Serabi Gold reported a slate of positive results today, including a revenue surge of 13% to $63.1 million in FY 2021 from $55.8 million in the previous year.
Revenue was helped higher by an 8% jump in gold production. Serabi said gold production for cash costs and AISC purposes rose to to 33,848 ounces from 31,212 ounces year-on-year.
Serabi Gold mentioned total cash of production per ounce hit $1,090, up from $1,075 in the last year, with total AISC of production per ounce rising to $1,429 against $1,374.
The company reported its best annual EBITDA on record, with a rise to $19.1 million compared to $15.5 million the year before.
Serabi Gold further noted a post-tax profit leap of 42% to $9.95 million against $7 million in 2020, with an EPS of 13.8c from 11.9c.
The mining firm’s earnings were helped higher by an uptick in the price of gold to $1,776 per ounce from $1,727 per ounce the last year.
The group highlighted that it repaid all its outstanding debt listed at the start of the year, with the final payments for its Coringa acquisition closed through the raising of $16.9 million via the issue of new shares and warrants in March 2021.
The company noted the identification of several financial irregularities in 2021, with investigations closed in September last year.
Serabi Gold confirmed that a legal process had started to recover the misappropriated funds, however it warned that proceedings would not be completed in the near-term.
Recent Operational Updates
Serabi Gold reported several operational updates for Q1 2022, including news from its Coringa and Palito operations.
The mining company commented that underground development of the Coringa project ramp had intersected all three veins of the Serra Zone on at least one level.
Meanwhile, production operations at Palito reported a 13% fall in gold production to 7,062 ounces in Q1 2022 against a result of 8,087 ounces in Q1 2021.
“The first quarter results for 2022 have been somewhat mixed. We have had some excellent, and better than anticipated results from the underground development at Coringa,” said Serabi Gold CEO Mike Hodgson.
“At Palito, the first quarter production results have been disappointing with 7,062 ounces produced.”