Serabi Gold : Interim unaudited financial results – 9 months to 30 September 2021

PRESS RELEASE 30 NOVEMBER 2021

SERABI GOLD plc ("Serabi" or "the Company")

Unaudited interim results for the third quarter and nine month period ended 30 September 2021

Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and development company, today releases its unaudited results for the nine month period ended 30 September 2021.

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/3E8x0Ok

Financial Highlights

• Post tax profit of US$7.66 million in the Period (2020: US$7.42 million).
• Earnings per share of 10.64 cents compared with 12.58 cents for the same nine month period of 2020.
• EBITDA of US$15.00 million in the Period (2020: US$15.66 million).
• Net cash generated from operations of US$8.1 million in the Period (after mine development capital of US$3.8 million) (2020: US$11.4 million after mine development capital of US$2.0 million).
• Net cash and cash equivalents of US$15.2 million as at 30 September 2021 (31 December 2020: US$6.6 million).
• Average gold price of US$1,772 per ounce received on gold sales during the Period. (2020: US$1,647 per ounce)
• Cash Cost for the Period of US$976 per ounce (2020: US$1,013 per ounce)
• All-InSustaining Cost for the Period of US$1,307 per ounce (2020: US$1,298 per ounce)

Operational Highlights

• Third quarter gold production of 9,035 ounces, a 33 per cent improvement compared to the same period of 2020 (Q3 2020: 6,790 ounces). Gold production for the year to date ("ytd") is 26,190 ounces, in line with guidance (2020 ytd: 24,314 ounces).
• Total ore mined during the quarter of 42,240 tonnes at 7.18 grammes per tonne ("g/t") of gold (Q3 2020; 44,097 tonnes at 4.84 g/t), the highest quarterly mined grade since the first quarter of 2019 and a 28 per cent improvement in grade compared to the average for 2020.
• 41,995 tonnes of run of mine ("ROM") ore were processed during the quarter through the plant from the combined Palito and São Chico orebodies, with an average grade of 7.20 g/t of gold (Q3 2020: 46,135 tonnes at 4.75 g/t), a 28 per cent improvement on the average plant grade for 2020.
• 2,842 metres of horizontal development completed during the quarter, bringing the year-to-date total to 9,376 metres.
• CV-19protocols established to support the return to full operations in the fourth quarter of 2020, remain in place, and supply chains continue to improve.

Clive Line, CFO of Serabi commented,

"Gold sales completed during the nine months to 30 September 2021 have totalled 25,434 ounces with total production for the period being 26,190 ounces with the third quarter representing another solid quarter of production with 9,035 ounces of gold.

"Operating costs have increased year on year by US$2.3 million, following the return of contractors to undertake underground drilling activities. US$1.0 million has been incurred in underground drilling year to date to improve short term and long term mine planning. Labour costs have also increased by US$0.76 million compared with 2020 reflecting the return to normal working routines compared with the lower staffing levels experienced during 2020 when at the peak of the pandemic it was necessary to reduce staff headcount at the mine sites.

SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE	This document is not intended to and does
t [phone] f [phone]	6831 e [e-mail] www.serabigold.com	not amount to an invitation or inducement to
Registered Office 66 Lincoln's Inn Fields,	London, WC2A 3LH Company Number 5131528	subscribe for shares in Serabi Gold plc

PRESS RELEASE 30 NOVEMBER 2021

SERABI GOLD plc ("Serabi" or "the Company")

"Whilst the AISC for the year to date of US$1,307 per ounce is slightly higher than that for the equivalent period in 2020, this is reflective of the increased level of mine development. The cash cost of production has reduced by 4% to US$976 per ounce.

"Cash holdings of US$15.2 million at the end of the period reflect operating cash flow of US$8.15 million from the Palito Complex operations, including mine development of US$3.8 million. Expenditure during the last 3 months on the Coringa operation has increased significantly following the start of the initial mine development including the establishment of the mine portal for the Serra deposit. The ramp has now achieved approximately 90 metres of development. Expenditure on the project in the nine months to the end of September was US$3.0 million with US$1.7 million incurred in the third quarter.

"Expenditure on purchases of new plant and equipment, exploration activities and the development of Coringa has totalled US$8.7 million for the year to date which has been met by the cash flow being generated by the current production operations.

