TIDMSRB 
 
 
   For immediate release 
 
   29 March 2021 
 
   Serabi Gold plc 
 
   ("Serabi" or the "Company") 
 
   Serabi Gold Reports Mineral Reserves and Resources at its Palito Complex 
as at December 2020 
 
   Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining 
and development company, today reported its updated Mineral Reserves and 
Resources estimate at Palito and Sao Chico as of 31 December 2020. 
 
   Highlights 
 
 
   -- Total Measured and Indicated Resources of 262,956 ounces and Inferred 
      Resources of 211,821 ounces. 
 
   -- Significant increase in the Sao Chico resources with the Measured and 
      Indicated Resource more than doubling to 82,807 ounces and the Inferred 
      Resource almost doubling to 94,002 ounces following successful 
      exploration programme in 2019. 
 
   -- Accelerated mine development and exploration programmes underway to catch 
      up activity that was curtailed in 2020 to mitigate risks and impacts of 
      COVID-19 pandemic and is expected to support further resource growth. 
 
 
   Mike Hodgson CEO commented: 
 
   "The Palito Complex has a long history of reserve and resource 
replenishment and it is pleasing to demonstrate this once again. Our 
global mineral resources have remained relatively stable despite mine 
depletion and although the reported reserves are lower than we would 
normally expect, this is a direct result of the measures we took to 
safeguard our operation in the face of the COVID-19 pandemic. 
 
   "Following the successful equity raise of US$17.5 million announced on 2 
March 2021, we are fully funded to complete our 2021 exploration 
programme which will include 32,000 meters of diamond drilling over the 
course of the year. Much of this drilling will be focused on extensions 
to the Palito and Sao Chico orebodies which remain open along strike, 
laterally and at depth. This exploration programme will be the largest 
in the Company's history and we are confident that it will deliver 
resource growth. In addition, we are working hard to catch up the mine 
development that was put on hold during the COVID-19 pandemic. This 
development not only opens up new areas of the mines but is an integral 
part of the conversion of resource blocks into reserve ounces. 
 
   "With our workforce back to full strength and our COVID-19 protocols 
seemingly very effective at keeping the virus out of our camp, we are 
making excellent progress on both exploration and development. We look 
forward to updating the market with our exploration results throughout 
the year and are confident these will lead to a growth in both our 
reserves and resources and demonstrate that the Palito and Sao Chico 
deposits remains long-life assets." 
 
   Updated Reserves and Resources 
 
   Table 1 below sets out the updated Mineral Reserve and Resources 
Estimate for Palito and Sao Chico as at 31 December 2020 ("December 2020 
MRE"). 
 
   A comparison with the previously reported Mineral Reserve and Resource 
Estimate as at 30 June 2017 published on 11 December 2017 (the "June 
2017 MRE"), and the interim updated Mineral Reserve and Resource 
Estimate as at 31 August 2020 published on 1 March 2021 (the "August 
2020 MRE") is set out in the Appendix. The Mineral Reserve and Resources 
Estimate for Coringa has not been updated. 
 
   Table 1: Mineral Reserves and Resources, Palito and Sao Chico as at 31 
December 2020 
 
 
 
