Serabi Gold Exploration Update Highlights Significant Copper Prospect at Matilda

• Encouraging grades of over 0.2% copper intersected in 12 out of 19 drill holes at the Matilda copper prospect, with highlights including 21.45m @ 0.40% copper and 25m @ 0.34% copper
• Drilling has delineated a shallow mineralized zone with an exploration target range between 21-81 million tonnes at 0.28-0.4% copper
• Mineralization remains open along strike and at depth, with geological models indicating potential for higher grade zones
• Several other prospective copper/gold targets identified within Serabi’s Tapajos licenses
• Successful drilling and exploration positioning Serabi well, with exposure to strengthening copper market and gold production growth

About Serabi Gold

Serabi Gold is a Brazil-focused gold mining and development company with projects located in the Tapajos region of Northern Brazil. The company operates the Palito underground gold mine and recently approved the development of the Coringa gold project. Serabi is also exploring the extensive licenses it holds in the Tapajos region for additional gold and copper prospects.

Conclusion for InvestorsThe latest exploration results from Matilda provide significant encouragement that Serabi has outlined a substantial copper discovery. With mineralization remaining open along strike and at depth, Matilda provides upside potential while first gold production from Coringa diversifies Serabi’s production profile. Supported by rising copper prices and advancing projects, Serabi offers investors excellent leverage to an improving production outlook and exploration success within a strengthening copper market.

Matilda Exploration Results Confirm Significant Copper Intercepts

The second phase drill program of 7,597 meters in 21 holes at the Matilda copper prospect significantly expanded the area of known mineralization. Key results were:

• 12 out of 19 drill holes returning encouraging copper grades over intervals greater than 10m
• Highlight intercepts include: › 21.45m @ 0.40% copper and 0.11 g/t gold › 25m @ 0.34% copper and 0.09 g/t gold › 34m @ 0.34% copper and 0.10 g/t gold

The drilling succeeded in significantly expanding the strike length of mineralization to over 1 kilometer and indicating that mineralization remains open along strike to the west, east and north as well as a depth.

Shallow Mineralized Zone Outlines Substantial Exploration Target

Modelling of the shallow drilling results has delineated an exploration target ranging from between 21 million tonnes @ 0.40% copper up to 81 million tonnes @ 0.28% copper.

While still conceptual in nature pending further drilling definition, this target range outlines the potential for a substantial copper discovery. Matilda is also considered prospective for higher grade zones, with the geological environment indicating similarities to other systems hosting considerable high grade copper mineralization.

Further Upside Potential Within Extensive Regional Exploration Package

Beyond Matilda, Serabi has identified a series of additional copper and gold targets within its extensive holding of exploration licenses in the Tapajos region.

Encouraging early results at both the Ganso and Cinderela prospects points to the potential for other copper discoveries analogous to Matilda across Serabi’s licenses. Meanwhile, gold anomalies and historic small-scale mining activity highlights additional opportunities for epithermal style gold mineralization.

This pipeline of prospects provides Serabi significant upside potential from regional exploration success across its strategically located tenure.

Strengthening Market Fundamentals Support Investment Case

With copper prices having risen 35% over the past year to 10-month highs, the maturing copper market presents an optimal backdrop for Serabi’s exploration developments.

Global decarbonization and electrification thematics are set to drive longer structural copper deficits, tightening the market over the coming decade for exposures such as Serabi.

Moreover, the company anticipates increasing gold production in 2023 from the newly approved Coringa project. This organic production growth diversifies Serabi’s cash flow profile in the near-term as exciting regional exploration continues.

The combination of advancing high potential copper and gold exposures and strengthening commercial outlook reinforces Serabi Gold’s investment credentials leveraged to exploration success.