Exploration Update for 2026 Brownfield Exploration Programme at Palito and Coringa Delivering High Grade Results
Serabi Gold plc has announced positive results from its 2026 brownfield exploration program at the Palito Complex and Coringa Mine, aiming to expand its mineral inventory to over 1.5 million ounces of gold. The program has completed 20,831 meters of diamond drilling in the first half of 2026, with 11,522 meters at Palito and 9,309 meters at Coringa. Recent high-grade intercepts include 1.38 meters at 11.85 g/t Au at Coringa Serra South and 1.70 meters at 16.13 g/t Au at Coringa Meio, supporting resource growth potential. Updated Mineral Resource Estimates for both sites are anticipated in Q1 2027.
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Exploration Update for 2026 Brownfield Exploration Programme at Palito and Coringa Delivering High Grade Results
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 update on the 2026 brownfield exploration programme at Palito Complex and Coringa Mine.
The primary objective of the 2026 brownfield drill programme is to expand the Company’s known gold resources by targeting high probability near mine mineralization at Palito Complex (“Palito”) and Coringa Mine (“Coringa”) as part of Phase II of the Company’s organic growth strategy to expand the Group mineral inventory to 1.5Moz+.
All validated results will be incorporated into updated Mineral Resource Estimates for Palito and Coringa, expected during Q1-2027.
EXPLORATION UPDATE HIGHLIGHTS
The Company is currently in the second year of its Phase II organic growth strategy to expand the total Group mineral inventory to +1.5Moz Au, with the programme expected to complete October 2026.
2025 brownfield exploration programme increased consolidated Measured and Indicated (“M&I”) resources to 730,800 ounces of contained gold (2,485,800 tonnes @ 9.1 g/t Au) and consolidated inferred resources to 653,300 ounces (2,506,700 tonnes @ 8.1 g/t Au).
During H1-2026 20,831 metres of diamond drilling were completed, comprising 11,522 metres across 37 holes at Palito and 9,309 metres across 42 holes at Coringa.
The 2026 brownfield exploration programme totals 32,000 metres across Palito and Coringa, with six drill rigs currently operating across the two sites.
Recent results from the 2026 brownfield exploration programme continue to support resource growth potential including:
26-SR-055 – 1.38 m @ 11.85 g/t Au, including 0.42 m @ 37.10 g/t Au (Coringa Serra South)
26-SR-059 – 2.20 m @ 5.89 g/t Au, including 0.40 m @ 13.40 g/t Au, and 1.19 m @ 6.87 g/t Au, including 0.49 m @ 16.55 g/t Au (Coringa Serra South)
26-ME-013 – 1.70 m @ 16.13 g/t Au, including 0.45 m @ 35.59 g/t Au (Coringa Meio)
26-SR-062 – 1.00 m @ 6.85 g/t Au, including 0.25 m @ 25.80 g/t Au (Coringa Serra)
26-FC-005 – 1.00m @ 10.11 g/t Au, including 0.25m @ 40.30 g/t Au (Coringa Cabaça)
26-ME-006 – 1.50m @ 4.01 g/t Au (Coringa Encosta)
26-MS-001 - 1.12m @ 6.12 g/t Au, including 0.43m @ 15.20 g/t Au (Palito Massa)
Results obtained to date have supported a number of new prospective models and reinterpretations. The exploration team is concentrating efforts on specific priority trends while ensuring continuous coverage of the main zones, enabling a more proactive stance while optimizing resource allocation, reduction of rework, and improving overall operations efficiency.
Reinterpretation of the G1-G3 corridor at Palito identified new structural drill targets with drilling to follow in H2-2026.
Updated Mineral Resource Estimates expected in Q1-2027 incorporating all validated results from the 2026 brownfield exploration programme.
Mike Hodgson, CEO of Serabi, commented:
“Phase II of our organic growth strategy continues to yield success with the drill bit in the second year of our brownfield exploration drilling programme at Palito and Coringa. Today’s published high-grade drill results demonstrate the potential to delineate a larger resource at both Palito and Coringa to support production growth. We expect to conclude the 2026 brownfield exploration programme in October 2026 with an updated mineral resource estimate for both Palito and Coringa targeted for Q1-2027, incorporating the drill results since our last update.
We look forward to continuing to unlock exploration value across our portfolio, where the 2025 brownfield exploration programme alone contributed to a significant increase in our total mineral inventory. We will continue to leverage our proven exploration, permitting expertise, along with our well established in-country relationships to execute on our strategy of creating a premier gold growth company in Brazil.”
