Serabi Gold's Q1 2025 Results Highlight Strong Operational and Financial Growth
Serabi Gold plc, a Brazilian-focused gold mining and development company, has announced its unaudited interim results for the three-month period ended 31 March 2025, showcasing a significant improvement in both production and profitability. The company reported gold production of 10,013 ounces for Q1-2025, an 11% increase compared to the 9,007 ounces produced in the same period last year. This growth was attributed to higher feed grades at its Palito and Coringa mines, alongside the first full quarter of operations at the Coringa classification plant.
The financial highlights of the quarter were equally impressive, with EBITDA reaching $12.4 million, up from $4.7 million in Q1-2024. The post-tax profit also saw a substantial increase to $8.8 million, compared to $3.6 million in the previous year. Serabi's cash position strengthened to $26.5 million at the end of March 2025, up from $22.2 million at the close of December 2024. The average gold price received during the quarter was $2,908 per ounce, a notable rise from $2,081 per ounce in Q1-2024.
Colm Howlin, CFO of Serabi, commented on the results, stating, 'Q1 2025 marked a strong start to the year, continuing the positive momentum from H2-2024.' He also highlighted the commencement of the 2025 exploration program, with $9 million allocated for the year and a similar commitment expected for 2026. Early drill results from the program have been encouraging, with updates anticipated in the coming weeks.
The company's operational efficiency was further demonstrated by a reduction in both Cash Cost and All-In Sustaining Cost (AISC) per ounce. Cash Cost for the quarter was $1,269 per ounce, down from $1,461 in Q1-2024, while AISC decreased to $1,636 per ounce from $1,859. These improvements, combined with the higher gold price, contributed to a net cash inflow from operations of $7.1 million for the quarter, a significant increase from the $0.3 million inflow reported in the same period last year.
