Holding(s) in Company

Holdings in the Company

Serabi Gold plc (“Serabi” or the “Company”) (AIM: SRB, TSX: SBI, OTCQX : SRBIF) is pleased to confirm the successful placing of approximately 20.7% of the issued capital of the Company with a selection of UK and European eligible institutional investors. The placing comprised 15,689,395 ordinary shares in aggregate which were previously owned by Greenstone Resources II LP ("Greenstone"), who have sold 3,936,492 ordinary shares (approximately 5%), and Fratelli Investments Limited ("Fratelli"), who have sold 11,752,903 ordinary shares (approximately 15%). Fratelli continues to hold 7,565,882 ordinary shares, representing 10.0% of Serabi's issued share capital.

Michael Hodgson, CEO of Serabi, commented:

"I would firstly like to welcome our new UK and European institutional shareholders and thank them for this demonstration of their support for and belief in management's ability to deliver on its vision and strategy for the Company. I also would like to express my thanks to both Greenstone and Fratelli for their support over many years as shareholders. By working in close collaboration with them and our brokers Peel Hunt LLP and Tamesis Partners LLP, we have, through a planned and structured transaction, assisted them in realising value for their investment, whilst maintaining an orderly market and value for all our shareholders."

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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