Serabi Gold plc (AIM: SRB, TSX: SBI), the Brazilian focused gold mining and development company, advises that at 2.00 pm today (UK time), it will be holding its Annual General Meeting (the 'Meeting').

As advised in the Notice of Meeting issued on 15 May 2020, to conform with the UK government's mandatory measures to reduce the transmission of COVID-19, including certain travel arrangements and public gatherings, shareholders are reminded not to attend in person and it will not be possible to gain access to the Meeting. Details of the results of the votes cast at the Meeting will be issued later today.

Typically, the Company's Chief Executive, Mike Hodgson, would make a statement to the Meeting outlining the achievements of the Company in the past financial year and providing an update on current operational, development and exploration matters. On this occasion and in lieu of this statement, Mr Hodgson has provided interviews to BRR Media and Crux Investors.

Exploration

The Company has, with surface drilling in the Sao Chico area, been testing the strike extension to the west towards the geophysical anomalies of Abela, Besouro and Cicada.

Exploration tenements have been secured and trial mining licence for Sao Chico extended to incorporate the areas that host these geophysical anomalies.

Over the wider tenement a six month soil geochemistry programme was undertaken initially identifying areas of anomalous copper coincident with EM anomalies themselves indicators of sulphide bodies that could be gold bearing. Now in process of re-analysing key areas for gold.

Juca and Calico areas to the south of Palito are very exciting and have coincident geophysical, geochemical and gold anomalies and similar rock types to Palito.

Exploration drilling activities remain suspended at this time.

2020 operations

Strong production in March and April 2020 following an unexpected, and now resolved, mill breakdown in February 2020.

Workforce at site has been reduced to essential production personnel only to improve social distancing. With staffing levels at site being reduced by approximately 30 to 35 percent, production for Q2 2020 is expected to be approximately 8,000 ounces, an excellent result in the circumstances.

Staff are being tested prior to arrival at site and are completing health and symptom interviews. This is allowing Company to start rotating larger numbers of staff.

Q3 production expected to be at similar levels to Q2, if current conditions in Brazil continue.

Corporate

The Company expects to have paid off its secured loan with Sprott Resource Lending at the end of June having made total repayments in the quarter of US$3.5 million.

Cash balances at the end of June 2020 are expected to be similar to those at the end of March 2020.

Contact:

Michael Hodgson

Tel: +44 (0)20 7246 6830

Email: contact@serabigold.com

Web: www.serabigold.com

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