Mr. Michael Hodgson reports

REPORTS Q1-2026 PRODUCTION & OPERATIONAL HIGHLIGHTS

Serabi Gold PLC has released the company's production results and operating highlights for Q1 2026 (all financial amounts are expressed in U.S. dollars unless otherwise indicated).

Q1 2026 operational highlights:

• Quarterly gold production of 12,042 ounces, a 20-per-cent increase from Q1 2025;
• Cash as of March 31, 2025, of $64.4-million versus $49.2-million as of Dec. 31, 2025:
  • Company now debt-free; repaid $5.3-million to Itau Bank in Brazil during the quarter;
• Commenced installation of a fourth ball mill at Palito complex, expected to be operational by Q4 2026 and will increase annual processing throughput to 330,000 tonnes per annum in 2027:
  • Installation costs estimated at $5-million, financeable entirely from the company's cash balance;
  • Addresses plant capacity challenges at Palito complex and permits the company to immediately process lower-grade stockpiles;
  • Assessment of the impact of restarting Sao Chico on the mine plan is under way;
• Following 12 months of ore sorting success, the company is transitioning from selective open stoping to mechanized sublevel stoping at Coringa;
• Coringa currently operates under a three-year GUIA licence, which expires on Jan. 29, 2027:
  • Discussions are continuing with the Agencia Nacional de Mineracao (ANM), regarding the extension of the current GUIA;
• For the full mining licence (LI) at Coringa, the company requires a change of land use approval from the Instituto Nacional de Colonizacao e Reforma Agraria (INCRA) as well as the approval of the Estudo de Componente Indigena (ECI) from FUNAI, which are both progressing well;
• Health and safety update:
  • External group to conduct an audit of the health and safety process;
  • Recruitment of an additional seven health and safety personnel, including a health and safety manager and six additional safety technicians;
  • Recruitment of an additional four mining supervisors and a mine manager.

Mike Hodgson, chief executive officer of Serabi, commented: "We delivered an excellent first quarter, with over 12,000 ounces of gold produced and a positive cash balance of over $64-million increasing the cash position by $15-million. We are now debt-free having repaid the $5.3-million debt facility to Itau Bank in Brazil during the quarter.

"Both mines have performed well. The ore sorter was instrumental in achieving our record annual production in 2025, and this, along with favourable geological continuity of the Coringa veins, has allowed us to transition from selective open stoping to the more mechanized sublevel open stoping method, providing many benefits to cost, output and safety. Mechanization of Coringa should be complete by Q3 2026.

"As stated in our fourth quarter operational update for 2025, with ore sorting ongoing at both sites, the operation remains plant constrained. With gold prices at record highs and viable stockpiles on hand, plant capacity constraints have become more pressing than ever. The company is installing one of the dormant ball mills previously destined for Coringa at Palito to increase plant throughout. We plan to have this fourth mill operational by the fourth quarter of this year, in turn increasing our plant capacity to 330,000 tonnes per annum.

"This decision to increase plant capacity is strategically timely. Whilst we anticipate positive news on Coringa permitting as well as mechanization of that mine, both of which will increase ROM [run-of-mine] output, we also have abundant lower-grade stockpiles, which today cannot be processed due to plant constraints, but are viable. One such ore source is at the Sao Chico satellite operation, where operations were suspended in 2023. This suspension was not through exhaustion of the resource, but due to economics. With higher-grade plant feed coming from Coringa and Palito, the Palito complex plant simply did not have capacity to receive what was marginal ore from Sao Chico at the time. Furthermore, ore sorting has never been successful at Sao Chico. As Sao Chico ore, both surface stock and underground ore, is viable today, the company is now assessing the possibility to rehabilitate the upper levels at Sao Chico and commence some modest production once again.

