Serabi Gold plc provided an exploration update from its activities on its regional tenement holding over the Palito complex in the Tapajos region of Para State, Northern Brazil. Induced Polarisation (IP) programme completed in December 2023 over the São Domingos property identified a 1km long x 0.25km wide chargeability anomaly. The anomaly underlies several areas of artisanal activity.

Western limit of the anomaly was drilled in 2021 (7.2m @ 258 g/t. A follow-up wide-spaced (approx. 100m between holes) shallow depth (i.e. up to 7m) auger programme has been undertaken. Significant auger intercepts to date are as follows: Hole 24-TRSAD-004 ?

1m @ 18.46 g/t Au from 1.00m Hole 24-TRSAD-006 ? 2m @ 0.18 g/t Au from 3.00m Hole 24-TRSAD-015 ? 1m @ 0.10 g/t Au from 0.00m Hole 24-TRSAD-015 ?

1m @ 0.25 g/t Au from 6.00m Hole 24-TRSAD-016 ? 2m @ 0.54 g/t Au from 6.00m Hole 24-TRSAD-017 ? 1m @ 0.19 g/t Au from 0.00m Hole 24-TRSAD-020 ?

1m @ 0.15 g/t Au from 2.00m Hole 24-TRSAD-024 ? 0.5m @ 0.10 g/t Au from 4.00m Significant progress has been made on the interpretation of the 14,551-sample soil geochemistry database (approx. 7,000 samples collected in 2023).

This regional geochemical database covers over 70% of Serabi?s permit portfolio. In addition to the Matilda copper target, at least four similar geochemical alteration systems have been identified. Within these systems, specific targets include the Copper Hill, Ganso, and Calico, confirmed by recent drilling and the untested targets at Letícia, Juca and Isla.

Data interpretation and exploration continues. First phase drilling completed in January on the Ganso Target, indicates a large zone with geologic features and mineralogy characteristic of an upper alteration zone typical of a copper porphyry system. This new target for epithermal gold and porphyry copper-gold mineralisation is located just 13km northeast of the Matilda copper target.

Recent diamond drilling at Matilda demonstrates mineralisation extends to over 150m depth with results for the final hole 21 intersecting the depth continuation of mineralisation, previously intersected in holes 4, 6, 15, & 16 as follows: Hole 23-MT-021 ? 144m @ 0.26% Cu and 0.06 g/t Au from 228.00m Hole 23-MT-021 ? 32m @ 0.40% Cu and 0.10 g/t Au from 410.00m The planned 2024 exploration programme will focus on brownfield exploration at Coringa and Palito to increase resources, and continued testing and delineation of new targets being identified within the Serabi exploration tenement package including the prospect of further definition drilling at Matilda.

New targets continue to be identified and most have no drilling, so more news can be expected during the year from the exploration activities. Results for the last two drill holes of the 2023 campaign have been received. Drillhole 23-MT-021 was drilled below the shallow high-grade zone intercepted in drillholes 23-MT-004 and 23-MT-006, to test the mineralised zone at depth.

Long intervals at greater than 0.20% Cu, including 144m @ 0.26% Cu from 228m, demonstrate the continuity of grade at depth, while zones equal to or greater than 0.40% Cu, including 32m @ 0.40% Cu and 0.1 g/t Au from 410m, indicate the potential for sustained intervals of mineralisation at potentially commercial grades. Results for 23-MT-021 are shown below. 18m @ 0.26% Cu from 24m 56m @ 0.26% Cu from 122m 144m @ 0.26% Cu from 228m Incl.

18m @ 0.47% Cu from 242m Incl. 18m @ 0.46% Cu from 352m 46m @ 0.35% Cu from 396m. Currently, the large amount of data produced in 2023 continues to be processed and evaluated.

Together with a second round of definition drilling the Board expects that this should significantly enhance understanding of the potential mineral resource at Matilda. A 5.85 line km pole-dipole induced polarization (IP) survey was conducted over the São Domingos target, covering the historic drilling at Tucano which returned a gold intersection of 7.15m @ 258.24 g/t. The IP survey identified a robust 500m x 750m chargeability anomaly to the east of the drilling. Previous drilling at Tucano intercepted a magmatic-hydrothermal breccia, with gold grades correlated with pyrite abundance.

The breccia was interpreted to be related to an unidentified intrusion, with potential for intrusion-related-gold or porphyry copper-gold mineralisation associated with the intrusion. The new chargeability anomaly is therefore a high priority target for drill testing. Soil sampling over the IP anomaly identified a 1km x 1km gold anomaly associated with the chargeability anomaly.

Extensive artisanal mining in alluvium surrounds the anomaly but to date, no source of the alluvial gold has been confidently identified. A shallow depth (ie up to 7m) auger programme to sample saprolite is currently underway to assist in planning a diamond drilling programme. Initial results to date include: Hole 24-TRSAD -004 ?

1m @ 18.46 g/t Au from 1.00m Hole 24-TRSAD -006 ? 2m @ 0.18 g/t Au from 3.00m Hole 24-TRSAD -015 ? 1m @ 0.10 g/t Au from 0.00m Hole 24-TRSAD -015 ?

1m @ 0.25 g/t Au from 6.00m Hole 24-TRSAD -016 ? 2m @ 0.54 g/t Au from 6.00m Hole 24-TRSAD -017 ? 1m @ 0.19 g/t Au from 0.00m Hole 24-TRSAD -020 ?

1m @ 0.15 g/t Au from 2.00m Hole 24-TRSAD -024 ? 0.5m @ 0.10 g/t Au from 4.00m.