Update on Coringa Licencing

For immediate release

23 August 2022

Serabi Gold plc

(“Serabi” or the “Company”)

Update on Coringa Licencing

Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian foc used gold mining and development company, has been advised that the courts have upheld an appeal by the Public Prosecutor in Para state (as previously announced on 9 December 2021 ) , requiring the Company to prepare an additional study to assess the impact of its activities at the Coringa Gold project, in Para State, Northern Brazil

The Ministry of Mines (“ANM”), the Environmental Agency for Para (“SEMAS”) and the Company all contested this study was not a legal requirement, but if undertaken would demonstrate no impact on any neighbouring indigenous populations.

Regardless of this ruling, all existing licences for the Coringa project remain in place and valid and the Company is able to continue its existing mining operations.

Mike Hodgson, CEO of Serabi commented:

“Whilst on the face of it this news may seem of concern, I can confirm this does not change any of our immediate plans. We took the decision nearly one year ago to commence scoping the additional study, and the study remains ongoing with the Company expecting the report to conclude that there is no detrimental impact from the Coringa project, which should allay any outstanding concerns regarding the environmental impact of the project. In the meantime, we will continue the current mine development activities and transport the ore to be processed at our existing Palito gold plant where we have existing capacity.

“In addition, the court ruling does not prevent the issue of new licences where the licencing agency is satisfied, notwithstanding the completion of any further studies, that the activities authorised under that licence have no impact on any neighbouring indigenous populations.”

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 the release of this statement on behalf of the Company was Clive Line, Director.

Enquiries:

Serabi Gold plc
Michael Hodgson	Tel: [phone]
Chief Executive	Mobile: [phone]
Clive Line	Tel: [phone]
Finance Director	Mobile: [phone]
Email: [e-mail]
Website: www.serabigold.com
Beaumont Cornish Limited Nominated Adviser and Financial Adviser
Roland Cornish / Michael Cornish	Tel: [phone]
Peel Hunt LLP Joint UK Broker
Ross Allister / Alexander Allen	Tel: [phone]
Tamesis Partners LLP Joint UK Broker
Charlie Bendon / Richard Greenfield	Tel: [phone]
Camarco         Financial PR
Gordon Poole / Emily Hall	Tel: [phone]

Copies of this announcement are available from the Company's website at www.serabigold.com.

Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this announcement.

Attachment

• Coringa Licencing Aug 2022 WEB vFinal