DETAILED RESULTS AND TECHNICAL DISCUSSION
2026 Brownfield Exploration Program at Coringa Mine Update
Figure 1 - Map of Select Targets and Intercepts at Coringa Mine
Link: https://wp-serabi-2023.s3.eu-west-2.amazonaws.com/media/2026/09/Picture1.png
Source: Serabi Gold
The 2026 brownfield exploration programme at Coringa has drilled 9,309 metres to date in 42 diamond drill holes primarily focused on drilling identified targets along trend to the northwest and southeast of the currently producing Serra and Meio zones.
Year-to-date results continue to demonstrate the significant growth potential of the district, with positive results generated from multiple target areas including Serra South, Serra, Meio and satellite targets such as Cabaça and Encosta. Recent drill results continue to confirm the geological controls responsible for the Serra and Meio deposits extend beyond the currently defined resource areas.
The discovery of the Serra South zone in 2025, located approximately 500 metres southeast of the currently producing Serra zone, represents significant validation of the Company's exploration model and demonstrates the potential for additional mineralized centres to occur along the broader, district-scale, structural corridor. Recent results include 1.38 m @ 11.85 g/t Au, including 0.42 m @ 37.10 g/t Au, in hole 26-SR-055 and 2.20 m @ 5.89 g/t Au, including 0.40 m @ 13.40 g/t Au, and a second interval of 1.19 m @ 6.87 g/t Au, including 0.49 m @ 16.55 g/t Au, in hole 26-SR-059, confirming continuity of the mineralised system along strike and at depth. Ramp development of Serra South zone commenced in Q2-2026.
Drill results from the Meio zone continue to demonstrate potential for resource growth immediately southeast and along trend of the current mining area. Hole 26-ME-013 returned 1.70 m @ 16.13 g/t Au, including 0.45 m @ 35.59 g/t Au. Together with additional positive intersections from holes 26-ME-012, 26-ME-009, 26-ME-010 and 26-ME-007, these results define a mineralized corridor extending for more than 200 metres beyond the limits of the current underground development and highlight the potential for future resource additions and mine-life extension at the Meio zone.
At Cabaça, hole 26-FC-005 intersected 1.00 m @ 10.11 g/t Au, including 0.25 m @ 40.30 g/t Au, from approximately 42 metres downhole. The shallow, high-grade intercept confirms the presence of significant gold mineralisation at this satellite target and further demonstrates the potential for additional mineralised centres outside the primary Serra and Meio zones.
At Encosta, hole 26-ME-006 intersected 1.50 m @ 4.01 g/t Au from approximately 4 metres downhole. The result provides initial confirmation of a target defined by coincident soil-geochemical and induced-polarisation anomalies and supports an open strike opportunity extending for more than 300 metres. Follow-up drilling in H2-2026 was designed to test the lateral and vertical continuity of the mineralised structure.
At Sr. Domingos, multiple priority drill targets were generated from discrete induced-polarisation anomalies within a previously untested portion of the Coringa district. The programme represents the first systematic drill evaluation of the target and is designed to determine whether the geophysical responses are associated with sulphide-bearing structures similar to those hosting gold mineralisation elsewhere at Coringa. Initial drill testing commenced during July.
At Pista, multiple drill targets have been defined along an approximately 400-metre gold-in-soil anomaly supported by historical artisanal workings, continuous quartz-vein structures and encouraging rock-chip results of up to 7.46 g/t Au. Mapping identified a brecciated quartz vein containing fresh pyrite, together with a broader vein and stockwork system developed along prospective northwest-southeast structural trends. The combination of geochemistry, mapping and surface mineralisation has allowed several priority drill sites to be defined.
