Serabi Gold (SRB) Q4 2025 earnings summary

Executive summary

• Achieved record gold production of 44,169 oz in 2025, up 18% year-over-year, with revenue rising 65% to $155.85m and net profit of $53.9m, supported by higher gold prices and operational ramp-up at Coringa.

• Ended 2025 with $49.2m cash, debt-free by January 2026, and recommended inaugural annual dividend of £0.05/share ($0.07/share), representing 20% of free cash flow.

• Strategic focus on sustainable growth, targeting 53,000–57,000 oz production in 2026 and aiming for 100,000–200,000 oz/year within 3–5 years through organic expansion and disciplined M&A.

Financial highlights

• Revenue: $155.85m (+65% YoY); Net profit: $53.9m (+94% YoY); Cash flow from operations: $55.9m (+81% YoY).

• All-in sustaining cost (AISC): $1,816/oz (2024: $1,790/oz); Cash cost: $1,437/oz (2024: $1,326/oz).

• Cash at year-end: $49.2m (2024: $22.2m); debt fully repaid in January 2026.

• Dividend: £0.05/share ($0.07/share), total payout ~$5.41m.

Outlook and guidance

• 2026 production guidance: 53,000–57,000 oz; new ball mill at Palito Complex to increase capacity to 900 tpd by Q4-2026.

• Targeting consolidated resource of 1.5+ million oz by end-2026; aiming for 60,000+ oz/year from 2027 and 100,000+ oz/year longer-term.

• Ongoing brownfield exploration (30,000m planned for 2026) and modular plant expansion to support growth.