"The financial results reflect the continuing benefits of solid gold production over the first nine months of 2021, a continued strong gold price and favourable exchange rates resulting in an EBITDA of US$15 million for the year to date.

"Gold prices, in USD terms, have fluctuated over the last two months in reaction to perceptions of world economies starting to improve and in particular signals of future interest rate increases in the United States and risk appetite. These fluctuations generally have been following movements in the US dollar against other world currencies and has been reflected in the relative movements of the Brazilian Real. The gold price in BRL terms remains strong."

Key Financial Information
	3 months to		9 months to
	30	3 months to	30	9 months to
	September	30 September	September	30 September
	2021	2020	2021	2020
	US$	US$	US$	US$
Revenue	14,210,749	15,941,963	46,741,222	45,403,793
Cost of sales	(8,870,024)	(8,487,475)	(27,227,697)	(24,908,688)
Gross operating profit	5,340,725	7,454,488	19,513,525	20,495,105
Administration and share based payments	(1,391,574)	(1,168,595)	(4,514,034)	(4,838,661)
EBITDA	3,949,151	6,285,893	14,999,491	15,656,444
Depreciation and amortisation charges	(1,376,482)	(1,484,715)	(4,093,089)	(4,716,809)
Operating profit / (loss) before finance and tax	2,572,669	4,801,178	10,906,402	10,939,635
Profit / (loss) after tax	1,308,948	3,779,901	7,661,601	7,419,295
Earnings per ordinary share (basic)	1.73c	6.41c	10.64c	12.58c
Average gold price received (US$/oz)	US$1,753	US$1,881	US$1,772	US$1,707
		As at
		30	As at	As at
		September	31 December	30 June 2020
		2021	2020	(restated)
		US$	US$	US$
Cash and cash equivalents		15,165,875	6,603,620	10,968,059
Net assets		79,937,364	57,747,524	52,923,589

SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE	This document is not intended to and does
t [phone] f [phone]	6831 e [e-mail] www.serabigold.com	not amount to an invitation or inducement to
Registered Office 66 Lincoln's Inn Fields,	London, WC2A 3LH Company Number 5131528	subscribe for shares in Serabi Gold plc

PRESS RELEASE 30 NOVEMBER 2021

SERABI GOLD plc ("Serabi" or "the Company")

Cash Cost and All-In Sustaining Cost ("AISC")

Gold production for cash cost and AISC purposes

Total Cash Cost of production (per ounce) Total AISC of production (per ounce)

9 months to	12 months to	9 months to
30 September	31 December	30 September
2021	2020	2020
26,190 ozs	31,212 ozs	24,748 ozs
US$976	US$1,075	US$1,013
US$1,307	US$1,374	US$1,298

SUMMARY PRODUCTION STATISTICS FOR 2021 AND 2020

		Qtr 1	Qtr 2	Qtr 3	YTD	Qtr 1	Qtr 2	Qtr 3	Qtr 4	Full Yr
		2021	2021	2021	2021	2020	2020	2020	2020	2020
Gold production (1)(2)	Ounces	8,087	9,048	9,035	26,190	9,020	8,504	6,790	6,898	31,212
Mined ore - Total	Tonnes	40,371	43,051	42,240	125,663	42,036	43,519	44,097	46,275	175,928
	Gold grade	6.27	7.12	7.18	6.89	6.54	5.85	4.84	5.24	5.59
	(g/t)
Milled ore	Tonnes	41,462	43,679	41,995	127,137	40,465	44,235	46,135	43,440	174,276
	Gold grade	6.27	7.09	7.20	6.86	6.66	5.91	4.75	5.27	5.62
	(g/t)
Horizontal
development -	Metres	3,573	2,961	2,842	9,376	2,878	3,004	3,037	3,353	12,272
Total

1. The table may not sum due to rounding.
2. Production numbers are subject to change pending final assay analysis from refineries.

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 the release of this statement on behalf of the Company was Clive Line, Director.

The person who arranged for the release of this announcement on behalf of the Company was Clive Line, Director.

