Increases Total Mineral Inventory: Provides Results of Updated Mineral Resource and Reserves

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 updated Mineral Reserve estimates and Mineral Resource estimates for its Palito Mine, prepared in accordance with the standard of CIM and Canadian National Instrument 43-101, with an effective date of 1 April, 2025 as outlined below (all financial amounts are expressed in U.S. dollars unless otherwise indicated).

HIGHLIGHTS

Proven and Probable (“2P”) Reserves totalling 162,600 ounces (706,000 tonnes at 7.2 g/t Au) compared to 206,400 ounces (824,800 tonnes @ 7.8 g/t Au) in July 2023.

Reserve life is equivalent to over six years of operations at current production levels, without considering conversion of additional mineral resources.

Measured and Indicated (“M&I”) Resources of 388,400 ounces of contained gold (1,252,900 tonnes @ 9.6 g/t Au), a 3% increase compared to 377,800 (1,166,300 tonnes @ 10.1 g/t) in December 2023.

Inferred Resources of 163,900 ounces (690,200 tonnes @ 7.4 g/t Au), a 7% increase compared to 153,900 ounces (682,400 tonnes @ 7.0 g/t Au in July 2023).

NCL Ingeniería y Construcción SpA of Santiago de Chile (“NCL”) is preparing this Mineral Resource and Mineral Reserve estimation together with a new 43-101 Technical Report which is expected to be issued within 45 days of the date of this release.

Mike Hodgson CEO commented:

“This updated Mineral Resource demonstrates Serabi’s ability to replenish resources on a consistent basis. We have regularly maintained our ability to replace production with new resources and in this instance, the combined Measured, Indicated and the Inferred resource categories have increased by 4% since 2023. The Company has a strong track record of maintaining a ~500koz ounces total mineral inventory at the Palito Complex and this latest estimate is no different as we increase to 552koz. Within this mineral resource inventory, we have reported a 2P Mineral Reserve of ~163koz, equating to over six years of reserve life at current extraction rates, excluding any future resource to reserve conversion. For a narrow vein mine, this is a great position to be in. With São Chico on care and maintenance since 2022, the 2023 estimated resources and reserves have simply been restated here, albeit these resources and reserves were calculated at a more conservative gold price and exchange rate.

In early 2025 we embarked on a $9m brownfield surface exploration drill programme spread across the Palito Complex and Coringa, approximately 50% of this budget will be used at Palito to test extensions of known orebodies. As this drill programme did not commence until March, this updated resource estimate does not include results from the exploration programme. We therefore look forward to an update in early 2026, when we do expect to incorporate results from our ‘aggressive’ brownfield programme. In the meantime, this increase, which excludes the surface drill programme, is especially pleasing.”

The Mineral Reserve estimate was prepared by Mr Carlos Guzman of NCL Ingeniería y Construcción SpA, who is a Qualified Person under the Canadian National Instrument 43-101.

The Mineral Resource estimate was prepared by Mr Nicolas Fuster of NCL Ingeniería y Construcción SpA, who is a Qualified Person under the Canadian National Instrument 43-101.

Mineral Reserve Estimates

The updated Mineral Reserve estimates for the Palito Mine and the São Chico Mine are based on data as at 1st April 2025.

Table 1: Palito Complex Mineral Reserve Statement as of April 1, 2025

Mineral Reserve Statement for the Palito Complex (Palito and São Chico Mines)

Notes to Palito Complex Mineral Reserve Estimates

Mineral Reserves have been rounded to reflect the relative accuracy of the estimates. Proven Mineral Reserves are reported within the Measured classification domain, and Probable Mineral Reserves are reported within the Indicated classification domain.

Palito Mine Proven and Probable Mineral Reserves are inclusive of external mining dilution and mining loss and are reported at a cut-off grade of 3.98 g/t gold for Palito Mine and assuming an underground shrinkage mining scenario, a gold price of US$2,000/oz, a 5.5:1 Brazilian Real to U.S. Dollar exchange rate, and metallurgical recoveries of 93.2%.

São Chico Mine Proven and Probable Mineral Reserves are inclusive of external mining dilution and mining loss and are reported at a cut-off grade of 4.0 g/t gold and assuming an underground shrinkage mining scenario, a gold price of US$1,800/oz, a 5.0:1 Brazilian Real to U.S. Dollar exchange rate, and metallurgical recoveries of 93.8%, as estimated in 2023 and re-stated in this release .

Serabi is the operator and owns 100% of the Palito Mine such that gross and net attributable mineral reserves are the same.

The mineral reserve estimate was prepared by NCL in accordance with the standard of CIM and NI 43-101, with an effective date of April 1, 2025, and audited and approved by Mr. Carlos Guzmán of NCL, who is a Qualified Person under NI 43-101.

Mineral Resource Estimates

The updated Mineral Resource estimates for the Palito Mine and the Sao Chico Mine are based on data as at 1st April 2025 and 31st July 2023, respectively.

Table 2: Mineral Resource Statement, Palito Mine as of April 1, 2025

Notes to Palito Mine Mineral Resource Statement

Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.

Mineral Resources are reported inclusive of Mineral Reserves.

Figures are rounded to reflect the relative accuracy of the estimates.

Mineral Resources are reported within classification domains with no dilution applied at a cut-off grade of 2.92 g/t gold assuming an underground extraction scenario, a gold price of US$2,500/oz, metallurgical recovery of 95% and exchange rate of R$ 6.0/US$.

Polygonal techniques were used for Resources estimates.

The mineral resource estimate was prepared by NCL in accordance with the standard of CIM and NI 43-101, with an effective date of April 1, 2025, and audited and approved by Mr. Nicolas Fuster of NCL, who is a Qualified Person under NI 43-101.

Table 3: Mineral Resource Statement, São Chico Mine as of July 31, 2023

Notes to Mineral Resource Statement, São Chico Mine

Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.

Mineral Resources are reported inclusive of Mineral Reserves.

Figures are rounded to reflect the relative accuracy of the estimates.

Mineral Resources are reported within classification domains with no dilution applied at a COG of 3.32 g/t gold assuming an underground extraction scenario, a gold price of US$1,950/oz, metallurgical recovery of 95% and exchange rate of R$ 5.5/US$3D block model used for Resource estimates.

Polygonal techniques were used for Resources estimates.

Qualified Persons and Quality Control

The scientific and technical information contained in this news release pertaining to the Palito Complex has been reviewed and approved by the following Qualified Persons under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"):

Carlos Guzman,RM CMC, FAusIMM, NCL Ingeniería y Construcción SpA

Gustavo Tapia, RM CMC, Metallurgical and Process Consultant, GT Metallurgy

Nicolas Fuster, RM CMC, MAusIMM, NCL Ingeniería y Construcción SpA

The Qualified Persons have verified the information disclosed herein, including the sampling, preparation, security and analytical procedures underlying the information or opinions contained in this announcement in accordance with standards appropriate to their qualifications.

Technical Report

A Technical Report prepared by NCL Ingeniería y Construcción SpA. In accordance with NI 43-101 will be filed on SEDAR (www.sedar.com) within 45 days of this release as well as on the Company’s website

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.

Notice

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APPENDIX

Mineral Reserves and Resources

About Mineral Resources

Comparison of Mineral Reserves for the Palito Mine, Para, Brazil

A comparison of the updated Mineral Resource Estimates as at 1 April 2025 with the previously reported Mineral Resource Estimates as at 31 July 2023 published on 20 November 2023 is set out below.

Comparison of Mineral Resources for the Palito Mine, Para, Brazil