Serabi Gold - New PEA Underway for Coringa and Exploration Success at Palito

• Serabi Gold remains on track to achieve 2024 production guidance.
• Coringa Gold Operation accelerates activity with mine development and underground drilling.
• New PEA for Coringa will reflect revised business plan and lower upfront capital costs.
• Ore sorter for Coringa is now on-site with civil works for crushing plant advancing as well.
• The company's surface exploration at Palito and Sao Domingos showing promising results.

Serabi Gold plc (LSE:SRB,TSX:SBI) is a Brazilian-focused gold mining and development company. The Company's primary assets are the Palito Mining Complex and the Coringa Gold Project located in Para State, northern Brazil. Serabi has been operating the Palito Mining Complex since 2014, where the Company currently mines ore from three underground mines with an installed processing capacity of up to 500 tonnes per day. The Coringa Gold Project was acquired by Serabi in 2017 and is being developed as the Company's second producing operation.

Coringa Ramp-Up & New PEA

Serabi Gold has reported significant progress at its Coringa Gold Operation, with accelerated activity following the renewal of the Guia de Utilização (GU) underground trial mining license for an additional three years. The Company has increased mine development rates and added more mine crews to ramp up Coringa towards commercial production, aligning with Serabi's organic growth strategy.

In parallel, an underground drilling program is targeting depth extensions of the known mineralization at Coringa, aiming to increase the mineral resource and extend the mine life. The drill results are being incorporated into a new NI 43-101 Technical Report prepared by the independent geological consultancy NCL. This report is expected in Q3 2024 and will be followed by a new Preliminary Economic Assessment (PEA) of Coringa.

The new PEA will outline Serabi's revised business plan for Coringa, which involves crushing and ore sorting on-site and transporting the pre-concentrated ore to the Palito processing plant. This approach is expected to significantly lower the upfront capital investment required for Coringa. The PEA will provide investors with an independent assessment of the economic benefits of this revised strategy.

Ore Sorter Installation & Crushing Plant Progress

Serabi has made significant strides in the installation of the ore sorter at Coringa, which is now on-site. The civil works for the ore sorter and the crushing plant are progressing well. The Company aims to have the ore sorter operational by the fourth quarter of 2024. Meanwhile, the crushing plant is expected to be completed earlier, allowing Serabi to crush lower-grade ore and establish a stockpile ready for the ore sorter when it comes online.

The ore sorter at Coringa is fully containerized and identical to the equipment at Palito. It has already undergone operational testing and initial calibration at the factory, reducing the risk of commissioning delays.

Exploration Success & Growth Potential

With the rainy season concluded, Serabi has ramped up its exploration activity with two surface rigs operating at Palito and the surrounding area. The Company's 2024 drilling campaign is focused on the headframe exploration around the current Palito deposit and further proving the potential of the Sao Domingos prospect in the southwestern part of the exploration tenements.

Serabi's management remains optimistic about the growth potential at both Palito and Coringa. The Company believes that there is significant potential for further resource growth along the eight-kilometer garimpo trend at Coringa and the discovery of additional parallel vein structures. Similarly, Palito has shown growth potential, and with systematic exploration, Serabi expects to continue replenishing and growing the resource base for both projects. Management believes that both Palito and Coringa have the potential to host over one million ounces of gold deposits, and the Company aims to achieve this milestone in the next couple of years.

Conclusion

Serabi Gold presents a compelling investment opportunity for those seeking exposure to a growing gold producer with a strong operational track record and significant exploration upside. The Company's progress at Coringa, combined with the promising exploration results at Palito and Sao Domingos, position Serabi for continued growth and value creation.

With the Coringa ramp-up well underway and the revised business plan expected to lower upfront capital costs, Serabi is demonstrating its ability to efficiently allocate capital and optimize its operations. The upcoming PEA for Coringa will provide investors with a clearer picture of the project's economic potential and the benefits of the Company's revised strategy.

Furthermore, Serabi's exploration success highlights the untapped potential within its extensive land package. The Company's systematic approach to exploration and its track record of resource expansion bode well for future growth and the potential to delineate multi-million-ounce gold deposits at both Palito and Coringa.

As Serabi Gold continues to execute on its growth strategy, investors can expect a steady stream of news flow related to production updates, exploration results, and corporate developments. With a strong management team, a robust balance sheet, and a proven ability to operate successfully in Brazil, Serabi Gold represents an attractive opportunity for investors seeking exposure to a growing gold producer with a compelling valuation and significant upside potential.