Exploration Update for 2026 Brownfield Exploration Programme at Palito and Coringa Delivering High Grade Results

Serabi Gold plc has released an interim exploration progress report detailing 20,831 meters of diamond drilling completed in the first half of 2026. This work, conducted across 79 holes, includes 11,522 meters in 37 holes at Palito and 9,309 meters in 42 holes at Coringa. The company is currently executing a 32,000-meter brownfield programme scheduled to conclude in October 2026, with six rigs active. An updated Mineral Resource Estimate for both mines is guided for the first quarter of 2027.

The report tables specific intercepts from the Coringa and Palito sites. At Coringa, notable results include:

• 26-SR-055 (Serra South), 197.63–199.01 m: 1.38 m @ 11.85 g/t Au (incl. 197.93–198.35 m 0.42 m @ 37.10); second interval 202.12–203.12 m: 1.00 m @ 14.65 g/t (incl. 0.25 m @ 57.20) — ALS
• 26-SR-059 (Serra South), 233.00–235.20 m: 2.20 m @ 5.89 g/t (incl. 0.40 m @ 13.40); 280.81–282.00 m: 1.19 m @ 6.87 g/t (incl. 0.49 m @ 16.55); 298.15–299.30 m: 1.15 m @ 2.92 g/t — ALS
• 26-ME-013 (Meio), 92.55–94.25 m: 1.70 m @ 16.13 g/t (incl. 0.45 m @ 35.59) — Palito internal lab
• 26-SR-062 (Serra), 121.10–122.10 m: 1.00 m @ 4.67 g/t; 354.62–355.62 m: 1.00 m @ 6.85 g/t (incl. 0.25 m @ 25.80) — ALS
• 26-FC-005 (Cabaça), 42.00–43.00 m: 1.00 m @ 10.11 g/t (incl. 0.25 m @ 40.30) — ALS, ~42 m downhole
• 26-ME-006 (Encosta), 4.42–5.92 m: 1.50 m @ 4.01 g/t — ALS, ~4 m downhole
• 26-ME-007 / 009 / 010 / 012 / 014 (Meio): 0.35 m @ 4.51; 0.90 m @ 2.78; 1.00 m @ 5.44; 1.00 m @ 3.44; 1.10 m @ 2.25 g/t
• 26-SR-053 / 058 / 063, 26-FC-007: 0.92 m @ 4.65; 1.06 m @ 4.40; 0.95 m @ 4.48; 1.00 m @ 3.12; 0.25 m @ 3.78 g/t

Intercepts tabled for Palito include:

• 26-PI-019 (Piauí), 79.07–89.00 m: 9.93 m @ 1.06 g/t (incl. two 0.25 m internal highs of 6.26 and 4.95 g/t) — ALS
• 26-PI-026 (Piauí): 0.40 m @ 3.20 g/t; 26-TA-001 / 003 (Tatu): 0.28 m @ 7.22 and 0.25 m @ 6.50 g/t
• 26-SE-020 (Senna): four intervals — 0.82 m @ 3.99 (incl. 0.25 m @ 11.20); 1.02 m @ 3.49; 1.24 m @ 3.62; 0.44 m @ 3.70 g/t
• 26-MS-001 (Massa): 1.12 m @ 6.12 g/t (incl. 0.43 m @ 15.20) plus two 0.25–0.26 m intervals at ~5.8–5.9 g/t
• 26-GT-009 / 010 (G3): 0.36 m @ 4.75 g/t; 1.01 m @ 7.41 g/t (incl. 0.36 m @ 13.11) and 1.39 m @ 6.13 g/t (incl. 0.25 m @ 23.55) — Palito lab

The 2025 programme previously lifted consolidated Measured and Indicated resources to 730,800 ounces at 9.1 g/t and Inferred resources to 653,300 ounces at 8.1 g/t. A G1–G3 structural reinterpretation at Palito will be

Serabi Gold plc (SBI) is currently in its producer stage, where materiality is defined by changes to reserves, mine life, or net asset value rather than individual drill results. The company produced 44,169 oz in FY2025 and guides for 53,000–57,000 oz in 2026. For Q1-2026, Serabi reported revenue of $50.57M, EBITDA of $29.24M, PAT of $20.99M, and EPS of 27.72c. The company holds $64.4M in cash and is debt-free. Its market capitalisation is roughly C$390M (US$282M), compared to the company-stated £272.5M (US$353.0M) at 27 May 2026, when shares traded at C$6.45.

