Reports a Record Quarterly Production in Q3-2025 of 12,090 Gold Ounces and Provides Operational Highlights

The October 14, 2025 news release reports a record quarterly gold production of 12,090 ounces for Q3-2025, a 27% increase over Q3-2024. Year-to-date (YTD) production reached 32,635 ounces, keeping the company on track to meet its full-year guidance of 44,000 – 47,000 ounces. The company's cash position grew substantially, increasing by $8.4 million during the quarter to end at $38.8 million. Net cash stood at $33.0 million. Operationally, the company highlights excellent development rates and significant grade improvements, with YTD mined grades nearing 7.0 g/t Au. The news also provides an exploration update, reiterating the discovery of the new Serra South orebody at Coringa and extensions at the Senna orebody at Palito, supported by numerous high-grade drill intercepts, including bonanza grades like 0.87m @ 137.48 g/t Au (including 0.32m @ 322.10 g/t Au).

This is a materially positive news release. It confirms the company is firing on all cylinders and successfully executing its growth strategy.

Positives: * Record Production: The 12,090 ounces produced is the company's best quarter in its history, representing a significant 15% sequential increase over Q2 2025 (10,532 oz) and Q1 2025 (10,013 oz). This acceleration demonstrates strong operational momentum. * De-risking Guidance: With 32,635 ounces produced YTD, Serabi needs to produce between 11,365 and 14,365 ounces in Q4 to meet its 44,000 - 47,000 ounce guidance. Achieving 12,090 ounces in Q3 makes hitting at least the lower end of this range highly probable and the upper end achievable. * Grade Improvement Materializing: Management has consistently pointed to grade improvements as a key driver for 2025. The Q3 mined grade of 7.24 g/t Au is a substantial improvement over the 2024 average of 5.49 g/t Au, confirming that mining higher-grade areas like Barrichello and the G3 vein at Palito is delivering as promised. * Exceptional Cash Generation: The $8.4 million increase in the cash balance in a single quarter is impressive, bringing the total to a robust $38.8 million. This significantly strengthens the balance sheet, funds the aggressive $9M exploration program from cash flow, and opens the door for shareholder returns as outlined in their FY2024 results. * Exploration Success: While the key discoveries (Serra South, Senna extensions) were previously announced on September 9, 2025, this release provides more high-grade and bonanza-grade drill results. This reinforces the potential for significant resource growth, which is the cornerstone of the company's "Phase II" growth plan to reach a 1.5-2.0 Moz resource inventory.

Neutral/Risks: * This news is an operational update, not full financial results. Costs (AISC) will be a key metric to watch in the full financial release to see if margins are expanding as expected with the higher grades and production. * The exploration results, while excellent, are updates on previously announced discoveries rather than entirely new ones.

Overall, the news is a strong confirmation that the company's operational turnaround and growth plan are on track and accelerating. The record production and powerful cash generation materially improve the company's fundamental standing and reduce execution risk for the remainder of the year.

Serabi Gold plc is a Brazilian-focused gold producer. It operates the Palito Mining Complex (Palito and the nearby, now care-and-maintenance, Sao Chico mine) in the Tapajos region of Para State. The company's flagship growth asset is the Coringa Project. The current strategy for Coringa involves mining ore, pre-concentrating it on-site using a recently commissioned ore sorter, and trucking the higher-grade material to the existing Palito processing plant. This phased approach minimizes upfront capital expenditure. The company's stated growth plan is to first increase consolidated production to ~60,000 oz/year (Phase I) and then execute a "Phase II" exploration strategy to grow the global resource base to 1.5-2.0 million ounces to support a potential move to >100,000 oz/year production.