June 2023

Corporate
Presentation

Sustainable gold production

and growth in Brazil
Disclaimer
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Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources.
The terms “Measured”, “Indicated” and “Inferred” Mineral Resources used or reference in this Presentation are defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)
under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves. The CIM standards differ significantly from standards in the United States. United
States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of
uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category or that Mineral Resources will ever be
upgraded to Mineral Reserves. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies other than Preliminary Economic Assessments. United States investors are
cautioned not to assume that all or any part of Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists or
is economically or legally mineable, or that an Indicated Mineral Resource is economically or legally mineable.

Cautionary Note to United States Investors regarding Adjacent or Similar Properties.

This Presentation may also contain information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises United States investors that the United
States Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such
properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.

1
Positioned for growth and value creation

 >20 year track record

Sustainable Operator
 Stable 30-40koz pa production
Palito Complex  History of resource replacement

 Low cost & low risk doubling of production

Growth to >60koz pa
 Underground mine development progressing
Coringa  Final permit pending

 Highly prospective & under-explored goldfield

Exploration Upside
 Matilda porphyry discovered in 2022
Tapajos Region  Exploration Alliance signed with Vale in 2023

 Committed to responsible operations

Delivering Value
 Lower quartile CO2 emission for gold producers
For All Stakeholders  Undervalued relative to peers, with strong growth

2
Clear path to delivering re-rating for shareholders

Stable production base with near-term doubling (koz pa) Doubling production by 2026
Palito Coringa
 Low-execution risk
60
 Low initial capex of ~US$10m
40
 Mine development underway – producing gold
 Increased scale to reduces group AISC
20
Re-rating potential
0  Currently valued at lower end of peer group
 US$13.9m cash1 and US$12.0m debt1
 Implied share value2 at current peer group average of
– £1.17 – 4.3x uplift – based on 2022 production
Enterprise Value/ ounce 2022 production (US$/Au oz) – £2.07 – 7.6x uplift – based on 60koz pa production
10,000
9,000 Further upside
8,000
7,000  First mover and only hard-rock miner in prolific
6,000
goldfield
5,000
4,000  Enhancing scale of existing operations
3,000
2,000  High potential for major discovery
1,000
0

1. As at March 31, 2023

2. Implied share value calculation applies peer average EV/ production multiple to obtain implied Enterprise Value
for Serabi. Market value is calculated by subtracting Net debt (note an additional US$10m of debt is assumed for
the 60koz pa production) and the implied share price derived by dividing the implied market value by the current
shares in issue.
Data as of 30 May 2023.

3
Committed to mining sustainably in Brazil

>20 years of successful operation with our stakeholders

Commitment to Health & Safety
 >9,000 hours of safety training
 31% compound annual TRIFR improvement over 6 years
Supporting local communities
 Majority local workforce: 70% from State of Para, 32% from
immediate communities
 Buying good and services locally: 32% from within 100km,
45% from State of Para
 Providing clean water & health care – 350 people
 Education support – 2,000 children
 Roads & Infrastructure

Environmental stewardship
 Minimal footprint from underground mines and no conventional
tailings dams – filtration and dry stacking technology
 Zero activity within primary forest
 Remediation of old artisanal mining areas
 Low carbon intensity of 0.37 tCO2e/Au oz in 2022 (< half industry average) Scope 1& 2
 Nursery for indigenous plants to support remediation and enhance biodiversity
 62% of materials recycled

4
Uniquely positioned in globally significant Tapajos mineral province

Para State
 No. 2 in Brazil for mining with improving
infrastructure
 Development incentives - effective tax
rate of 15.25%

The Tapajos - a globally significant mineral

province
 ~90,000km2 (size of Portugal)
 3rd largest alluvial goldfield with
reportedly up to 30Moz of artisanal
production
 Only 7Moz in 7 hard rock deposits defined
 Land-grab by Majors targeting major
discoveries – Vale Exploration Alliance
340km: the distance from London to Paris

Serabi advantage
 First and only hard-rock miner with >20 years operating history
 100% ownership of 2 of the deposits and 1Moz
 At ‘front door’ of region
 Supportive local communities and workforce

5
Palito Complex
 Palito Complex
Delivering consistent production

GUIDANCE
33.5-35koz for 2023, 8koz in Q1

RESERVES & RESOURCES* (Dec 2021)