"Receipt of the LI in Coringa is advancing. For the LI to be issued by SEMAS, the state environmental agency, two approvals are pending. The first approval is an authorization for change of land use, which is issued from the land registry body, INCRA. The second approval is from FUNAI, who need to approve the indigenous study (ECI). Serabi submitted the change of land use in final form this year and is in its final stages at the federal level, with approval expected to be received in the first half of 2026. The approval of the ECI is also advancing as I am pleased to report numerous positive consultations between Serabi and the indigenous community. FUNAI has presented the ECI to the indigenous community. Once a compensation study is agreed, the ECI can then be approved.

"In 2025, we completed 38,400 metres of brownfield drilling at the Palito and Coringa sites. Drilling focused on stepout and stepdown drilling of known zones, as well as new discoveries such as the Serra Sul and Fofao zones in Coringa and the Piaui zone at Palito. The target of reaching at least 1.5 million ounces of resources by 2026 year-end remains on track. Activity has been limited during Q1 2026, as we are in the rainy season and surface drill crews only returned late January. An exploration update on our 2026 brownfield drilling program will be provided in Q2 2026. The focus has been to conclude geological interpretation of all mineralized zones at Palito and Coringa in preparation for updated mineral resource updates, which will be issued imminently.

"Whilst all this news is very positive, we suffered two tragic fatalities in January, both underground. The first mine related and the second a traffic-related incident. It stunned the company after such a positive improvement in health and safety performance in 2025. We have doubled down on our efforts to do our utmost to ensure this will not happen again. Firstly, we have hired additional seven health and safety personnel, including a health and safety manager and six additional safety technicians. We have also engaged an external group to conduct an audit of the health and safety process.

"We continue to take advantage of the economic tailwinds that prevail at this moment in time and the production profile for the year will see each quarter sequentially increasing production as we anticipate another record year of production in 2026, with production guidance at 53,000 ounces to 57,000 ounces."

The Palito complex process plant treated 54,587 tonnes at 7.05 grams per tonne gold, compared with 55,607 tonnes at 6.63 g/t Au for Q4 2025.

A total of 4,155 metres of horizontal development have been completed for the quarter, of which 2,336 metres was ore development. The balance was the ramp, crosscuts and stope preparation development.

The Coringa mine continues to perform well. On the Serra zone, production was focused on the levels of 260 m, 225 m, 190 m and 158 m, with development on levels 158 m, 141 m, 126 m and 106 m. On the Meio zone, development is focused on levels 286 m, 271 m and 252 m and stoping continuing on Level 310 m.

The new Galena zone is in development with the main ramp currently at the 285-metre level.

The Palito complex production and development is varied, with production from the Barrichello and G3 zones. Development is continuing on the Senna, Piquet and G3 veins, ranging from upper levels 167 m down to minus-210-metre level on G3.

Finance update

Cash balance at the end of March, 2026, was $64.4-million. During the quarter, the company fully repaid its $5.3-million unsecured loan arrangement with Banco Santander and is now debt-free.

Full-year 2026 production guidance

The company maintains full-year 2026 consolidated production of 53,000 to 57,000 ounces gold.

About Serabi Gold PLC

Serabi Gold is a gold exploration, development and production company focused on the prolific Tapajos 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. Serabi Gold recently made a copper-gold porphyry discovery on its extensive exploration licence. The company is headquartered in the United Kingdom with a secondary office in Toronto, Ont., Canada.

Qualified person statement

The scientific and technical information contained within this announcement has been reviewed and approved by Mr. Hodgson, a director of the company. Mr. Hodgson is an economic geologist by training with over 30 years of experience in the mining industry. He holds a BSc (honours) in geology (University of London) and an MSc in mining geology (University of Leicester) and is a fellow of the Institute of Materials, Minerals and Mining and a chartered engineer of the Engineering Council of United Kingdom, recognizing him as both a qualified person for the purposes of National Instrument 43-101 and by the AIM (Alternative Investment Market) Guidance Note on Mining and Oil & Gas Companies dated June, 2009.

We seek Safe Harbor.