Q1-2025 Production Results, Operational Highlights and Board Change

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 first quarter production results and operating highlights for FY2025 (all financial amounts are expressed in U.S. dollars unless otherwise indicated).

Q1-2025 HIGHLIGHTS

Gold production of 10,013 ounces, an 11% increase from Q1-2024.

Cash as at 31 March 2025 of $26.5 million vs $22.2 million as at 31 December 2024.

Net cash at quarter-end (after interest bearing loans and lease liabilities) of $21.1 million versus $16.2 million as at 31 December 2024.

The Company remains on track to achieve 2025 consolidated production guidance of 44,000 – 47,000 ounces gold.

Reported initial exploration update from the brownfield exploration opportunities at Palito Complex, Coringa Mine and São Domingos target, which is part of Phase II of the Company’s growth strategy; initial exploration model indicates a potential for a satellite orebody to the Palito Complex – link to press release.

The Company is currently assessing appropriate mechanisms to return capital to shareholders.

Mike Hodgson, CEO of Serabi, commented:

“An excellent start to 2025 with over 10,000 ounces produced, an 11% increase on Q1-2024, and what was most pleasing within these numbers was the substantial grade improvements at both Palito and Coringa. Palito plant feed grades were 32% improved on Q1-2024, whilst Coringa plant feed grades showed a 10% improvement.

Q1-2025 has also been the first full operational quarter for the Coringa classification plant, and that 10% grade improvement is partly driven by this. We spent the quarter commissioning and optimising the classification plant at Coringa. High grade Coringa Run of Mine (ROM) ore was transported directly to the Palito Complex plant. Additionally, we used low grade stocks at Coringa (<2g/t Au) during the optimising of the sorter, which was extremely effective, with the ore sorted from these low-grade stocks supplementing the high-grade ROM sent from Coringa to the Palito Complex plant.

The Coringa Mine continued to perform exceptionally well with ore being mined in the Serra zone at levels 260m, 225m, 190m, and 158m. The main ramp is deepening to level 125m. The first quarter also saw the progression and development of Meio, the second sector at Coringa. The first two levels, 356m and 336m are now in development, with development ore already contributing to the Coringa gold production. Meio is expected to contribute significantly to Coringa production in 2025.

At Palito, the grades improved as mining has increased in the high grade Barrichello zone. This zone along with the G3 and Ipe zones are contributing the bulk of Palito Complex ROM and will continue to do so this year. The development of the G3 vein on levels -20m and -80m are particularly exciting, where we expect some excellent results this year.

Finally, during the quarter, we saw our brownfield exploration programme get underway. We now have two rigs at Palito and two at Coringa. The first results were published in early April with very encouraging results at Palito Complex with step out drilling on the Senna vein. At Coringa we are drilling the Coringa trend between the Galena and Mae de Leite zones with early success as well as intersecting the new zone called Jatobá. We are planning to spend approximately $9m in 2025 equally across both sites in our quest to double the current consolidated mineral resource inventory of 1Moz. I look forward to regularly updating investors on progress on our exploration success.

In light of the excellent operational performance, strong prevailing gold price, cash position and anticipated cash growth ahead, the Company is currently assessing appropriate mechanisms to return capital to shareholders.”

To access an interview of Mike Hodgson with Crux Investor discussing the Q1-2025 update, follow this LINK.

OPERATIONAL RESULTS

SUMMARY PRODUCTION STATISTICS FOR 2025 AND 2024

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

Total production for the first quarter was 10,013 ounces. Total ore mined during the quarter was 44,924 tonnes at 7.09 g/t compared to 50,327 tonnes at 6.19 g/t for the fourth quarter of 2024. The increase in grade has mostly come from higher grade ore mined in the Barrichello and G3 zones in Palito, as well as improved grades in the Serra zone at Coringa. The Palito Complex process plant treated 48,155 tonnes of ROM ore at a grade of 6.70 g/t Au compared to 52,363 tonnes at an average grade of 6.21 g/t Au for Q4-2024.

A total of 3,505 metres of horizontal development has been completed for the quarter of which 1,849 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, 225m, 195m, and 165m with development now ongoing on level 130m. The newly intersected Meio zone is still in development only with levels 356m and 336m advancing.

FINANCE UPDATE

Cash balances at the end of March 2025 were $26.5 million, in comparison to the cash balances at the end of December 2024 of $22.2 million. On 6 January 2025 the Company fully repaid its $5.0 million unsecured loan arrangement with Itau Bank in Brazil which carried an interest coupon of 8.47 per cent. On 22 January 2025, the Group secured a new $5.0 million loan from Banco Santander. The Banco Santander loan is repayable as a bullet payment on 21 January 2026 and carries an interest coupon of 6.16%. The Company had a net cash balance at the end of Q1-2025 (after interest bearing loans and lease liabilities) of $21.1 million (31 December 2024: net cash $16.2 million).

FY2025 PRODUCTION GUIDANCE

The Company remains on track to achieve 2025 consolidated production guidance of 44,000 – 47,000 ounces gold.

BOARD CHANGE

Mark Sawyer, non-executive director of Serabi Gold, informed the Board of Directors of his resignation effective 11 April 2025. Following his resignation, Mark Sawyer ceased to be a member of the Board of Directors of Serabi Gold with immediate effect.

“We thank Mark for his significant contributions to the Company and we wish him all the best.” commented Mike Hodgson, Chief Executive Officer of 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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