 
Total Reserves and Resources for the Palito and Sao 
 Chico Mines, Para, Brazil (effective 31 December 2020) 
                        Palito                         Sao Chico                           Combined 
                         Grade    Contained             Grade    Contained               Grade 
             Tonnes     (g/t Au)   ounces    Tonnes    (g/t Au)   ounces     Tonnes     (g/t Au)  Contained ounces 
Reserves 
Proven 
 Reserves      49,156       6.83     10,802   11,087       5.41      1,929     60,243       6.57            12,731 
Probable 
 Reserves     190,586       6.89     42,202   33,224       6.35      6,787    223,810       6.81            48,990 
Total 
 Reserves     239,742       6.88     53,004   44,312       6.12      8,716    284,053       6.76            61,720 
----------  ---------  ---------  ---------  -------  ---------  ---------  ---------  ---------  ---------------- 
Resources 
Measured 
 Resources     44,687       7.52     10,802    8,529       7.04      1,929     53,216       7.44            12,731 
Indicated 
 Resources  1,079,626       4.88    169,347  470,725       5.34     80,878  1,550,351       5.02           250,225 
Measured & 
 Indicated 
 Resources  1,124,313       4.98    180,149  479,254       5.37     82,807  1,603,567       5.10           262,956 
----------  ---------  ---------  ---------  -------  ---------  ---------  ---------  ---------  ---------------- 
Inferred 
 Resources    981,028       3.74    117,819  608,129       4.81     94,002  1,589,157       4.15           211,821 
----------  ---------  ---------  ---------  -------  ---------  ---------  ---------  ---------  ---------------- 
 
 
   Notes to the Mineral Reserves and Mineral Resources: 
 
   --The scientific and technical information contained in this news 
release pertaining to the Palito and Sao Chico gold deposits has been 
reviewed and approved by Michael Hodgson BSc, MSc FIMMM, who is a 
qualified person under National Instrument 43-101 -- Standards of 
Disclosure for Mineral Projects ("NI 43-101") and who has acted as the 
qualified person under the AIM Rules ("Qualified Person"): 
 
   The Qualified Person has verified the information disclosed herein, 
including the sampling, preparation, security and analytical procedures 
underlying the information or opinions contained in this announcement in 
accordance with standards appropriate to their qualifications. 
 
 
   -- The Company estimates and discloses mineral reserves and resources using 
      the definitions adopted by the Canadian Institute of Mining, Metallurgy 
      and Petroleum, and in accordance with NI 43-101. Further details are 
      available at www.cim.org. 
 
   -- Mineral Resources are not Mineral Reserves and do not have demonstrated 
      economic viability. 
 
   -- Mineral Resources are inclusive of Mineral Reserves. 
 
   -- Figures are rounded to reflect the relative accuracy of the estimates. 
 
   -- Mineral Reserves have been rounded to reflect the relative accuracy of 
      the estimates. Proven underground Mineral Reserves are reported within 
      the Measured classification domain, and Probable underground Mineral 
      Reserves are reported within the Indicated classification domain. Proven 
      and Probable underground Mineral Reserves are inclusive of external 
      mining dilution and mining loss and are reported at a cut-off grade of 
      3.70 g/t gold assuming an underground extraction scenario and 
      metallurgical recovery of 91% for the Palito Mine and at a cut-off grade 
      of 3.45 g/t gold assuming an underground extraction scenario and 
      metallurgical recovery of 95% for the Sao Chico Mine, a gold price of 
      US$1,500/oz and a 5.0:1 Brazilian Real to U.S. Dollar exchange rate. 
 
   -- Mineral Resources are reported within classification domains inclusive of 
      in situ dilution at cut-off grade of 3.10 g/t gold and metallurgical 
      recovery of 91% for the Palito Mine and at cut-off off grade of 2.85 g/t 
      gold and metallurgical recovery of 95% for the Sao Chico Mine assuming an 
      underground extraction scenario, a gold price of US$1,500/oz and a 5.0:1 
      Brazilian Real to U.S. Dollar exchange rate. 
 
   -- Polygonal techniques were used for Resources estimates. 
 
   -- Serabi is the operator and owns 100% of the Palito and Sao Chico Mines 
      such that gross and net attributable mineral reserves and resources are 
      the same. 
 
   -- The effective date of the Resource estimate is 31 December 2020. 
 
 
   Mineral Reserves 
 
   Proven and Probable Mineral Reserves at the Palito Complex total 61,720 
ounces of gold as at 31 December 2020, a decrease on the June 2017 MRE 
of 181koz and a decrease of 10koz on the August 2020 MRE, primarily 
reflecting mine depletion. The majority of the Reserves were defined at 
the Palito orebody with 53,004 ounces with the balance of 8,716 ounces 
being defined at Sao Chico. As part of the Company's strategy to 
mitigate the risks and impacts of the COVID-19 pandemic, exploration and 
development activity was curtailed for much of 2020. This had a direct 
impact on the replenishment of Reserves which are delineated by surface 
and underground drilling and most importantly by underground 
development. 
 
