Serabi Gold Delivers Encouraging Drill Results for Matilda Copper Project, Outlining Significant Exploration Potential in Brazil

• Serabi Gold provides an exploration update on its Matilda Copper Project in Brazil, being developed with Vale SA.
• Significant copper and gold mineralization intercepted in recent drilling, with highlights including 59.45m @ 0.49% Cu and 0.13 g/t Au.
• Mineralization and geology indicate potential for an alkalic porphyry copper deposit.
• 3,204 meters of drilling completed in Phase 1, with Phase 2 now underway to further test mineralization.
• Geophysics surveys planned to complement drilling and generate additional targets.

About Serabi Gold

Serabi Gold plc is a Brazilian focused gold mining and development company. The company operates the high-grade Palito underground gold mine and the newly constructed Coringa gold project, located in the Tapajós region of northern Brazil. The company is dual listed on the Toronto Stock Exchange and London's AIM market under the ticker symbols SBI and SRB respectively.

Serabi has been operating in Brazil since 2004 and has a strong social license to operate, working closely with local communities. The company is led by an experienced management team that is focused on responsible and sustainable mining. Serabi is committed to developing a portfolio of assets to deliver growth for investors.

Key Highlights from Matilda Copper Exploration

• Recent drilling at the Matilda Copper project continues to deliver encouraging intercepts within a broad zone of copper-gold mineralization. Highlights include 59.45m @ 0.49% Cu and 0.13 g/t Au.
• The project is part of an Exploration Alliance agreement between Serabi Gold and Vale SA. The presence of copper grades up to 1.8% and at shallow depths suggest good potential for an economic deposit.
• The mineralization and host rocks have characteristics typical of alkalic porphyry systems, as seen in Australia and Canada. This indicates Serabi is exploring a highly prospective area.
• Reprocessing of airborne survey data has revealed a 1.2km by 800m structural zone that remains untested and open in multiple directions.
• A Phase 2 drill program has commenced to test the mineralized trend and new targets generated from ongoing geological interpretation.
• Serabi has an extensive regional land package securing a first mover advantage in this underexplored part of the Tapajós region.

Encouraging Results from Initial Drilling

The first phase of drilling at Matilda totaled 3,204 meters in 9 holes, focused on the central part of the 4km by 2.5km copper-gold soil anomaly. Holes 004 and 006 returned broad intercepts of copper-gold mineralization starting near surface:

• 72.88m @ 0.44% Cu and 0.12 g/t Au from 29.85m depth
• 59.45m @ 0.49% Cu and 0.13 g/t Au from 29.85m depth
• 29.19m @ 0.32% Cu and 0.07 g/t Au from 183.2m depth

The grades and geometry of the intercepts are encouraging this early in exploration and point to significant room for expansion of the mineralized system. Mike Hodgson commented: "We are still in the process of understanding the copper system at Matilda...These initial results are exceptionally positive, and bodes well for further encouraging results."

The mineralization occurs as chalcopyrite and pyrite replacement of magnetite related to potassic alteration and brecciation. This style is similar to productive alkalic porphyry systems elsewhere. Multiple intercepts demonstrate continuity over 600 meters width with depth extent untested.

The initial drilling tested only 400 meters of the 1.2 kilometer zone revealed by geophysics. This major structure provides an important exploration target driving ongoing programs.

Ongoing Exploration Activities

Phase 2 drilling commenced in August with plans for 3,200 meters to extend the known mineralization and test new targets. Serabi will also gather geochemical data to improve understanding of the copper system.

A major 43 kilometer IP geophysical survey began in September to map zones of high sulfide content. This will generate further drill targets and help prioritize additional soil anomalies. An AMT geophysical survey will provide insight into deeper controlling structures.

The exploration alliance with Vale continues to prove highly beneficial, with collaborative efforts ongoing to advance the project. The initial results validate Serabi's regional strategy and opportunity for additional discoveries.

With its commanding land position secured early, Serabi maintains a strong competitive advantage exploring this new copper district in the Tapajós region. The company's social license provides a firm platform for responsible, sustainable resource development.

The Investment Thesis for Serabi Gold

• Near-surface copper-gold mineralization outlined at Matilda provides a potential company-maker asset.
• Initial results show clear evidence of a significant alkalic porphyry system.
• Massive exploration upside within wholly owned 29,316 hectare license.
• Strategic Exploration Alliance with Vale leverages major mining company expertise.
• Execution risk minimized through Vale's involvement.
• Tight capital structure and undervalued relative to exploration potential.
• Exploration success could re-rate Serabi towards a significant valuation uplift.

Conclusion for Investors

The early success from exploration at the Matilda copper project provides investors with significant upside exposure as this new discovery is advanced. Results to date confirm that Serabi's regional ground hosts a fertile copper-gold mineralized system with characteristics of large alkalic porphyry deposits.

Ongoing drilling, geophysics and geological interpretation will systematically expand the footprint of mineralization. The Exploration Alliance with major player Vale also reduces Serabi's risk profile.

Backed by cash flow from gold mining operations, Serabi is funded to pursue an extensive exploration campaign across its prospective tenements. The company exhibits attractive leverage as exploration continues unlocking the potential of its large regional land package.

With much of the Tapajós region yet to see modern exploration, Serabi Gold provides investors with a unique opportunity for exposure to new discoveries in this proven mining district. The initial copper results at Matilda provide a compelling first step that validates the company's regional strategy.