Serabi Gold Updates Mineral Reserves & Resources; Consolidated M&I Reaches 731,000 oz Gold

• Palito Complex Proven and Probable (2P) reserves increased 55% in contained ounces to 228,400 oz gold at 6.2 g/t of gold from 1,152,800 tonnes, based on effective dates of January 2026 for Palito Mine and July 2023 for São Chico Mine.
• Consolidated measured and indicated (M&I) resources across Palito Complex and Coringa increased to 730,800 oz gold, while consolidated inferred resources increased to 653,300 oz gold.
• Coringa's M&I resources increased from 179,000 oz to 303,800 oz and inferred resources from 271,000 oz to 495,000 oz since the April 2024 estimate.
• Reserve and resource estimates were prepared by independent consultants NCL Ingeniería y Construcción SpA of Santiago, Chile, using gold price assumptions of US$3,000/oz for the Palito Mine reserve, US$1,800/oz for the São Chico Mine reserve, and US$3,500/oz for the Coringa resource.
• Technical Reports for each of Palito Complex and Coringa are expected to be issued within 45 days of the release date and filed on SEDAR and the company's website.

Serabi Gold (AIM: SRB | TSX: SBI | OTCQX: SRBIF) is a gold exploration, development, and production company focused on the Tapajós region of Pará State, northern Brazil. The company operates the Palito Complex, comprising the Palito Mine and São Chico Mine, and is advancing the Coringa Gold Project toward production. Serabi Gold is listed on the AIM market of the London Stock Exchange [AIM:SRB], the Toronto Stock Exchange [TSX:SBI], and the OTCQX Best Market [OTCQX:SRBIF].

Palito Complex Reserve Update

The Palito Complex Proven and Probable (2P) reserves, as of January 2026 for Palito Mine and July 2023 for São Chico Mine, stand at 1,152,800 tonnes at 6.2 g/t of gold, for 228,400 oz. The prior estimate, as of March 2025, reported 646,000 tonnes at 7.1 g/t of gold for 147,000 oz, representing a 55% increase in contained ounces over the period.

Palito Mine accounts for the majority of the complex's reserve base. Proven reserves at Palito Mine total 607,100 tonnes at 6.6 g/t of gold for 128,900 oz; probable reserves total 485,400 tonnes at 5.4 g/t of gold for 83,800 oz, giving a combined total of 1,092,600 tonnes at 6.1 g/t of gold for 212,700 oz.

São Chico Mine contributes the balance at 60,200 tonnes at 8.1 g/t of gold for 15,600 oz, comprising proven reserves of 46,100 tonnes at 8.2 g/t of gold for 12,200 oz and probable reserves of 14,100 tonnes at 7.7 g/t of gold for 3,500 oz. The São Chico mineral reserves are unchanged since the November 2023 Technical Report, reflecting no mining activity at that site since that date.

Consolidated Mineral Resource Base

Consolidated measured and indicated (M&I) resources across Palito Complex and Coringa total 2,485,800 tonnes at 9.1 g/t of gold for 730,800 oz, compared with a prior consolidated M&I figure of 567,400 oz derived from the March 2025 Palito estimate and the April 2024 Coringa estimate. Consolidated inferred resources stand at 2,506,700 tonnes at 8.1 g/t of gold for 653,300 oz, up from 434,700 oz previously. All resources are reported inclusive of mineral reserves.

Palito Complex M&I resources, comprising Palito Mine and São Chico Mine, total 1,425,500 tonnes at 9.3 g/t of gold for 427,000 oz. Palito Complex inferred resources total 752,000 tonnes at 6.6 g/t of gold for 158,300 oz.

Chief Executive Officer of Serabi Gold, Mike Hodgson, attributes the resource growth to a change in the company's exploration spending posture:

"The healthy increase in our resource estimates confirms the prospectivity of our properties, which is now being unlocked through exploration expenditure backed by our strong balance sheet and cash generation in comparison to our capital-constrained history of operation."

Hodgson puts the growth figures in the context of the company's stated exploration target:

"In only our first year of Phase 2, we managed to increase our consolidated M&I to 731koz gold and consolidated inferred resource to 653koz gold, up from consolidated M&I resource of 567koz gold and consolidated inferred resource of 435koz gold, which is approximately halfway to our growth target."

The Palito Complex has consistently produced 30,000 to 40,000 oz per year. The company plans to double production over the coming years through the construction of the Coringa Gold Project.

Coringa Mine Resource Growth

Coringa M&I resources as of January 2026 total 1,060,300 tonnes at 8.9 g/t of gold for 303,800 oz, broken down as measured resources of 358,200 tonnes at 11.2 g/t of gold for 129,400 oz and indicated resources of 702,100 tonnes at 7.7 g/t of gold for 174,400 oz. The prior Coringa M&I figure, as of 16 April 2024, was 795,000 tonnes at 7.0 g/t of gold for 179,000 oz.

Coringa inferred resources as of 31 January 2026 total 1,754,700 tonnes at 8.8 g/t of gold for 495,000 oz, compared with 1,454,000 tonnes at 5.8 g/t of gold for 271,000 oz at the April 2024 estimate.

Hodgson frames the update around two distinct findings:

"These resource and reserve updates demonstrate two findings, firstly our continued ability to once again replenish the Palito geological resource, as well as to grow the reserve meaningfully in the process. Secondly, we see the majority of our resource growth at Coringa. This is not surprising. Coringa is a new mine with greater geological continuity, which in turn offers much upside potential. We expect more resource growth at Coringa during the 2026 brownfield exploration programme."

Reserve & Resource Technical Parameters

The Palito Mine reserve estimate applies a cut-off grade (COG) of 3.19 g/t of gold, a gold price assumption of US$3,000/oz, a foreign exchange rate of BRL 5.5 to USD 1, and a metallurgical recovery of 95%, using underground shrinkage as the mining method. The estimate is inclusive of external mining dilution and mining loss.

The São Chico Mine reserve applies a COG of 4.0 g/t of gold, a gold price assumption of US$1,800/oz, a foreign exchange rate of BRL 5.0 to USD 1, and a metallurgical recovery of 93.8%, also using underground shrinkage and inclusive of dilution and mining loss.

For resource estimation, Palito Mine applies a COG of 2.73 g/t of gold, a gold price of US$3,500/oz, a recovery of 95%, and a foreign exchange rate of BRL 5.5 to USD 1. São Chico Mine resource parameters use a COG of 3.32 g/t of gold, a gold price of US$1,950/oz, a recovery of 95%, and the same foreign exchange rate. The Coringa resource applies a COG of 1.94 g/t of gold, a gold price of US$3,500/oz, a recovery of 97%, and a foreign exchange rate of BRL 5.5 to USD 1.

Next Steps

NCL Ingeniería y Construcción SpA is preparing a new Technical Report for each of Palito Complex and Coringa. Both reports are expected to be issued within 45 days of the release date and will be filed on SEDAR and on the company's website.

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