Palito Brownfield Exploration Update

Palito Brownfield Exploration U pdate

Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining and development company, is pleased to provide an exploration update from its Palito Mine in the Tapajos region of Para State, Northern Brazil.

A PDF version of this release including all images is available using the following link - https://bit.l y /3J0VT2Z

Highlights

Mike Hodgson CEO said

" Underground drilling at the Palito Mine continues to deliver excellent results. The G3 Vein was a major source of gold production for much of Palito's earlier mine life with the benefit of also being one of the widest orebodies. With the deepening of other sectors within the mine, and particularly Palito West and Chico da Santa which are the sectors either side of the Palito Main Zone with in which G3 occu rs , drilling out the deeper portions of G3 is now becoming possible.

"In 2023 we plan to complete the drill ing of the northwest extension of the G 3 Vein, an area of approximately 300m of vertical extent and approximately 600m of strike. We also expect to be in a position to drill out the southeast extension of G3 in 2024, a panel with a vertical extent of approximately 500m and strike of approximately 500m .

" Given the success of the drilling we have taken the decision to include the se latest results within the forthcoming mineral reserve and resource estimate. This will cause a short delay in completing the estimate although we still hope to have it completed in the third quarter . "

R esults

The G3 Vein is situated within the Palito Main Zone of the Palito Mine and has historically been one of the most important sources of gold production with good continuity of width and grade. In total it is estimated that 65,000 ounces of gold has been extracted from the G3 Vein. Mining ceased when a fault structure was encountered, with limited drilling below this fault to justify further development.

With mining in the parallel sectors of Palito West and Chico da Santa extending to depth, it has been possible to position drill rigs to drill test the depth and lateral extent of the G3 Vein. The drill results demonstrate that mineralisation continues strongly below the fault although in places the fault can cause a minor off-set in the vein.

These results support the decision to advance development to lower levels in the northwest of the G3 Vein. Further drilling planned for 2024 should enable the southeast extension of G3 to be tested.

To access an image of the Long Section of G3, please use the following link - https://bit.ly/43G Z hbg

Figure 1: Long-section of the G3 Vein showing mined stopes, extension drilling and planne d development

To access an image of the Plan of the Palito Mine veins, please use the following link- https://bit.ly/ 4 3C54z2

Figure 2 : Plan of Palito Mine veins, sector s and underground development

Table 1: High grade intercepts from historic and current drilling

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.

The person who arranged for the release of this announcement on behalf of the Company was Clive Line, Director.

E nquiries

SERABI GOLD plc Michael Hodgson t + 44 (0)20 7246 6830 Chief Executive m +44 (0)7799 473621

Clive Line t + 44 (0)20 7246 6830 Finance Director m +44 (0)7710 151692

e [email protected]

www.serabigold.com

B EAUMONT CORNISH Limited Nominated Adviser & Financial Adviser Roland Cornish / Michael Cornish t +44 (0)20 7628 3396

PEEL HUNT LLP Joint UK Broker Ross Allister t +44 (0)20 7418 9000

TAMESIS PARTNERS LLP Joint UK Broker Charlie Bendon/ Richard Greenfield t +44 (0)20 3882 2868

CAMARCO Financial PR Gordon Poole / Emily Hall t +44 (0)20 3757 4980

Copies of this announcement are available from the Company's website at www.serabigold.com .

See www.serabigold.com for more information and follow us on twitter @Serabi_Gold

GLOSSARY OF TERMS

The following is a glossary of technical terms:

Assay Results 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 recognised standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory.

Forward-looking statements Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ‘‘believe’’, ‘‘could’’, "should" ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.

Qualified Persons Statement The scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 30 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.

Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release

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