REG-AGM Statement

Serabi GoldAnnouncement

Thu 16:30

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Annual General Meeting Statement

Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI,
OTCQX:SRBIF), the Brazilian focused gold mining and development company,
advises that at 4:00PM today (BST), it will be holding its Annual General
Meeting.

The following is the text of the statement that will be made by Mr. Mike
Hodgson, the Chief Executive of the Company.

Text of Statement

“Good afternoon and thank you for attending our Annual General Meeting.

2024 was a pivotal year for Serabi with several critical milestones
achieved:   
•        Production increase of 17% over 2023.
•        Ore sorting commissioned at Coringa.
•        Updated Preliminary Economic Assessment completed at
Coringa.
•        A three-year renewal of the GU Mining license at Coringa.

Production was significantly up from 2023, with 38,000 ounces produced and I
am pleased to report that this trend has continued in 2025 year to date. By
mid-year 2025, we are tracking guidance as we target over 44,000 ounces. Next
year we plan to produce approximately 55,000 ounces.

The objective has been to grow without significant capex in processing and as
we have explained previously this increase in ounces is coming from improving
grade ahead of the plant as opposed to expanding the plant.

These grade improvements have been made possible through ore sorting and we
now have an ore sorter installed at both Palito and Coringa. Although the ore
sorter at Palito is only applicable on the lower grade ore, ore sorting is
proving to be highly effective at Coringa. The Coringa sorter has now been
operational for 6 months with excellent performance. During this period, we
have taken advantage of favourable economics and have been using the ore
sorter to process low grade ore stockpiled since the mine opened, whilst
higher grade ROM is transported directly to the Palito plant, by doing this we
can produce more ounces from Coringa this year.

Coringa is of course a new mine and has continued to grow and perform very
well and we now have production coming from two main sectors, Serra and Meio.
The Serra zone has now been operating for 4 years with multiple levels in
development and production; however, the mine is still relatively shallow with
all activities still less than 200 vertical metres from surface.

Late last year also saw a new NI 43-101 compliant preliminary economic
assessment (“PEA”) for the Coringa project, which outlined our production
plan to pre-concentrate Coringa ore at site, before trucking to Palito’s
plant.

The Palito mine is older and is now in its 13th year since the restart in
2013. With over 50 veins identified, the mine has become quite extensive.
Nevertheless, despite this extensive nature, the mine is still relatively
shallow with most activity less than 400 vertical metres from surface.

Back in the days of the pandemic, mine development had fallen behind leaving
few production options, however over the past 24 months development rates have
accelerated, and we have been enjoying improved grades as a result. 2025 mined
grades have been approximately 7 g/t gold compared to 5 g/t gold in 2024. Part
of this improvement has come mining returning to the G3 vein, which formed the
backbone of production at Palito from 2005-2017. 2025-2027 will see
significant contribution from G3. 
   
This year also saw the company commence a US$9M brownfield surface exploration
programme across both sites. All self-funded. This equates to 30,000m of
drilling, equally split over both sites. Extensions to existing orebodies and
anomalies are to be tested. The objective is to significantly increase the
current 1Moz resource inventory to at least 1.5Moz over the next 18 months.
Palito’s 50 veins are mostly open along strike and at depth. The strike
potential is being tested by this drilling.

Coringa is equally interesting, and the 500,000 oz resource inventory is
limited to previous drill campaigns which only tested the potential underneath
artisanal mine workings along the Coringa trend. This means there are many
areas which are geologically gold anomalous along the same trend without a
single drillhole. We, therefore back ourselves to have plenty of success in
growing the Coringa resource.

With respect to licensing, Palito is a fully permitted operation, and Coringa
is passing though the same permitting process Serabi followed for Palito back
in 2007. Currently Coringa operates under a 3-year GU license which permits
mining and transportation of 100,000 tonnes of ore post ore-sorting. This
license runs until 2027, when it will require a further renewal or more likely
and hopefully, the receipt of the Installation License (LI).

The difference between the LI and the GU license is the former is permanent
and has no tonnage limitation. The LI is issued by SEMAS, the State
Environmental Agency, however for them to approve we require two prior
authorisations from two government agencies.

The first authorisation comes from FUNAI, the government agency for the
indigenous communities. FUNAI need to approve the indigenous impact study
(“the ECI”) which Serabi completed in 2024. Since that time, personnel in
FUNAI have changed and with that came more edits, to a study we had previously
been informed by FUNAI personnel was complete. It has been a frustrating
delay, but the new team in FUNAI do appear to be engaging and most helpful.

The second authorisation comes from INCRA, the government agency for land use.
The company is negotiating the change of land use at Coringa from agriculture
to mineral extraction. INCRA is currently analysing our application, and we
anticipate will authorise the change in the coming months.

I remain very optimistic for the rest of 2025, we are enjoying strong economic
tailwinds, we are tracking guidance, and our cash balance is growing nicely.
We have to date funded our capital and exploration needs from cashflow and
will continue to do so.

As mentioned, Coringa has great growth potential, with so many anomalous
undrilled targets, and Palito is proving to be a reliable long-life asset,
with a track record of resource replenishment. Both Palito and Coringa have
the potential to host one-million-ounce gold deposits and over the next couple
of years I hope we can make headway to achieving this.”

The person who arranged for the release of this announcement on behalf of the
Company was Andrew Khov, Vice President, Investor Relations and Business
Development.

Enquiries

 SERABI GOLD plc Michael Hodgson t +44 (0)20 7246 6830 Chief Executive m +44 (0)7799 473621   Colm Howlin m +353 89 6078171 Chief Financial Officer   Andrew Khov m +1 647 885 4874 Vice President, Investor Relations and Business Development   e contact@serabigold.com  www.serabigold.com  BEAUMONT 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 - Europe  Gordon Poole / Emily Hall t +44 (0)20 3757 4980   HARBOR ACCESS  Financial PR – North America  Jonathan Patterson / Lisa Micali t +1 475 477 9404                                             

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.

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

        

Assay Results 
Assay results reported within this release are those provided by the Company's
own onsite 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.

Notice 
Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred herein. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else in relation
to the matters described in this announcement and is not advising any other
person and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of this
announcement or any matter referred to in it.

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