Q4-2024 Production Results and Operational Highlights

Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to announce the Company’s fourth quarter production results and operating highlights for FY2024 (all financial amounts are expressed in U.S. dollars unless otherwise indicated).

Q4-2024 QUARTER HIGHLIGHTS & 2025 GUIDANCE

Q4-2024 gold production of 10,022 ounces, the highest in the past 5 years.

FY2024 gold production of 37,520 ounces, a 13.2% increase on FY2023 gold production.

Commissioned Coringa classification plant (crusher and ore sorter).

Cash as at 31 December 2024 of $22.2 million vs $20.0 million as at 30 September 2024.

Net cash at quarter-end (after interest bearing loans and lease liabilities) of $16.2 million vs $5.0 million as at 31 December 2023.

2025 consolidated production guidance of 44,000 – 47,000 ounces gold.

Mike Hodgson, CEO of Serabi, commented:

“2024 was a highly successful year for Serabi with many milestones achieved. These include a 13% increase in annual gold production, permitting progress at Coringa with the renewal for three years of the trial mining permit, the successful build and commissioning of the Coringa classification plant out of cashflow, whilst ending the year with a healthy cash position.

The fourth quarter in particular was excellent for Serabi, as gold production of 10,022 ounces was a five-year high and resulted in a year-end total of 37,520 ounces. Throughout 2024, gold production improved and we expect this to continue into 2025.

Whilst our growth is clearly Coringa focused, it has been very welcome news to see Palito grades improve significantly during the fourth quarter, with mined and milled grades exceeding 6.10 g/t gold. It is not a coincidence that this grade improvement has occurred as we have been able to cease the more dilutive mechanised mining in the Chico da Santa zone, and returning to a selective mining method. Grade improvements are also due to some exceptional grades coming out of the Barrichello zone which is expected to be contributing significantly to 2025 gold production.

The Coringa mine continued to perform exceptionally well with ore being mined in the Serra zone at levels 260m and 225m, with development on levels 225m, 195m and 165m, and the Serra ramp now approaching level 130m. The fourth quarter also saw the Meio portal and ramp development commence with the mineralisation at Meio intersected in December. Meio is expected to contribute significantly to Coringa production in 2025.

Lastly, the Coringa classification plant was commissioned in December and so far has been yielding formidable results. As previously reported, Serabi is now pre-concentrating mined ore at Coringa and trucking this preconcentrated product to the Palito Complex for further processing, ~200km to the north by road. The economic benefits of this option were formally documented in the NI 43-101 compliant PEA Technical Report filed November 2024.”

OPERATIONAL RESULTS

SUMMARY PRODUCTION STATISTICS FOR 2024 AND 2023

• The table may not sum due to rounding.
• Production numbers are subject to change pending final assay analysis from refineries.

Total production for the fourth quarter was 10,022 ounces. Total ore mined during the quarter was 50,327 tonnes at 6.19 g/t compared to 58,682 tonnes at 5.48 g/t for the third quarter of 2024. The increase in grade is driven by the return to selective mining methods from the bulk mining methods previously utilised in the Chica da Santa sector, which removed dilution associated with the bulk mining methods. Additionally, the higher grades in the fourth quarter of 2024 are driven by the increased grades mined in the Barrichello zone which is expected to contribute significantly to 2025 production. The Palito Complex process plant treated 52,363 tonnes of ROM ore during the quarter, with an average grade of 6.21 g/t of gold, compared with 54,579 tonnes at 5.59 g/t gold in the third quarter of 2024.

A total of 3,511 metres of horizontal development has been completed for the quarter of which 1,925 metres was ore development. The balance was the ramp, crosscuts and stope preparation development.

The Coringa orebody continues to perform well. Production was focused on the levels of 260m and 225m, with development now complete or nearly complete on the levels of 225m, 195m, and 165m whilst the Serra ramp now approaching 130m. Coringa has 2.5 fully developed levels ahead of stoping.

FINANCE UPDATE

Cash balances at the end of December 2024 were $22.2 million, in comparison to the cash balances at the end of December 2023 of $11.6 million. On 7 January 2024, the Group completed a $5.0 million unsecured loan arrangement with Itau Bank in Brazil which carried an interest coupon of 8.47 per cent. This loan was fully repaid on 6 January 2025. The Company is in the final stages of executing another loan facility with a more favourable interest rate. The Company had a net cash balance at the end of Q4-2024 (after interest bearing loans and lease liabilities) of $16.2 million (31 December 2023: net cash $5.0 million).

FY2025 PRODUCTION GUIDANCE

The Company expects FY2025 consolidated gold production of 44,000 – 47,000 ounces.

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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