REG-Q2-2025 Production Results and Operational Highlights

Serabi GoldAnnouncement

Mon 06:30

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Q2-2025 Production Results and Operational Highlights

Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI,
OTCQX:SRBIF), the Brazilian focused gold mining and development company, is
pleased to announce the Company’s second quarter production results and
operating highlights for FY2025 (all financial amounts are expressed in U.S.
dollars unless otherwise indicated).

Q2-2025 HIGHLIGHTS
* Gold production of 10,532 ounces, a 17% increase from Q2-2024.
* Over 3,850 metres of horizontal development for the quarter, a 10% increase
on Q1-2025 and the highest quarterly development since operations commenced.
* Cash as at 30 June 2025 of $30.4 million vs $26.5 million as at 31 March
2025.
* Net cash at quarter-end (after interest bearing loans and lease liabilities)
of $24.6 million (Q1-2025: $21.1 million).
* The Company remains on track to achieve 2025 consolidated production
guidance of 44,000 – 47,000 ounces gold.
* First results from the brownfield exploration opportunities at Palito
Complex, Coringa Mine and São Domingos target, which is part of Phase II of
the Company’s growth strategy: * Hole 25-SE-001 – 0.6m @ 27.17 g/t Au from
274m (Senna orebody at Palito Complex)
* Hole 25-SE-001 – 1.05m @ 6.42 g/t Au from 276m (Senna orebody at Palito
Complex)
* Hole 25-JA-003 – 0.5m @ 27.78 g/t Au from 120m (Jatobá orebody at
Coringa)
* Hole 25-GA-001 – 0.5m @ 52.07 g/t Au from 150m (Galena orebody at Coringa)
* Hole 24-SD-016 – 1.65m @ 80.50 g/t Au from 193m (São Domingos)
* Hole 24-SD-023 – 1.35m @ 19.97 g/t Au from 143m (São Domingos)
* Hole 24-SD-024 – 0.60m @ 16.25 g/t Au from 186m (São Domingos)
* Hole 24-SD-026 – 1.50m @ 30.13 g/t Au from 317m (São Domingos)
* Hole 24-SD-026 – 0.75m @ 42.30 g/t Au from 330m (São Domingos)
Mike Hodgson, CEO of Serabi, commented:

“We have followed a strong first quarter with an even better second quarter,
which at 10,532 ounces, has been the highest quarterly output recorded since
operations recommenced in 2013. Year-to-date, that gives total gold production
of 20,545 ounces, slightly above budget and leaving us tracking guidance.
Development rates were also excellent, 10% improved on the first quarter.

A 17% increase on the corresponding quarter in 2024, and most pleasing within
these numbers was the grade improvements at both Palito and Coringa. Palito
plant feed grades year-to-date are 27% improved on the 2024 average, whilst
Coringa plant feed grades improved 12%.

At Coringa, the ore 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 than originally planned.    

Coringa is of course, a relatively new mine and has continued to grow and
perform 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.
The Serra zone has production and development from multiple levels between
260m down to level 125m. The main ramps north and south are now deepening
below 125m. The second quarter also saw further development into the Meio
zone, the second sector at Coringa. The first two levels, 356m and 336m are
now fully developed and stoping has just commenced. Grades are very
encouraging, but development rates are slower than planned. At the Serra zone,
we are blessed with excellent ground conditions, however the Meio zone is
significantly weaker as we are still in the upper levels, close to surface and
rock conditions are still somewhat weathered. As we deepen, we expect
conditions to improve. However, it does mean more support as we advance and
this slows development.

At Palito, we have seen grades continue to improve and year to date 2025 mined
grades have been approximately 6.19 g/t gold compared to 4.86 g/t gold in
2024. Much of this improvement has come from stoping the Barrichello zone,
along with some excellent grades being returned from the G3 vein, which formed
the backbone of production at Palito from 2005-2017. The G3 vein is now being
mined on the -20m, -85m and -210m levels. 2025-2027 will see significant
contribution from G3.

The second quarter also saw our brownfield exploration programme gather pace.
We have two rigs turning at Palito and two at Coringa as we target some 30,000
metres of drilling this year. The first results were published early in the
quarter (LINK
(https://www.globenewswire.com/Tracker?data=1F03aVW1bCrKu3dSK-13PNpnIwlmqzI1SCyMW69k4cIOv_d50Oe3nqYTEdeIc_6TIW7nAXPSBbwkMA5cABCJYj-ypf6R40t6GLc4oG_cpEhuO9k7zykFVyS0Yc8PcCjnvudzgZiy3Bysra3P5Y3N_k713JPuLa9hOMUNecvzR0A=)),
with very encouraging results. The drilling results from the Senna orebody at
the Palito Complex, as well as Jatobá and Galena in Coringa, indicate we are
progressing towards our goal of increasing the current mineral resource
inventory to between 1.5Moz-2.0Moz.

We are enjoying excellent operational performance, strong prevailing gold
prices, cash growth and anticipate further success. Our production profile
will see greater quarterly production in Q3 and Q4 to reach guidance. With
this as a foundation to what we anticipate will be a successful period of
organic growth to look forward to in the second half of 2025.”

