Caesars Entertainment misses Q2 earnings expectations, shares edge lower
LONDON - Serabi Gold plc (AIM:SRB, (TSX:SBI), OTCQX:SRBIF) reported a 17% increase in gold production for 2024 compared to the previous year, according to a statement delivered at the company’s Annual General Meeting on Thursday.
The Brazilian-focused gold mining company produced 38,000 ounces in 2024 and is on track to meet its 2025 target of over 44,000 ounces, with plans to reach approximately 55,000 ounces next year.
Chief Executive Mike Hodgson attributed the production growth to improved ore grades rather than plant expansion, facilitated by ore sorting technology now installed at both the Palito and Coringa sites.
"The Coringa sorter has now been operational for 6 months with excellent performance," Hodgson stated in the AGM address.
The company reported that 2025 mined grades at Palito have been approximately 7 g/t gold compared to 5 g/t in 2024, with significant contribution expected from the G3 vein through 2027.
Serabi has commenced a $9 million brownfield surface exploration program across both mining sites, self-funded and consisting of 30,000 meters of drilling. The company aims to increase its current 1 million ounce resource inventory to at least 1.5 million ounces over the next 18 months.
Regarding licensing, Coringa currently operates under a three-year GU license permitting mining and transportation of 100,000 tonnes of ore post ore-sorting until 2027. The company is working to secure an Installation License (LI), which would be permanent and have no tonnage limitation.
Serabi noted that it continues to fund capital and exploration needs from operational cash flow, with its cash balance "growing nicely" according to the statement based on the company’s press release.
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