Accident at Palito Mine

For immediate release

            10 March 2021

Serabi Gold plc
(“Serabi” or the “Company”)

Accident at Palito Mine

Serabi Gold plc (AIM: SRB, TSX: SBI), regrets to announce an accident yesterday at its Palito Mine, as a result of which an employee was fatally injured in a mining-related accident whilst working underground at a production face.  No other personnel have suffered any injury.

Management is still completing its investigations into the circumstances of the accident, which will also determine if all operating procedures were being followed correctly at the time of the accident.  The Company has notified the relevant authorities, including the police, and are providing all necessary assistance for the enquiries into this incident. Production in the area of the incident has is expected to be resumed within a few days once the authorities have completed their enquiries.

Until such a time as the outcome of the enquiries has been reached, no further details can be released. The directors and management of Serabi express their sincere condolences to the family and colleagues of the deceased and the Company is providing all necessary support to the family.

Mike Hodgson, Chief Executive Officer, said:

“It is with great sadness that we announce a fatal accident at our Palito mining operation.  I join with all of my colleagues and fellow directors in expressing our sincere condolences to the family and friends of the deceased."

Enquiries:

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.

Qualified Persons Statement
The 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 26 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, recognising 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.

Forward Looking Statements
Certain 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.

ENDS