Results of Updated Mineral Resource and Reserves; Increases Consolidated M&I to 731koz Au and Inferred Resource to 653koz Au

Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.Results of Updated Mineral Resource and Reserves; Increases Consolidated M&I to 731koz Au and Inferred Resource to 653koz AuSubscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to announce updated Mineral Reserve estimates and Mineral Resource estimates for its Palito Mine and updated Mineral Resource estimates for its Coringa Mine, prepared in accordance with the standard of CIM and Canadian National Instrument 43-101, with an effective date of 31 January, 2026as outlined below (all financial amounts are expressed in U.S. dollars unless otherwise indicated).HIGHLIGHTSGet the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Mike Hodgson CEO commented:“We are pleased to release these updated reserve estimates and resource estimates for Palito Mine and Coringa Mine which incorporate the drill results of our 2025 brownfield exploration programme, which is part of Phase 2 of our growth strategy of significantly increasing our resource after two years of ‘aggressive’ brownfield drilling. In only our first year of Phase 2, we managed to increase our consolidated M&I to 731koz Au and consolidated inferred resource to 653koz Au, up from consolidated M&I resource of 567koz Au and consolidated inferred resource of 435koz Au, which is approximately half-way to our growth target. These resource and reserve updates demonstrate two findings, firstly our continued ability to once again replenish the Palito geological resource, as well as to grow the reserve meaningfully in the process. Secondly, we see the majority of our resource growth at Coringa. This is not surprising, Coringa is a new mine, with greater geological continuity which in turn offers much upside potential. We expect more resource growth at Coringa during the 2026 brownfield exploration programme.The healthy increase in our resource estimates confirms the prospectivity of our properties, which is now being unlocked through exploration expenditure backed by our strong balance sheet and cash generation in comparison to our capital constrained history of operation. We remain optimistic on what lies ahead in our 2026 brownfield exploration programme and hope to, at the very least, match the success of our first year of Phase 2 drilling. As the rainy season has subsided in Brazil, we have initiated the 2026 brownfield exploration programme which we plan to provide an update on in Q2-2026.”The Mineral Reserve estimate for Palito Mine was prepared by Mr Carlos Guzman of NCL Ingeniería y Construcción SpA, who is a Qualified Person under the Canadian National Instrument 43-101.The Mineral Resource estimates for Palito Mine and Coringa Mine were prepared by Mr Carlos Guzman of NCL Ingeniería y Construcción SpA, who is a Qualified Person under the Canadian National Instrument 43-101.Mineral Reserve EstimatesThe updated Mineral Reserve estimates for the Palito Mine and the São Chico Mine are based on data as at 31st January 2026 and 31st July 2023, respectively. Table 1: Palito Complex Mineral Reserve Statement as of January 31, 2026Notes to Palito Complex Mineral Reserve EstimatesMineral Resource EstimatesThe updated Mineral Resource estimates for the Palito Mine and the São Chico Mine are based on data as at 31st January 2026 and 31st July 2023, respectively.Table 2: Mineral Resource Statement, Palito Mine as of January 31, 2026Notes to Palito Mine Mineral Resource StatementTable 3: Mineral Resource Statement, São Chico Mine as of July 31, 2023Notes to Mineral Resource Statement, São Chico MineTable 4: Mineral Resource Statement, Palito Complex (Palito & Sao Chico Mines) as of January 31, 2026Notes to Mineral Resource Statement, Coringa Gold MineTable 5: Mineral Resource Statement, Coringa Mine as of January 31, 2026Notes to Mineral Resource Statement, Coringa MineTable 6: Consolidated Mineral Resource Statement, Palito Complex, & Coringa Mine as of January 31, 2026Notes to Consolidated Mineral Resource Statement, Palito Complex & Coringa Gold MineQualified Persons and Quality ControlThe scientific and technical information contained in this news release pertaining to the Palito Mine has been reviewed and approved by the following Qualified Persons under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”):The Qualified Persons have verified the information disclosed herein, including the sampling, preparation, security and analytical procedures underlying the information or opinions contained in this announcement in accordance with standards appropriate to their qualifications.The scientific and technical information contained in this news release pertaining to the Coringa Mine has been reviewed and approved by the following Qualified Persons under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”):The Qualified Persons have verified the information disclosed herein, including the sampling, preparation, security and analytical procedures underlying the information or opinions contained in this announcement in accordance with standards appropriate to their qualifications.Technical ReportA Technical Report prepared by NCL Ingeniería y Construcción SpA. In accordance with NI 43-101 will be filed on SEDAR (www.sedar.com) within 45 days of this release as well as on the Company’s websiteAbout Serabi Gold plcSerabi Gold plc is a gold exploration, development and production company focused on the prolific Tapajós 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 plc 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, Ontario, Canada.