Serabi Gold (SRB) Q1 2025 TU earnings summary

Executive summary

• Gold production reached 10,013 ounces in Q1-2025, up 11% year-over-year, driven by higher grades at both Palito and Coringa mines.

• Cash balance increased to $26.5 million as of March 31, 2025, from $22.2 million at year-end 2024.

• Net cash position improved to $21.1 million after loan repayments and new financing.

• The company remains on track to meet its 2025 production guidance of 44,000–47,000 ounces.

• Board change announced with the resignation of a non-executive director.

Financial highlights

• Cash at quarter-end was $26.5 million, up from $22.2 million at December 31, 2024.

• Net cash after loans and lease liabilities was $21.1 million, compared to $16.2 million at the end of 2024.

• Fully repaid a $5.0 million loan with Itau Bank and secured a new $5.0 million loan from Banco Santander at a lower interest rate.

Outlook and guidance

• 2025 consolidated gold production guidance maintained at 44,000–47,000 ounces.

• Exploration spending of approximately $9 million planned for 2025, split equally between Palito and Coringa.

• Ongoing assessment of mechanisms to return capital to shareholders.