Serabi Gold Exploration Update - Promising Regional Exploration Results Around Palito Tenement

• Interpretation of regional airborne geophysics and soil sampling reveals large-scale dilational crustal feature hosting four new Au-Cu prospects
• Calico North preliminary results define anomalous, consistent NW-SE gold trends similar to Palito deposit 1.5km north, suggesting continuity
• 3.5km geochemical copper anomaly over 300ppm defined at Isla target, similar size and grades to Matilda prospect with coincident EM conductor
• Systematic soil sampling continues, will increase first-pass coverage to over 70% of Palito Complex tenements, generating future drill targets
• Re-interpretation refines understanding and reveals epithermal and porphyry potential at Ganso, Forquilha and Calico

About Serabi Gold

Serabi Gold plc (AIM:SRB, TSX:SBI) is a Brazil-focused gold mining and development company. This exploration update highlights promising early-stage regional results around Serabi's core Palito mining tenement in northern Brazil. Interpretation of extensive regional soil geochemistry and airborne surveys has revealed a large dilational crustal feature hosting multiple new prospects with gold and copper mineralization potential.

At the Calico North target, gold anomalies exhibit similarities to Serabi's high-grade Palito deposit 1.5km up-trend, suggesting further resource potential. Meanwhile, the size and grade of the copper anomalies at Isla are comparable to Serabi's Matilda prospect. Ongoing systematic soil sampling aims to ultimately provide 70% areal coverage within the Palito Complex, uncovering additional targets. Re-analysis has also helped refine understanding and reveal epithermal and porphyry potential at other targets. With drilling, geophysics and sampling ongoing, results expected early 2024 should further advance Serabi's regional exploration efforts.

For investors, these regional exploration results validate Serabi's prospectivity, demonstrating additional resource potential around the company's cornerstone Palito mining operation. The results also showcase Serabi's exploration upside within their significant regional land package along the prolific Tapajos mineralized corridor.

Calico North Shows Continuity of Palito Mineralized System

Preliminary multi-element soil geochemistry at the Calico North target has defined an anomalous and consistent NW-SE trending gold anomaly. This is similar to the orientation and mineralized structural control of Serabi's high-grade Palito gold deposit, which lies just 1.5km to the north. The geochemical signature at Calico North also bears notable similarities to Palito.

This evidence suggests potential continuity of Palito's mineralized system to the southwest. Calico North is interpreted as an epithermal gold target, hosted along structures related to the regional-scale Jericó Graben. With additional sampling and confirmation, Calico North may represent incremental resource potential from Palito's mineralized corridor.

Isla Copper Anomaly Rivals Matilda Prospect

Soil sampling has also revealed a sizable 3.5km x 1km NW-SE trending copper anomaly at Isla, with values over 300ppm. The Isla target bears remarkable similarities to Serabi's Matilda copper-gold porphyry prospect 6km to the south.

The copper anomaly correlates with a strong magnetic feature and EM conductive body, as well as interpreted intersecting regional structures. Field verification discovered gossans and copper-mineralized quartz-sulfide veins grading up to 1.2% Cu and 159g/t Au.

The geophysical and geochemical signatures indicate that Isla likely represents another copper-gold porphyry system, with bulk-tonnage potential akin to Matilda.

Additional Targets Revealed

Ongoing regional soil sampling and data interpretation continues to upgrade priority and reveal additional targets within Serabi's holdings:

• Forquilha - Epithermal gold potential, quartz-sulfide veins and stockwork zone 1km from Palito
• Ganso - Re-interpreted as high-sulfidation system with possible porphyry source
• Multiple areas - New quartz-sulfide veins with high-grade gold and copper

Systematic Sampling Expanding Coverage, Target Pipeline

Serabi's expanded 2023 exploration campaign entails ~13,000 meters of drilling and 5,500 multi-element soil samples. The aim is areal geochemistry coverage over 70% of the highly-prospective Palito Complex tenements.

This systematic sampling will significantly aid Serabi's understanding of regional geology, weathering, alteration and mineralization controls. Ultimately it will generate abundant additional targets for follow-up exploration.

Phase 1 sampling and interpretation is nearing completion, with final results expected in early 2024. These will further advance the highest priority targets toward drilling or additional ground surveys next year.

Advancing the Next Phase of Exploration

In addition to the soil sampling, Serabi is continuing exploration drilling, ground surveys and target improvement at the Matilda copper-gold porphyry prospect. Matilda is the current flagship regional target, with over 13,000 metres of drilling planned to delimit an initial inferred resource.

The collaborative US$20 million Exploration Alliance deal with Vale S.A is funding much of this work, with a focus on copper prospects. The exploration progress aims to upgrade Matilda toward an initial resource estimate. Just as importantly, it is unlocking the wider copper and gold potential across Serabi's prospective regional land package.

Conclusion

For investors, Serabi Gold's latest exploration results validate the company's regional prospectivity in the heart of Brazil's Tapajos mineral province. The early-stage results showcase resource expansion potential around their Palito mining operation, as well as new targets with bulk tonnage potential.

With systematic exploration work progressing methodically, investors can expect a steady news flow of incremental results during 2023-2024. These will gradually upgrade priority targets through the exploration pipeline toward maiden drilling.

As this occurs concurrently with resource delineation and economic studies at Matilda, investors have the potential for significant incremental value creation through the drill-bit over a prolonged exploration campaign. Backed by strong cash flows from the producing Palito mine, Serabi has the finances to sustain and progress this work even if gold prices waver.

The exploration results also underscore the prospective nature of Serabi's regional land package. They own sizeable strategic holdings straddling the 50km wide Jericó Graben area and the larger Tapajos Gold Province. As exploration intensifies, fueled by the Vale Alliance deal, this emerging potential should translate into substantial upside value for investors.