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 Andrew Khov, Vice President, Investor Relations & Business Development.EnquiriesSERABI GOLD plcMichael Hodgson t +44 (0)20 7246 6830Chief Executive m +44 (0)7799 473621Andrew Khov m +1 647 885 4874Vice President, Investor Relations & Business Development e contact@serabigold.com www.serabigold.comBEAUMONT CORNISH LimitedNominated Adviser & Financial AdviserRoland Cornish / Michael Cornish t +44 (0)20 7628 3396PEEL HUNT LLPJoint UK BrokerRoss Allister / Georgia Langoulant t +44 (0)20 7418 9000TAMESIS PARTNERS LLPJoint UK BrokerCharlie Bendon/ Richard Greenfield t +44 (0)20 3882 2868CAMARCOFinancial PR – EuropeGordon Poole / Fergus Young t +44 (0)20 3757 4980Assay ResultsAssay results reported within this release include those provided by the Company’s own on-site laboratory facilities at Palito and have not yet been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company’s activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company’s management are satisfied that the Company’s own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognized standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory.Forward-looking statementsCertain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.Qualified Persons StatementThe 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’ 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.NoticeBeaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein.

Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news releaseSee www.serabigold.com for more information and follow us on X @Serabi_GoldAPPENDIXMineral Reserves and ResourcesThe Company estimates and discloses mineral reserves and resources using the definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum, and in accordance with NI 43-101. Further details are available at www.cim.org. See the “Glossary of Geological and Mining Terms” for complete definitions of mineral reserves and mineral resources.About Mineral ResourcesMineral resources are not mineral reserves and do not have demonstrated economic viability but do have reasonable prospect for economic extraction. They fall into three categories: measured, indicated, and inferred. The reported mineral resources are stated inclusive of mineral reserves. Measured and indicated mineral resources are sufficiently well-defined to allow geological and grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the mineral resource. Inferred mineral resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred mineral resources are too speculative geologically to have economic considerations applied to them. There is no certainty that mineral resources of any category will be upgraded to mineral reserves.Important Information about Mineral Reserve and Resource EstimatesWhilst the Company takes all reasonable care in the preparation and verification of the mineral reserve and resource figures, the figures are estimates based in part on forward-looking information. Estimates are based on management’s knowledge, mining experience, analysis of drilling results, the quality of available data and management’s best judgment. They are, however, imprecise by nature, may change over time, and include many variables and assumptions including geological interpretation, commodity prices and currency exchange rates, recovery rates, and operating and capital costs. There is no assurance that the indicated levels of metal will be produced, and the Company may have to re-estimate the mineral reserves based on actual production experience. Changes in the metal price, production costs or recovery rates could make it unprofitable to operate or develop a particular deposit for a period of time.A comparison of the updated Mineral Reserve Estimates as at 31 January 2026 with the previously reported Mineral Reserve Estimates as at 31 March 2025 published on 10 September 2025 is set out below.A comparison of the updated Mineral Resource Estimates as at 31 January 2026 with the previously reported Mineral Resource Estimates as at 30 March 2025 published on 10 September 2025 is set out below.A comparison of the updated Mineral Resource Estimates as at 31 January 2026 with the previously reported Mineral Resource Estimate as at 16 April 2024 published on 13 November 2024 is set out below.GLOSSARY OF TERMSThe following is a glossary of technical terms:Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.