The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
PRESS RELEASE 02 MARCH 2026
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 e [email protected] www.serabigold.com not amount to an invitation or inducement to
Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
Provides Operational and Exploration Update for 2025 Brownfield Drilling Campaigns at
Palito Complex and Coringa; Announces 2026 Brownfield Exploration Programme
Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold
mining and development company , is pleased to provide an update on its recent developments from the Palito
Complex and Coringa Mine as well as an exploration update on the 2025 brownfield exploration programme (all
financial amounts are expressed in U.S. dollars unless otherwise indicated).
OPERATIONAL UPDATE HIGHLIGHTS
• Installation of 4th ball mill at Palito Complex, to increase annual processing throughput to 330ktpa.
o Installation costs are nominal and financeable directly from the Company’s cash balance , expected
to be operational by Q4-2026.
o Addresses plant capacity challenges at Palito Complex and allows the Company to immediately
process lower grade stockpiles.
• Following 12 months of ore sorting success, t he Company is transitioning from selective open stop ing to
longhole open stoping at Coringa:
o Coringa veins are favourable for mechanized mining . This coupled with the ore sorting success is
allowing the Company to transition mining methods.
• Favorable gold prices and the plant expansion justify an economic evaluation to restart São Chico.
• Consolidated production guidance for 2026 remains 53,000 – 57,000 ounces gold.
• Coringa currently operates under a 3-year GUIA license which expires on January 29, 2027:
o Discussions are ongoing with the Agência Nacional de Mineração (“ANM”), regarding future
licensing.
• For the full mining license (LI license) 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 as planned.
• Health & Safety update:
o External group to conduct an audit of the health and safety process.
o Recruitment of an additional 7 health and safety personnel including a health and safety manager
and 6 additional safety technicians.
o Recruitment of an additional 4 mining supervisors and mine manager.
EXPLORATION UPDATE HIGHLIGHTS
• Serabi has completed the 2025 brownfield exploration programme, a total of 38,400m (17,600m at Palito
Complex and 20,800m at Coringa).
o A total of 154 diamond drill holes (64 at Palito Complex and 90 at Coringa) of which 65 returned
grades over 3 g/t.
o 1,436m of diamond drilling remains to be assayed (997m from Palito and 439m from Coringa).
• Recent results from the 2025 brownfield exploration programme include:
o Hole 25-SR-039 - 0.25m @ 395.00 g/t Au from 316.22m and 1.09m @ 17.70 g/t Au from 326.54m
(ALS lab @ Serra Sul)
o Hole 25-DE-001 - 1.19m @ 17.54 g/t Au from 207.08m (ALS lab @ Demetrio)
o Hole 25-SE-012 - 2.56m @ 7.05 g/t Au from 190.44m (ALS lab @ Senna)
o Hole 25-PI-007 - 0.36m @ 42.40 g/t Au from 123.09m (ALS lab @ Piaui)
PRESS RELEASE 02 MARCH 2026
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 e [email protected] www.serabigold.com not amount to an invitation or inducement to
Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
o Hole 25-PI-006 - 0.57m @ 23.31 g/t Au from 105.18m (ALS lab @ Piaui)
o Hole 25-SR-048 - 0.25m @ 57.37 g/t Au from 156.00m (Palito lab @ Serra Sul)
o Hole 25-SR-044 - 1.20m @ 10.76 g/t Au from 351.10m (ALS lab @ Serra Sul)
Note: All drill results above have been sent to ALS for assay testing. ‘ALS lab’ denotes the results were assayed and test results received
from ALS while ‘Palito lab’ denotes assays drill results sent to ALS for testing but test results are not yet received and therefore represent
Serabi internal assay results.
• The objective of the 2025 drill programme and a similar programme in 2026 is to grow the current group
mineral inventory to 1.5Moz+.
• The Company intends to update the Mineral Resource Estimate at Palito Complex and Coringa Gold mine
during Q1-2026.
• A $9M 2026 brownfield exploration programme including 30,000m of diamond drilling has been approved
and has commenced in January.
