Serabi Gold (SRB) Q3 2024 TU earnings summary

Executive summary

• Achieved highest quarterly gold production year to date in Q3-2024 with 9,489 ounces, bringing YTD production to 27,499 ounces.

• Updated PEA for Coringa Gold operation projects annual production of 28,000oz in 2025, ramping to 36,000oz/year (2026–2031), with an 11-year mine life and average AISC of $1,241/oz.

• Cash balance at September 30, 2024, was $20.0M, up from $11.6M at December 31, 2023; net cash at quarter end was $14.0M.

• FY2024 consolidated gold production guidance reiterated at 38,000–40,000 ounces.

Financial highlights

• Q3-2024 gold production: 9,489 ounces, up from 9,003 ounces in Q2-2024 and 8,738 ounces in Q3-2023.

• Cash generated in Q3-2024 boosted by sales of 10,683 ounces at an average price of $2,480/oz, generating approximately $3.0M.

• Net cash balance at quarter end: $14.0M, compared to $5.0M at December 31, 2023.

Outlook and guidance

• FY2024 gold production guidance maintained at 38,000–40,000 ounces.

• Coringa PEA projects 28,000oz production in 2025, increasing to 36,000oz/year (2026–2031), with mine life to 2034.

• Classification plant at Coringa on track for Q4-2024 commissioning, expected to support production ramp-up.