P&P: 67koz at 7.0g/t, M&I: 252koz, Inf: 222koz

MINING
Underground - selective open stoping

PROCESSING
500tpd conventional flotation and CIP, ore-sorter

PRODUCT
Gold bullion and concentrate

PROPERTY
61,563 Ha – 100%

Gold production (koz) Cash Costs & AISC (US$/oz)

1,615
39.4 40.1
37.0 37.1 1,374 1,429 1,322
32.6 32.0 33.8
30.8
1,034 1,071 1,093 1,081 1,075 1,090
965
892 821 832
793 770 799
18.5 677

2014 2015 2016 2017 2018 2019 2020 2021 2022 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Resources are inclusive of Reserves

7
 Palito Complex
Unlocking full value

Ore sorting
 Sorts on colour and/or density
 Used to upgrade diluted development ore
 Removing waste/dilution from mill feed and tailings
 Enables increase in production with high value/ low-cost ounces
Applicable at Coringa
 Coringa highly amenable to ore sorting
 Ore sorter on order - will form front-end of Coringa plant

Feed
32,000 tonnes
Product
at 2.2 g/t Ore sorter
5,000 tonnes
at 10.7 g/t

Reject
27,000 tonnes
at 0.6 g/t

8
 Palito Complex
Palito headframe exploration

 History of resource replenishment

 Palito mine sits within 8km NW-SE trend
 Ore-bodies remain open laterally, on
strike and to depth
 Intrusion-related gold deposit – expected
to have very significant vertical extent
 2022-23 drilling expected to add
significant resources
 Updated Independent 43-101 Mineral
Resource Estimate to be completed in
Q3 2023

Resources Resources
of 405koz of 474koz
2005 2023
Initial Cumulative production
production of 412koz
Resource
replenishment

9
Coringa
Our next mine to
double production…
development
underway
 Coringa
Low capex doubling production

Advanced
development
project to
create a multi-
OWNERSHIP asset >60koz
Acquired 100% for US$22m
pa producer
HISTORIC SPEND
Equinox* spent C$65m (2016-18)

PRE-ACQUISITION WORK COMPLETED

BFS, 50,000m drilling, process plant, infrastructure

MINING
Trial licence in place, 2.2koz in Q1

PROCESSING
Initially ore-sorting/ 750tpd CIP plant on site

43-101 RESOURCE (Aug 2019)

M&I: 195koz at 8.2g/t, Inf: 346koz at 6.5g/t
Resource growth potential
with u/g drilling
Resource growth potential
STATUS with u/g drilling
ECI complete, final permit pending
* Coringa acquired from Anfield Gold, now Equinox Gold

11
 Coringa
Low risk and favourable economics

Low risk
 Coringa, a carbon-copy of Palito – 200km to south PEA Summary
 No tailings dam
Annual production 38koz1
 Camp, lab, workshops and access roads all newly built
 Mine under development Mine life 9 years

Average mined grade 8.34g/t

Low cost
 Low initial capex - just crusher and ore sorter Initial Capex US$25m2
 Low production costs will reduce group AISC
Project AISC US$852/oz2,3
Financing options
1. For the first five full years of production
 Significant contribution from group cash flow 2. Includes 20% contingency
3. Calculated when the project has achieved sustained positive cash flow and excludes the initial capex
 Indicative term sheets in negotiation but does include 20% contingency

Economics PEA base case Consensus

Gold price US$1,450/oz US$1,800/oz

Exchange rate (BR$/US$) 3.80 5.50

NPV (5%) US$79.6m US$171.2m

IRR 46% 100%

50 cm
12
 Coringa
Potential for multiple mines

 Significant resource growth potential as drilling limited to ~250m vertical depth

 Current resource underlies 1.5km of artisanal workings in 8km artisanal trend
 All lying within 30km of anomalous soil geochemistry – remainder is untested

13
Exploration
 Exploration
Targeting bulk discoveries with Vale Exploration Alliance

 Exploration Alliance with Vale

funding
– Phase 1 to Jan 2024 -
US$5m initial commitment

Then for each project:

– PFS and US$5m payment to
reach 75%
– DFS and greater of US$5m
or 1.5% of NPV to reach 90%
 20 years of baseline data
collated
– >20km EW trending major
magnetic high
– Geochemical anomalies
overlying magnetics
– Surrounding EM anomalies
highlight sulphide bodies
– All known deposits within
Tapajos are associated with
sulphides
– Significant artisanal mining
within drainage channels and
hard rock