The latest release adds no ounces to the resource statement and brings no change to mining rates, costs, or guidance. Any value creation is deferred to the Q1-2027 Mineral Resource Estimate (MRE), which will serve as the actual value event.

The recent exploration activity follows the anchor release of 14 October 2025, which led with 0.53 m @ 151.00 g/t and 0.87 m @ 137.48 g/t, plus a 1.36 m @ 17.99 g/t. On headline grade, today’s results materially under-deliver versus that anchor, with the best 37.10 g/t sub-interval compared to 151 g/t. However, on breadth and continuity, results are comparable or better, featuring multiple zones, multiple holes per zone, and new satellite targets.

That anchor is not embedded in the current price. SBI traded around C$5.20–5.46 immediately after the October 2025 release and is C$5.15 now, having round-tripped from a C$6.74 high on 29 May 2026. The 2025–26 re-rate was driven by the operating turnaround and the April 2026 resource update (M&I +29% to 731 koz, Inferred +50% to 653 koz), and that re-rate has substantially faded. The market is not paying for a repetition of 150 g/t hits.

The weaker best-hole grade is consistent with a market that prices operating cash flow and expects resource growth at Q1-2027. The mildly better-than-mine-grade intercepts across new targets represent a genuine if modest positive.

A change in materiality would require an ALS-confirmed intercept of the 10–20 g/t over 3–8 m type band with stated true width at a new zone, a major step-out that opens a new mineralised centre, or a Q1-2027 MRE that converts the 2025–26 metres into the 1.5 moz Phase II target.

Serabi Gold plc (AIM:SRB, TSX:SBI, OTCQX:SRBIF) is a UK-headquartered gold producer and explorer with approximately 20 years of operating history, focused on the Tapajós region of Pará State in northern Brazil. The company’s primary asset is the Palito Complex, which it owns 100%. Palito features underground mining operations and an ore sorter installed in 2019. The company is currently expanding its processing infrastructure from approximately 650 tonnes per day (tpd) to ~900 tpd by adding a fourth ball mill sourced from a dormant plant at a cost of ~$5 million. This expansion is targeted for completion by Q4-2026, aiming for a production rate of ~330,000 tonnes per annum (ktpa) in 2027. As of April 2026, Palito holds 2P reserves of 228,400 oz at 6.2 g/t, Measured and Indicated (M&I) resources of 388,600 oz at 9.5 g/t, and Inferred resources of 156,600 oz at 6.5 g/t.

The company also owns the Coringa Mine, located approximately 200 km by road from Palito, which was acquired for US$22 million. Coringa operates under a three-year GUIA licence with a 100,000 tonne limit that expires on 29 January 2027, while a permanent license is pending. The mine does not have a standalone processing plant; instead, ore is sorted and trucked to Palito at a cost of ~$0.30 per g/t. Operations are transitioning from selective open stoping to mechanised sublevel stoping. Coringa’s M&I resources stand at 303,800 oz at 8.9 g/t, with Inferred resources of 495,000 oz at 8.8 g/t.

Consolidated resources as of April 2026 total 730,800 oz at 9.1 g/t for M&I and 653,300 oz at 8.1 g/t for Inferred categories. The company has identified a Phase II target of 1.5–2.0 million ounces (Moz). Other assets include the São Chico mine, which is under assessment for restart, the Matilda copper-gold porphyry concept, and greenfield targets including São Domingos, Cinderella, Ganso, Calico, Forquilha, and Juca.

Serabi Gold has a capital structure of 75.7 million ordinary shares, with approximately 78.5 million shares fully diluted. The company has been debt-free since January 2026. It declared an inaugural 5p dividend for FY2025, with a 2026 policy targeting 20–30% of free cash flow distributed via dividends or buybacks. Management includes CEO Mike Hodgson, CFO Colm Howlin, COO Marcus Brewster, and Non-executive Chair Michael Lynch-Bell. Notable shareholders include Ruffer (3.8%), Gold 2000 (2.4%), and directors (0.7%).