Serabi Gold (SRB) Q1 2025 earnings summary

Executive summary

• Gold production for Q1 2025 reached 10,013 ounces, up 11% year-over-year, with sales of 9,699 ounces at an average price of $2,908/oz, a 40% increase from Q1 2024.

• Gross profit rose to $12.6 million from $5.6 million year-over-year, driven by higher gold prices and increased bullion sales, especially from the Coringa mine.

• Net income for the quarter was $8.8 million, more than double the $3.6 million reported in Q1 2024.

Financial highlights

• Revenue increased to $27.6 million from $20.2 million year-over-year, with gold bullion sales contributing $20.1 million.

• Operating profit was $10.6 million, up from $3.7 million in Q1 2024.

• Basic and diluted EPS were 11.58c, compared to 4.80c in Q1 2024.

• Cash and cash equivalents rose to $26.5 million from $22.2 million at year-end 2024.

Outlook and guidance

• Management expects continued gold production growth in 2025, with increased output from the Coringa mine and stable operations at Palito.

• Directors will manage discretionary expenditures to maintain liquidity and have reasonable expectations for operational continuity.