Unaudited interim results for the three-and six-month periods ended 30 June 2025
H1 2025 gold production of 20,545 ounces, up 14%, with EBITDA of $26.3m and post-tax profit of $18.9m.
| Half year to 30 Jun 2025 | Now | Year before | Change |
|---|---|---|---|
| Revenue | £48.3m | £33.7m | +43.1% |
| Operating profit | £17.5m | £8.5m | +106.1% |
| Profit before tax | £17.7m | £7.8m | +126.9% |
| Net income | £14.6m | £7.3m | +100.5% |
| Cash from operations | £16.9m | £7.5m | +123.5% |
| Cash | £22.2m | £9.5m | +133.0% |
Figures as reported, converted to £ where needed – see all financials.
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Serabi (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to release its unaudited interim results for the three and six-month periods ended 30 June 2025 (all currency amounts are expressed in US Dollars unless otherwise stated).
HIGHLIGHTS
Gold production for the first half of 2025 of 20,545 ounces (corresponding six-month period of 2024: 18,010 ounces).
Cash held at 30 June 2025 of $30.4 million (31 December 2024: $22.2 million).
EBITDA for the six-month period of $26.3 million (corresponding six-month period of 2024: $13.0 million).
Post-tax profit for the six-month period of $18.9 million (corresponding six-month period of 2024: $9.2 million).
Profit per share of 24.99 cents (corresponding six-month period of 2024: 12.18 cents).
Net cash inflow from operations for the six-month period (after mine development expenditure of $2.7 million) of $19.2 million (corresponding six-month period of 2024: $6.6 million inflow, after mine development expenditure of $3.0 million).
Average gold price of $3,093 per ounce received on gold sales during the six-month period (corresponding six-month period of 2024: $2,209).
Cash Cost for the six-month period to 30 June 2025 of $1,379 per ounce (corresponding six-month period of 2024: $1,401 per ounce).
All-In Sustaining Cost for the six-month period to 30 June 2025 of $1,792 per ounce (corresponding six-month period of 2024: $1,782 per ounce).
Colm Howlin, CFO, Commented
“This has been an exceptional period of financial performance. Gold production for the first half of 2025 totaled 20,545 ounces, representing a 14 per cent increase on the same period in 2024. This robust operational performance, combined with an average realised gold price of $3,093 per ounce, drove EBITDA to $26.3 million for the period – more than double the $13.0 million reported in the first half of 2024.
The Company ended the period with a cash balance of $30.4 million, up significantly from $22.2 million at the end of 2024. This reflects strong cash generation from operations and our continued discipline in capital deployment. Net cash inflow from operations, after mine development expenditure of $2.7 million, was $19.2 million compared with $6.6 million in the same period of 2024. With exploration activity accelerating and a 30,000-metre drill programme underway across both Palito Complex and Coringa, the Company is positioning itself for future resource growth and long-term value creation.
While mine development expenditure has increased year-on-year, the investment continues to underpin our growth and expansion plans. All-In Sustaining Costs (AISC) for the period were $1,792 per ounce, reflecting both inflationary pressures and the increased development activity. Nevertheless, the Company continues to deliver strong margins, underpinned by the high gold price environment and improved production profile.
A post-tax profit of $18.9 million for the period – up from $9.2 million in 2024 – translated into earnings of 24.99 cents per share, compared to 12.18 cents for the same six-month period last year. These results underscore the strength of Serabi’s operations and the positive momentum as we advance through 2025.”
Overview of the financial results
In the first half of 2025, the Group has reported revenue and operating costs related to the sale of 20,215 ounces in the period (20,545 ounces produced). This compares to sales reported of only 18,535 ounces in the first half of 2024. Reported revenues and costs reflect the ounces sold in each period and as a result total costs for the six-month period are higher than for the corresponding period of 2024.
