Serabi Gold Advances Growth Strategy with Management Changes & Coringa Commissioning

• A key milestone was achieved by Serabi Gold in December 2024 when the classification plant at Serabi's Coringa Gold Operation was commissioned.
• Serabi Gold has announced a CFO transition, with Colm Howlin succeeding the retiring Clive Line.
• The company has appointed Marcus Brewster as the new Chief Operating Officer, and he brings significant mining experience in Brazil to the role.
• The commissioning of the plant marks progress on the company's Phase 1 growth strategy, which aims to increase annual gold production to 60,000 ounces by 2026.
• Serabi expects strong results in Q4 2024, and the company has planned a 2025 exploration program to drive Phase 2 growth and expand resources.

Serabi Gold is a Brazil-focused gold exploration, development and production company. The Company's primary assets are its Palito Complex, which has been producing 30,000-40,000 ounces of gold annually, and its Coringa Gold project, currently under development. Both are located in the prolific Tapajós region in the state of Pará in northern Brazil. Serabi is headquartered in the UK and maintains a corporate office in Toronto, Canada. The Company trades on AIM (SRB), the TSX (SBI) and the OTCQX (SRBIF).

Coringa Plant Commissioning

Serabi reported that the classification plant at its Coringa Gold Operation was commissioned and operating as expected. Plant construction commenced in early 2024 and commissioning marks the achievement of a major milestone for the Company.

Coringa is Serabi's second gold operation after its flagship Palito Complex. The company is developing Coringa as part of a two-phase growth strategy:

• Phase 1: Increase Serabi's total gold production to 60,000oz per year by 2026
• Phase 2: Further expand production to 100,000oz/year by growing resources at both Palito and Coringa

Serabi acquired Coringa in 2017 and has advanced the project to production. The newly commissioned plant is key to achieving commercial production and the targeted 60,000oz/year run-rate. First gold was poured at Coringa in May 2024.

Management Transition

Serabi Gold announced changes to its management team as it prepares for its next stage of growth. Clive Line, the company's long-serving Finance Director and CFO, retired effective December 31, 2024. He is succeeded by Colm Howlin, previously Serabi's Group Controller. Howlin is a Chartered Accountant with a decade of experience at Serabi.

Additionally, the Company appointed Marcus Brewster to the newly created position of Chief Operating Officer. Brewster is an experienced mining professional who has held senior operational roles with producers in Brazil, Ghana, Mali and Burkina Faso. Most recently he served as COO of TriStar Gold, advancing their Castelo de Sonhos project also located in Pará, Brazil.

The management changes come at a key juncture as Serabi seeks to expand gold production and develop its project pipeline.

Positioned for a Strong 2025

With the Coringa plant now operating, Serabi anticipates Q4 2024 to be its strongest quarter of the year. Gold grades at Palito have improved, averaging 6-7 g/t in recent months. Coringa's ramp-up is also generating positive cash flow for the Company.

At its current production level, the Palito Complex is largely self-funding. Operating cash flow from Palito and Coringa will allow Serabi to internally fund exploration and growth initiatives going forward.

For 2025, Serabi is budgeting $8 million for brownfield exploration as the focus shifts to Phase 2 of its strategy. An initial 30,000 meter drill program is planned to expand resources at Palito and Coringa, rather than just replace mined ounces. Growing the resource base will underpin the next leg of production growth toward the +100,000oz/year level.

The company ended 2024 with an improved cash position exceeding $21 million (up for final audit approval). Along with exploration success, this should position Serabi for a catalyst-rich 2025.

Key Takeaways

Serabi Gold made important strides in 2024 as it executed its Phase 1 growth strategy. With a revamped management team, Coringa commissioned and generating cash flow, and a robust balance sheet, the Company is well positioned looking ahead to 2025.

Key potential catalysts for Serabi include:

• Quarterly updates confirming improved production and free cash flow generation
• Exploration results from the expanded 2025 drill program
• A resource update in the second half of the year incorporating drilling success
• Engineering studies on expanded production scenarios

For investors, Serabi presents a unique opportunity - a junior gold producer with a decade-long track record of successful operations in Brazil, poised to deliver significant production growth in the near-term. If the Company can execute operationally while delivering exploration success, it could re-rate materially higher. Serabi warrants close attention from gold investors in 2025.