Results of placing in Serabi Gold plc

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR IN THE UNITED STATES, CANADA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM AN OFFER OF SECURITIES IN THE UNITED STATES, CANADA, JAPAN OR ANY OTHER JURISDICTION.

PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

23 April 2025

Results of Placing of ordinary shares in Serabi Gold plc

Further to the announcement released on 22 April 2025 by Greenstone Resources II LP ("Greenstone") and Fratelli Investments Limited ("Fratelli") (the "Sellers"), the Sellers announce that pursuant to the Placing, the Sellers have sold in aggregate 15,689,395 ordinary shares in the capital of Serabi Gold plc ("Serabi"), by way of an accelerated bookbuild to institutional investors at a price of 135 pence per ordinary share, raising gross proceeds of approximately £21.2 million. The Placing Shares represent 20.7 per cent. of Serabi's issued share capital.

Following the completion of the Placing, Fratelli will hold 7,565,882 ordinary shares in the capital of Serabi, representing approximately 9.99 per cent. of Serabi's issued share capital. These shares are subject to a 60 day lock up undertaking (subject to certain customary exceptions).

Following completion of the proposed sale of shares in the Company by Greenstone to Starboard Asset Ltda as announced on 14 April 2025 and completion of the sale of Placing Shares by Greenstone in the Placing, it will no longer hold any shares in the Company.

Peel Hunt LLP ("Peel Hunt") and Tamesis Partners LLP ("Tamesis") acted as Joint Bookrunners in connection with the Placing.

Serabi is not a party to the Placing and will not receive any proceeds from the Placing.

ENQUIRIES

Peel Hunt LLP (Joint Bookrunner)

Ross Allister / Georgia Langoulant                                                                                                   

Sohail Akbar / Ambika Bose

+44 (0) 20 7418 8900

Tamesis Partners LLP (Joint Bookrunner)

Charlie Bendon / Richard Greenfield

+44 (0)20 3882 2868

IMPORTANT NOTICE

This announcement is not for publication or distribution or release, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States and the District of Columbia), Canada, Japan or any other jurisdiction where such an announcement would be unlawful. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession this document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. No action has been taken that would permit an offering of the Placing Shares or possession or distribution of this announcement in any jurisdiction where action for that purpose is required.

This announcement does not constitute or form part of an offer for sale or solicitation of an offer to purchase or subscribe for securities in the United States, Canada, Australia, Japan or any other jurisdiction. The Placing Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold, directly or indirectly, in the United States, absent registration under or an exemption from, or transaction not subject to, the registration requirements of, the Securities Act. No public offering of securities is being made in the United States or in any other jurisdiction.

Peel Hunt and Tamesis are authorised and regulated in the United Kingdom by the Financial Conduct Authority. Peel Hunt and Tamesis are acting for the Sellers only in connection with the Placing and no one else, and will not be responsible to anyone other than the Sellers for providing the protections offered to clients nor for providing advice in relation to the Placing Shares or the Placing, the contents of this announcement or any transaction, arrangement or other matter referred to in this announcement.