On 7 January 2024, the Group completed a $5.0 million unsecured loan arrangement with Brazilian bank Itau which carried a fixed interest coupon of 8.47 per cent. The loan was repaid as a bullet payment on 6 January 2025. On 22 January 2025, the Group completed a further $5.0 million unsecured loan arrangement with a different Brazilian bank (Santander) which carries a fixed interest coupon of 6.16 per cent. This loan is repayable on 16 January 2026.
The ore sorter at Coringa has now been operational for six months and has performed exceptionally during this period. Benefiting from favourable economics, the ore sorter has been utilised to process low-grade ore that had been stockpiled since the commencement of operations at the mine, while higher-grade ROM has continued to be transported directly to the Palito Complex plant. As a result of this approach, gold production from Coringa is expected to exceed the original plan for the year.
Key Financial Information
SUMMARY FINANCIAL STATISTICS FOR THE THREE-AND SIX MONTHS ENDING 30 JUNE 2025
| 6 months to 30 June 2025 US$ (unaudited) | 6 months to 30 June 2024 US$ (unaudited) | 3 months to 30 June 2025 US$ (unaudited) | 3 months to 30 June 2024 US$ (unaudited) | |
|---|---|---|---|---|
| Revenue | 62,527,643 | 42,664,607 | 34,934,280 | 22,418,207 |
| Cost of sales | (30,531,839) | (25,680,069) | (17,393,674) | (12,123,470) |
| Gross operating profit | 31,995,804 | 16,984,538 | 17,540,606 | 10,294,737 |
| Administration and share based payments | (5,660,536) | (4,009,000) | (3,654,091) | (2,024,010) |
| EBITDA | 26,335,268 | 12,975,538 | 13,886,515 | 8,270,727 |
| Depreciation and amortisation charges | (3,679,555) | (2,240,806) | (1,844,782) | (1,194,245) |
| Operating profit before finance and tax | 22,655,713 | 10,734,732 | 12,041,733 | 7,076,482 |
| Profit after tax | 18,928,951 | 9,221,834 | 10,159,192 | 5,584,271 |
| Earnings per ordinary share (basic) | 24.99c | 12.18c | 13.41c | 7.37c |
| Average gold price received (US$/oz) | US$3,093 | US$2,209 | US$3,303 | US$2,339 |
| As at 30 June 2025 US$ (unaudited) | As at 31 December 2024 US$ (audited) | |||
| Cash and cash equivalents | 30,432,470 | 22,183,049 | ||
| Net funds (after finance debt obligations) | 25,103,094 | 16,341,245 | ||
| Net assets | 135,144,660 | 104,181,654 | ||
| Cash Cost and All-In Sustaining Cost (“AISC”) | ||||
| 6 months to 30 June 2025 | 6 months to 30 June 2024 | 12 months to 31 December 2024 | ||
| Gold production for cash cost and AISC purposes | 20,545 ozs | 18,010 ozs | 37,520 ozs | |
| Total Cash Cost of production (per ounce) | US$1,379 | US$1,401 | US$1,326 | |
| Total AISC of production (per ounce) | US$1,792 | US$1,782 | US$1,700 | |
Notice
See www.serabigold.com for more information and follow us on twitter @Serabi_Gold
The following information, comprising, the Income Statement, the Group Balance Sheet, Group Statement of Changes in Shareholders’ Equity, and Group Cash Flow, is extracted from the unaudited interim financial statements for the three and six months to 30 June 2025.