   With the workforce returning to near full strength towards the end of 
2020, exploration and development activity increased, and with a higher 
rate of mine development planned for the first half of 2021, it is 
anticipated that the reserves at both Palito and Sao Chico orebodies 
will be replenished during 2021. 
 
   Mineral Resources 
 
   Serabi's Measured and Indicated Resources at 262,956 ounces remained 
broadly in line with the June 2017 MRE of 306,651 ounces (and the August 
2020 MRE), with the decrease reflecting mine depletion although the full 
impact of the 128koz of production since 2017 was significantly off-set 
by additional resource growth. 
 
   Measured Resources of 12,731 ounces at both Palito and Sao Chico 
declined from the previously reported June 2017 MRE of 166,120 ounces 
(August 2020 MRE 19,000 ounces). This decline was due to mine depletion 
and lower than anticipated resource replenishment as a direct impact of 
the steps taken to mitigate the risks associated with the COVID-19 
pandemic as described above. 
 
   However, Indicated Resources at both Palito and Sao Chico saw increases 
compared to the June 2017 MRE (and the August 2020 MRE) primarily as a 
result of exploration drilling during 2019 and the first quarter of 
2020. With 169,347 ounces defined at Palito and a further 80,878 ounces 
at Sao Chico, the Company is confident that, with additional underground 
development, a significant proportion of these Indicated Resources will 
be converted into Measured Resources and ultimately into Reserves. 
 
   The total Inferred Resources at the Palito Complex, at 211,821 ounces 
remained broadly in line with the June 2017 MRE of 231,401 (August 2020 
MRE 218,000 ounces). Inferred Resources at Palito declined a little to 
117,819 ounces at 3.74g/t Au (from 176,947 ounces in June 2017) whereas 
Sao Chico saw an increase in the Inferred Resource to 94,002 ounces at 
4.81g/t Au (from 54,454 ounces in June 2017). 
 
   With an exploration budget in excess of US$5 million and 32,000 metres 
of diamond drilling planned in 2021, much of it focused on near-mine 
resource expansion at Palito and Sao Chico, the Company anticipates 
being able to add significantly to the resource inventory at the Palito 
Complex and demonstrate continued resource and reserve replenishment. In 
2005, when the mine began operating, the global resource was 49koz of 
Indicated and 344koz of Inferred Resources. Since then, the Company has 
mined over 350koz and retains a Measured and Indicated Resource of 
263koz and an Inferred Resource of 212koz, demonstrating strong resource 
replenishment. 
 
   The updated Mineral Reserve and Resource Estimates in respect of the 
Palito and Sao Chico deposits, have been prepared by the Company and are 
effective as of 31 December 2020. 
 
   Qualified Persons and Quality Control 
 
   The scientific and technical information contained in this news release 
pertaining to the Palito and Sao Chico gold deposits has been reviewed 
and approved by Michael Hodgson BSc, MSc FIMMM, who is a qualified 
person under National Instrument 43-101 -- Standards of Disclosure for 
Mineral Projects ("NI 43-101") and who has acted as the qualified person 
under the AIM Rules ("Qualified Person"): 
 
   The Qualified Person has verified the information disclosed herein, 
including the sampling, preparation, security and analytical procedures 
underlying the information or opinions contained in this announcement in 
accordance with standards appropriate to their qualifications. 
 
   Mineral Reserves and Resources 
 
   The Company estimates and discloses mineral reserves and resources using 
the definitions adopted by the Canadian Institute of Mining, Metallurgy 
and Petroleum, and in accordance with NI 43-101.  Further details are 
available at www.cim.org.  See the "Glossary of Geological and Mining 
Terms" for complete definitions of mineral reserves and mineral 
resources. 
 
