Serabi Gold Drills 20,831 meters as Coringa & Palito Target 1.5 Million Ounce Inventory

• Serabi Gold completed 20,831 meters of diamond drilling in the first half of 2026 across its two Brazilian mining operations.
• Coringa drilling returned 1.38 meters at 11.85 grams per tonne of gold, including 0.42 meters at 37.10 grams per tonne, at Serra South.
• Meio results define a mineralized corridor that extends more than 200 meters beyond the current underground development limits.
• The 2025 program lifted consolidated Measured and Indicated resources to 730,800 ounces of contained gold and Inferred resources to 653,300 ounces.
• Updated Mineral Resource Estimates (MRE) for both operations are targeted for the first quarter of 2027.

Company Overview

Serabi Gold (AIM: SRB | TSX: SBI | OTCQX: SRBIF) is a gold exploration, development, and production company focused on the Tapajós region in Pará State, northern Brazil. The company has consistently produced 30,000 to 40,000 ounces per year at the Palito Complex and plans to double production in the coming years as the Coringa Mine ramps up. Serabi has also made a copper-gold porphyry discovery on its exploration license. The company is headquartered in the United Kingdom with a secondary office in Toronto, Ontario, Canada.

Drilling Scale & Program Status

Serabi Gold is running a 2026 brownfield program totaling 32,000 meters across the Palito Complex and Coringa Mine, with six drill rigs currently operating across the two sites and completion scheduled for October 2026. Of the 20,831 meters drilled during the first half of the year, 11,522 meters were completed across 37 holes at Palito and 9,309 meters across 42 holes at Coringa.

This is the second year of Phase II of the Company's organic growth strategy, which targets expanding the Group's mineral inventory to more than 1.5 million ounces of gold. The 2025 program established the baseline against which current drilling will be measured: consolidated Measured and Indicated resources of 730,800 ounces of contained gold, 2,485,800 tonnes at 9.1 grams per tonne of gold, and consolidated Inferred resources of 653,300 ounces, 2,506,700 tonnes at 8.1 grams per tonne of gold.

All drill samples have been sent to ALS for assay testing. Several of the Meio and G3 intercepts fall into this category, while the Serra South and Cabaça results carry confirmed ALS assays.

Coringa Drilling Extends Serra South & Meio

Coringa drilling has focused on targets along the trend northwest and southeast of the producing Serra and Meio zones. At Serra South, discovered in 2025 approximately 500 meters southeast of the producing Serra zone, drilling returned 1.38 meters at 11.85 grams per tonne gold, including 0.42 meters at 37.10 grams per tonne, with a second interval of 1.00 meter at 14.65 grams per tonne including 0.25 meters at 57.20 grams per tonne. A separate hole returned 2.20 meters at 5.89 grams per tonne, including 0.40 meters at 13.40 grams per tonne, plus a further interval of 1.19 meters at 6.87 grams per tonne, including 0.49 meters at 16.55 grams per tonne. Ramp development at Serra South commenced in the second quarter of 2026, meaning these intercepts sit alongside physical access rather than ahead of it.

At Meio, drilling returned 1.70 meters at 16.13 grams per tonne gold, including 0.45 meters at 35.59 grams per tonne. Combined with intersections from four additional holes in the same area, the results define a mineralized corridor extending more than 200 meters beyond the limits of current underground development, the most direct mine-life extension signal in the release.

Satellite targets broadened the district picture. At Cabaça, drilling intersected 1.00 meter at 10.11 grams per tonne gold, including 0.25 meters at 40.30 grams per tonne, from approximately 42 meters downhole, while Encosta returned 1.50 meters at 4.01 grams per tonne from approximately 4 meters downhole, confirming a target defined by coincident soil-geochemical and induced-polarization anomalies along an open strike opportunity extending more than 300 meters. Two earlier-stage targets, Sr. Domingos and Pista, have moved to first systematic drill testing and drill-site definition, respectively, with Pista supported by rock-chip results of up to 7.46 grams per tonne of gold along an approximately 400-meter gold-in-soil anomaly.

Palito Drilling Focuses on Near-Mine Ounces

Palito drilling targeted near-mine ounces at Senna, G3, Barrichello, Piauí and Massa. The newly initiated drilling at Massa returned 1.12 meters at 6.12 grams per tonne gold, including 0.43 meters at 15.20 grams per tonne, while Senna returned 0.82 meters at 3.99 grams per tonne, including 0.25 meters at 11.20 grams per tonne, with a further intercept of 1.24 meters at 3.62 grams per tonne, confirming continuity of the mineralized structure to the northwest and southeast.

Piauí produced a structurally different result. Drilling intersected 9.93 meters at 1.06 grams per tonne gold, including internal intervals of 0.25 meters at 6.26 grams per tonne and 0.25 meters at 4.95 grams per tonne, supporting the interpretation of a broader mineralized envelope containing discrete higher-grade zones rather than the narrow high-grade veins that characterize most of the portfolio. At Tatu, two holes returned narrow high-grade intersections of 0.28 meters at 7.22 grams per tonne and 0.25 meters at 6.50 grams per tonne, with the Company noting that further geological evaluation is required to establish continuity and overall significance.

The most consequential Palito work may be interpretive rather than incremental. Integration of historical drilling, underground mapping and revised structural modeling across the G1-G3 corridor has produced a framework in which several mineralized structures previously considered isolated may form a larger and more continuous system, incorporating structural offsets, branching vein systems, and previously unrecognized dilation zones. A diamond drilling program has been designed for the second half of 2026 to test the priority targets generated from that reinterpretation.

Chief Executive Officer of Serabi Gold, Mike Hodgson, framed the results against the company's resource growth objective and the timing of the next resource update:

"Phase II of our organic growth strategy continues to yield success with the drill bit in the second year of our brownfield exploration drilling program at Palito and Coringa. Today's published high-grade drill results demonstrate the potential to delineate a larger resource at both Palito and Coringa, supporting production growth. We expect to conclude the 2026 brownfield exploration program in October 2026 with an updated mineral resource estimate for both Palito and Coringa targeted for Q1-2027, incorporating the drill results since our last update."

Next Steps

Serabi is targeting completion of the 32,000-meter 2026 brownfield exploration program in October 2026. Follow-up drilling at Encosta in the second half of 2026 will test lateral and vertical continuity of the mineralized structure, while a separate diamond drilling program in the same period will test priority targets from the reinterpreted G1-G3 corridor at Palito. Drill testing at Sr. Domingos, which commenced in July, continues, and drill sites are being defined at Pista. Updated Mineral Resource Estimates (MREs) for Palito and Coringa are targeted for the first quarter of 2027 and will incorporate all validated results from the program.

FAQs (AI-Generated)