15
 Exploration
Bulk >1Moz targets

Priority targets
1. São Domingos
 4km x 2km target
 Significant artisanal activity
 High grade first pass drilling
2. Matilda
 4km x 4km target
 Significant alteration mapped
 Strong geochem zonation
 Initial drilling in 2022
3. Cinderella
 5km x 1km target
 Significant artisanal activity
 Mapped and first pass RAB drilling
4. Ganso
 1km x 200m target
 Intrusion interpreted along
regional scale fault
5. Calico
 2km x 2km target
 Mapped intrusive centre with
hydrothermal alteration
6. Forquilha
 1km x 0.5km target
 Mapped – possible intrusive
centre
7. Juca
 2km x 2km target
 Mapped sulphide-bearing intrusive

16
 Exploration
Matilda prospect

 4x4 km geochemical anomaly with 2x2 km Au-Cu-Mo-W

core
 Coincident with anomalous high magnetic susceptibility
associated with magnetite alteration
 Mapped granites with potassic, propylitic and sericite-
chlorite alteration, dacite porphyry and quartz-sulphide
veins
 Topographic high, with extensive artisanal workings in
surrounding rivers
 Three initial drill holes in 2022 confirmed Cu-Mo-Au
porphyry discovery
 2023 drilling underway

17
 Exploration
Sao Domingos – Toucano prospect

 Intercepts include 7.15m at 258g/t

– 7th highest intercept for TSX company
in 2021*
 Follow-up drilling planned for 2023-24

* www.mining.com/mining-2021-top-10-drill-holes-of-the-year/

18
Delivering Value
 Delivering Value
Significant re-rating potential

Undervalued, enhanced scale to drive re-rating

Enterprise Value/ ounce 2022 production (US$/Au oz) Enterprise Value/ 2022 EBITDA (x)
10,000 25

9,000
8,000 20

7,000
6,000 15
5,000
Peer Average
4,000 10
3,000
Peer Average
2,000
5
1,000
0
0

Implied share value* at current peer group average of Implied share value* at current peer group average of
 £1.17 – 4.3x uplift – based on 2022 production  £0.59 – 2.2x uplift – based on 2022 EBITDA
 £2.07 – 7.6x uplift – based on 60koz pa production  £1.06 – 3.9x uplift – based on doubling of EBITDA
* Implied share value calculation applies peer average EV/ production and EV/EBITDA multiples to obtain implied Enterprise Value for Serabi. Market value is calculated by subtracting Net debt (note an
additional US$10m of debt is assumed for the 60koz pa production and doubling of EBITDA scenarios) and the implied share price derived by dividing the implied market value by the current shares in issue.
Data as of 30 May 2023.

20
 Delivering Value
Objectives for 2023

 Maintain production rates

Sustainable Operator
 Enhance cash flows through ore sorting
Palito Complex
 Continued resource growth

 Continue underground development

Growth to 60koz pa
 Grow production
Coringa
 Receive final permit and install crusher and ore sorter

 Exploration Alliance with Vale to drill test bulk targets

Exploration Upside
 Targeting doubling of resources to >2Moz
Tapajos Region
 Continue to review M&A opportunities

 Maintain focus on ESG

Delivering Value
 Demonstrate profitability, growth and blue-sky
For All Stakeholders
 Share price re-rating through broader investor appeal

21
Appendix
Corporate overview

Capital Structure Supportive share register

Tickers LSE:SRB, TSX:SBI Greenstone,
Fratelli, 25.5%
25.2%
Share Price (30 May 2023) £0.27 / C$0.46
Ordinary Shares 75.7m Other Latam Directors,
Investors, 1.1% 0.2%
Fully Diluted Shares 82.4m
Market Capitalisation (30 May 2023) £22.7m / US$25.6m River and
Canada, 2.7% Mercantile,
4.8%

Liquidity & Balance Sheet Premier Miton,

UK, 34.9% 5.6%
Cash (31 March 2023) US$13.9m
Debt (31 March 2023) US$12.0m
Enterprise Value (current MV) US$23.7m Share price (£)
1.20

Financial Performance (Year to 31 December 2021) 1.00

EBITDA US$8.8m 0.80

Post-tax Profit US$(1.0m) 0.60

0.40

2022 Non-Financial Performance 0.20

Carbon Intensity (<half industry average) 0.37 tCO2e/ oz Au

0.00
Jan 2021 Apr 2021 Jul 2021 Oct 2021 Jan 2022 Apr 2022 Jul 2022 Oct 2022 Jan 2023 Apr 2023
TRIFR (average annual decrease of 34% over 7.5 per million hours
last 6 years) worked