Mike Hodgson, CEO of Serabi, commented:
“As stated in our fourth quarter operational update for FY2025, we have set guidance of 53k -57koz for 2026. 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 has two
ball mills that were destined for Coringa when the company purchased the asset in 2018. With the two mines, one
plant strategy now well established, whereby we pre-concentrate the Coringa ore and truck to Palito for processing,
the decision has been to install one of the dormant mills from Coringa at Palito to increase plant throughout. We
plan to have this fourth mill operational before the fourth quarter of this year , in turn increasing our plant capacity to
330ktpa.
We will also be re evaluating our S ão Chico Mine which the record gold price environment and increased plant
capacity justifies. The satellite mine operations were suspended in 2023, not through exhaustion of the resource,
but due to economics. With high grade plant feed coming from Coringa and Palito, the Palito Complex plant simply
did not have capacity to receive what was marginal ore from S ão Chico at the time. Furthermore, ore sorting has
never been successful at S ão Chico. Times have changed, and today S ão Chico ore, even without ore sorting is
viable. The Company is now assessing the possibility to re-habilitate the upper levels at S ão Chico. In addition to
this, we have held positive discussions with the ANM regarding the 3-year GU license which expires late January of
next year.
We continue to pursue the full mining license at Coringa to unlock the full potential of Coringa . This is issued by
SEMAS, the state environmental agency, who in turn are waiting for two approvals. The first approval is a n
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. The change of land use authorisation is in its final stages at state level and will then go to Brasilia for final
approval at the federal level. We are hopeful this will be received in the first half of 2026. The approval of the ECI is
now progressing well and I am pleased to report numerous positive consultations between Serabi and the indigenous
community. FUNAI are now presenting the ECI to the indigenous community, from which a compensation study will
be agreed. At this stage the ECI can be approved.
In a nticipation of increased output, we have been reviewing mining methodology underground. Selective open
stoping, as used at the Palito Complex, has been employed at Coringa since stoping operations commenced in 2023.
However, generally speaking, the Coringa mineralized veins are little wider, geometrically simpler and more planar,
which lend themselves to a more mechanised methodology. In addition, ore sorting has been proven throughout
2025 to work extremely well on Coringa ore. Selective mining minimises the waste rock dilution which is an inevitable
part of mining that enters the ‘Run of Mine Ore’ (ROM) . The ore sorter removes this dilution very effectively b efore
trucking to the plant. Since late 2025, we have been trialling sublevel open stoping at Coringa, which results in more
dilution in the ROM, as it is a less selective method with larger volumes being mined at a time, but the ore sorter will
still pre-concentrate the ore, and remove the dilution waste prior to trucking. The huge advantage of this is greater
mine output, reduced mining costs and safer operations, as sublevel open stoping is a non-entry method.
PRESS RELEASE 02 MARCH 2026
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 e [email protected] www.serabigold.com not amount to an invitation or inducement to
Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
With ore sorting over the past 3 years, Serabi has focused on maximising gold production from the infrastructure it
has. After 12 months of highly successful ore sorting at Coringa and demonstrating the value of the two mines, one
plant strategy, which has come at a time of record gold prices, plant expansion will now greatly benefit the Company.
It will be entirely funded from cashflow for a very modest sum.”
DETAILED RESULTS AND TECHNICAL DISCUSSION
2025 Brownfield Exploration Program at Coringa Mine Update
Figure 1 - Map of Select Targets and Intercepts at Coringa Mine
Source: Serabi Gold
The 2025 brownfield exploration programme at Coringa include d 20,800m of diamond drilling, a soil sampling grid
with approximately 5,000 samples for multi-element geochemical analysis, an IP geophysical survey to identify new
targets along parallel structures and extensions of current mineralized zones , and a high -resolution LiDAR
topographic survey.
