Classification Plant at Coringa Commissioned

Serabi Gold (AIM:SRB, TSX:SBI; OTCQX: SRBIF) the Brazilian focused gold mining and development company, is pleased to announce that based on the operating progress achieved through December, the classification plant for its 100% owned Coringa Gold Operation (the “Coringa”), located in Pará State, Brazil, within the Tapajós region, is now fully commissioned (all financial amounts are expressed in U.S. dollars unless otherwise indicated).

Mike Hodgson, CEO of Serabi, commented:

“With Coringa continuing to ramp up and generate positive free cash flow, we are pleased to share that our classification plant at Coringa is operational and working as expected. The plant will be instrumental in achieving Phase 1 of our growth strategy, which is to raise our annual production profile to 60,000oz by 2026. This marks the culmination of 10 months of construction and commissioning and is a critical achievement for the Company. I extend my thanks and gratitude to the Serabi team for their remarkable dedication and perseverance in achieving this significant milestone.

Our fourth quarter is, as predicted, shaping up to be the best quarter of the year, in part driven by the improvement in grades at Palito which have returned to the 6.0-7.0g/t Au range in recent months. Now with the commissioning of the Coringa plant, we expect Q4-2024 to be our best operational quarter since 2020.

We can now direct our attention to Phase 2, which is to grow our resource at both Palito and Coringa, and ultimately support an annual production profile of +100,000oz. An expected year end cash position to exceed $21.0 million and in conjunction with our expected free cash flow generation, will allow us for the first time in a number of years to fund an extensive brownfield exploration programme to significantly grow the resource at Coringa and Palito, rather than simply replenishing our depleted ounces. Our exploration programme is planned for up to 30,000 meters of drilling in 2025 with a budget of approximately $8 million. I look forward to providing a more detailed exploration update in the coming weeks.

Video footage of classification plant at Coringa can be accessed here: https://brrmedia.news/SRB_SORTER

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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