Unaudited interim results for the three-month period ended 31 March 2024 Serabi ((AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to release its unaudited results for the three-month period ended 31 March 2024. 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/3KlLKOH "This has been a rewarding quarter of financial performance" said Clive Line, Serabi's CFO. "EBITDA of $4.7 million is a 103% improvement compared with the first quarter of 2023, but also a 37 per cent improvement on the last quarter of 2023. The cash position remained steady, reflecting the continued investment in development and ramp up of Coringa and on-going mine development at Palito. "Following the renewal in January 2024 of the trial mining licence at Coringa for a further 3 year period, we have been growing the workforce, started the underground drill programme targeted to grow the Serra mineral resource through drilling the down plunge extensions of the current ore body, and accelerated the mine development programme. Mine development costs of $1.6 million represent an additional $1.2 million cost compared to the first quarter of 2023, adding approximately $130 per ounce to the AISC for the quarter but this up-front investment is necessary to deliver the longer term production growth and in turn, reduce the long-term AISC. We need to incur the costs associated with the build of the Coringa crushing and ore sorting plant for the first 9 months of 2024, without seeing the benefit of materially improved grades from ore-sorting and significantly reduced trucking and process costs until Q4 2024 and throughout 2025. Mining rates continue to increase, the 56,296 tonnes of ore mined in the first quarter was a 35% increase compared with the same period of 2023, and a 14% increase compared with the last quarter of 2023." Financial Highlights (all currency amounts are expressed in US Dollars unless otherwise stated) Gold production for the first quarter of 2024 of 9,007 ounces, (Q1-2023: 8,055 ounces). Cash held at 31 March 2024 of $11.1 million (31 December 2023: $11.6 million including US$0.6 million relating to the exploration alliance with Vale). EBITDA for the three-month period of $4.7 million (Q1-2023: $2.3 million). Post-tax profit for the three-month period of $3.6 million (Q1-2023: $1.5 million), Profit per share of 4.80 cents (Q1-2023: 1.94 cents). Net cash inflow from operations for the three-month period (after mine development expenditure of $1.6 million) of $0.3 million (Q1-2023: $2.7 million outflow after mine development expenditure of $0.4 million). Average gold price of $2,081 per ounce received on gold sales during the three-month period (Q1-2023: $1,892). Cash Cost for the quarter of $1,461 per ounce (Q1-2023: $1,281 per ounce). All-In Sustaining Cost for the three- month period to March 2024 of $1,859 per ounce (Q1-2023: $1,516 per ounce). Overview of the financial results Reported revenues and costs reflect the ounces sold in each period and as a result total costs for the three-month period are significantly higher than for the corresponding period of 2023. In the first quarter of 2024, the Group has reported revenue and operating costs related to the sale of 9,290 ounces in the period (9,007 ounces produced). This compares to sales reported of only 6,616 ounces in the first quarter of 2023. Whilst the Company has continued to benefit from the improvement in the gold price, the movement to current levels only started during March and will be reflected in the second quarter. The Brazilian Real has in recent weeks followed the trend of other currencies and weakened against the US Dollar but until April its relative strength had offset some of the upside of the US Dollar gold price. Having traded generally between 4.90 and 5.00 to the US Dollar in the first quarter, since mid-April it has generally been above 5.10, which would be beneficial for our US Dollar reported costs should this trend continue. The average rate for the first three months of 2024 was 4.95, being five per cent stronger that the same period in 2023. This has impacted on the US Dollar reported costs for the first quarter of 2024. It has also meant that the gold price in Brazilian Reais, which drives the margin that can be generated, is only 2% higher than the average price achieved in the same period of 2023. During the quarter the Group also completed and drew down a new US$5 million loan with Itau Bank in Brazil. This new arrangement has an