Exploration update at Palito, Coringa and São Domingos

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 exploration update from its activities on its Palito Complex, Coringa Mine and São Domingos target in the Tapajós region of Pará State, Northern Brazil. The exploration results presented are related to the field works and the diamond drilling campaign initiated in the last quarter of 2024 (all financial amounts are expressed in U.S. dollars unless otherwise indicated).

Highlights

In January 2025, Serabi initiated a $9 million exploration programme, as Phase II of its growth strategy. The objective of the programme is to grow resource ounces at both the Coringa Mine and Palito Complex sites. The plan includes 30,000m of diamond drilling (16,000m at Coringa Mine and 14,000m at Palito Complex) to test new IP geophysical targets at Palito, the extensions of known ore bodies in both sites, and anomalous geochemical/geophysical trends at Coringa, in addition to a 100km IP survey at Coringa in its southwestern and northern portions.

12 holes were drilled into the São Domingos prospect, totalling 3,769m. The initial exploration model estimates a potential of 88.5 koz @ 13.83 g/t Au (orebody 1 out of 5 identified – refer to Figure 1 below for further details) in a subvertical mineralised zone, which dips gently to the southwest. This potential volume and grade is however, conceptual in nature as insufficient exploration has been completed to define a mineral resource and it is uncertain if a mineral resource estimate will be delineated.

The recent drill program was to follow-up on the visible gold identified in hole 21-SD-010 which returned a number of intersections including 7.15m at 258.2g/t Au at São Domingos, as announced on 7 April 2021 (Press Release).

Highlighted intercepts include:

Hole 24-SD-016 – 1.65m @ 80.50 g/t Au from 193m

Hole 24-SD-023 – 1.35m @ 19.97 g/t Au from 143m

Hole 24-SD-024 – 0.60m @ 16.25 g/t Au from 186m

Hole 24-SD-026 – 1.50m @ 30.13 g/t Au from 317m

Hole 24-SD-026 – 0.75m @ 42.30 g/t Au from 330m

Significant intercepts from the 2025 diamond drilling campaign both at Palito Complex and Coringa Mine include:

Hole 25-SE-001 – 0.6m @ 27.17 g/t Au from 274m (Senna orebody at Palito Complex)

Hole 25-SE-001 – 1.05m @ 6.42 g/t Au from 276m (Senna orebody at Palito Complex)

Hole 25-JA-003 – 0.5m @ 27.78 g/t Au from 120m (Jatobá orebody at Coringa)

Hole 25-GA-001 – 0.5m @ 52.07 g/t Au from 150m (Galena orebody at Coringa)

The IP programme completed in December 2024 at Palito northwestern portion identified chargeability anomalous trends following the extension of the known orebodies at Palito Complex. Drilling into these targets is expected to start in Q2-2025.

Interpretation of approximately 15,000 soil samples with multi-element analysis covering approximately 70% of Serabi’s permitted portfolio has been completed. Approximately 70 targets have been generated and ranked, in addition to the definition of specific lithostructural domains for the different types of mineralisation and exploration focus that includes copper porphyries similar to Matilda.

Mike Hodgson CEO commented: “With strong economic tailwinds and solid gold production growth expected to continue into 2025, Serabi is encouraged by excellent initial exploration results which are setting the Company off on its path to significantly grow resources as Phase II of our growth strategy.

The drilling results from the Senna orebody at the Palito Complex, as well as Jatobá and Galena in Coringa, confirm that we are progressing towards our goal of delineating a consolidated 1.5 to 2.0 million ounces in the coming years.

The results of the drilling at the São Domingos target were very positive. The exploration model shows a vertically oriented high-grade orebody that provides flexibility in the exploitation mining process, significantly increasing the mass and consequently the number of ounces produced. The planning team will evaluate the economics of the model, and we expect to have a reserve drilling and production plan soon.

In addition to the work being carried out on the brownfield targets, the exploration team is continuing interpretation work on the greenfield targets. An abundance of copper/gold targets found during the regional soil and drilling campaigns demonstrate the prospectivity of our property that is still underdeveloped and underexplored. We are in the final phase of maturing our targets to execute the regional exploration program in the oncoming years.”

Figure 1 - Map showing the exploration model for São Domingos target at Palito Complex.

The initial exploration model estimates a potential of 88.5 koz @ 13.83 g/t Au (orebody 1 out of 5 identified – refer to Figure 1 for further details) in a subvertical mineralised zone, which dips gently to the southwest. Readers should note that the potential volumes and grades set out in the table below are conceptual in nature as insufficient exploration has been completed to define a mineral resource and it is uncertain if a mineral resource estimate will be delineated.

To access an image of Figure 1, please use the following link

Source: Serabi Gold

Figure 2 - Map showing the geological map and main targets within the domains generated based on the interpretation of the regional work to date.

To access an image of Figure 2, please use the following link

Source: Serabi Gold

Detailed Results and Technical Discussion

São Domingos

The second phase of São Domingos drilling was completed in the period from November 2024 to February 2025 where 12 diamond drill holes were carried out for a total length of 3,769m. The samples underwent the entire QA/QC procedure and were analysed by an external laboratory. São Domingos is a target located only 12km from the São Chico mine infrastructure, which has all the necessary facilities and greatly facilitates the execution of exploration and exploitation activities. The exploration model was executed internally with the help of a specialised consultancy and follows best market practices.

