Provides Comprehensive Exploration Update for 2025 Brownfield Drilling Campaigns at Palito Complex and Coringa

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 at Palito Complex and Coringa Mine 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 Q4-2024 as part of Phase II of the Company’s growth strategy of becoming a +100koz per annum producer.

HIGHLIGHTS

Serabi is midway through the $9m, 30,000m brownfield surface drill programme, which is evenly divided between Palito Complex and Coringa.

Key highlights of programme year-to-date include:

Discovery of new orebody at Coringa (Serra South zone) located ~500 meters south of Serra mine

Strike extension of the Meio zone trend at Coringa

Significant extensions of the Senna orebody to both the north and south at Palito Complex

Highlight intercepts from the 2025 drilling campaign include:

Hole 25-SR-010 - 0.53m @ 151.00 g/t Au from 60.68m (ALS lab @ Serra)

Hole 25-SE-004 - 1.36m @ 17.99 g/t Au from 195.50m including 0.33 m 58.40 g/t (ALS lab @ Senna)

Hole 25-SE-005 - 0.41m @ 13.95 g/t Au from 40.72m (ALS lab @ Senna)

Hole 25-SE-001 - 3.40m @ 6.64 g/t Au from 274.00m including 0.60 m 26.80 g/t (ALS lab @ Senna)

Hole 25-SR-005 - 0.79m @ 25.66 g/t Au from 117.70m (ALS lab @ Serra)

Hole 25-SR-004 - 0.25m @ 58.80 g/t Au from 233.62m (ALS lab @ Serra)

Hole 25-ME-002 - 0.52m @ 18.45 g/t Au from 380.94m (ALS lab @ Meio)

Hole 25-PI-003 - 1.00m @ 8.90 g/t Au from 373.00m (ALS lab @ Piaui)

Hole 25-AR-001 - 0.30m @ 24.20 g/t Au from 167.90m (ALS lab @ Arantes)

Hole 25-SR-022 - 0.25m @ 67.91 g/t Au from 223.92m (Palito lab @ Serra)

Hole 25-SR-024 - 0.35m @ 64.17 g/t Au from 192.09m (Palito lab @ Serra)

Hole 25-SR-028 - 0.87m @ 137.48 g/t Au from 303.00m including 0.32m @ 322.10 g/t Au (Palito lab @ Serra)

Hole 25-GA-009 – 0.31m @ 25.70 g/t Au from 308.94m (ALS lab @ Galena)

Note: All drill results above have been sent to ALS for assay testing. ‘ALS lab’ denotes the results were assayed and test results received from ALS while ‘Palito lab’ denotes assays drill results sent to ALS for testing but test results are not yet received and therefore represent Serabi internal assay results.

The objective of the 2025 drill programme and a similar programme in 2026 is to grow the current group mineral inventory from approximately 1Moz to 1.5Moz+. The 2025 drill programme will end in December 2025, for which the company then intends to update the Mineral Resource Estimate at Palito Complex and Coringa during Q1-2026. The 2026 drill programme is expected to commence in Q2-2026, after the rainy season.

The Induced Polarisation (IP) survey completed at Palito Complex in December 2024 generated several new targets which were drilled in the 2025 campaign. IP anomalies identified and drilled include the Onça target, which now appears to be a strike extension of Piaui, effectively opening an 800m mineralised corridor between the Onça and Piaui targets that will be tested with drilling in Q4-2025.

Serabi has now completed a 90km IP survey at Coringa. The survey generated several new targets, including anomalies where chargeability and conductivity are both anomalous which is an unusual feature rarely observed in previous surveys and which indicates highly prospective targets for drilling. The Company will prioritise these newly identified targets with the objective of expanding the planned 2026 resource extension.

Mike Hodgson CEO commented:

“We’ve seen numerous exciting developments through our 2025 brownfield exploration programme, especially at Coringa, where the discovery of the Serra South zone, approximately 500 meters south of the Serra mine, is a notable highlight. This discovery, alongside the positive results along the Meio trend, demonstrates our belief that Coringa is a highly under-explored deposit. The approximately 500,000 gold ounce resource can be significantly increased by simply drilling strike extensions and the information gaps between earlier stage drilling.

The success is not limited to Coringa, as at Palito Complex, we focused on the Serra zone, which was mined during 2013-2017. The zone was always open along strike, but wasn’t drilled until now due to previous cash constraints.

We are excited about the strong exploration results we’ve seen to date and remain committed to further advancing our projects in a clear path toward resource growth to deliver long-term value for our shareholders.”

Figure 1 - Map of Select Targets and Intercepts at Coringa Mine

Source: Serabi Gold

Figure 2 - Map of Select Targets and Intercepts at Palito Complex

Source: Serabi Gold

Detailed Results and Technical Discussion

Exploration Advancements at Coringa Continue to Demonstrate Strong Growth Potential

As part of Phase II of Serabi’s strategy to grow its resource inventory, drilling at Coringa initially focused on the two main production areas, Serra and Meio, and subsequently followed up with other areas including Galena and Jatoba.