   About Mineral Resources 
 
   Mineral resources are not mineral reserves and do not have demonstrated 
economic viability, but do have reasonable prospect for economic 
extraction.  They fall into three categories: measured, indicated, and 
inferred. The reported mineral resources are stated inclusive of mineral 
reserves.  Measured and indicated mineral resources are sufficiently 
well-defined to allow geological and grade continuity to be reasonably 
assumed and permit the application of technical and economic parameters 
in assessing the economic viability of the mineral resource. Inferred 
mineral resources are estimated on limited information not sufficient to 
verify geological and grade continuity or to allow technical and 
economic parameters to be applied.  Inferred mineral resources are too 
speculative geologically to have economic considerations applied to 
them. There is no certainty that mineral resources of any category will 
be upgraded to mineral reserves. 
 
   Important Information about Mineral Reserve and Resource Estimates 
 
   Whilst the Company takes all reasonable care in the preparation and 
verification of the mineral reserve and resource figures. the figures 
are estimates based in part on forward-looking information. 
 
   Estimates are based on management's knowledge, mining experience, 
analysis of drilling results, the quality of available data and 
management's best judgment. They are, however, imprecise by nature, may 
change over time, and include many variables and assumptions including 
geological interpretation, commodity prices and currency exchange rates, 
recovery rates, and operating and capital costs. 
 
   There is no assurance that the indicated levels of metal will be 
produced, and the Company may have to re-estimate the mineral reserves 
based on actual production experience. Changes in the metal price, 
production costs or recovery rates could make it unprofitable to operate 
or develop a particular deposit for a period of time. 
 
   This announcement is inside information for the purposes of Article 7 of 
Regulation 596/2014. 
 
   The person who arranged for the release of this announcement on behalf 
of the Company was Clive Line, Director. 
 
   Enquiries: 
 
 
 
 
Serabi Gold plc 
Michael Hodgson                                     Tel: +44 (0)20 7246 6830 
Chief Executive                                     Mobile: +44 (0)7799 473621 
 
Clive Line                                          Tel: +44 (0)20 7246 6830 
Finance Director                                    Mobile: +44 (0)7710 151692 
 
Email: mailto:contact@serabigold.com 
contact@serabigold.com 
-------------------------------------------------- 
Website: http://www.serabigold.com 
www.serabigold.com 
-------------------------------------------------- 
 
Beaumont Cornish Limited 
 Nominated Adviser and Financial Adviser 
Roland Cornish                                      Tel: +44 (0)20 7628 3396 
Michael Cornish                                     Tel: +44 (0)20 7628 3396 
 
Peel Hunt LLP 
 UK Broker 
Ross Allister                                       Tel: +44 (0)20 7418 8900 
 
 
 
 
   Copies of this announcement are available from the Company's website at 
www.serabigold.com. 
 
   Neither the Toronto Stock Exchange, nor any other securities regulatory 
authority, has approved or disapproved of the contents of this 
announcement. 
 
   GLOSSARY OF TERMS 
 
   The following is a glossary of technical terms: 
 
 
 