The modelled zone has a pipe-like shape with a thickness that varies from 20m to 30m and a known dip-length of 155m. The zone is still open at depth and due to its average thickness, which is significantly greater than that found in the Palito bodies, opens the opportunity for a mining method of greater volume.

Highlighted intercepts are presented below:

Source: Serabi Gold

Brownfield Exploration

In early 2025, Serabi began executing its $9 million budget planned for the year. Two diamond drill rigs were deployed to the Palito Complex and two more to the Coringa Mine. Both programmes began in January with 14,000m scheduled for brownfields at Palito Complex and 16,000m at Coringa Mine. The focus of the Palito Complex drilling is to add resources by testing the continuity of the main ore bodies at depth and along the structural trend, test new bodies parallel to the main northwest structure, and test the IP geophysical and geochemical targets generated in 2024 in the west-northwest portion of the Palito Complex. For Coringa, the plan in the first half of the year is to add ounces by testing the extension of the main orebodies and their connections along the main structure. The second half of the year at Coringa is expected to test the targets generated with the IP that will begin Q2-2025 after the rainy season.

Figure 3 - Image showing the location of main Palito orebodies with drilling results above 5g/t Au.

To access an image of Figure 3, please use the following link

Source: Serabi Gold

For Palito, a total of 2,670m has been drilled in 4 holes in the Piaui target and 3 holes in the Senna target, totalling 1,479m and 1,191m, respectively. Initial results available to the Company are encouraging. The Piaui target returned low grades despite the presence of 1-2 meters thickness of hydrothermal alteration with high sulphide content of around 5%-10%. Initial interpretations are the Piaui orebody appears to be a low-grade orebody with high potential to contain supergene resources in its upper oxidized zone.

The Senna orebody has 2 holes in progress (25-SE-002 and 25-SE-003) and one completed (25-SE-001). The results of the first drill hole, 25-SE-001, returned 3.4m @ 6.93 g/t Au from 274m, including 0.6m @ 27.17 g/t Au from 274m and 1.05m @ 6.42 g/t Au from 276m from the Palito Complex lab. These results are encouraging and show the potential for the extension of the Senna orebody to the northwest and consequently for the addition of resources in the area. 25-SE-002 is testing the south continuation of the orebody while 25-SE-003 is an extension of the 25-SE-001 to the north.

Figure 4 - Section showing the 25-SE-001 orebody in red, with the Senna samples on right side.

To access an image of Figure 4, please use the following link

Source: Serabi Gold

For Coringa, the low-grade orebody Valdete was tested with 2 drill holes and 354m and results confirm the potential for a low-grade orebody. Additionally, 1 drill hole with 216m was drilled in Serra, 2 drill holes in Galena-Mãe de Leite trend with a total of 674m and 534m in 3 diamond drill holes in the Jatobá target totalling 1,778m of diamond drilling.

Internal laboratory results are available only for Valdete, JA-003 at Jatobá target, and GA-001 at Galena target drill holes. JA-003 returned 0.5m @ 27.78 g/t Au from 120m while GA-001 returned 0.5m @ 52.07 g/t au from 150m. Jatobá is a body parallel to the Serra body, approximately 400m to the north, which, until now, has not yet been tested with drilling. It has a narrow surface expression, but the third drilling of the campaign brings new perspectives on the potential of this body in depth. The drilling in Serra in its southeast portion returned interesting hydrothermal with the potential to contain economic results but results are still pending.

Figure 5 – Map showing the location of Coringa targets, the drilling and platform status

To access an image of Figure 5, please use the following link

Source: Serabi Gold

The drilling at Coringa continues along the Galena-Mãe de Leite trend and more drilling is scheduled for the Serra target. The results from Jatobá target will be evaluated to determine the next steps. Figure 6 demonstrates the brecciated shape with disseminated sulfides.

Figure 6 – Jatobá Vein

To access an image of Figure 6, please use the following link

Source: Serabi Gold

IP Survey

During 2024, 64,550 linear meters of ground geophysics (IP induced polarization) were surveyed in the Palito region. The IP method is effective in Palito ore bodies as a pathfinder for mineralization due to the presence of sulphides and their association with gold.

The IP survey took place in the west-northwest portion of the Palito mine with the objective of searching for the extension of the Palito ore bodies in this direction.

The results show encouraging chargeability anomalies that were integrated with the surface geochemistry data to determine the best locations for drilling. This drilling is expected in Q2-2025 as soon as the accesses and drill platforms are prepared and the wet season ends, with the bodies closest to the infrastructure to be initially tested. Onça will be the first target from the interpretation made. Onça is interpreted as the Piaui extension and has an anomalous signature in the IP and significant gold soil anomalies on surface.

Figure 7 – Map showing IP chargeability anomaly, gold in soils with Palito drill hole locations with the main orebodies. Onça will be the first IP target to be tested.

To access an image of Figure 7, please use the following link

Source: Serabi Gold

Regional data interpretation

The regional geological framework for the Serabi areas has been interpreted and approximately 70 targets were generated and ranked according to the geochemical results, the level of detail of the geological knowledge, the amount of geological data and location within defined clusters. A work program is being generated and whilst this is outside the current budgeted brownfield programme, we estimate an initial 18-month programme of 30,000m ($10M) would be required as first phase to advance these anomalies into prospects.

Figure 8 – Map depicting the location of the targets interpreted.

To access an image of Figure 8, please use the following link

Source: Serabi Gold

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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