The 2025 brownfield exploration programme at Coringa includes 16,000m of diamond drilling, a soil sampling grid with approximately 5,000 samples for multi-element geochemical analysis, an IP geophysical survey to identify new targets along parallel structures and extensions of current ore bodies, and a high-resolution LiDAR topographic survey.

At the date of this release, 13,800m of the planned 16,000m have been completed. A total of 64 drill holes has been completed, of which 25 returned grades exceeding 3.0 g/t gold, highlighting the positive performance and effectiveness of the drilling programme to date.

Highlight intercepts for Coringa’s 2025 brownfield exploration programme include:

The most notable development has been the discovery of the Serra South zone, located approximately 500m south of the current Serra mine infrastructure. This zone is presently undergoing detailed definition drilling, with three rigs operating on a 50m grid spacing. Additionally, the corridor between the Serra mine and Serra South zone is being tested with step-out holes at 200m intervals to assess the feasibility of connecting the two zones via underground development, with the objective of optimizing future capital and operational efficiencies.

Figure 3 – Drilling at Newly Identified Serra South Zone

Source: Serabi Gold

Drilling to date demonstrates the Serra South zone is open at depth and extends the strike by at least 300m. Drilling will continue at the Serra South zone, aiming both to potentially increase ounces and to improve the understanding of its structural controls. Results will be compiled and verified by NCL Ingeniería y Construcción SpA of Santiago de Chile once drilling at the target is completed, expected to be the end of this year.

Drilling at the Meio orebody is also yielding positive results. While encouraging mineralization has been intersected in the northern portion, the southern extension toward the Come Quieto target is returning to stronger intercepts and is currently considered to have higher exploration potential.

An IP survey is finished in the southwestern portion of the Coringa Mine area. This new grid complements the previously completed IP survey and is designed to cover known gold-in-soil anomalies and previously mapped structural trends. The survey area includes historically active artisanal mining sites, notably Demétrio and Sr. Domingos, which have long been recognized as prospective zones. Initial interpretation by the geophysics team has identified unusual, highly prospective anomalies that correlate strongly with existing geochemical and structural data. Most notably, a target, located in the NW portion of the survey, displays coincident high chargeability and conductivity values, a rare combination that highlights highly compelling drill targets.

Figure 4 – Targets at Coringa and the 2025 IP Survey

Source: Serabi Gold

Exploration Programme at Palito Complex Continues to Advance with Promising Results at Key Targets

The 2025 exploration programme at Palito Complex includes a total of 14,000m of diamond drilling. At the date of this release, 10,400m have been completed across 35 drill holes, using two active rigs.

The most significant results to date are from the Senna target, found both to the north and south of the existing orebody, which was previously mined between 2015-2019. Given that the Senna orebody is one of the primary contributors to current ore production at Palito, the continuation of mineralization in both directions is highly encouraging. A follow-up drill programme was developed and commenced in Q3-2025 to further test this potential.

Figure 5 – 2025 Drilling Programme at Palito Complex Demonstrating Resource Growth

Source: Serabi Gold

IP chargeability anomalies generated during the 2024 geophysical survey at Palito Complex are being drill-tested at the Onça, Jiboia, and Mutum targets—interpreted as northwest extensions of the Senna and Piaui orebodies. Results to date confirm the presence of extensive zones of hydrothermal alteration, typically 2–3m thick and consistent with the style of mineralization observed at Piaui. These zones exhibit disseminated sulphides with associated gold mineralization, further validating the use of IP geophysics as an effective targeting tool for quartz-sulphide-gold vein systems in the region.

The Onça target has returned the strongest intercept to date – 0.65m @ 8.18 g/t Au (25-ON-001) – opening a prospective corridor of approximately 500m connecting Onça with the Piaui target, that will be tested in Q4-2025.

Mutum and Jiboia targets have demonstrated broad zones of hydrothermal alteration with gold mineralization, suggesting potential for the development of lower-grade, higher-volume oxidized deposits. A reverse circulation (RC) drill programme is currently being designed to assess the viability of this mineralization style, which has not yet been developed at the Palito Complex.

The H2-2025 drill programme at Palito Complex will include testing of the northeastern portion of the mine, targeting the Tatu and Bill’s Pipe zones, as well as a deep drilling programme, estimated between 800 and 1,000m – to test the down-plunge extension of the high-grade, thick G3 orebody at depth.

The geophysics team is now reviewing historical EM survey data, guided by the results of recent drilling. Several prospective anomalies have emerged and will be tested this year in the search for massive sulphide zones that may host associated gold mineralisation. Additionally, an oxidation surface model has been generated from geophysical data, highlighting potential areas of thick saprolitic material that could provide high-grade, large-volume feed for the Palito Complex. These new geophysical interpretations will require confirmation through targeted drilling.

Highlighted intercepts for Palito Complex’s 2025 brownfield exploration programme include:

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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GLOSSARY OF TERMS

The following is a glossary of technical terms: