Serabi Gold reports higher earnings, cash generation
By Josh White
Date: Friday 28 Nov 2025
(Sharecast News) - Serabi Gold reported sharply higher earnings and cash generation for the nine months ended 30 September on Friday, as record quarterly output and firmer bullion prices bolstered margins and strengthened the miner's balance sheet.
The AIM-traded, Brazil-focused producer delivered gold output of 32,634 ounces in the period, up 19% on a year earlier, leaving the company on track to meet its full-year production target.
Third-quarter output reached a record 12,090 ounces.
Revenue rose on higher ounces sold and a significantly stronger realised gold price, which averaged $3,244 per ounce, compared with $2,338 a year earlier.
EBITDA almost doubled to $48.2m from $24.7m, while post-tax profit reached $34.9m against $17.8m in the corresponding period of 2024.
Earnings per share increased to 46.1 cents from 23.55 cents.
Net cash inflow from operations, after $4.1m of mine development spending, rose to $34.3m from $18.2m a year before.
The group ended the quarter with cash of $38.8m, up from $22.2m at the end of 2024, and net cash of $33m after accounting for loans and lease liabilities.
Serabi entered into a new $5m unsecured loan facility with Santander in January, replacing a similar facility that was repaid earlier in the year.
All-in sustaining costs edged up to $1,816 per ounce from $1,790, reflecting development spending and inflationary pressures.
The company said its ore sorter at the Coringa mine had now been operating for nine months and is performing "exceptionally", enabling the processing of stockpiled lower-grade ore and supporting expectations that output from the site will exceed prior plans.
Colm Howlin, chief financial officer, said the period delivered "strong financial and operational performance", underpinned by higher production and stronger prices.
"The continued strong operational performance combined with higher average gold prices has driven a 95% year-on-year increase in EBITDA to $48.2m and the company closed the quarter with a cash balance of $38.8m, up from $22.2m at 31 December 2024," he said.
He added that the miner was focused on both growth and operational discipline.
"We continue to strengthen our balance sheet with margins remaining robust, supported by firm gold prices, higher production volumes, and disciplined cost control," he said, noting that exploration drilling across the Palito Complex and Coringa has delivered encouraging early results.
"With strong cash generation, a solid balance sheet, and a clear focus on operational excellence, the company remains well positioned to close 2025 with continued momentum and to deliver further growth into 2026."
At 0916 GMT, shares in Serabi Gold were up 4.87% at 277.9p.
Reporting by Josh White for Sharecast.com.
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