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Financial and accounting update London Stock Exchange: SRB

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April 6, 2021

Serabi Gold plc
(Serabi or the company)

Financial and accounting update

Serabi Gold plc informs that following its announcement made on April 1, 2021 informing of a delay in the publication of the audited annual financial results for the year ended December 31, 2020 (Accounts), initially scheduled for March 31, 2021 , the British executive, the management and the board of directors of Serabi Gold plc suspended two local managers in Brazil. The Company has engaged lawyers in Brazil who have initiated their own internal investigations while BDO LLP, Companys auditors, undertake additional work to resolve the audit issues identified in Brazil,

The Company is in discussions with Canadian securities regulators to allow the shares to continue trading on the Toronto Stock Exchange despite the delay in filing its accounts. As previously announced, the Company plans to be able to publish its Accounts in accordance with the requirements of the AIM Rules, but if the delay is likely to have an effect on this then a further announcement will be made in due course.

Continuing production at Palito and Sao Chico is unaffected, and the company plans to provide its routine production updates for the first quarter ended March 31, 2021 by the end of this month.

Ask for information:

Serabi Gold plc
Michael hodgsonPhone: +44 (0) 20 7246 6830
General managerMobile phone: +44 (0) 7799 473621
Clive LinePhone: +44 (0) 20 7246 6830
Finance directorMobile phone: +44 (0) 7710 151692
E-mail: [email protected]
Website: www.serabigold.com
Beaumont Cornish Limited

Appointed advisor and financial advisor

Roland cornishPhone: +44 (0) 20 7628 3396
Michael cornishPhone: +44 (0) 20 7628 3396
Peel Hunt LLP

British broker

Ross allisterPhone: +44 (0) 20 7418 8900

Copies of this announcement are available on the Company’s website at www.serabigold.com.

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

Declaration of qualified persons

The scientific and technical information contained in 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 26 years of experience in the mining industry. He holds a BSc (Hons) Geology, University of London, an MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and Chartered Engineer of the Engineering Council of UK, acknowledging him both as a Qualified Person for the purposes of National Instrument 43-101 and the AIM Guidance Note on Mining and Oil and Gas Companies dated June 2009.

Forward-looking statements

Certain statements contained in this announcement are, or may be considered, forward-looking statements. Forward-looking statements are identified by their use of terms and expressions such as believe, might, should consider, estimate, intend, may, plan, will or the negative thereof, variations or comparable expressions, including references to hypotheses. These forward-looking statements are not based on historical facts, but rather on the directors’ current expectations and assumptions regarding the future growth of the company, results of operations, performance, future investments and other expenses (including the amount , the nature and sources of funding thereof), competitive advantages, business prospects and opportunities. These forward-looking statements reflect the current beliefs and assumptions of the directors and are based on information currently available to the directors. A number of factors could cause actual results to differ materially from results discussed in forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental changes and other regulatory changes, the actions of government authorities, the availability of financial markets. , dependence on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the company. Although the forward-looking statements contained in this announcement are based on what the directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements.

ENDS

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