Statement of Comprehensive Income
For the three and six-month periods ended 30 June 2025.
| For the six months ended | For the three months ended | ||||||
|---|---|---|---|---|---|---|---|
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | ||||
| (expressed in US$) | Notes | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||
| CONTINUING OPERATIONS | |||||||
| Revenue | 62,527,643 | 42,664,607 | 34,934,280 | 22,418,207 | |||
| Cost of sales | (30,531,839) | (25,680,069) | (17,393,674) | (12,123,470) | |||
| Depreciation and amortisation charges | (3,679,555) | (2,240,806) | (1,844,782) | (1,194,245) | |||
| Total cost of sales | (34,211,394) | (27,920,875) | (19,238,456) | (13,317,715) | |||
| Gross profit | 28,316,249 | 14,743,732 | 15,695,824 | 9,100,492 | |||
| Administration expenses | (5,544,617) | (3,805,431) | (3,566,378) | (1,862,691) | |||
| Share-based payments | (204,028) | (118,892) | (136,314) | (65,009) | |||
| Gain on asset disposals | 88,109 | (84,677) | 48,601 | (96,310) | |||
| Operating profit | 22,655,713 | 10,734,732 | 12,041,733 | 7,076,482 | |||
| Other income – exploration receipts | 2 | — | 351,186 | — | 11,332 | ||
| Other expenses – exploration expenses | 2 | — | (317,746) | — | (5,228) | ||
| Foreign exchange (loss)/gain | 108,005 | (820,356) | 37,579 | (785,790) | |||
| Finance expense | 3 | (228,469) | (310,303) | (117,495) | (135,698) | ||
| Finance income | 3 | 409,302 | 236,465 | 203,224 | 94,910 | ||
| Profit before taxation | 22,944,551 | 9,873,978 | 12,165,041 | 6,256,008 | |||
| Income tax expense | 4 | (4,015,600) | (652,144) | (2,005,849) | (671,737) | ||
| Profit after taxation | 18,928,951 | 9,221,834 | 10,159,192 | 5,584,271 | |||
| Other comprehensive income (net of tax) | |||||||
| Exchange differences on translating foreign operations | 11,881,692 | (8,182,714) | 4,892,090 | (6,401,786) | |||
| Total comprehensive profit / (loss) for the period (1) | 30,810,643 | 1,039,120 | 15,051,282 | (817,515) | |||
| Profit per ordinary share (basic) | 5 | 24.99c | 12.18c | 13.41c | 7.37c | ||
| Profit per ordinary share (diluted) | 5 | 24.99c | 12.18c | 13.41c | 7.37c | ||
| Balance Sheet as at 30 June 2025 | |||||||
| (expressed in US$) | As at 30 June 2025 (unaudited) | As at 30 June 2024 (unaudited) | As at 31 December 2024 (audited) | ||||
| Non-current assets | |||||||
| Deferred exploration costs | 25,104,242 | 18,952,915 | 18,839,836 | ||||
| Property, plant and equipment | 66,974,329 | 52,438,422 | 53,593,723 | ||||
| Right of use assets | 5,147,282 | 4,887,175 | 4,287,020 | ||||
| Taxes receivable | 6,742,249 | 5,839,555 | 6,246,352 | ||||
| Deferred taxation | 3,279,129 | 1,688,554 | 1,878,081 | ||||
| Total non-current assets | 107,247,231 | 83,806,621 | 84,845,012 | ||||
| Current assets | |||||||
| Inventories | 16,057,105 | 13,041,361 | 13,115,648 | ||||
| Trade and other receivables | 3,208,992 | 3,402,714 | 2,533,450 | ||||
| Prepayments and accrued income | 3,956,160 | 2,758,307 | 2,220,463 | ||||
| Cash and cash equivalents | 30,432,470 | 12,041,017 | 22,183,049 | ||||
| Total current assets | 53,654,727 | 31,243,399 | 40,052,610 | ||||
| Current liabilities | |||||||
| Trade and other payables | 14,531,780 | 8,562,520 | 9,695,560 | ||||
| Interest bearing liabilities | 5,329,376 | 5,943,236 | 5,841,804 | ||||
| Accruals | 569,261 | 412,291 | 419,493 | ||||
| Total current liabilities | 20,430,417 | 14,918,047 | 15,956,857 | ||||
| Net current assets | 33,224,310 | 16,325,352 | 24,095,753 | ||||