A total of 90 drill holes has been completed. Recent highlight intercepts for Coringa’s 2025 brownfield exploration
programme include:
Hole ID Observation From To Interval (m) Gold Grade
(Au g/t)
25-SR-030 97.40 97.80 0.40 8.13
25-SR-032 22.19 22.44 0.25 11.05
25-SR-039
316.22 316.47 0.25 395.00
and 322.51 323.52 1.01 6.80
including 322.85 323.18 0.33 20.00
and 326.54 327.63 1.09 17.70
including 327.38 327.63 0.25 65.20
25-SR-040 181.49 181.75 0.26 11.22
and 185.70 186.16 0.46 12.35
PRESS RELEASE 02 MARCH 2026
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 e [email protected] www.serabigold.com not amount to an invitation or inducement to
Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
The most notable development in 2025 was the discovery of the Serra South zone, located approximately 500m
south of the current Serra mine infrastructure. The Company continued detailed definition drilling in Q4-2025, with
three rigs operating on a 50m grid spacing. Exploration work to date demonstrates it appears to be formed by the
intersection of two main structures: one trending from the Fof ão area, and the main structure associated with the
Serra and Meio zones. This geological discovery opens a significant prospective window, as the same st ructural
pattern can be observed in other parts of the Coringa tenements. The exploration team has begun mapping key
areas where these structures converge, with drilling planned to test these zones in H2-2026. To assess the feasibility
of connecting the two zones via underground development, t he Company followed -up on drilling the potential
connection of the resource from Serra zone to the Serra South zone, however, drilling to date demonstrates a narrow,
lower-grade structure, reinforcing the current geolo gical interpretation that mineralization is controlled by structural
intersections. As of today, the Company envisions a separate portal to access the Serra South zone will be required.
Figure 2 – Drilling at Serra South Zone
Source: Serabi Gold
and 191.98 192.41 0.43 15.40
25-SR-043 381.55 381.80 0.25 12.35
25-SR-044 351.10 352.30 1.20 10.76
including 351.10 351.35 0.25 43.10
25-SR-047 204.85 205.10 0.25 9.63
25-SR-048 156.00 156.25 0.25 57.37
25-DE-001
161.45 161.70 0.25 11.20
and 207.08 208.27 1.19 17.54
including 208.00 208.27 0.27 58.60
And 221.61 221.87 0.26 38.10
25-DE-005
320.72 322.16 1.44 4.44
including 320.72 321.00 0.28 8.40
including 321.86 322.16 0.30 13.41
25-FZ-002 50.11 51.34 1.23 4.69
including 50.51 50.81 0.30 14.08
PRESS RELEASE 02 MARCH 2026
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 e [email protected] www.serabigold.com not amount to an invitation or inducement to
Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
Serra North
Serra North is located approximately 800m north of the Serra body. Three drillholes returned grades above 9 g/t —
holes 25-SE-040, 25-SE-043, and 25-SE-047 — with 15.40 g/t, 12.35 g/t, and 9.63 g/t respectively. The mineralized
bodies resemble those at Serra, showing sharp vein contacts and very restricted alteration halos between quartz -
sulfide veins (dominated by pyrite and some galena) and the enclosing granites, characteristic of shallow-level brittle
systems. The 1,530m of diamond drilling conducted in 2025 returned results of high grade interspersed with low
grade results. Due to new structural interpretations, drilling in Serra North was put on hold for further evaluation.
Fofão
The Fofão zone was discovered during the drilling campaign at the Serra South zone in 2025 . Structural data
collected from drill core indicate a mineralized trend distinct from the high-angle NW structures typically observed at
the Serra and Meio mine trends. Several veins showed azimuths between 290–310°, which drew the attention of the
exploration team.
Following this observation, the team immediately initiated mapping along the extension of this trend, where multiple
artisanal workings were identified. Rock chip sampling returned highly encouraging results, generally above 3 g/t,
with strong oxidation and sulfide development. As a result, a scout drilling program was launched.
To date, several promising intercepts have been obtained in narrow quartz –sulfide veins. Analysis of the results will
continue throughout 2026, with approximately 1,500m of drilling planned, in addition to ongoing mapping and
sampling activities.
Demétrio
Drilling at Demétrio has outlined a gold -anomalous corridor approximately 500m long, with economic gold grades
and vein thicknesses currently being followed up with additional drilling. The mineralization displays features typical
of Coringa-style mineralization but with higher galena content relative to other zones. Vein thickness averages ~30cm
with grades above 10g/t and will require testing through the ore sorter. The strong contrast between vein and h ost,
combined with sulfide content, suggests excellent ore -sorting performance . During Q4 -2025, 7 diamond holes
covering a total of 1,397m were drilled. The exploration team is now evaluating the target prior to advancing drilling
in 2026.
