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Gold 4,079.60 −0.8% Silver 51.94 −0.8% Copper 6.24 −0.5% Oil 90.83 +0.3% Palladium 1,017.10 −2.6% KRN 0.260 −7.1% GSKR 2.84 +5.6% ADE 0.125 +4.2% NRM 0.055 +0.0% BBB 0.520 −1.9% LGD 2.09 +1.9% DEC 0.110 +0.0% LCE 0.200 +0.0% NILI 0.515 −1.0% CDE 21.85 +6.7% CAN 0.045 +0.0% LORD 0.100 +0.0% HBM 29.49 +2.3% ELEF 0.265 +120.8% MUN 0.300 +0.0% SAGA 0.400 +6.7% Gold 4,079.60 −0.8% Silver 51.94 −0.8% Copper 6.24 −0.5% Oil 90.83 +0.3% Palladium 1,017.10 −2.6% KRN 0.260 −7.1% GSKR 2.84 +5.6% ADE 0.125 +4.2% NRM 0.055 +0.0% BBB 0.520 −1.9% LGD 2.09 +1.9% DEC 0.110 +0.0% LCE 0.200 +0.0% NILI 0.515 −1.0% CDE 21.85 +6.7% CAN 0.045 +0.0% LORD 0.100 +0.0% HBM 29.49 +2.3% ELEF 0.265 +120.8% MUN 0.300 +0.0% SAGA 0.400 +6.7%
Earnings

Audited Results for the year ended 31 December 2025

Serabi Gold Clears Debt and Initiates Dividend as Profits Double on Record Gold Prices

By The Northwire Desk — AI Analysis May 01, 2026 · 02:00 SBI · 6.0 Serabi Gold plc
Executive Summary
  • Serabi Gold reported audited full-year results for 2025, showing revenue of $155.8 million (up from $94.5 million in 2024) driven by higher production and significantly elevated average gold prices ($3,481/oz vs $2,407/oz).
  • Post-tax profit increased 94% to $53.9 million, with EBITDA improving 117% to $77.9 million.
  • The company achieved a debt-free status following the repayment of a $5.3 million loan to Banco Santander in January 2026.
  • An inaugural annual dividend of 5 pence per share was announced, alongside a policy targeting 20–30% of free cash flow for shareholder returns.
  • Gold production reached 44,169 ounces (up from 37,520 ounces), with guidance for 2026 set at 53,000 to 57,000 ounces.
  • Operational costs rose slightly, with All-In Sustaining Cost (AISC) increasing to $1,816/oz from $1,700/oz in the prior year.
  • The Chair noted two fatalities occurred in early 2026, highlighting ongoing safety challenges despite operational improvements.
Material Impact
  • Financial Transformation: The transition to a debt-free balance sheet with $49.2 million cash at year-end (rising to $64.4 million by Q1 2026) materially reduces refinancing risk and interest expense drag, directly supporting the new dividend policy.
  • Dividend Initiation: For a mid-tier producer of this size (~$454M market cap), initiating a dividend signals management confidence in sustainable cash flows, potentially attracting income-focused investors previously excluded from junior miners.
  • Gold Price Dependency: The realized gold price of $3,481/oz is exceptionally high and likely unsustainable at these levels; future profitability may be more sensitive to spot price fluctuations than the 2025 results suggest.
  • Safety Risk: The explicit mention of two fatalities in early 2026 by the Chair introduces a material operational risk that could impact permitting, insurance costs, or social license to operate, particularly in Brazil where regulatory scrutiny is high.
  • Cost Inflation: AISC rising to $1,816/oz indicates margin compression risks if gold prices normalize, though still well below current realized prices.
SBI · Price
Company Overview
  • Overview: Serabi Gold is a gold producer operating in Brazil with two primary assets: the Palito Complex (Pará) and the Coringa Mine (Pará). The company focuses on brownfield exploration to extend mine life and increase resources.
  • Flagship Project: The Palito Complex serves as the processing hub, while Coringa provides ore via trucking. Both sites are undergoing expansion; Palito is adding a fourth ball mill to increase throughput to ~900tpd by Q4 2026.
  • Development: The company is transitioning Coringa from selective open stoping to mechanized sublevel stoping, expected to complete by Q3 2026 to improve efficiency and safety.
Read the original news release →

More from Serabi Gold plc

Oct 21, 2026 · 01:00

Serabi cuts FY26 guidance to flat as Coringa permits run out of runway.

Production / Operations Sep 22, 2026 · 01:00

Serabi reported a 69% H1 EBITDA increase despite near-zero Q2 free cash flow and a Coringa licence cliff.

Earnings Sep 21, 2026 · 01:00

Exploration Update for 2026 Brownfield Exploration Programme at Palito and Coringa Delivering High Grade Results

Drill Results Jul 23, 2026 · 01:00

Serabi targets 1.5-2 moz resources and 53 koz production in 2026 as Palito grades soften and Coringa transition slips.

Production / Operations Jun 18, 2026 · 17:35

Serabi confirms debt-free execution of its guidance, with the market pricing in routine growth for the project.

Drill Results Jun 11, 2026 · 02:00

Serabi’s technical report validates reserve growth despite AISC creep and permitting delays tempering the upside.

Resource Estimate