 
"Ag"                means silver. 
------------------  ---------------------------------------------------------------- 
"Au"                means gold. 
------------------  ---------------------------------------------------------------- 
"assay"             in economic geology, means to analyse the proportions 
                     of metal in a rock or overburden sample; to test an 
                     ore or mineral for composition, purity, weight or 
                     other properties of commercial interest. 
------------------  ---------------------------------------------------------------- 
"CIM"               means the Canadian Institute of Mining, Metallurgy 
                     and Petroleum. 
------------------  ---------------------------------------------------------------- 
"chalcopyrite"      is a sulphide of copper and iron. 
------------------  ---------------------------------------------------------------- 
"Cu"                means copper. 
------------------  ---------------------------------------------------------------- 
"cut-off grade"     the lowest grade of mineralised material that qualifies 
                     as ore in a given deposit; rock of the lowest assay 
                     included in an ore estimate. 
------------------  ---------------------------------------------------------------- 
"dacite porphyry    a silica-rich igneous rock with larger phenocrysts 
intrusive"           (crystals) within a fine-grained matrix 
------------------  ---------------------------------------------------------------- 
"deposit"           is a mineralised body which has been physically delineated 
                     by sufficient drilling, trenching, and/or underground 
                     work, and found to contain a sufficient average grade 
                     of metal or metals to warrant further exploration 
                     and/or development expenditures; such a deposit does 
                     not qualify as a commercially mineable ore body or 
                     as containing ore reserves, until final legal, technical, 
                     and economic factors have been resolved. 
------------------  ---------------------------------------------------------------- 
"electromagnetics"  is a geophysical technique tool measuring the magnetic 
                     field generated by subjecting the sub-surface to electrical 
                     currents. 
------------------  ---------------------------------------------------------------- 
"garimpo"           is a local artisanal mining operation 
------------------  ---------------------------------------------------------------- 
"garimpeiro"        is a local artisanal miner. 
------------------  ---------------------------------------------------------------- 
"geochemical"       refers to geological information using measurements 
                     derived from chemical analysis. 
------------------  ---------------------------------------------------------------- 
"geophysical"       refers to geological information using measurements 
                     derived from the use of magnetic and electrical readings. 
------------------  ---------------------------------------------------------------- 
"geophysical        include the exploration of an area by exploiting differences 
techniques"          in physical properties of different rock types. Geophysical 
                     methods include seismic, magnetic, gravity, induced 
                     polarisation and other techniques; geophysical surveys 
                     can be undertaken from the ground or from the air. 
------------------  ---------------------------------------------------------------- 
"gossan"            is an iron-bearing weathered product that overlies 
                     a sulphide deposit. 
------------------  ---------------------------------------------------------------- 
"grade"             is the concentration of mineral within the host rock 
                     typically quoted as grams per tonne (g/t), parts per 
                     million (ppm) or parts per billion (ppb). 
------------------  ---------------------------------------------------------------- 
"g/t"               means grams per tonne. 
------------------  ---------------------------------------------------------------- 
"granodiorite"      is an igneous intrusive rock similar to granite. 
------------------  ---------------------------------------------------------------- 
"hectare" or a      is a unit of measurement equal to 10,000 square metres. 
"ha" 
------------------  ---------------------------------------------------------------- 
"igneous"           is a rock that has solidified from molten material 
                     or magma. 
------------------  ---------------------------------------------------------------- 
"IP"                refers to induced polarisation, a geophysical technique 
                     whereby an electric current is induced into the sub-surface 
                     and the conductivity of the sub-surface is recorded. 
------------------  ---------------------------------------------------------------- 
"intrusive"         is a body of rock that invades older rocks. 
------------------  ---------------------------------------------------------------- 
"Indicated Mineral  is that part of a Mineral Resource for which quantity, 
Resource             grade or quality, densities, shape and physical characteristics 
                     can be estimated with a level of confidence sufficient 
                     to allow the appropriate application of technical 
                     and economic parameters, to support mine planning 
                     and evaluation of the economic viability of the deposit. 
                     The estimate is based on detailed and reliable exploration 
                     and testing information gathered through appropriate 
                     techniques from locations such as outcrops, trenches, 
                     pits, workings and drill holes that are spaced closely 
                     enough for geological and grade continuity to be reasonably 
                     assumed. 
------------------  ---------------------------------------------------------------- 
