Serabi ((AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to release its unaudited interim results for the three and nine-month periods ended 30 September 2025 (all currency amounts are expressed in US Dollars unless otherwise stated).
HIGHLIGHTS
Gold production for the first nine months of 2025 of 32,634 ounces (corresponding nine-month period of 2024: 27,499 ounces), positioning the Company on track for full year guidance, with record Q3 production of 12,090 ounces.
Cash held at 30 September 2025 of $38.8 million (31 December 2024: $22.2 million).
Net cash at quarter-end (after interest bearing loans and lease liabilities) of $33.0 million (Q2-2025: $24.6 million).
EBITDA for the nine-month period of $48.2 million (corresponding nine-month period of 2024: $24.7 million).
Post-tax profit for the nine-month period of $34.9 million (corresponding nine-month period of 2024: $17.8 million).
Profit per share of 46.10 cents (corresponding nine-month period of 2024: 23.55 cents).
Net cash inflow from operations for the nine-month period (after mine development expenditure of $4.1 million) of $34.3 million (corresponding nine-month period of 2024: $18.2 million inflow, after mine development expenditure of $4.9 million).
Average gold price of $3,244 per ounce received on gold sales during the nine-month period (corresponding nine-month period of 2024: $2,338).
Cash Cost for the nine-month period to 30 September 2025 of $1,429 per ounce (corresponding nine-month period of 2024: $1,405 per ounce).
All-In Sustaining Cost for the nine-month period to 30 September 2025 of $1,816 per ounce (corresponding nine-month period of 2024: $1,790 per ounce).
The full interim statements together with commentary can be accessed on the Company's website using the following LINK.
YTD Q3-2025
YTD Q3-2024
Change %
Gold production (oz)
32,634
27,499
+19%
EBITDA ($m)
$48.2
$24.7
+95%
Cash in flow ($m)
$34.3
$18.2
+88%
EPS ($c)
46.10
23.55
+96%
AISC ($/oz)
$1,816
$1,790
+1%
Colm Howlin, CFO, Commented
"The nine months to 30 September 2025 have delivered strong financial and operational performance for the Company placing us firmly on track to meet full-year guidance. Gold production for the year to date totalled 32,634 ounces, a 19% increase compared with the same period of 2024.
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. 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.
Post-tax profit for the nine months was $34.9 million, equating to earnings of 46.10 cents per share, compared with $17.8 million and 23.55 cents per share in 2024.
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.
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."
Overview of the financial results
In the first nine months of 2025, the Group has reported revenue and operating costs related to the sale of 32,106 ounces (32,634 ounces produced). This compares to sales reported of 28,912 ounces in the first nine months of 2024. Reported revenues and costs reflect the ounces sold in each period and as a result total costs for the nine-month period are higher than for the corresponding period of 2024.
On 7 January 2024, the Group completed a $5.0 million unsecured loan arrangement with Brazilian bank Itau which carried a fixed interest coupon of 8.47 per cent. The loan was repaid as a bullet payment on 6 January 2025. On 22 January 2025, the Group completed a further $5.0 million unsecured loan arrangement with a different Brazilian bank (Santander) which carries a fixed interest coupon of 6.16 per cent. This loan is repayable on 16 January 2026. The Company had a net cash balance at the end of Q3-2025 (after interest bearing loans and lease liabilities) of $33.0 million (31 December 2024: net cash $16.2 million).
The ore sorter at Coringa has now been operational for nine months and has performed exceptionally during this period. Benefiting from favourable economics, the ore sorter has been utilised to process low-grade ore that had been stockpiled since the commencement of operations at the mine, while higher-grade ROM has continued to be transported directly to the Palito Complex plant. As a result of this approach, gold production from Coringa is expected to exceed the original plan for the year.