| Total assets less current liabilities | 140,471,541 | 100,131,973 | 108,940,765 | ||||
| Non-current liabilities | |||||||
| Trade and other payables | 1,956,161 | 3,738,633 | 2,809,243 | ||||
| Provisions | 3,170,488 | 2,282,580 | 1,839,916 | ||||
| Interest bearing liabilities | 200,232 | 160,699 | 109,952 | ||||
| Total non-current liabilities | 5,326,881 | 6,181,912 | 4,759,111 | ||||
| Net assets | 135,144,660 | 93,950,061 | 104,181,654 | ||||
| Equity | |||||||
| Share capital | 11,213,618 | 11,213,618 | 11,213,618 | ||||
| Share premium reserve | 36,158,068 | 36,158,068 | 36,158,068 | ||||
| Option reserve | 358,228 | 294,465 | 221,613 | ||||
| Other reserves | 21,266,122 | 17,609,380 | 19,486,684 | ||||
| Translation reserve | (66,578,073) | (69,963,455) | (78,459,765) | ||||
| Retained surplus | 132,726,697 | 98,637,985 | 115,561,436 | ||||
| Equity shareholders’ funds | 135,144,660 | 93,950,061 | 104,181,654 | ||||
| Statements of Changes in Shareholders’ Equity | |||||||
| For the six-month period ended 30 June 2025 | |||||||
| (expressed in US$) | |||||||
| (unaudited) | Share capital | Share premium | Share option reserve | Other reserves (1) | Translation reserve | Retained Earnings | Total equity |
| Equity shareholders’ funds at 31 December 2023 | 11,213,618 | 36,158,068 | 175,573 | 15,960,006 | (61,780,741) | 91,065,525 | 92,792,049 |
| Foreign currency adjustments | — | — | — | — | (8,182,714) | — | (8,182,714) |
| Profit for the period | — | — | — | — | — | 9,221,834 | 9,221,834 |
| Total comprehensive income for the period | — | — | — | — | (8,182,714) | 9,221,834 | 1,039,120 |
| Transfer to taxation reserve | — | — | — | 1,649,374 | — | (1,649,374) | — |
| Share incentives expired | — | — | — | — | — | — | — |
| Share incentives expense | — | — | 118,892 | — | — | — | 118,892 |
| Equity shareholders’ funds at 30 June 2024 | 11,213,618 | 36,158,068 | 294,465 | 17,609,380 | (69,963,455) | 98,637,985 | 93,950,061 |
| Foreign currency adjustments | — | — | — | — | (8,496,310) | — | (8,496,310) |
| Profit for the period | — | — | — | — | — | 18,597,884 | 18,597,884 |
| Total comprehensive income for the period | — | — | — | — | (8,496,310) | 18,597,884 | 10,101,574 |
| Transfer to taxation reserve | — | — | — | 1,877,304 | — | (1,877,304) | — |
| Share based incentives lapsed in period | — | — | (202,871) | — | — | 202,871 | — |
| Share option expense | — | — | 130,019 | — | — | — | 130,019 |
| Equity shareholders’ funds at 31 December 2024 | 11,213,618 | 36,158,068 | 221,613 | 19,486,684 | (78,459,765) | 115,561,436 | 104,181,654 |
| Foreign currency adjustments | — | — | — | — | 11,881,692 | — | 11,881,692 |
| Profit for the period | — | — | — | — | — | 18,928,951 | 18,928,951 |
| Total comprehensive income for the period | — | — | — | — | 11,881,692 | 18,928,951 | 30,810,643 |
| Transfer to taxation reserve | — | — | — | 1,779,438 | — | (1,779,438) | — |
| Share option expense | — | — | 204,028 | — | — | — | 204,028 |
| Share options settled in period | — | — | (51,665) | — | — | — | (51,665) |
| Share based incentives lapsed in period | — | — | (15,748) | — | — | 15,748 | — |
| Equity shareholders’ funds at 30 June 2025 | 11,213,618 | 36,158,068 | 358,228 | 21,266,122 | (66,578,073) | 132,726,697 | 135,144,660 |
- Other reserves comprise a merger reserve of US$361,461 and a taxation reserve of US$20,904,661 (31 December 2023: merger reserve of US$361,461 and a taxation reserve of US$19,125,223).
