Serabi first-quarter profit surges on higher gold prices
Serabi Gold PLC on Friday said its profit had more than doubled in the first quarter, on the back of strong pricing for the yellow metal.
The Brazil-focused mining company booked $27.4 million in operating profit before finance and tax for the three months ended March 31, compared with $10.8 million a year earlier.
Net profit more than doubled to $21.0 million from $8.8 million, as revenue surged 83% to $50.6 million from $27.6 million.
During the first quarter, gold production rose to 12,043 ounces from 10,013 ounces, and gold sales rose to 10,323 ounces from 9,699 ounces.
The profit spike reflected a much higher average price on gold received, which jumped 69% to $4,926 per ounce from $2,908 per ounce on-year.
In parallel, all-in sustaining cost ticked up to $2,293 per ounce from $1,818, reflecting in part the ramp-up of operations at the Coringa mine.
At the end of March, Serabi held $64.4 million in cash, up from $49.2 million at December 31, and it is now debt-free, having repaid $5.3 million to Banco Santander SA in the first quarter.
Chief Financial Officer Colm Howlin hailed ‘a strong start to the year, building on the positive momentum in 2025’. Howlin cited higher feed grades at both Palito and Coringa for the rise in gold production, alongside the start of production from Coringa’s Meio zone.
‘The exploration results from 2025 and the first quarter of 2026 have consistently demonstrated strong mineralisation continuity and highlight the significant upside potential across our licence areas. We look forward to providing further exploration updates in the coming weeks,’ Howlin added.
At the beginning of May, Serabi proposed its inaugural dividend, as it reported that annual operating pretax profit had more than doubled in 2025 to $68.2 million from $31.6 million in 2024.
The company attributed this to higher production rates, with gold output rising 18% to 44,169 ounces in 2025 from 37,520 ounces the year prior. The average received gold price rose to $3,481 per ounce in 2025 from $2,407 the year prior.
Last month, Serabi noted plans for an external group audit of its health and safety process. This follows the deaths of two workers at the Palito and Coringa mines earlier this year.
Serabi shares rose 2.2% to 350.00 pence on Friday morning in London, having more than doubled over the past year.
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