SBI Serabi Gold Plc

Positive results from regional exploration activity around the Palito tenement

Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining and development company, is pleased to provide a Greenfield Exploration update from its activities in its Palito Complex regional tenements in the Tapajos region of Para State, Northern Brazil. The exploration activity is being undertaken as part of the Exploration Alliance funded by Vale SA.

To access a PDF Copy of this news release including all images please use the following link - https://bit.ly/3sUVgmT

Highlights

• Interpretation of regional airborne geophysics and soil geochemistry have identified a large scale (crustal) dilational feature which hosts at least four new gold and copper prospects.
• At Calico North, preliminary results have defined anomalous and consistent gold trends following a NW-SE structural trend, similar to the Palito deposit, located 1.5km to the north. The results suggest the continuity of the Palito mineralised corridor to the southwest.
• At Isla, NW-SE trending 3.5 kilometre geochemical copper anomaly of more than 300ppm has been defined, very similar in size and copper values with the Matilda copper prospect. The copper anomaly also has a coincidental airborne EM conductivity anomaly.
• Systematic soil sampling demonstrates the prospectivity of the ground holding, and will continue until the end of 2023, which will generate multiple new targets for a 2024 drilling programme.
• The full programme to collect 5,500 soil samples will increase coverage by first pass surface geochemistry, to over 70% of Serabi’s Palito Complex tenement.
• Re-interpretation of existing targets have refined understanding and identified potential for epithermal and porphyry style mineralisation at Ganso, Forquilha and Calico targets.

Mike Hodgson CEO commented,

“Geochemistry from soil sampling around the Palito complex has been successful over the years, and the latest results to date continue to generate some highly promising prospects. This Greenfield exploration has been undertaken under the Alliance with Vale announced last year, focused on copper prospects. At the end of this year, we will be in a strong position to define the next phase of our exploration programme that may include geophysical follow-up and further drilling of the priority targets.

“The development of the Calico North anomaly has been very encouraging, and the geochemical signature is very comparable with the Palito deposit, which lies just 1.5km to the north.

“Ganso and Isla were less known to us at the beginning of this campaign, but both targets demonstrate similar geochemical signatures to Matilda, suggesting additional porphyry possibilities. Forquilha is also an exciting target, exhibiting geochemistry consistent with eptithermal vein gold potential.

“The development of these opportunities demonstrates how fertile and prospective our ground is, as we target growth of both high grade gold and scale bulk base metal prospects.”

Please use the following link to access an image of “Location of the main targets and discoveries made to date by the exploration programme” - https://bit.ly/3T1vLLc

Figure 1: Location of the main targets and discoveries made to date by the exploration programme

Detailed Results and Technical Discussion

In 2023, Serabi set up a comprehensive exploration programme that includes approximately 13,000 meters of diamond drilling and 5,500 soil samples for multi-element analysis (figure 2).

A significant proportion of the drilling will target the definition of an inferred Cu-Au-Mo resource for the Matilda prospect, along with the improved geological understanding of the Matilda system to help better understand the additional porphyry targets that undoubtedly exist in the Palito complex.

The remainder of the exploration drilling has been aimed at testing high priority targets, some of which have been developed recently and some over a longer period advancing them sufficiently to justify extension of Serabi’s tenure of these areas,

The soil sampling campaign has been distributed in grids of 400m and 800m x 100m, to provide effective coverage of the most prospective areas and will be followed up as anomalies are identified, through closer spaced sampling.

The data generated will significantly enhance Serabi’s understanding of the wider package and assist in future exploration for new prospects.

Please use the following link to access an image of “Status of the soil sample programmes in Serabi permits” - https://bit.ly/3N2D6pZ

Figure 2: Status of the soil sample programmes in Serabi permits.

Preliminary Soil Results

• The Calico North target is an anomalous and continuous gold trend, exhibiting very similar geochemical signatures to the Palito deposit just 1.5km to the north. Just like Palito, the Calico gold anomalies are hosted in NE-SW structures. The similarities are compelling.
• The Isla target is a 3.5km sized, copper anomaly, some 6.3km from the Sao Chico Mine.
• The Forquilha target defined as the upper portion of epithermal mineralisation close (1km) to Calico North vein and the Palito mine
• Results have helped define weathering regimes, regional lithologic variations and alteration zones as well as directly delineating high priority Cu and Au targets.

Calico North / Forquilha Targets

Soil sampling identified a new 5km by 2km gold in soils anomaly at the Calico North target. The anomaly suggests the same NW-SE structural control of the nearby Palito Mine. The target also suggests potential for gold mineralisation over a 7km NE-SW trend, from the Palito Mine to the greenfield Calico prospect which is interpreted as an epithermal gold system.

The Calico North gold anomalies are located just 1.5km from the Palito plant and subject to future exploration success are being targeted as a potential additional ore source for the Palito plant.

The Forquilha target is a quartz vein with structures of an upper part of epithermal vein with stockwork and calcedonic and hydrothermal breccia textures.

Please use the following link to access an image “Showing the gold anomalous trend along the Palito main structure and the Palito ore bodies” - https://bit.ly/47QaB6T

Figure 3: Showing the gold anomalous trend along the Palito main structure and the Palito ore bodies.

Isla / Ganso Targets

Soil sampling has identified a new 3.5km long copper in soils anomaly at the Isla target. The copper anomaly of more than 300 ppm Cu, trends NW-SE and is correlated with a strong magnetic feature, EM conductor anomalies and an intersection of major regional structures. Field mapping identified gossan-like rock samples with elevated copper grades.

To the south, a new 3km x 1km gold in soils anomaly was identified. Field mapping identified a series of quartz-sulphide veins returning grades of up to 159.84 g/t Au and 1,200 ppm Cu. The newly discovered veins are located approximately 2.5km north of the São Chico Mine.

The Ganso target identified within the soil campaign, has now been classified as a high sulphidation epithermal target with potential to be the upper part of another porphyry system. Data interpretation and geological investigation is ongoing to have a detail exploration program implemented.

Please use the following link to access an image “Presenting the anomalous Cu zones at Isla / Ganso and the geochemistry and geophysics interpretations made in the region” - https://bit.ly/40SOQBn

Figure 4: Presenting the anomalous Cu zones at Isla / Ganso and the geochemistry and geophysics interpretations made in the region.

Next steps and final results

Serabi will continue with its soil sampling programme as well as the ongoing drilling and IP survey at the Matilda prospect, data interpretation and further regional work. This phase of the field programmes will be completed by the end of the year. As the results become available, the exploration team carries out treatment, integration, and interpretation of the multi-element data and the final results of the programme are expected to be announced in the beginning of 2024.

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.

Enquiries

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

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

        e contact@serabigold.com

        www.serabigold.com

BEAUMONT CORNISH LimitedNominated Adviser & Financial AdviserRoland Cornish / Michael Cornish        t +44 (0)20 7628 3396

PEEL HUNT LLPJoint UK BrokerRoss Allister/Bhavesh Patel        t +44 (0)20 7418 9000

TAMESIS PARTNERS LLPJoint UK BrokerCharlie Bendon/ Richard Greenfield        t +44 (0)20 3882 2868

CAMARCOFinancial PRGordon 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 ResultsAssay 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 statementsCertain 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 StatementThe 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

Attachment

• Exploration Program - Nov 2023.

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