"Inferred Mineral   is that part of a Mineral Resource for which quantity 
Resource"            and grade or quality can be estimated on the basis 
                     of geological evidence and limited sampling and reasonably 
                     assumed, but not verified, geological and grade continuity. 
                     The estimate is based on limited information and sampling 
                     gathered through appropriate techniques from locations 
                     such as outcrops, trenches, pits, workings and drill 
                     holes. 
------------------  ---------------------------------------------------------------- 
"Inferred Mineral   " is that part of a Mineral Resource for which quantity 
Resource"            and grade or quality can be estimated on the basis 
                     of geological evidence and limited sampling and reasonably 
                     assumed, but not verified, geological and grade continuity. 
                     The estimate is based on limited information and sampling 
                     gathered through appropriate techniques from locations 
                     such as outcrops, trenches, pits, workings and drill 
                     holes. 
------------------  ---------------------------------------------------------------- 
"mineralisation"    the concentration of metals and their chemical compounds 
                     within a body of rock. 
------------------  ---------------------------------------------------------------- 
"mineralised"       refers to rock which contains minerals e.g. iron, 
                     copper, gold. 
------------------  ---------------------------------------------------------------- 
"Mineral Resource"  is a concentration or occurrence of diamonds, natural 
                     solid inorganic material, or natural solid fossilized 
                     organic material including base and precious metals, 
                     coal, and industrial minerals in or on the Earth's 
                     crust in such form and quantity and of such a grade 
                     or quality that it has reasonable prospects for economic 
                     extraction. The location, quantity, grade, geological 
                     characteristics and continuity of a Mineral Resource 
                     are known, estimated or interpreted from specific 
                     geological evidence and knowledge. 
------------------  ---------------------------------------------------------------- 
"Mineral Reserve"   is the economically mineable part of a Measured or 
                     Indicated Mineral Resource demonstrated by at least 
                     a Preliminary Feasibility Study. This Study must include 
                     adequate information on mining, processing, metallurgical, 
                     economic and other relevant factors that demonstrate, 
                     at the time of reporting, that economic extraction 
                     can be justified. A Mineral Reserve includes diluting 
                     materials and allowances for losses that may occur 
                     when the material is mine 
------------------  ---------------------------------------------------------------- 
"Mo-Bi-As-Te-W-Sn"  Molybdenum-Bismuth-Arsenic-Tellurium-Tungsten-Tin 
------------------  ---------------------------------------------------------------- 
"monzogranite"      a biotite rich granite, often part of the later-stage 
                     emplacement of a larger granite body. 
------------------  ---------------------------------------------------------------- 
"mt"                means million tonnes. 
------------------  ---------------------------------------------------------------- 
"ore"               means a metal or mineral or a combination of these 
                     of sufficient value as to quality and quantity to 
                     enable it to be mined at a profit. 
------------------  ---------------------------------------------------------------- 
"oxides"            are near surface bed-rock which has been weathered 
                     and oxidised by long term exposure to the effects 
                     of water and air. 
------------------  ---------------------------------------------------------------- 
"ppm"               means parts per million. 
------------------  ---------------------------------------------------------------- 
"Probable Mineral   is the economically mineable part of an Indicated 
Reserve"             and, in some circumstances, a Measured Mineral Resource 
                     demonstrated by at least a Preliminary Feasibility 
                     Study. This Study must include adequate information 
                     on mining, processing, metallurgical, economic, and 
                     other relevant factors that demonstrate, at the time 
                     of reporting, that economic extraction can be justified. 
------------------  ---------------------------------------------------------------- 
"Proven Mineral     is the economically mineable part of a Measured Mineral 
Reserve"             Resource. A Proven Mineral Reserve implies a high 
                     degree of confidence in the Modifying Factors 
------------------  ---------------------------------------------------------------- 
"saprolite"         is a weathered or decomposed clay-rich rock. 
------------------  ---------------------------------------------------------------- 
"sulphide"          refers to minerals consisting of a chemical combination 
                     of sulphur with a metal. 
------------------  ---------------------------------------------------------------- 
"vein"              is a generic term to describe an occurrence of mineralised 
                     rock within an area of non-mineralised rock. 
------------------  ---------------------------------------------------------------- 
"VTEM"              refers to versa time domain electromagnetic, a particular 
                     variant of time-domain electromagnetic geophysical 
                     survey to prospect for conductive bodies below surface. 
------------------  ---------------------------------------------------------------- 
 
