Serabi Reports Strong First Half 2026 Financial Results

Serabi, a Brazilian-focused gold mining and development company, reported strong financial results for the first half of 2026, highlighting a 6% increase in gold sales and a significant rise in earnings. For the six-month period ending 30 June 2026, the company sold 21,348 ounces of gold, up from 20,215 ounces in the same period of 2025. The company's gold production also saw an increase, with 23,049 ounces produced, compared to 20,545 ounces in the corresponding period of 2025.

Financially, Serabi ended the period with a cash balance of $65.7 million, a substantial increase from $49.2 million at the end of December 2025. The company remains debt-free, having repaid $5.3 million to Banco Santander in the first quarter of 2026. The six-month period saw an EBITDA of $44.4 million, a 69% increase from $26.3 million in the same period of 2025. Profit after taxation for the six-month period was $30.1 million, marking a 60.4% increase from $18.9 million in the corresponding period of 2025. Earnings per share for the period were 39.71 cents, up from 24.99 cents in the same period of 2025.

Cash flow from operations for the six-month period, after accounting for mine development expenditure of $5.3 million, was $34.8 million, an increase from $19.1 million in the corresponding period of 2025. The average gold price received on sales during the six-month period was $4,687 per ounce, compared to $3,093 per ounce in the same period of 2025. Cash costs for the six-month period were $2,010 per ounce, and all-in sustaining costs (AISC) were $2,682 per ounce, both higher than the $1,379 and $1,792 per ounce, respectively, in the corresponding period of 2025.

The company also received formal approval from the Superintendência do Desenvolvimento da Amazônia (SUDAM) to renew the Corporate Income Tax (IRPJ) reduction incentive for the Palito Gold Complex, located in Pará State, Brazil. This approval maintains the Brazilian nominal corporate income tax rate applicable to Palito at approximately 15.25%, down from 34%, extending the benefit for an additional 10 years, through 2035.

The company is positioning itself for future resource growth and long-term value creation with ongoing brownfield exploration activities, including a 30,000m drill programme across both the Palito Complex and Coringa. Production guidance for the full year is set at 53,000 plus ounces of gold, based on either an extension of the current 3-year GUIA licence for Coringa or receipt of the full mining concession by Q4-2026.