Serabi Gold plc (AIM: SRB, TSX: SBI), the Brazilian-focused gold mining and development company, is pleased to announce further positive results from its ongoing regional exploration activity at its Calico target, which is located just 5km from the Palito Operation and Processing plant.

In addition, initial regional soil geochemistry on the Sao Chico/Sao Domingos trend has recorded multiple significant gold and multi-element anomalies within this highly prospective mineralised corridor.

Highlights

Identification of significant geochemical gold-in-soil anomalies at Calico, Juca and Forquilha, of which Calico is now very significant over a two kilometre by two kilometre area. Values as high as 0.8g/t gold have been recorded, better than have been seen in any soils over the Palito orebody.

Subsequent terrestrial geophysics survey using Induced Polarisation ('IP') covering the Calico soil anomaly has identified multiple chargeability anomalies.

Both results are very comparable in terms of scale and signature to the Palito orebody, a 600,000 ounce resource, being mined today.

First pass drill-testing of the Calico prospect is planned in the coming months.

Multi-element soil anomalies confirm strike extension of known gold occurrences at the Fofoca prospect on the Sao Chico/ Sao Domingos trend.

Mike Hodgson CEO commented: 'These positive results from the regional programmes at Calico and Fofoca are very encouraging. After the interruptions to the exploration campaign of 2020 due to the pandemic, this year we are embarking on the most substantial exploration effort seen by Serabi to date. Whilst a key focus will be targeting resource growth at the existing Palito and Sao Chico orebodies, a significant part of the exploration programme is more regionally focussed whilst still within 20 kilometres of these producing orebodies. Both Calico and Fofoca fall into this category.

'At Calico the results to date are very compelling and, even at this early stage, lead us to start drawing positive comparisons with the Palito orebody. The Calico location was first observed as a significant electromagnetic anomaly from the airborne survey completed in 2018. In the Tapajos, such electromagnetic highs are typically indicators of sulphide bodies, which, as we see at Palito and Sao Chico and elsewhere, can often be gold-bearing.

'Calico is located just five kilometres from Palito, and in the past months we have completed follow-up terrestrial geophysical and geochemical surveys. The soil geochemistry programme defined several highly interesting anomalies, namely Calico, Juca and Forquilha, of which Calico is the most significant. Measuring two kilometres by two kilometres and with soil assays as high as 0.8g/t, this anomaly is comparable to the geochemical anomaly over the Palito orebody. This geochemical survey has now been complemented by IP which has proven to be very effective at Palito. The IP has highlighted a series of NW-SE anomalies, some sited within the bounding gold soil anomaly at depth and some adjacent to the soil anomalies. The orientation of these IP anomalies is consistent with broader regional structural fabric and the trend of the veins at Palito, just five kilometres away. Given its proximity to Palito and the fact that it shares many similar characteristics including what seems to be a similar geochemical and geophysical signature, we plan to conduct some initial first pass drilling during the coming months.

'The geochemical survey at Fofoca, located in the eastern part of the Sao Domingos tenement acquired by the Company in late 2020, is still in progress. The initial results have defined a number of new geochemical anomalies outside the multiple past and present artisanal mining areas. The survey will continue with a follow-up drill programme to be undertaken once this is completed.'

Contact:

Michael Hodgson

Tel: +44 (0)20 7246 6830

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 reect 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.

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