interest coupon of 8.47 per cent and is repayable as a bullet payment on 6 January 2025. This replaced a similar loan arranged with Santander Bank in Brazil that was repaid in the quarter The ore sorter for Coringa, having cleared Brazilian customs on 10 April 2024, has now been delivered to site. The ground works required for installing the crushing plant and the related infrastructure for the ore sorter are progressing well with the intention that the plant can be operational for the fourth quarter of this year, processing some of the lower grade material that has been stockpiled at Coringa and boosting gold production in that last three-month period. Key Financial Information SUMMARY FINANCIAL STATISTICS FOR THE THREE-MONTHS ENDING 31 MARCH 2024       3 months to31 March 2024$(unaudited) 3 months to31 March 2023$(unaudited)     Revenue     20,246,400 13,437,369     Cost of sales     (13,556,599) (9,767,003)     Gross operating profit     6,689,801 3,670,366     Administration and share based payments     (1,984,990) (1,354,575)     EBITDA     4,704,811 2,315,791     Depreciation and amortisation charges     (1,046,561) (834,514)     Operating profit before finance and tax     3,658,250 1,481,277                   Profit after tax     3,637,563 1,467,479                   Earnings per ordinary share (basic)     4.80c 1.94c                   Average gold price received ($/oz)     $2,081 $1,892                     As at31 March 2024$(unaudited) As at31 December 2023$(audited) Cash and cash equivalents     11,056,317 11,552,031 Net funds (after finance debt obligations)     5,366,512 5,148,947 Net assets     94,702,567 92,792,049           Cash Cost and All-In Sustaining Cost ("AISC")             3 months to 31 March 2024 3 months to 31 March 2023 12 months to 31 December 2023 Gold production for cash cost and AISC purposes (ounces)   9,007 8,005 33,152           Total Cash Cost of production (per ounce)   $1,461 $1,281 $1,300 Total AISC of production (per ounce)   $1,859 $1,516 $1,635 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 for the release of this announcement on behalf of the Company was Clive Line, Director. Enquiries SERABI GOLD plcMichael Hodgson        t +44 (0)20 7246 6830Chief Executive        m +44 (0)7799 473621 Clive Line        t +44 (0)20 7246 6830Finance Director        m +44 (0)7710 151692 Andrew Khov         m +1 647 885 4874Vice President, Investor Relations & Business Development        e         www.serabigold.com BEAUMONT CORNISH LimitedNominated Adviser & Financial AdviserRoland Cornish / Michael Cornish        t +44 (0)20 7628 3396 PEEL HUNT LLPJoint UK BrokerRoss Allister        t +44 (0)20 7418 9000 TAMESIS PARTNERS LLPJoint UK BrokerCharlie Bendon/ Richard Greenfield        t +44 (0)20 3882 2868 CAMARCOFinancial PR - EuropeGordon Poole / Emily Hall                t +44 (0)20 3757 4980 HARBOR ACCESS Financial PR – North AmericaJonathan Patterson / Lisa Micali                t +1 475 477 9404 Copies of this announcement are available from the Company's website at www.serabigold.com. Forward-looking statementsCertain 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 StatementThe 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 35 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. NoticeBeaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it. Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release. See www.serabigold.com for more information and follow us on twitter @Serabi_Gold 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 three months to 31 March 2024. Statement of Comprehensive IncomeFor the three-month period ended 31 March 2024.       For the three months ended31 March         2024 2023 (expressed in US$) Notes     (unaudited) (unaudited) CONTINUING OPERATIONS           Revenue (from continuing operations)       20,246,400 13,437,369 Cost of sales       (13,556,599) (9,397,003) Stock impairment provision       — (370,000) Depreciation and amortisation charges       (1,046,561) (834,514) Total cost of sales       (14,603,160) (10,601,517) Gross profit       5,643,240 2,835,852 Administration expenses       (1,942,740) (1,450,168) Share-based payments       (53,883) (48,067) Gain on disposal of fixed assets       11,633 143,660 Operating profit       3,658,250 1,481,277 Other income – exploration receipts 2     339,854 — Other expenses – exploration expenses 2     (312,518) — Foreign exchange (loss)/gain       (34,566) 82,611 Finance expense 3