Serabi Gold has delivered shareholders a bumper period of performance in the first nine months of 2025, with production rising 19% and profitability nearly doubling compared with the prior year period.
The Brazil-focused gold miner produced 32,634 ounces in the nine months to 30 September, up from 27,499 ounces in the same period last year.
Third-quarter production reached a record 12,090 ounces, positioning the company to meet its full-year guidance.
Higher gold prices and increased production saw EBITDA surge 95% to $48.2 million from $24.7 million, whilst post-tax profit climbed 96% to $34.9 million. Earnings per share nearly doubled to 46.10 cents from 23.55 cents.
The company’s balance sheet strengthened considerably, with cash holdings exploding to $38.8 million at quarter-end from $22.2 million at year-end 2024.
Operating cash inflow reached $34.3 million for the nine-month period, after mine development expenditure of $4.1 million, compared with $18.2 million in the prior year period.
Cash costs edged up marginally to $1,429 per ounce from $1,405 per ounce, whilst all-in sustaining costs rose to $1,816 per ounce from $1,790 per ounce. With the gold price above $4,000, Serabi is enjoying a healthy margin.
“The continued strong operational performance combined with higher average gold prices has driven a 95% year-on-year increase in EBITDA to $48.2 million and the Company closed the quarter with a cash balance of $38.8 million, up from $22.2 million at 31 December 2024,” said Colm Howlin, CFO.
“Net cash inflow from operations for the nine-month period, after mine development expenditure of $4.1 million, was $34.3 million, highlighting the strong cash-generating capacity of the business.
“All-In Sustaining Cost (AISC) averaged $1,816 per ounce for the period, reflecting the impact of ongoing development investment and inflationary cost pressures. We continue to strengthen our balance sheet with margins remaining robust, supported by firm gold prices, higher production volumes, and disciplined cost control.
“In parallel, exploration and resource development drilling continued across both the Palito Complex and Coringa, with approximately 27,937 metres completed year to date. Early results are encouraging, supporting the Company’s objective of increasing resources to the 1.5-2.0Moz range in the oncoming years as part of Phase 2 of our growth strategy.”