We are tracking well towards guidance, and with the classification plant progressing according to plan at Coringa, we remain very optimistic for the remainder of the year.   We look forward to seeing the classification plant being operational next quarter, and hopefully what will be a great end to the year.”

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

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

OPERATIONAL RESULTS

Total production for the third quarter was 9,489 ounces. Total ore mined during the quarter was 58,862 tonnes at 5.48 g/t compared to 59,564 tonnes at 5.06 g/t of gold for the second quarter of 2024.

The Palito orebody continued to perform satisfactorily with good mine outputs, but not at forecast grades. The problems highlighted in the previous quarterly report cited the need to bulk mine the Chica da Santa sector where selective mining had originally been planned. This resulted in lower than budgeted grades due to unavoidable dilution. As the Company ramps up the development of Coringa, several crews have been redeployed and, as a result, development and production levels at Palito have decreased slightly. A return to mined grades of 6.00g/t is forecast with the opening of the Barichello sector which will contribute a significant volume of production for 2025.

The process plant performance has been exceptional with another approximately 55,000 tonnes milled during the quarter equivalent to 600 tonnes per day, this has been an exceptional effort, brought about by exceptional crushing performance and better preventative maintenance programmes which have dramatically reduced mill downtime. We have now had a consistent nine months of throughput at these new record levels.

The Palito Complex process plant treated 54,579 tonnes of ROM ore during the quarter, with an average grade of 5.59 g/t of gold, compared with 55,192 tonnes at 5.31 g/t in the second quarter of 2024.

A total of 3,146 metres of horizontal development has been completed for the quarter of which, 1,957 metres was ore development. The balance is the ramp, crosscuts and stope preparation development.

The Coringa orebody continues to perform very well, with mined grades averaging 6.44 g/t for the quarter. Production is focused on the uppermost levels 320m, 290m and 260m, with development now complete or very nearly on levels 225m and 195m. The newest level 165m is now under development as the main ramp continues to advance towards level 130m.   Coringa has 2? fully developed levels ahead of stoping.

UPDATED CORINGA PEA RESULTS (October 7, 2024 News Release)

Highlights:

• Annual production is estimated at 28,000oz in 2025, and then averages 36,000oz per year between 2026 and 2031 with an 11-year mine life until 2034

• Average Life of Mine (“LOM”) All-In Sustaining Cost (“AISC”) of $1,241/oz including royalties and refining costs using the Base Case gold price.

• The updated Mineral Resource Inventory at Coringa, upon which the Updated PEA is based were as follows:

  • Measured & Indicated Resources (M&I) 795kt @ 7.03g/t gold (179koz contained);

  • Inferred Resources 1,454kt @ 5.81g/t gold (271koz contained);

  • Mine plan utilises 145koz M&I and 241koz Inferred which equates to 81% of the total M&I resource inventory and 89% of the inferred resource.

• Average LOM gold grades from the mine of 5.38 g/t, which are increased to 8.50 g/t after ore sorting, producing a total gold production of 363koz.

• Under the Base Case scenario, the operation underscores robust economics:

  • Post-tax NPV_10% of $145M;

  • Average annual free cash flow of $19M;

  • Sustaining Life of Mine (“LOM”) capital expenditures of $87M to be funded from project cash-flow;

• Mining is by underground shrinkage stoping using a cut-off grade of 3.16 g/t gold. Resource widths and grades within the Updated PEA mine plan have been further diluted to 1 metre minimum mining widths.

An interview with Mike Hodgson by Crux Investor discussing the PEA can be accessed here: https://youtu.be/gnWhxMMfMB8

An interview with Mike Hodgson by BRR Media discussing the PEA can be accessed here: https://brrmedia.news/Coringa_PEA

The Updated PEA was completed by NCL Ingeniería y Construcción SpA (“NCL”) of Santiago, Chile, Serabi’s independent engineering consultant.

The full NI 43-101 compliant Technical Report, supporting the economic results and including the updated mineral resource statement is being prepared by NCL and is required to be published with 45 days, with an expected release no later than November 21, 2024. A further news release will be made when it becomes available with copies available on the Company’s website and on SEDAR+.

Table 1 – Summary of Updated PEA Results (in Millions)

Table 2 – Coringa Updated PEA - Base Case Metrics

*Base Case Metrics are from year 2025+

Table 3 - Coringa Updated Mineral Resource Estimate

CORINGA LICENCING

As reported last quarter, in January 2024, the Company received the renewal of the GUIA trial mining license, for a period of three years and it is under the GUIA license that Coringa is operating. The Company has been invited and has applied for an increase of the volume of ore that can be transported from Coringa to Palito. With respect to progress on the Installation License (LI), the Company along with its environmental consultancy, Araca, has completed the Plano Basico Ambiental (PBA). This study was incorporated into the Indigenous Impact Report (ECI) that was submitted to FUNAI (the federal agency for indigenous communities) in May 2024 for approval.

FINANCE UPDATE

Cash balances at the end of September 2024 were $20.0M, in comparison to the cash balances at the end of December 2023 of $11.6M. On 7 January 2024, the Group completed a $5.0M unsecured loan arrangement with Itau Bank in Brazil. The loan is repayable as a bullet payment on 6 January 2025 and carries an interest coupon of 8.47 per cent. The proceeds raised from the loan are being used for working capital and secure adequate liquidity to repay a similar arrangement which was repaid on 22 February 2024.   The Company had a net cash balance at the end of Q3-2024 (after interest bearing loans and lease liabilities) of $14.0M (31 December 2023: net cash $5.0M). Cash generated in the quarter was boosted by the realisation of inventory with sales recognised in the quarter for 10,683 ounces compared with production of 9,489 ounces. At an average price of $2,480 for the quarter this represents approximately $3.0M.

FY2024 PRODUCTION GUIDANCE

The Company continues to estimate FY2024 consolidated gold production of 38,000 – 40,000 ounces.

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

Clive Line        t +44 (0)20 7246 6830
Finance Director        m +44 (0)7710 151692

Andrew Khov         m +1 647 885 4874
Vice President, Investor Relations &
Business Development
        e [email protected]

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.

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

GLOSSARY OF TERMS

The following is a glossary of technical terms:

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 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. 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