15th Jan 2025 11:39
(Alliance News) - Serabi Gold on Wednesday reported a "highly successful year" as the firm said it was optimistic about continuing improvements into 2025.
The Brazilian focused gold mining and development company reported its best fourth-quarter gold production figures in five years, up 27% to 10,022 ounces from 7,891oz the prior year.
Full-year gold production rose 13% to 37,520 oz from 33,153 oz, with Serabi noting that it expects gold production to continue improving into 2025.
For 2025, Serabi expects consolidated gold production of between 44,000 oz and 47,000 oz.
The firm's net cash balance at December 31 multiplied on year to USD16.2 million from USD5.0 million, and Serabi noted that it is in the final stages of executing a loan facility.
Shares in Serabi were down 0.4% at 126.00 pence each on Wednesday morning in London.
Serabi Chief Executive Mike Hodgson said: "2024 was a highly successful year for Serabi with many milestones achieved. These include a 13% increase in annual gold production, permitting progress at Coringa with the renewal for three years of the trial mining permit, the successful build and commissioning of the Coringa classification plant out of cashflow, whilst ending the year with a healthy cash position.
"The fourth quarter in particular was excellent for Serabi, as gold production of 10,022 ounces was a five-year high and resulted in a year-end total of 37,520 ounces. Throughout 2024, gold production improved and we expect this to continue into 2025."
By Christopher Ward, Alliance News reporter
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