Mr. Michael Hodgson reports

VESTING AND SETTLEMENT OF 2023 CONDITIONAL SHARE AWARDS AND NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES

On May 12, 2026, Serabi Gold PLC's board of directors approved the vesting of conditional share awards that had been granted for the 2023 calendar year pursuant to the company's long-term incentive plan (LTIP).

Under the terms of the Serabi 2020 restricted share plan (the 2020 plan) pursuant to which the 2023 awards were granted, vesting of awards is subject to a three-year performance period during which time certain performance criteria stipulated by the board must be attained. In respect of the vesting of the 2023 awards, these were initially granted in respect of the calendar year 2023 and for which the measurement period was the three calendar years of 2023, 2024 and 2025. The performance criteria and minimum thresholds that were required to be achieved in respect of the 2023 awards over the entirety of this three-year period were as follows:

• 40 per cent of the award was subject to total shareholder return (TSR), with 0 per cent vesting if Serabi's TSR is in line with the BMO junior gold index increasing in a linear manner up to 100 per cent vesting if Serabi hit 1.2 times the index over same period. Serabi's TSR amounted to 9.5 times in the period compared with 2.6 times for the Junior Gold Index;
• 30 per cent of the award was subject to return on capital employed (ROCE) where the ROCE premium over the weighted average cost of capital (WACC) must be in excess of 1.05 times. If this hurdle is met vesting will occur in a linear manner such that 100 per cent vesting of this portion is achieved at 1.2 times WACC. Serabi's ROCE in the period amounted to 29.7 per cent compared with a WACC of 12.7 per cent;
• 30 per cent of the award was subject to return on sales (ROS) where ROS must exceed average annual budget by 10 per cent or more. Serabi's ROS in the period was 30.66 per cent compared with the annual budgets of 23.42 per cent.

The board assessed the level of performance compared with the targets for total shareholder return, return on capital employed and return of sales over the requisite three-year period and all targets were materially exceeded as set out above. Accordingly and in recognition of this outperformance, the remuneration committee exercised its authority to increase the number of shares vesting under the scheme by 17.5 per cent and in aggregate a total of 1,098,298 new ordinary shares were calculated as being due to vest to participants under the LTIP.

The remuneration committee further determined that the company would deduct from respective participant's entitlement that number of shares estimated to settle the applicable employee taxes due on behalf of each participant, with the company settling in cash the required employee taxes. Accordingly, the net number of new ordinary shares to be issued by the company in settlement of the 2023 award amounts to 573,209 new ordinary shares.

The settlement shares being issued to directors under the 2023 award are as shown in the attached table.

The balance of the settlement shares were awarded to other former employees.

The settlement shares will rank pari passu in all respects with the existing ordinary shares of the company and application will be made to the London Stock Exchange for admission to trading on Alternative Investment Market in respect of the 573,209 settlement shares which is expected to be effective on or around May 19, 2026.

On admission of the settlement shares, the enlarged issued share capital will be 76,307,760 ordinary shares of 10 pence each.

The notification in the appendix, made in accordance with the requirements of the market abuse regulations, provides further detail.

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 44,000 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 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 30 years of experience in the mining industry. He holds a BSc (honours), geology, University of London, an 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 U.K., 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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