Figure 3 – Demetrio Long Section
Source: Serabi Gold
PRESS RELEASE 02 MARCH 2026
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 e [email protected] www.serabigold.com not amount to an invitation or inducement to
Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
2025 Brownfield Exploration Program at Palito Complex Update
Figure 4 - Map of Select Targets and Intercepts at Palito Complex
Source: Serabi Gold
The 2025 brownfield exploration programme at Palito Complex included a total of 14,000m of diamond drilling across
64 drill holes, using two active rigs.
The most significant results to date are from the Senna target, found both to the north and south of the existing
resource, which was previously mined between 2015 -2019. Given that the Senna resource is one of the primary
contributors to current ore production at Palito, the continuation of mineralization in both directions is highly
encouraging. A follow-up drill programme was developed and executed in Q4-2025 to further test this potential with
highlight drill results of 25-SE-012: 2.56m at 7.05g/t Au and 25-SE-014: 0.25m at 25.42g/t Au.
Figure 5 – Recent drilling results at the Senna Zone
Source: Serabi Gold
PRESS RELEASE 02 MARCH 2026
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 e [email protected] www.serabigold.com not amount to an invitation or inducement to
Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
Figure 6 – Senna mineralization cross section at North Zone
Source: Serabi Gold
The Currutela mineralized zone, which is interpreted as the southern extension of the main G3 body at Palito, was
drill-tested in 2025 but results remain inconclusive. Several intercepts returned economic gold grades (3–10 g/t) over
widths of less than 1m, which are lower compared to the main G3 resource. Geological modelling and interpretation
are ongoing to better understand its potential. It is important to note that Currutela lies more than 500m from current
G3 infrastructure, and any new resource in this area would significantly extend the re source base and mine life
associated with the G3 system.
The Piauí target, located SW of the main Palito resource, was another key focus during H2 -2025. Detailed drilling
continues to return significant economic results, with multiple assays above 5 g/t. Piauí differs from the main Palito
bodies, presenting a broader hydrothermal alteration halo , locally over 10m thick , with smaller quartz vein zones.
This mineralization style offers a different opportunity for Serabi, with potential for lower -grade disseminated
mineralization enveloping the high-grade vein zones, enhancing the overall potential of the target.
PRESS RELEASE 02 MARCH 2026
SERABI GOLD plc (“Serabi” or “the Company”)
SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE This document is not intended to and does
t +44 (0)20 7246 6830 e [email protected] www.serabigold.com not amount to an invitation or inducement to
Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
Figure 7 – Piauí Target Long Section – Demonstrating Structural Complexity
Source: Serabi Gold
IP chargeability anomalies generated during the 2024 geophysical survey at Palito Complex were drill-tested at the
Onça, Jiboia, and Mutum targets —interpreted as northwest extensions of the Senna and Piaui mineralization.
Results to date confirm the presence of extensive zones of hydrothermal alteration, typically 2 –3m thick and
consistent with the style of mineralization observed at Piauí. These zones exhibit disseminated sulphides with
associated gold mineralization, further validating the use of IP geoph ysics as an effective targeting tool for quartz -
sulphide-gold vein systems in the region.
The Onça target has returned the strongest intercept to date – 0.65m @ 8.18 g/t Au (25 -ON-001) – opening a
prospective corridor of approximately 500m connecting Onça with the Piaui target, that will be further tested in 2026.
Mutum and Jiboia targets have demonstrated broad zones of hydrothermal alteration with gold mineralization,
suggesting potential for the development of lower-grade, higher-volume oxidized deposits. A reverse circulation (RC)
drill programme is currently being designed to assess the viability of this mineralization style, which has not yet been
developed at the Palito Complex.
Recent highlighted intercepts for Palito Complex’s 2025 brownfield exploration programme include:
Hole ID Observation From To Interval (m) Gold Grade
(Au g / t)
25-PI-001 263.75 264.25 0.50 3.31
25-PI-003 373.00 374.00 1.00 8.90
25-SE-001
274.00 277.40 3.40 6.63
Including 274.00 274.6 0.60 26.80
Including 276.35 277.40 1.50 5.83
25-SE-004 195.50 196.86 1.36 17.99
Including 195.50 195.83 0.33 58.40