REG-Reports Q1-2026 Production & Operational Highlights

Serabi GoldAnnouncement

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Reports Q1-2026 Production & 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 production results and operating
highlights for Q1-2026 (all financial amounts are expressed in U.S. dollars
unless otherwise indicated).

Q1-2026 OPERATIONAL HIGHLIGHTS
* Quarterly gold production of 12,042 ounces, a 20% increase from Q1-2025.
* Cash as of 31 March 2025 of $64.4 million vs $49.2 million as of 31 December
2025. * Company now debt free; repaid $5.3 million to Itaú Bank in Brazil
during the quarter.
 
* Commenced installation of a 4(th) ball mill at Palito Complex, expected to
be operational by Q4-2026 and will increase annual processing throughput to
330ktpa in 2027. * Installation costs estimated at $5.0 million, financeable
entirely from the Company’s cash balance.
* Addresses plant capacity challenges at Palito Complex and permits the
Company to immediately process lower grade stockpiles.
* Assessment of the impact of restarting São Chico on the mine plan is
underway.
 
* Following 12 months of ore sorting success, the Company is transitioning
from selective open stoping to mechanised sublevel stoping at Coringa.
* Coringa currently operates under a 3-year GUIA license which expires
on January 29, 2027. * Discussions are ongoing with the Agência Nacional de
Mineração (“ANM”), regarding the extension of the current GUIA.
 
* For the full mining license (“LI”) at Coringa, the Company requires a
change of land use approval from the Instituto Nacional de Colonização e
Reforma Agrária (“INCRA”) as well as the approval of the Estudo de
Componente Indígena (“ECI”) from FUNAI, which are both progressing well.
* Health & Safety update: * External group to conduct an audit of the health
and safety process.
* Recruitment of an additional 7 health and safety personnel including a
health and safety manager and 6 additional safety technicians.
* Recruitment of an additional 4 mining supervisors and a mine manager.
Mike Hodgson, CEO of Serabi, commented:

“We delivered an excellent first quarter, with over 12,000 ounces of gold
produced and a positive cash balance of over $64 million increasing the cash
position by $15 million. We are now debt free having repaid the $5.3 million
debt facility to Itaú Bank in Brazil during the quarter.

Both mines have performed well. The ore sorter was instrumental in achieving
our record annual production in 2025, and this along with favourable
geological continuity of the Coringa veins has allowed us to transition from
selective open stoping to the more mechanized sublevel open stoping method,
providing many benefits to cost, output and safety. Mechanization of Coringa
should be complete by Q3-2026.  

As stated in our fourth quarter operational update for 2025, with ore sorting
ongoing at both sites, the operation remains plant constrained.  With gold
prices at record highs and viable stockpiles on hand, plant capacity
constraints have become more pressing than ever.  The company is installing
one of the dormant ball mills previously destined for Coringa at Palito to
increase plant throughout.    We plan to have this fourth mill operational
by the fourth quarter of this year, in turn increasing our plant capacity to
330ktpa.

This decision to increase plant capacity is strategically timely. Whilst we
anticipate positive news on Coringa permitting as well as mechanization of
that mine, both of which will increase ROM output, we also have abundant lower
grade stockpiles, which today cannot be processed due to plant constraints,
but are viable. One such ore source is at the São Chico satellite operation,
where operations were suspended in 2023. This suspension was not through
exhaustion of the resource, but due to economics.  With higher grade plant
feed coming from Coringa and Palito, the Palito Complex plant simply did not
have capacity to receive what was marginal ore from São Chico at the time.
Furthermore, ore sorting has never been successful at São Chico. As São
Chico ore, both surface stock and underground ore, is viable today, the
Company is now assessing the possibility to re-habilitate the upper levels at
São Chico and commence some modest production once again.   

Receipt of the LI in Coringa is advancing.  For the LI to be issued by SEMAS,
the state environmental agency, two approvals are pending.  The first
approval is an authorisation for ‘change of land use’ which is issued from
the land registry body, INCRA.  The second approval is from FUNAI, who need
to approve the Indigenous Study (ECI).  Serabi submitted the change of land
use in final form this year and is in its final stages at the federal level,
with approval expected to be received in the first half of 2026.  The
approval of the ECI is also advancing as I am pleased to report numerous
positive consultations between Serabi and the indigenous community.  FUNAI
has presented the ECI to the indigenous community. Once a compensation study
is agreed, the ECI can then be approved.

In 2025, we completed 38,400 metres of brownfield drilling at the Palito and
Coringa sites. Drilling focused on step-out and step-down drilling of known
zones, as well as new discoveries such as the Serra Sul and Fofão zones in
Coringa and the Piauí zone at Palito. The target of reaching at least 1.5
million ounces of resources by 2026-year end remains on track. Activity has
been limited during Q1-2026, as we are in the rainy season and surface drill
crews only returned late January. An exploration update on our 2026 brownfield
drilling programme will be provided in Q2-2026. The focus has been to conclude
geological interpretation of all mineralized zones at Palito and Coringa in
preparation for updated mineral resource updates, which will be issued
imminently.