Recent highlight intercepts for Coringa’s 2026 brownfield exploration programme include:
| Hole_ID | Target | Observation | From | To | Interval (m) | Grade (Au g/t) | Laboratory Results |
|---|---|---|---|---|---|---|---|
| 26-SR-053 | Serra South | 76.33 | 77.25 | 0.92 | 4.65 | ALS Result | |
| including | 76.87 | 77.25 | 0.38 | 11.05 | ALS Result | ||
| and | 94.45 | 95.51 | 1.06 | 4.40 | ALS Result | ||
| including | 94.97 | 95.51 | 0.54 | 5.88 | ALS Result | ||
| 26-SR-055 | Serra South | 197.63 | 199.01 | 1.38 | 11.85 | ALS Result | |
| including | 197.93 | 198.35 | 0.42 | 37.10 | ALS Result | ||
| and | 202.12 | 203.12 | 1.00 | 14.65 | ALS Result | ||
| including | 202.37 | 202.62 | 0.25 | 57.20 | ALS Result | ||
| 26-SR-058 | Serra South | 122.55 | 123.50 | 0.95 | 4.48 | ALS Result | |
| 26-SR-059 | Serra South | 233.00 | 235.20 | 2.20 | 5.89 | ALS Result | |
| including | 234.80 | 235.20 | 0.40 | 13.40 | ALS Result | ||
| and | 280.81 | 282.00 | 1.19 | 6.87 | ALS Result | ||
| including | 281.06 | 281.55 | 0.49 | 16.55 | ALS Result | ||
| and | 298.15 | 299.30 | 1.15 | 2.92 | ALS Result | ||
| including | 299.00 | 299.30 | 0.30 | 5.71 | ALS Result | ||
| 26-SR-062 | Serra | 121.10 | 122.10 | 1.00 | 4.67 | ALS Result | |
| including | 121.40 | 121.80 | 0.40 | 11.65 | ALS Result | ||
| and | 354.62 | 355.62 | 1.00 | 6.85 | ALS Result | ||
| including | 355.00 | 355.25 | 0.25 | 25.80 | ALS Result | ||
| 26-SR-063 | Serra | 510.24 | 511.24 | 1.00 | 3.12 | Palito Result | |
| including | 510.74 | 511.24 | 0.50 | 6.2 | Palito Result | ||
| 26-FC-005 | Cabaça | 42.00 | 43.00 | 1.00 | 10.11 | ALS Result | |
| including | 42.45 | 42.70 | 0.25 | 40.30 | ALS Result | ||
| 26-FC-007 | Cabaça | 34.50 | 34.75 | 0.25 | 3.78 | ALS Result | |
| 26-ME-006 | Encosta | 4.42 | 5.92 | 1.50 | 4.01 | ALS Result | |
| 26-ME-007 | Meio | 181.00 | 181.35 | 0.35 | 4.51 | ALS Result | |
| 26-ME-009 | Meio | 96.47 | 97.37 | 0.90 | 2.78 | ALS Result | |
| including | 96.80 | 97.12 | 0.32 | 7.56 | ALS Result | ||
| 26-ME-010 | Meio | 171.70 | 172.70 | 1.00 | 5.44 | ALS Result | |
| including | 172.00 | 172.25 | 0.25 | 17.05 | ALS Result | ||
| 26-ME-012 | Meio | 27.95 | 28.95 | 1.00 | 3.44 | Palito Result | |
| including | 28.25 | 28.65 | 0.40 | 4.93 | Palito Result | ||
| 26-ME-013 | Meio | 92.55 | 94.25 | 1.70 | 16.13 | Palito Result | |
| including | 92.55 | 93.00 | 0.45 | 35.59 | Palito Result | ||
| 26-ME-014 | Meio | 98.62 | 99.72 | 1.10 | 2.25 | Palito Result | |
| including | 98.87 | 99.22 | 0.35 | 4.58 | Palito Result |
Source: Serabi Gold
Note: All drill results above have been sent to ALS for assay testing. ‘ALS Result’ denotes the results were assayed and test results received from ALS while ‘Palito result denotes assays drill results sent to ALS for testing but test results are not yet received and therefore represent Serabi internal assay results.
Figure 2 – Location of Meio Infrastructure with Recent Exploration Drillholes
Link: https://wp-serabi-2023.s3.eu-west-2.amazonaws.com/media/2026/09/Picture2.png
Source: Serabi Gold
2026 Brownfield Exploration Program at Palito Complex Update
Figure 3 - Map of Select Targets and Intercepts at Palito Complex
Link: https://wp-serabi-2023.s3.eu-west-2.amazonaws.com/media/2026/09/Picture3.png
Source: Serabi Gold
The 2026 brownfield exploration programme at Palito Complex has drilled 11,522 metres to date over 37 drill holes. The focus was to increase near-mine ounces, particularly at Senna, G3, Barrichello, Piauí and Massa.
Drilling at Senna continues to confirm the continuity to the northwest and southeast of the mineralized structure, with hole 26-SE-020 returning 0.82m @ 3.99 g/t Au, including 0.25m @ 11.20 g/t Au and an additional intercept of 1.24m @ 3.62 g/t Au including 0.35m @ 5.53g/t Au and 0.35m @ 6.56g/t Au.