Condensed Consolidated Cash Flow Statement
For the three and six-month periods ended 30 June 2025
| For the six months ended 30 June | For the three months ended 30 June | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (expressed in US$) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| Operating activities | ||||
| Post tax profit for period | 18,928,951 | 9,221,834 | 10,159,192 | 5,584,271 |
| Depreciation – plant, equipment and mining properties | 3,679,555 | 2,240,806 | 1,844,782 | 1,194,245 |
| Net financial expense/(income) | (288,838) | 860,754 | (123,308) | 793,138 |
| Provision for taxation | 4,015,600 | 652,144 | 2,005,849 | 671,737 |
| Gain / (loss) on disposals | (88,109) | 84,677 | (48,601) | 96,310 |
| Share-based payments | 204,028 | 118,892 | 136,314 | 65,009 |
| Taxation paid | (5,468,999) | (441,698) | (3,537,248) | (426,344) |
| Interest paid | (413,385) | (29,508) | (32,615) | 362,760 |
| Foreign exchange (loss) / gain | 358,096 | (52,284) | 175,709 | (120,031) |
| Changes in working capital | ||||
| (Increase)/decrease in inventories | (1,685,070) | (1,267,362) | 222,592 | (12,077) |
| (Increase)decrease in receivables, prepayments and accrued income | (1,289,565) | (2,240,736) | (218,201) | (1,482,794) |
| Increase in payables, accruals and provisions | 3,909,253 | 404,803 | 1,057,215 | 925,657 |
| Net cash inflow from operations | 21,861,517 | 9,552,322 | 11,641,680 | 7,651,881 |
| Investing activities | ||||
| Purchase of property, plant and equipment and assets in construction | (3,721,220) | (4,011,890) | (2,120,071) | (3,572,905) |
| Mine development expenditure | (2,729,530) | (2,936,169) | (1,103,316) | (1,346,542) |
| Geological exploration expenditure | (3,792,747) | (913,456) | (2,267,239) | (763,872) |
| Pre-operational project costs | (4,162,587) | (472,684) | (2,626,734) | (472,684) |
| Proceeds from sale of assets | 96,760 | 52,481 | 49,508 | 40,573 |
| Interest Received | 409,302 | 229,633 | 203,224 | 94,910 |
| Net cash outflow on investing activities | (13,900,022) | (8,052,085) | (7,866,884) | (6,020,520) |
| Financing activities | ||||
| Receipt of short-term loan | 5,000,000 | 5,000,000 | — | — |
| Repayment of short-term loan | (5,153,577) | (5,000,000) | — | — |
| Payment of finance lease liabilities | (240,467) | (498,450) | (98,813) | (243,205) |
| Net cash (outflow)/inflow from financing activities | (394,044) | (498,450) | (98,813) | (243,205) |
| Net increase/(decrease) in cash and cash equivalents | 7,567,451 | 1,001,787 | 3,675,983 | 1,388,156 |
| Cash and cash equivalents at beginning of period | 22,183,049 | 11,552,031 | 26,504,939 | 11,056,317 |
| Exchange difference on cash | 681,970 | (512,801) | 251,548 | (403,456) |
| Cash and cash equivalents at end of period | 30,432,470 | 12,041,017 | 30,432,470 | 12,041,017 |
Notes
Basis of preparation
Basis of preparation
These interim condensed consolidated financial statements are for the three and six-month periods ended 30 June 2025. Comparative information has been provided for the unaudited three and six-month periods ended 30 June 2024 and, where applicable, the audited twelve-month period from 1 January 2024 to 31 December 2024. These condensed consolidated financial statements do not include all the disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2024 annual report.
