Fatality at Palito Complex

Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, regrets to announce an incident occurred resulting in a fatality at its Palito underground operation on 30 January 2026. The incident was related to a traffic accident underground at the Palito Complex. No other personnel were injured.

The Company has notified the relevant authorities, including the police, and are providing all necessary assistance for the enquiries into the incident. The involvement of the Brazilian authorities means that investigations into the circumstances remain ongoing. Production in the area of the incident is expected to be resumed within a few days once the authorities have completed their enquiries, but mining operations are otherwise unaffected.

Until such a time as the outcome of the enquiries has been reached, no further details can be released. The Directors and management of Serabi express their sincere condolences to the family and colleagues of the deceased and the Company is providing all necessary support to the family. The Company’s immediate priority is to ensure the safety and well-being of our colleagues and is providing appropriate support to staff during this time.

Mike Hodgson, CEO of Serabi, commented:

“We are deeply saddened at this tragic event, having lost two employees in a short period. It is doubly saddening because we’ve just completed a superb year of health and safety performance. Ensuring the health and safety of our workforce is our highest priority and we are taking immediate action to review the effectiveness and safety of all our operations. We extend our heartfelt condolences and support to the family and friends of the deceased, and to all our employees during this difficult time."

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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