The recently initiated drilling at Massa provided encouraging results, with hole 26-MS-001 returning 1.12m @ 6.12 g/t Au including 0.43m @ 15.20 g/t Au.
At Piauí, hole 26-PI-019 intersected a broad mineralised interval of 9.93m @ 1.06 g/t gold, including two internal higher-grade intervals of 0.25m @ 6.26g/t Au and 0.25m @ 4.95 g/t Au. Together with additional mineralised intersections from surrounding holes, the result supports the interpretation of a broader mineralised envelope containing discrete higher-grade zones. Ongoing geological modelling is evaluating the geometry and continuity of the Piauí mineralised system.
At Tatu, holes 26-TA-001 and 26-TA-003 returned narrow high-grade intersections of 0.28m @ 7.22 g/t Au and 0.25m @ 6.50 g/t Au, respectively. The results confirm the presence of high-grade gold-bearing structures at this early-stage target, although additional geological evaluation is required to establish their continuity and overall significance.
Recent highlight intercepts for Palito’s 2026 brownfield exploration programme include:
| Hole_ID | Target | Obs | From | To | Interval (m) | Gold Grade (Au g/t) | Laboratory Results |
|---|---|---|---|---|---|---|---|
| 26-PI-019 | Piauí | 79.07 | 89.00 | 9.93 | 1.06 | ALS Result | |
| Including | 84.75 | 85.00 | 0.25 | 6.26 | |||
| Including | 85.00 | 85.25 | 0.25 | 4.95 | |||
| 26-PI-026 | Piauí | 123.20 | 123.60 | 0.40 | 3.20 | ALS Result | |
| 26-TA-001 | Tatu | 122.22 | 122.50 | 0.28 | 7.22 | ALS Result | |
| 26-TA-003 | Tatu | 57.25 | 57.50 | 0.25 | 6.50 | ALS Result | |
| 26-SE-020 | Senna | 48.22 | 49.04 | 0.82 | 3.99 | ALS Result | |
| Including | 48.79 | 49.04 | 0.25 | 11.20 | |||
| 52.81 | 53.83 | 1.02 | 3.49 | ||||
| 238.95 | 240.19 | 1.24 | 3.62 | ||||
| Including | 239.24 | 239.59 | 0.35 | 5.53 | |||
| Including | 239.6 | 239.94 | 0.35 | 6.56 | |||
| 250.92 | 251.36 | 0.44 | 3.70 | ||||
| 26-MS-001 | Massa | 68.61 | 68.86 | 0.25 | 5.95 | ALS Result | |
| 134.67 | 134.93 | 0.26 | 5.78 | ||||
| 144.05 | 145.17 | 1.12 | 6.12 | ||||
| Including | 144.74 | 145.17 | 0.43 | 15.20 | |||
| 26-GT-009 | G3 | 371.02 | 371.38 | 0.36 | 4.75 | ALS Result | |
| 26-GT-010 | G3 | 431.09 | 432.10 | 1.01 | 7.41 | Palito Result | |
| Including | 431.09 | 431.45 | 0.36 | 13.11 | |||
| 483.61 | 485.00 | 1.39 | 6.13 | ||||
| Including | 483.96 | 484.21 | 0.25 | 23.55 |
Source: Serabi Gold
Note: All drill results above have been sent to ALS for assay testing. ‘ALS Result’ denotes the results were assayed and test results received from ALS while ‘Palito result denotes assays drill results sent to ALS for testing but test results are not yet received and therefore represent Serabi internal assay results.
Reinterpretation of G1-G3 Corridor to be Tested in H2-2026
Through the integration of historical drilling, underground mapping and revised structural modelling, the exploration team developed a new geological framework suggesting several mineralized structures previously considered isolated potentially form a larger and more continuous mineralized system. The revised geological model incorporates structural offsets, branching vein systems and previously unrecognized dilation zones that may positively impact future exploration targeting and resource estimation. A diamond drilling programme was designed for H2-2026 to test priority targets generated from the updated interpretation.
Figure 4 – G3 Intercepts and Planned Drilling
Link: https://wp-serabi-2023.s3.eu-west-2.amazonaws.com/media/2026/09/Picture4.png
Source: Serabi Gold
Figure 5 – Reinterpreted G1-G3 Corridor
Link: https://wp-serabi-2023.s3.eu-west-2.amazonaws.com/media/2026/09/Picture5.png
Source: Serabi Gold
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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