OPERATIONAL RESULTS

 SUMMARY PRODUCTION STATISTICS FOR 2025 AND 2024                                                                 
                                              Qtr 1   Qtr 2   YTD     Qtr 1   Qtr 2   Qtr 3   Qtr 4   YTD        
                            2025                      2025    2025    2024    2024    2024    2024    2024       
 Group                                                                                                           
 Gold production ((1)(2) )  Ounces            10,013  10,532  20,545  9,007   9,003   9,489   10,022  37,520     
 Mined ore                  Tonnes            44,924  52,032  96,956  56,296  59,564  58,682  50,327  225,049    
                            Gold grade (g/t)  7.09    6.72    6.89    5.31    5.06    5.48    6.19    5.49       
 Milled ore                 Tonnes            48,155  51,246  99,401  54,521  55,192  54,579  52,363  216,655    
                            Gold grade (g/t)  6.7     6.67    6.69    5.38    5.31    5.59    6.21    5.61       
 Horizontal development     Metres            3,505   3,850   7,355   3,131   3,550   3,325   3,129   13,135     
 Palito Complex                                                                                                  
 Gold production ( (1)(2))  Ounces            4,666   5,607   10,273  5,135   4,251   3,648   4,369   17,404     
 Mined ore                  Tonnes            25,267  29,294  54,561  36,471  30,488  26,878  23,642  117,479    
                            Gold grade (g/t)  6.15    6.22    6.19    4.72    4.52    4.34    6.10    4.86       
 Milled ore                 Tonnes            24,328  29,885  54,213  35,861  30,750  27,454  23,719  117,785    
                            Gold grade (g/t)  6.25    6.15    6.20    4.73    4.56    4.33    6.05    4.86       
 Horizontal development     Metres            1,979   2,004   3,983   2,153   2,315   1,859   1,948   8,275      
 Coringa                                                                                                         
 Gold production ((1)(2))   Ounces            5,347   4,925   10,272  3,871   4,752   5,841   5,653   20,117     
 Mined ore                  Tonnes            19,657  22,738  42,395  19,825  29,076  31,984  26,685  107,569    
                            Gold grade (g/t)  8.31    7.35    7.80    6.39    5.62    6.44    6.27    6.17       
 Milled ore                 Tonnes            23,827  21,361  45,188  18,660  24,441  27,125  28,645  98,871     
                            Gold grade (g/t)  7.17    7.39    7.27    6.61    6.25    6.87    6.34    6.51       
 Horizontal development     Metres            1,526   1,846   3,372   978     1,235   1,466   1,181   4,860      

           (1)   The table may not sum due to rounding.

           (2)   Production numbers are subject to change
pending final assay analysis from refineries.

Total production for the second quarter was 10,532 ounces. Total ore mined
during the quarter was 52,032 tonnes at 6.72 g/t Au compared to 44,924 tonnes
at 7.09 g/t for the first quarter of 2025. The Palito Complex process plant
treated 51,246 tonnes at 6.67 g/t Au compared to 48,155 tonnes of ROM ore at a
grade of 6.70 g/t Au for Q1-2025.

A total of 3,850 metres of horizontal development has been completed for the
quarter of which 1,879 metres was ore development. The balance was the ramp,
crosscuts and stope preparation development.

The Coringa orebody continues to perform well. Production was focused on the
levels of 260m, 225m, 195m, 165m and now 130m level. The newly intersected
Meio zone is in development with levels 356m and 336m advanced and stoping
just underway.

FINANCE UPDATE

Cash balances at the end of June 2025 were $30.4 million, in comparison to the
cash balances at the end of December 2024 of $22.2 million. On 6 January 2025
the Company fully repaid its $5.0 million unsecured loan arrangement with Itau
Bank in Brazil which carried an interest coupon of 8.47 per cent. On 22
January 2025, the Group secured a new $5.0 million loan from Banco Santander.
The Banco Santander loan is repayable as a bullet payment on 21 January 2026
and carries an interest coupon of 6.16%. The Company had a net cash balance at
the end of Q2-2025 (after interest bearing loans and lease liabilities) of
$24.6 million (31 December 2024: net cash $16.2 million).

FY2025 PRODUCTION GUIDANCE

The Company remains on track to achieve 2025 consolidated production guidance
of 44,000 – 47,000 ounces gold.

About Serabi Gold plc
Serabi Gold plc is a gold exploration, development and production company
focused on the prolific Tapajós region in Para State, northern Brazil. The
Company has consistently produced 30,000 to 40,000 ounces per year with the
Palito Complex and is planning to double production in the coming years with
the construction of the Coringa Gold project. Serabi Gold plc recently made a
copper-gold porphyry discovery on its extensive exploration licence. The
Company is headquartered in the United Kingdom with a secondary office in
Toronto, Ontario, Canada.

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 Andrew Khov, Vice President, Investor Relations & Business
Development.

Enquiries

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

Colm Howlin        
Chief Financial Officer        m +353 89 6078171

Andrew Khov         m +1 647 885 4874
Vice President, Investor Relations & 
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 / Georgia Langoulant        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

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 recognized
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.
Several 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

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