Serabi Gold plc — Director's Dealing 2021

Dec 9, 2021

PRESS RELEASE 8 DECEMBER 2021 SERABI GOLD plc (“Serabi” or “the Company”)

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Director / PDMR Shareholding

Serabi announces that on 7 December 2021 the Board of Directors agreed to award in aggregate 864,500 Conditional Share Awards to employees (including directors) of the Company. The awards are part of the Company's normal annual compensation review and the issuance is made under the Serabi 2020 Restricted Share Plan (the “2020 Plan”) which was approved by shareholders on 16 June 2020 and adopted by the Board on 10 November 2020. Details of the 2020 Plan were set out in the Notice of Annual General Meeting dated 15 May 2020, and which is available from the Company’s website.

While the intention of the Board is that awards under the 2020 Plan should be made annually, as a result of the exceptional circumstances in 2020, no awards under the 2020 Plan were made during 2020 following its approval by shareholders. The Board is therefore combining in this award the annual awards for 2020 and the annual awards for 2021.

The awards are subject to a three-year performance period during which time certain performance criteria stipulated by the Board must be attained. The performance criteria and minimum thresholds to be achieved can be summarised as follows:

• 40% of the award is subject to Total Shareholder Return, (where TSR must be 1.2 times or more the BMO Junior Gold Index)

• 30% of the award is subject to Return on Capital Employed (where ROCE premium over Weighted Average Cost of Capital must be 1.2 times or more), and

• 30% of the award is subject to Return on Sales (where ROS must exceed average annual budget by 10 per cent or more)

A total of 622,900 Conditional Share Awards have been granted by the Board, as recommended by the Remuneration Committee, to directors of the Company as follows:

		Percentage of	Number of Conditional
Director	Award Year	Salary	Shares awarded
Michael Hodgson	2020	50%	162,500
	2021	50%	193,000
Clive Line	2020	50%	128,600
	2021	50%	138,000

The remaining 241,600 Conditional Share Awards have been made to other employees of the Company. In all cases, the number of Conditional Shares awarded was calculated by reference to the 20 day VWAP average of the Company's shares on the date of grant. The underlying shares to be issued pursuant to each of the Conditional Share Awards will only be issued at the time of vesting and only in such amount (if any) as is required based on the achievement of the performance criteria.

Enquiries

SERABI GOLD plc Michael Hodgson t + 44 (0)20 7246 6830 www.serabigold.com Chief Executive m +44 (0)7799 473621 BEAUMONT CORNISH Limited Clive Line t + 44 (0)20 7246 6830 Nominated Adviser & Financial Adviser Fínance Director m +44 (0)7710 151692 Roland Cornish t +44 (0)20 7628 3396 Michael Cornish t +44 (0)20 7628 3396 e contact@serabigold.com

SERABI GOLD PLC

The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE t +44 (0)20 7246 6830 f +44 (0)20 7246 6831 e contact@serabigold.com www.serabigold.com Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528

This document is not intended to and does not amount to an invitation or inducement to subscribe for shares in Serabi Gold plc

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PRESS RELEASE 8 DECEMBER 2021

SERABI GOLD plc (“Serabi” or “the Company”)

PEEL HUNT LLP Joint UK Broker Ross Allister t +44 (0)20 7418 8900 TAMESIS PARTNERS LLP Joint UK Broker Charlie Bendon t +44 (0)20 3882 2686

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Richard Greenfield t +44 (0)20 3882 2686

CAMARCO Financial PR Gordon Poole t +44 (0)20 3757 4980 Emily Hall t +44 (0)20 3757 4980

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

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.

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 30 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, recognizing 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.

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

SERABI GOLD PLC

The Long Barn, Cobham Park Road, Downside, Surrey KT11 3NE t +44 (0)20 7246 6830 f +44 (0)20 7246 6831 e contact@serabigold.com www.serabigold.com Registered Office 66 Lincoln’s Inn Fields, London, WC2A 3LH Company Number 5131528

This document is not intended to and does not amount to an invitation or inducement to subscribe for shares in Serabi Gold plc