   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 26 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, 
recognising 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. 
 
   Forward Looking Statements 
 
   Certain statements in this announcement are, or may be deemed to be, 
forward looking statements. Forward looking statements are identi ed 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 re ect 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. 
 
   APPENDIX 
 
   A comparison of the updated Mineral Reserve and Resource Estimate as at 
31 December 2020 with the previously reported Mineral Reserve and 
Resource Estimate as at 30 June 2017 published on 11 December 2017 (the 
"MRE June 2017"), and the interim updated Mineral Reserve and Resource 
Estimate as at 31 August 2020 published on 1 March 2021 (the "MRE August 
2020") is set out below. 
 
 
 
 
Comparison of Mineral Reserves and Resources for the 
 Palito Mine, Para, Brazil (effective 31 December 2020) 
                   MRE June 2017                MRE August 2020                 Updated MRE December 2020 
                               Contained                     Contained 
            Tonnes    Grade     ounces    Tonnes    Grade     ounces    Tonnes    Grade 
             000's   (g/t Au)    000's     000's   (g/t Au)    000's     000's   (g/t Au)  Contained ounces 000's 
Reserves 
Proven 
 Reserves      337       8.28         90      57       7.82         15      49       6.83                      11 
Probable 
 Reserves      276       7.64         68     172       7.33         41     191       6.89                      42 
Total 
 Reserves      613       7.99        157     230       7.45         55     240       6.88                      53 
----------  ------  ---------  ---------  ------  ---------  ---------  ------  ---------  ---------------------- 
Resources 
Measured 
 Resources     346      12.62        140      50       8.99         15      44       7.52                      11 
Indicated 
 Resources     371      10.91        130    1000       4.88        157    1080       4.88                     169 
Measured & 
 Indicated 
 Resources     717      11.74        271    1050       5.08        171    1124       4.98                     180 
----------  ------  ---------  ---------  ------  ---------  ---------  ------  ---------  ---------------------- 
Inferred 
 Resources     784       7.02        177     943       3.66        111     981       3.74                     118 
----------  ------  ---------  ---------  ------  ---------  ---------  ------  ---------  ---------------------- 
 
 
 
 
 
 
Comparison of Mineral Reserves and Resources for the 
 Sao Chico Mine, Para, Brazil (effective 31 December 
 2020) 
                   MRE June 2017                MRE August 2020                 Updated MRE December 2020 
                               Contained                     Contained 
            Tonnes    Grade     ounces    Tonnes    Grade     ounces    Tonnes    Grade 
             000's   (g/t Au)    000's     000's   (g/t Au)    000's     000's   (g/t Au)  Contained ounces 000's 
Reserves 
Proven 
 Reserves       65       8.15         17      21       5.94          4      11       5.41                       2 
Probable 
 Reserves       25       9.15          7      49       8.84         13      33       6.35                       7 
Total 
 Reserves       90       8.43         24      70       7.60         17      44       6.12                       9 
----------  ------  ---------  ---------  ------  ---------  ---------  ------  ---------  ---------------------- 
Resources 
Measured 
 Resources      60      13.34         26      17       7.73          4       8       7.04                       2 
Indicated 
 Resources      22      14.70         10     500       5.63         90     471       5.34                      81 
Measured & 
 Indicated 
 Resources      82      13.70         36     517       5.69         94     479       5.37                      83 
----------  ------  ---------  ---------  ------  ---------  ---------  ------  ---------  ---------------------- 
Inferred 
 Resources     123      13.77         54     719       4.62        107     608       4.81                      94 
----------  ------  ---------  ---------  ------  ---------  ---------  ------  ---------  ---------------------- 
 
 
   ENDS 
 
 
 
 

(END) Dow Jones Newswires

March 29, 2021 02:00 ET (06:00 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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