Mr. Clive Line reports

UNAUDITED FINANCIAL RESULTS FOR Q1 2023

Serabi Gold PLC has released its unaudited results for the three-month period ended March 31, 2023.

A copy of the full interim statements together with commentary can be accessed on the Company's website using the following link: https://bit.ly / 43ziLi4

Financial Highlights

Gold production for the first quarter of 8,055 ounces.

Cash held at 31 March 2023 of US$13.9 million (31 December 2022: US$7.2 million).

EBITDA for the three-month period of US$2.3 million (2022: US$2.1 million).

Post tax profit for the three-month period of US$1.5 million (2022: 1.7 million),

Profit per share of 1.94 cents compared with a profit per share of 2.28 cents for the same three month period of 2022.

Net cash inflow from operations for the three-month period (after mine development expenditure of US$0.4 million) of US$2.7 million (2022: US$2.5 million outflow).

Average gold price of US$1,892 per ounce received on gold sales during the nine month period (2022: US$1,844).

Cash Cost for the three-month period to March 2023 of US$1,281 per ounce (Q1 2022 : US$1,438 per ounce) representing an 11% improvement quarter on quarter.

All-In Sustaining Cost for the three-month period to March 2023 of US$1,516 per ounce (Q1 2022 : US$1,810 per ounce) represents a 16% improvement compared to Q1 2022.

Clive Line, CFO of Serabi commented,

" The first quarter of 2023 has benefitted from continued gold price strength and increasing levels of gold production generated from the Coringa operation. Gold production for the quarter of 8 ,005 ounces means that the Group is on schedule for its annual 2023 production guidance of between 33,500 and 35,000 ounces of gold. S ubse quent to the quarter end , we were very pleased to conclude the signing of an exciting exploration alliance with Vale SA focused on the Matilda prospect and other large regional targets in the Tapajos region of Para, Brazil . The discovery of the Matilda porphyry prospect in 2022 was a major milestone for Serabi and our ability to jointly develop this prospect and other non-gold related opportunities with Vale represents a h u gely exciting opportunity for Serabi and its shareholders

" Gold sales in the quarter were for 6,881 ounces, the result of an accumulation of inventory within the leaching circuit where new tanks have been installed and commissioned. The Group has reported an impairment provision of $370,000 in respect of the low-grade ore stockpiles at Coringa which will not currently be transported to Palito for processing. In time we anticipate this material being subject to ore-sorting and the subsequent beneficiated product being processed. Amortisation costs are lower in this quarter than previously , which is the result of the reduced activity at Sao Chico and therefore minimal amortisation costs associated with this and Coringa which because the project is only in a trail mining phase and has not attained commercial production, is not yet subject to amortisation charges. In accordance with accounting regulations the gold sales and related operating costs of Coringa are being reflected in the Group's income statement.

" Notwithstanding the increase in work in progress inventory, c ash generated f rom operations in the quarter was US$ 2.7 million (including expenditure on capitalised mine development costs of US$0.4 million) although this was boosted by the receipt of US$2.2 million in early January for a gold sale that was registered at the end of December 2022.

" Unit costs of production are at similar levels to those achieved in the fourth quarter of 2022, and well below the levels of the equivalent period of 2022. With the expectation of continued development of Coringa during the rest of 2023, this will impact on the ASIC as we look to build the underground mining inventory and ensure that ramp and gallery development levels stay appropriately ahead of stoping activity.

" Exploration activity under the alliance with Vale started in April with the understanding that Vale would cover this initial expenditure whilst the final contractual details were completed. This ensured rigs were secured and onsite at the end of the rainy season, and we could maximise the benefit of the drier months. The parties expect that the initial Phase 1 period will be completed during the first quarter of 2024 during which time an exploration budget of up to US$5.0 million is planned. Whilst the priority for Vale is to identify potential copper ore-bodies , the Phase 1 programme covers a number of Serabi's gold targets as well and we will benefit directly from the exploration activities that are planned to be conducted over these areas.

" During the first quarter we took advantage of the offer of an additional export back ed 12 month loan facility with Santander Bank in Brazil for US$5.0 million. This provided the Group with adequate liquidity to allow the repayment of a similar arrangements with Itau BBA Bank which was repaid on 12 May 2023. The facility with Santander is repayable as a bullet payment in February 2024 and carries a fixed interest rate of 7.96%. "

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. The person who arranged for the release of this announcement on behalf of the Company was Clive Line, Director.

Qualified Persons Statement

The scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 35 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc 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 UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.

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