Serabi Gold reports 17% increase in Q2 gold production

Published 14/07/2025, 06:34
Serabi Gold reports 17% increase in Q2 gold production

LONDON - Serabi Gold plc (AIM:SRB, (TSX:SBI), OTCQX:SRBIF) produced 10,532 ounces of gold in the second quarter of 2025, representing a 17% increase compared to the same period last year, according to a company press release.

The Brazilian-focused gold mining company reported this was its highest quarterly output since operations recommenced in 2013. Total (EPA:TTEF) production for the first half of 2025 reached 20,545 ounces, keeping the company on track to meet its annual guidance of 44,000-47,000 ounces.

Cash holdings increased to $30.4 million as of June 30, up from $26.5 million at the end of March. Net cash after interest-bearing loans and lease liabilities stood at $24.6 million, compared to $21.1 million in the previous quarter.

The company processed 52,032 tonnes of ore at 6.72 g/t gold during the quarter, compared to 44,924 tonnes at 7.09 g/t in the first quarter. Horizontal development reached 3,850 meters, a 10% increase from the previous quarter.

Serabi reported improved grades at both its Palito Complex and Coringa operations. Year-to-date plant feed grades at Palito improved 27% compared to the 2024 average, while Coringa grades increased by 12%.

The company’s brownfield exploration program is underway with four drilling rigs operating across its properties. Initial drilling results included high-grade gold intercepts such as 0.6m at 27.17 g/t gold at the Palito Complex and 1.65m at 80.50 g/t gold at São Domingos.

In January, Serabi repaid a $5 million unsecured loan with Itau Bank and secured a new $5 million loan from Banco Santander (BME:SAN) at a lower interest rate of 6.16%, repayable in January 2026.

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