NI 43-101 compliant technical report will incorporate a revised geological resource and economic study including projected operating costs considering the planned use of the classification plant and processing at Palito Complex.

Palito Exploration Update

Encouraging first results from a 3,500m exploration surface drill programme targeting the southerly step-out and step-down extension beyond the mine workings of the G3 vein at Palito. Results are tabulated below:

This drill programme is targeting a previously untested part of the G3 orebody. The lowest level on G3 is -50m. The block being drilled is located a further 50m below that last level, from elevation -100m to -300m. The block also lies 100m to the south of the -50m level, and a strike length of 400m is being tested. It is therefore a significant sized target to test, but also close to mine infrastructure for access.

Corporate & Financial Update

The Company’s cash balance at the end of August 2024 was $16.0 million, in comparison to the cash balance at the end of December 2023 of $11.6 million, representing an increase of $4.4 million for the year to date. The Company had a net cash balance at the end of August 2024 (after interest bearing loans and lease liabilities) of $9.9m (31 December 2023: net cash $5.0 million). As capital expenditures for the classification plant have been largely spent and underground development at Coringa has been accelerated, the Company expects the cash balance to continue to grow.

With 18,010 ounces produced in H1-2024, the Company is positioned to meet FY2024 guidance of consolidated gold production of 38,000 – 40,000 ounces.

2024 Precious Metals Summit Beaver Creek Conference, September 10-13, 2024

The Company is pleased to announce it will be attending the 2024 Precious Metals Summit (“Beaver Creek”) in Beaver Creek, Colorado being held September 10-13, 2024. Serabi Gold’s CEO Mike Hodgson will be presenting on Wednesday, September 11th, at 3:45PM, Room 1.

The Precious Metals Summit Beaver Creek is the world’s premier independent investment conference focused on explorers, developers and emerging producers of gold, silver and platinum group metals.

This by-invitation-only event will bring together institutional investors, sell-side representatives and corporate executives from senior precious metals companies with management teams of close to 200 carefully selected, highly prospective issuers representing the world’s mining and mineral exploration sectors.

Upcoming Conference & Events

In addition to Beaver Creek, the Company is expected to be in attendance at the following conferences in 2024:

121 Mining & Energy Investment Conference, Singapore (September 23-24, 2024)

OTC Markets Metals & Mining Virtual Investor Conference (October 1-3, 2024)

Site Tour at Palito Complex & Coringa (October 7-11, 2024)

2024 Precious Metals Summit, Zurich (November 11-12, 2024)

121 Mining Investment Conference, Dubai (November 19-20, 2024)

Assay Results

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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