Serabi Gold plc provided an exploration update from its activities on the Matilda Copper Prospect ("Matilda") in the Tapajos region of Para State, Northern Brazil. Matilda is being explored as part of the Exploration Alliance between Serabi and Vale SA. The 2023 drilling programme in the Matilda district commenced in April and was completed in November with a total of 7,597.21 meters drilled from 21 holes and was completed in two phases.

The first phase comprised drill holes 23-MT-001 to 23-MT-010 and the second phase drill holes 23-MT-011 to 23-MT-021. Drilling focussed on the main Matilda soil geochemistry anomaly, which was initially tested in 2022 with three exploration holes. To date the company has received results from 19 of the 21 drill holes executed at Matilda, 12 of which have returned encouraging grades above 0.2% Copper ("Cu") over downhole intervals greater than 10m.

Significant intercepts from the second phase of drilling include. In addition to this zone, the system is open to the NW, SE and at depth. This potential volume and grade is however, conceptual in nature as insufficient exploration has been completed to define a mineral resource and it is uncertain if a mineral resource estimate will be delineated.

In addition to Matilda, the Company continues to investigate other copper/gold systems in the same geological environment with anomalies and positive results derived from exploration, particularly in Ganso and Cinderela targets. Matilda's geological characterisation as an Alkalic Porphyry style system helps guide exploration strategy and suggests that further results can come from deeper drilling. Additionally, the discovery of new potential porphyry systems at Ganso and Cindere La, in addition to the other discoveries in the region, are advancing the Tapajos province as an emerging copper province in the north of Brazil, and quality data puts in an ideal position to take advantage of this.

The Company's exposure to base metal demand through the Vale alliance as well as its growth in gold production primarily at Coringa positions the company well, and look forward to an exciting year in 2024. Detailed Results and Technical Discussion: The Phase 2 drilling programme focussed on evaluating the extents of the mineralised system at the Matilda Prospect as well as identifying key exploration vectors that can be used to target higher grade mineralisation. 23-MT-021 was drilled beneath holes 23-MT-004 and 23-MT-006 to test the zone at depth and is pending assay results.

The system remains open to west, east, north, and at depth, and drilling has not yet delineated the size of the system. Drill hole locations over magnetic image showing 1200 metres long, northwest orientated demagnetisation trend. Porphyry style veinlets and alteration have been intercepted in every drillhole, even the drillholes without significant intercepts, which indicates the scale of the system.

The results from the 2023 programme, combined with the scale of the surface geochemical anomaly indicates the potential for high grade core zones with multiple "offshoots" within a broad, alteration halo. This potential volume andgrade is however conceptual in nature as insufficient exploration have been completed to define a mineral resources and it is uncertain if a Mineral resource estimate will be delineated". The Phase 2 drilling programme foc focussed on evaluating the extent of the mineralised system at The Matilda Prospect as well as identify key exploration vectors that can be use to target higher grade mineralisation; 23-MT-021 was drilling beneath holes 23-MT-001 and 23-MT-006 To test the zone at depth and are pending assay results.

The system continues to west, east, north and at depth and at depth. The system remains open to West, east, north, and in depth, and drilling has not not yet delineated the size the system. Drill hole locations across magnetic image showing 1200 metres long.

Drill hole locations over magnetic images over magnetic image showing 1200 metreslong, northwest orientated demagNetisation trend. Drill hole locations over the magnetic susceptibility model. Drill hole 21 is pending results, but core logging indicates anomalous sulphides in the zone.