Whilst all this news is very positive, we suffered two tragic fatalities in
January, both underground. The first mine-related and the second a
traffic-related incident. It stunned the company after such a positive
improvement in Health and Safety performance in 2025. We have doubled down on
our efforts to do our utmost to ensure this will not happen again. Firstly, we
have hired additional 7 health and safety personnel including a health and
safety manager and 6 additional safety technicians. We have also engaged an
external group to conduct an audit of the health and safety process.

We continue to take advantage of the economic tailwinds that prevail at this
moment in time and the production profile for the year will see each quarter
sequentially increasing production, as we anticipate another record year of
production in 2026, with production guidance at 53,000 ounces to 57,000
ounces.”

OPERATIONAL RESULTS

 SUMMARY PRODUCTION STATISTICS FOR 2026 AND 2025                                                       
                                              Q1      YTD     Q1      Q2      Q3      Q4      Fiscal   
                            2026                      2026    2025    2025    2025    2025    2025     
 Group                                                                                                 
 Gold production ((1)(2) )  Ounces            12,042  12,042  10,013  10,532  12,090  11,534  44,169   
 Mined ore                  Tonnes            54,965  54,965  44,924  52,032  51,625  55,899  204,480  
                            Gold grade (g/t)  7.06    7.06    7.09    6.72    7.24    6.65    6.91     
 Milled ore                 Tonnes            54,587  54,587  48,155  51,246  53,991  55,607  208,899  
                            Gold grade (g/t)  7.05    7.05    6.70    6.67    7.18    6.63    6.80     
 Horizontal development     Metres            4,155   4,155   3,505   3,850   3,706   4,535   15,596   
 Palito Complex                                                                                        
 Gold production ( (1)(2))  Ounces            4,592   4,592   4,666   5,607   5,246   4,638   20,158   
 Mined ore                  Tonnes            25,201  25,201  25,267  29,294  26,352  27,129  108,042  
                            Gold grade (g/t)  5.88    5.88    6.15    6.22    6.29    5.48    6.04     
 Milled ore                 Tonnes            24,977  24,977  24,328  29,885  27,081  27,226  108,521  
                            Gold grade (g/t)  5.90    5.90    6.25    6.15    6.25    5.47    6.03     
 Horizontal development     Metres            1,882   1,882   1,979   2,004   2,125   2,161   8,269    
 Coringa                                                                                               
 Gold production ((1)(2))   Ounces            7,450   7,450   5,347   4,925   6,843   6,895   24,010   
 Mined ore                  Tonnes            29,764  29,764  19,657  22,738  25,273  28,770  96,438   
                            Gold grade (g/t)  8.06    8.06    8.31    7.35    8.23    7.74    7.04     
 Milled ore                 Tonnes            29,610  29,610  23,827  21,361  26,909  28,381  100,479  
                            Gold grade (g/t)  8.01    8.01    7.17    7.39    8.13    7.75    7.64     
 Horizontal development     Metres            2,273   2,273   1,526   1,846   1,581   2,374   7,327    

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

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

Group production for the first quarter was 12,042 ounces. Group ore mined
during the quarter was 54,965 tonnes at 7.06 g/t Au compared to 55,899 tonnes
at 6.65 g/t Au for the fourth quarter of 2025.

The Palito Complex process plant treated 54,587 tonnes at 7.05 g/t Au compared
to 55,607 tonnes at 6.63 g/t Au for Q4-2025.

A total of 4,155 metres of horizontal development has been completed for the
quarter of which 2,336 metres was ore development. The balance was the ramp,
crosscuts and stope preparation development.

The Coringa Mine continues to perform well. On the Serra zone, production was
focused on the levels of 260m, 225m, 190m, and 158m, with development on
levels 158m, 141m, 126m and 106m. On the Meio zone, development is focused on
levels 286m, 271m and 252m and stoping ongoing on level 310m.

The new Galena zone is in development with the main ramp currently at the 285m
level.

The Palito Complex production and development is varied, with production from
the Barrichello and G3 zones. Development is ongoing on the Senna, Piquet and
G3 veins, ranging from upper levels 167m down to -210m level on G3.   

FINANCE UPDATE

Cash balance at the end of March 2026 was $64.4 million. During the quarter,
the Company fully repaid its $5.3 million unsecured loan arrangement with
Banco Santander and is now debt free.

FY2026 PRODUCTION GUIDANCE

The Company maintains FY2026 consolidated production of 53,000 – 57,000
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 / Fergus Young                 t +44 (0)20 3757
4980

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

Attachment
*     2026.04.09 - Q1 2026 Operational Release - v3
(https://ml-eu.globenewswire.com/Resource/Download/303c6ef5-7683-4d8d-9e73-f083dc21ecc4)