Enquiries

SERABI GOLD plc
Michael Hodgson	t [phone]	PEEL HUNT LLP
Chief Executive	m [phone]	Joint UK Broker
		Ross Allister / Alexander Allen	t [phone]
Clive Line	t [phone]
Fínance Director	m [phone]	TAMESIS PARTNERS LLP
		Joint UK Broker
	e [e-mail]	Charlie Bendon/ Richard Greenfield t [phone]
	www.serabigold.com	CAMARCO
		Financial PR
BEAUMONT CORNISH Limited	Gordon Poole / Nick Hennis	t [phone]
Nominated Adviser & Financial Adviser
Roland Cornish / Michael Cornish t [phone]

Copies of this announcement are available from the Company's website at www.serabigold.com.

SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE	This document is not intended to and does
t [phone] f [phone]	6831 e [e-mail] www.serabigold.com	not amount to an invitation or inducement to
Registered Office 66 Lincoln's Inn Fields,	London, WC2A 3LH Company Number 5131528	subscribe for shares in Serabi Gold plc

PRESS RELEASE 30 NOVEMBER 2021

SERABI GOLD plc ("Serabi" or "the Company")

See www.serabigold.comfor more information and follow us on twitter @Serabi_Gold

Assay Results

Assay results reported within this release are 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 recognised standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory.

Forward-looking statements

Certain 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. A number of 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 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' 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.

Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release

SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE	This document is not intended to and does
t [phone] f [phone]	6831 e [e-mail] www.serabigold.com	not amount to an invitation or inducement to
Registered Office 66 Lincoln's Inn Fields,	London, WC2A 3LH Company Number 5131528	subscribe for shares in Serabi Gold plc

PRESS RELEASE 30 NOVEMBER 2021

SERABI GOLD plc ("Serabi" or "the Company")

The following information, comprising, the Income Statement, the Group Balance Sheet, Group Statement of Changes in Shareholders' Equity, and Group Cash Flow, is extracted from the unaudited interim financial statements for the six months to 30 June 2021

Statement of Comprehensive Income

For the nine month period ended 30 September 2021

		For the three months ended	For the nine months ended
		30 September	30 September
		2021	2020	2021	2020
			(unaudited and		(unaudited and
(expressed in US$)	Notes	(unaudited)	restated)	(unaudited)	restated)
CONTINUING OPERATIONS
Revenue		14,210,749	15,941,963	46,741,222	45,403,793
Cost of sales		(8,870,024)	(8,487,475)	(27,227,697)	(24,908,688)
Depreciation and amortisation charges		(1,376,482)	(1,484,715)	(4,093,089)	(4,716,809)
Total cost of sales		(10,246,506)	(9,972,190)	(31,320,786)	(29,625,497)
Gross profit		3,964,243	5,969,773	15,420,436	15,778,296
Administration expenses		(1,648,211)	(1,042,013)	(4,654,625)	(4,705,158)
Share-based payments		(71,903)	(182,740)	(208,103)	(344,578)
Gain on disposal of assets		328,540	56,158	348,694	211,075
Operating profit		2,572,669	4,801,178	10,906,402	10,939,635
Foreign exchange gain/(loss)		125,566	51,642	81,823	(99,032)
Finance expense	2	18,140	(376,498)	(322,418)	(1,308,463)
Finance income	2	-	16,547	-	53,736
Profit before taxation		2,716,375	4,492,869	10,665,807	9,585,874
Income tax expense	3	(1,407,427)	(712,966)	(3,004,206)	(2,166,581)
Profit after taxation		1,308,948	3,779,901	7,661,601	7,419,295
Other comprehensive income (net of tax)
Exchange differences on translating foreign		(4,468,408)	(1,397,149)	(2,240,458)	(20,614,659)
operations
Total comprehensive profit /(loss) for the		(3,159,460)	2,382,752	5,421,143	(13,195,364)
period(1)
Profit per ordinary share (basic)	4	1.73c	6.41c	10.64c	12.58c
Profit per ordinary share (diluted)	4	1.70c	5.97c	10.47c	11.71c

1. The Group has no non-controlling interests and all losses are attributable to the equity holders of the parent company.

SERABI GOLD PLC
The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE	This document is not intended to and does
t [phone] f [phone]	6831 e [e-mail] www.serabigold.com	not amount to an invitation or inducement to
Registered Office 66 Lincoln's Inn Fields,	London, WC2A 3LH Company Number 5131528	subscribe for shares in Serabi Gold plc