Key Financial Information
SUMMARY FINANCIAL STATISTICS FOR THE THREE AND NINE-MONTHS ENDING 30 SEPTEMBER 2025
9 months to30 September 2025US$(unaudited)
9 months to30 September 2024US$(unaudited)
3 months to30 September 2025US$(unaudited)
3 months to30 September 2024US$(unaudited)
Revenue
104,524,009
70,290,641
41,996,366
27,626,034
Cost of sales
(48,152,798)
(39,840,803)
(17,620,959)
(14,160,734)
Gross operating profit
56,371,211
30,449,838
24,375,407
13,465,300
Administration and share based payments
(8,178,467)
(5,728,359)
(2,517,931)
(1,719,359)
EBITDA
48,192,744
24,721,479
21,857,476
11,745,941
Depreciation and amortisation charges
(6,475,006)
(3,297,323)
(2,795,451)
(1,056,517)
Operating profit before finance and tax
41,717,738
21,424,156
19,062,025
10,689,424
Profit after tax
34,914,606
17,837,221
15,985,655
8,615,387
Earnings per ordinary share (basic)
46.10c
23.55c
21.11c
11.38c
Average gold price received (US$/oz)
US$3,244
US$2,338
US$3,501
US$2,478
As at30 September2025US$(unaudited)
As at31 December 2024US$(audited)
Cash and cash equivalents
38,772,337
22,183,049
Net funds (after finance debt obligations)
33,070,053
16,341,245
Net assets
154,314,145
104,181,654
Cash Cost and All-In Sustaining Cost ("AISC")
9 months to 30 September 2025
9 months to 30 September2024
12 months to 31 December 2024
Gold production for cash cost and AISC purposes
32,634 ozs
27,499 ozs
37,520 ozs
Total Cash Cost of production (per ounce)
US$1,429
US$1,405
US$1,326
Total AISC of production (per ounce)
US$1,816
US$1,790
US$1,700
About Serabi Gold plcSerabi Gold plc is a gold exploration, development and production company focused on the prolific Tapajós region in Para State, northern Brazil. The Company has consistently produced 30,000 to 40,000 ounces per year with the Palito Complex and is planning to double production in the coming years with the construction of the Coringa Gold project. Serabi Gold plc recently made a copper-gold porphyry discovery on its extensive exploration licence. The Company is headquartered in the United Kingdom with a secondary office in Toronto, Ontario, Canada.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.
The person who arranged for the release of this announcement on behalf of the Company was Andrew Khov, Vice President, Investor Relations & Business Development.
Enquiries
Michael Hodgson t +44 (0)20 7246 6830Chief Executive m +44 (0)7799 473621
Colm Howlin Chief Financial Officer m +353 89 6078171
Andrew Khov m +1 647 885 4874Vice President, Investor Relations & Business Development e
www.serabigold.com
BEAUMONT CORNISH LimitedNominated Adviser & Financial AdviserRoland Cornish / Michael Cornish t +44 (0)20 7628 3396
PEEL HUNT LLPJoint UK BrokerRoss Allister / Georgia Langoulant t +44 (0)20 7418 9000
TAMESIS PARTNERS LLPJoint UK BrokerCharlie Bendon/ Richard Greenfield t +44 (0)20 3882 2868
CAMARCOFinancial PR - EuropeGordon Poole / Fergus Young t +44 (0)20 3757 4980
Copies of this announcement are available from the Company's website at www.serabigold.com.
Forward-looking statementsCertain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ‘‘believe'', ‘‘could'', "should" ‘‘envisage'', ‘‘estimate'', ‘‘intend'', ‘‘may'', ‘‘plan'', ‘‘will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.
Qualified Persons StatementThe scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 35 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.
NoticeBeaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.
Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release.
See www.serabigold.com for more information and follow us on twitter @Serabi_Gold
The following information, comprising, the Income Statement, the Group Balance Sheet, Group Statement of Changes in Shareholders' Equity, and Group Cash Flow, is extracted from the unaudited interim financial statements for the three and nine months to 30 September 2025.
Statement of Comprehensive IncomeFor the three and nine-month periods ended 30 September 2025.
For the three months ended
For the nine months ended
30 September 2025
30 September2024
30 September 2025
30 September2024
(expressed in US$)
Notes
(unaudited)
(unaudited)
(unaudited)
(unaudited)
CONTINUING OPERATIONS
Revenue
41,996,366
27,626,034
104,524,009
70,290,641
Cost of sales
(17,620,959)
(14,160,734)
(48,152,798)
(39,840,803)
Depreciation and amortisation charges
(2,795,451)
(1,056,517)
(6,475,006)
(3,297,323)
Total cost of sales
(20,416,410)
(15,217,251)
(54,627,804)
(43,138,126)
Gross profit
21,579,956
12,408,783
49,896,205
27,152,515
Administration expenses
(2,695,260)
(1,679,357)
(8,239,877)
(5,484,788)
Share-based payments
(89,232)
(65,010)
(293,260)
(183,902)
Gain on asset disposals
266,561
25,008
354,670
(59,669)
Operating profit
19,062,025
10,689,424
41,717,738
21,424,156
Other income, exploration receipts
2