Accounting standards, amendments and interpretations effective in 2025
Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
The amendments provide guidance for determining the spot exchange rate when exchangeability between two currencies is lacking. They clarify when a currency is considered exchangeable and introduce a methodology for estimating an appropriate exchange rate when necessary. The Group does not expect a material impact on its financial statements from these amendments.
No other standards or amendments are expected to be effective in 2025.
Going concern
At 30 June 2025 the Group held cash of US$30.4 million which represents an increase of US$8.2 million compared to 31 December 2024.
On 7 January 2024, the Group completed a US$5.0 million unsecured loan arrangement with Brazilian bank Itau which carried a fixed interest coupon of 8.47 per cent. The loan was repaid as a bullet payment on 6 January 2025. On 22 January 2025, the Group completed a further US$5.0 million unsecured loan arrangement with a different Brazilian bank (Santander) which carries a fixed interest coupon of 6.16 per cent. This loan is repayable on 16 January 2026.
- Other Income and Expenses
- Finance expense and income
| 6 months ended 30 June 2025 (unaudited) | 6 months ended 30 June 2024 (unaudited) | 3 months ended 30 June 2025 (unaudited) | 3 months ended 30 June 2024 (unaudited) | |
|---|---|---|---|---|
| US$ | US$ | US$ | US$ | |
| Interest expense on short term loan | (160,593) | (242,077) | (81,582) | (100,430) |
| Interest expense on trade finance | (41,418) | (32,213) | (23,742) | (13,291) |
| Interest expense on finance leases | (26,458) | (36,013) | (12,171) | (21,977) |
| Total Financial expense | (228,469) | (310,303) | (117,495) | (135,698) |
| Interest Income | 409,302 | 229,633 | 203,224 | 94,910 |
| Realised gain on hedging derivatives | — | 6,832 | — | — |
| Total Financial income | 409,302 | 236,465 | 203,224 | 94,910 |
| Net finance (expense) / income | 180,833 | (73,838) | 85,729 | (40,788) |
Taxation
The Group has recognised a deferred tax asset to the extent that the Group has reasonable certainty as to the level and timing of future profits that might be generated and against which the asset may be recovered. The deferred tax liability arising on unrealised exchange gains has been eliminated in the three-month period to 30 June 2025 reflecting the stronger Brazilian Real exchange rate at the end of the period and resulting in deferred tax income of US$1,054,859 (six months to 30 June 2024 – income of US$796,454).
The Group has also incurred a tax charge in Brazil for the six-month period of US$5,070,459 (six months to 30 June 2024 tax charge - US$1,448,598).
Earnings per Share
| 6 months ended 30 June 2025 (unaudited) | 6 months ended 30 June 2024 (unaudited) | 3 months ended 30 June 2025 (unaudited) | 3 months ended 30 June 2024 (unaudited) | |
|---|---|---|---|---|
| Profit attributable to ordinary shareholders (US$) | 18,928,951 | 9,221,834 | 10,159,192 | 5,584,271 |
| Weighted average ordinary shares in issue | 75,734,551 | 75,734,551 | 75,734,551 | 75,734,551 |
| Basic profit per share (US cents) | 24.99c | 12.18c | 13.41c | 7.37c |
| Diluted ordinary shares in issue (1) | 75,734,551 | 75,734,551 | 75,734,551 | 75,734,551 |
| Diluted profit per share (US cents) | 24.99c | 12.18c | 13.41c | 7.37c |
- At 30 June 2025 there were 2,728,049 conditional share awards in issue (30 June 2024 – 2,814,541). These are subject to performance conditions which may or not be fulfilled in full or in part. These CSAs have not been included in the calculation of the diluted earnings per share.
- Post balance sheet events
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