Northwire Canada EditionSunday, July 12, 2026
Sign inSubscribe
Northwire
⌕
GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0%
Earnings Material +

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

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 May 29, 2026 · 02:00

Serabi Prints Cash at a $4,900 Gold Price, but Rising Costs and Permitting Hurdles Test the Rally

Earnings May 13, 2026 · 03:14

Management’s performance share vesting crystallizes the fruits of a record year but offers no new market catalyst.

Other May 11, 2026 · 01:00

Audited full-year numbers cement a record 2025; maiden dividend and a debt-free balance sheet position the company for self-funded growth, but the market had already priced in the news.

Earnings Apr 28, 2026 · 02:00

Resource Base Expands 29% as Balance Sheet Strengthens to Debt-Free Status

Resource Estimate