Serabi Gold Files NI 43-101 Technical Report as Production Momentum Builds Toward 60,000 Ounce Target

• Serabi Gold filed its detailed NI 43-101 Technical Report for the Palito Complex, supporting updated mineral resource and reserve estimates effective March 31, 2025
• Record Q2 2025 production of 10,532 ounces represents 17% year-over-year growth and highest quarterly output since operations recommenced in 2013
• Company maintains 2025 production guidance of 44,000-47,000 ounces with year-to-date output of 20,545 ounces tracking slightly ahead of budget
• Strong cash position of $30.4 million at Q2 end with net cash of $24.6 million demonstrates operational self-funding capability
• Aggressive 30,000-meter brownfield exploration program targeting expansion from current 1 million ounce resource inventory to 1.5-2.0 million ounces

Serabi Gold plc is a gold exploration, development and production company focused on the prolific Tapajós region in Para State, northern Brazil. The Company has consistently produced 30,000 to 40,000 ounces per year with the Palito Complex and is planning to double production in the coming years with the construction of the Coringa Gold project. The company's shorter-term strategy is to increase production to 60,000 oz pa Au by end 2026 and become a 100,000 – 200,000 oz pa Au producer within 3-5 years. Serabi operates in the vast, underexplored, globally significant Tapajós mineral province with over 30Moz of historic gold production and maintains modest gearing with no long-term debt.

Technical Report Filing Supports Resource Validation

Serabi Gold announced the public filing of its comprehensive NI 43-101 Technical Report for the 100% owned Palito Complex, dated September 3, 2025, with an effective date of March 31, 2025. The report, prepared by NCL Ingeniería y Construcción SpA of Santiago, Chile, supports the company's updated mineral resource estimate and mineral reserve estimate disclosed in its July 31, 2025 press release.

The technical report received approval from three qualified persons under National Instrument 43-101 standards: Mr. Carlos Guzmán (RM CMC, FAusIMM, Principal/Project Director at NCL), Mr. Gustavo Tapia (RM CMC, Metallurgical and Process Consultant at GT Metallurgy), and Mr. Nicolás Fuster (RM CMC, MAusIMM, Geologist). This multi-expert validation provides investors with enhanced confidence in the resource estimates underpinning Serabi's growth strategy.

The mineral resource estimate was prepared by NCL Consultoria en Ingenieria en Minas in accordance with the standard of CIM and Canadian National Instrument 43-101, with an effective date of 31 July 2023 by Mr Nicolas Fuster, who is a Qualified Person under the Canadian National Instrument 43-101.

Operational Excellence Drives Record Performance

The technical report filing coincides with Serabi's strongest operational performance in over a decade. CEO Mike Hodgson emphasized the significance of Q2 achievements, stating:

"We have followed a strong first quarter with an even better second quarter, which at 10,532 ounces, has been the highest quarterly output recorded since operations recommenced in 2013. Year-to-date, that gives total gold production of 20,545 ounces, slightly above budget and leaving us tracking guidance."

The production of 10,532 ounces represents not only a substantial 17% increase from the corresponding quarter in 2024 but also demonstrates the company's operational maturity and efficiency improvements across its mining operations. This performance trajectory supports management's confidence in achieving the 2025 consolidated production guidance of 44,000-47,000 ounces.

The operational improvements extend beyond production volumes to development efficiency. Over 3,850 metres of horizontal development for the quarter represents a 10% increase on Q1-2025 and the highest quarterly development since operations commenced. This development momentum provides the foundation for sustained production growth into 2026.

Palito Complex: Foundation Asset Delivers Consistent Returns

The Palito Complex has been in mining operations since 2014, consistently producing 30-40koz pa Au, with plans to increase production to >40koz 2025 and 50-60koz in 2026, with a ramp-up in progress. The complex operates with a daily plant throughput of 650tpd and achieves recoveries greater than 90%.

Infrastructure advantages position the Palito Complex as a strategic processing hub. Hydroelectric power is sourced from the Curua River near Novo Progresso, with back-up generators capable of providing the power requirements for the site. The site includes accommodation for all employees, maintenance, and workshop facilities.

The facility's ore sorting capabilities maximize operational efficiency. Ore sorting minimises waste material entering the process plant to maximise efficiency. Ore sorter uses both colour and density. X-ray scanning of sulphide ore from Palito (primarily chalcopyrite and pyrite) is extremely effective.

Coringa Project Expansion Drives Growth Strategy

The Coringa Gold Project represents Serabi's primary growth vehicle, designed to leverage existing Palito infrastructure. Located 200km south of Palito and 70km southeast of the city of Novo Progresso in the State of Pará, the Coringa Gold Project is fuelling our next leg of growth with 100% ownership, acquired from Anfield Gold Inc. (now part of Equinox Gold) in December 2017 for $22m.