23
Key Board and Management
Mike Hodgson (CEO) Michael Lynch-Bell (Non-exec Chairman)
Over 30 years worldwide experience, focused on operating and building 38 years with Ernst & Young (EY), having led its Global Oil and Gas, UK IPO
small to medium sized underground mines. Speaks Spanish and basic and Global Oil and Gas and Mining transaction advisory practices. Member
working knowledge of Portuguese. of EY’s assurance Practice from 1974 to 1996, when he transferred to the
Transaction Advisory Practice. Non-executive director of London-listed
Clive Line (CFO) Gem Diamonds Limited, independent non-executive chairman of ASX-listed
Over 30 years finance experience with junior mining and oil and gas Little Green Pharma and independent non-executive director of JSE-listed
companies operating in Africa, Far East, FSU, Europe and South America. Barloworld Limited. Member of the Institute of Chartered Accountants in
Formerly CFO of Cluff Resources prior to its acquisition by Ashanti and of England and Wales.
privately-owned Quest Petroleum acquired by Beta Well Services.
Deborah Gudgeon (Non-exec)
Helio Tavares (General Manager) Qualified ACA accountant with experience at PwC (Coopers & Lybrand),
A Brazilian mining engineer with over the past 20 years international Lonrho, Deloitte, BDO, Gazelle Corporate Finance and Penfida Limited.
experience. He was general manager for Serabi from 2002 to 2005 and Non-executive director roles with Ithaca Energy plc, Petra Diamonds
again between November 2012 and May 2019. Limited, Evraz plc, Highland Gold Mining Limited and Acacia Mining plc.

Rogerio Alves (Exploration Manager) Carolina Margozzini (Non-exec)

An exploration geologist with over 20 years of industry experience, with Principal of Private Equity & Venture Capital at Megeve Investments, where
previous roles at Kinross, Vale, Great Panther and AngloGold Ashanti. she is focused on direct private equity investments in Mining and Energy
within Latin America, and technology investments globally. Megeve is an
Ed Bowie (Business Development) investment adviser to Fratelli. Currently sits on a number of Boards
Over 20 years experience in the mining industry, initially as a geologist and including Haldeman Mining Company, a copper and gold producer in Chile.
subsequently in investment banking, fund management and corporate roles.
Luis Mauricio (Non-exec)
Brazilian lawyer and geologist, he is founder & Managing Partner of FFA
Legal, a legal firm focused solely on natural resources companies.
Formerly held senior positions with WMC, Barrick and Avanco Resource
(sold to OZ Minerals – A$418m) and serves on a number of company
Boards.

Mark Sawyer (Non-exec)

Co-founded Greenstone Resources in 2013 after a 16 year career in the
mining sector. Mr Sawyer was previously GM and Co-Head Group Business
Development at Xstrata plc, responsible for evaluating and negotiating new
business development opportunities and held senior roles at Cutfield
Freeman & Co and Rio Tinto plc.

24
Key financial information

Summary Financial Information for Recent Periods

12 months to 12 months to 12 months to 12 months to 12 months to 12 months to 12 months to

31 December 31 December 31 December 31 December 31 December 31 December 31 December
2022 2021 2020 2019 2018 2017 2016
US$000’s US$000’s US$000’s US$000’s US$000’s US$000’s US$000’s

Revenue 58,709 63,141 55,830 59,948 43,262 48,450 52,593

Cost of Sales (44,263) (37,759) (34,166) (37,203) (31,101) (32,965) (32,906)

Administration (5,662) (6,257) (6,144) (5,524) (5,868) (5,712) (5,279)

EBITDA 8,784 19,125 15,520 17,220 6,293 9,773 14,408

Depreciation and amortisation charges (6,572) (6,050) (5,129) (9,024) (9,004) (10,465) (8,385)

Operating profit/(loss) before finance 2,212 13,075 10,391 8,363 (2,712) (692) 6,024
and tax

Profit / (loss) after tax (983) 9,950 7,031 3,833 (5,755) (2,398) 4,430

Profit / (loss) per ordinary share (basic) (1.30c) 13.85c 11.92c 6.51c (11.20c) (6.86c) 13.18c

Cash and cash equivalents 7,196 12,218 6,604 14,235 9,216 4,094 4,160

25
For further information
please contact us:

SERABI GOLD plc

Mike Hodgson
Chief Executive
tel +44 (0) 20 7246 6830
email [email protected]
The Long Barn
Cobham Park Road
Downside
Surrey KT11 3NE
United Kingdom

www.serabigold.com