Strong unaudited results for Serabi gold mining in Q1 2024, with EBITDA up 103%

From GlobeNewswire: 2024-05-30 02:00:00

Serabi, a gold mining company, released unaudited results for the first quarter of 2024. EBITDA increased by 103% to $4.7 million from the previous year. Cash position remained steady at $11.1 million, reflecting investments in mine development. Key financial data includes gold production of 9,007 ounces and profit per share of 4.80 cents.

Revenue for the first quarter of 2024 was $20.2 million, with gross profit of $6.7 million. Earnings per share were 4.80 cents. Cash and cash equivalents stood at $11.1 million as of March 31, 2024. Mining costs were impacted by currency exchange rates, affecting the reported costs for the period.

Serabi completed a new $5 million loan arrangement with Itau Bank in Brazil with an interest rate of 8.47%. The ore sorter for Coringa, cleared customs in April, is expected to be operational by Q4 2024. Total cash production costs were $1,461 per ounce and AISC was $1,859 per ounce for the quarter. Gold production increased by 35% compared to 2023.

The Company’s financial performance for Q1 2024 was strong, with improvements in EBITDA and profit. Gold production increased as a result of higher mining rates. Investments in mine development at Coringa and Palito contributed to higher costs but are essential for future growth and production efficiency.



Read more at GlobeNewswire:: Unaudited interim results for the three-month period ended