Two orebodies are set to produce in 2025 – Meio and Serra, with an ore sorter installed and in full operation. High-grade ore is directly trucked to the Palito plant and low-grade passes through the ore sorter and trucked. This approach minimizes capital requirements while maximizing existing processing capacity utilization.

However, operational challenges at Coringa require careful management. While grades in the Meio zone are very encouraging, development rates have been slower than initially planned due to significantly weaker ground conditions compared to the Serra zone. Hodgson noted that while "grades are very encouraging, development rates are slower than planned" due to significantly weaker ground conditions in the upper levels.

The Coringa operation demonstrates technological innovation in ore processing. Colour scanning of the disseminated sulphides of the Coringa ore recovered to date from the Serra orebody reduces the mass of the mined material that requires to be transported by 45% to 50%. This efficiency improvement directly impacts transportation costs and processing economics.

Aggressive Exploration Program Targets Resource Expansion

Serabi's 2025 exploration strategy reflects management's confidence in the district's geological potential. The company currently operates four drill rigs, with two at Palito and two at Coringa, targeting approximately 30,000 metres of drilling for the year. Hodgson highlighted the program's progress:

"The second quarter also saw our brownfield exploration programme gather pace. We have two rigs turning at Palito and two at Coringa as we target some 30,000 metres of drilling this year. The first results were published early in the quarter, with very encouraging results."

The exploration program, which is evenly divided between both properties, aims to increase Serabi's mineral inventory from approximately 1 million ounces to more than 1.5 million ounces. The company plans to update its Mineral Resource Estimate for both properties in Q1-2026 after completing the current program in December.

Recent drilling results support the expansion thesis. At Coringa, 13,800 meters of the planned 16,000 meters have been completed across 64 drill holes, with 25 returning grades exceeding 3.0 g/t gold. The company has also completed a 90-kilometer Induced Polarisation survey that identified several new targets.

"The drilling results from the Senna orebody at the Palito Complex, as well as Jatobá and Galena in Coringa, indicate we are progressing towards our" resource expansion objectives, according to Hodgson.

Financial Strength Supports Growth Strategy

Serabi's financial position demonstrates the sustainability of its growth investments. Cash as at 30 June 2025 of $30.4 million vs $26.5 million as at 31 March 2025, with net cash at quarter-end (after interest bearing loans and lease liabilities) of $24.6 million (Q1-2025: $21.1 million). This improving cash position reflects positive operational cash flow generation.

The company's capital discipline approach to project development minimizes dilution risk. Project construction has been funded from internal cash flow, with sufficient capacity for a production rate of up to 25-30koz pa Au from Coringa, utilising production capacity at Palito and consolidating gold production in a single location.

Strategic Positioning in Tapajós Gold District

Serabi's land position in the Tapajós region provides significant exploration upside potential. The company maintains 84,000ha exploration tenements in the highly prospective and under-explored Tapajós gold district. The region is characterized by Proterozoic granites and rhyolitic volcanics, with main structural trends running northwest and north-northwest. Artisanal mining historically produced an estimated 10t of gold (~322.6koz) from alluvial and primary sources.

This geological framework, combined with over 50,000 meters of historic drilling, provides a substantial database for targeting future discoveries.

Production Guidance & Medium-Term Targets

Management maintains confidence in near-term production guidance while articulating clear medium-term growth objectives. For investors, Serabi presents a compelling growth story with clear production targets: 44,000-47,000 ounces in 2025, 60,000 ounces by 2026, and ambitions to exceed 100,000 ounces thereafter.

The company projects 70% production growth by end 2025, building on over 10 years of continuous gold production from the Palito Complex. This growth trajectory positions Serabi for potential re-rating as production scales approach junior producer thresholds.

Environmental & Social Governance Framework

Serabi's operational approach emphasizes environmental responsibility and community engagement. Plant tailings are detoxified prior to being pumped to one of two 200kt capacity tailing ponds. After settlement and recovery of process water, ponds are excavated for re-use. Dry inert tailings are stacked or used for site remediation activities.

The company is committed to responsible mining, environmental protection and strong community relationships, reflecting modern ESG standards increasingly demanded by institutional investors.

Investment Conclusion

Serabi Gold's NI 43-101 Technical Report filing provides formal validation of the resource base supporting the company's ambitious production growth strategy. With record Q2 production demonstrating operational excellence, a strengthening balance sheet, and an aggressive exploration program targeting significant resource expansion, Serabi presents a compelling value proposition for investors seeking exposure to Brazilian gold production growth.

The company's strategic positioning in the underexplored Tapajós district, combined with proven management execution and clear production milestones, supports the investment thesis for sustained outperformance. The technical report filing marks an important milestone in establishing the geological foundation for Serabi's transition from a 40,000 ounce producer to a potential 100,000+ ounce operation within the next 3-5 years.

For investors evaluating SERABI GOLD, the combination of operational momentum, financial strength, exploration upside, and clear strategic vision creates an attractive risk-adjusted return profile in the junior gold producer sector.