Serabi Gold production up 13% in Q1
Brazilian-focused miner’s shares up 9% on robust results
Serabi Gold reported its gold production for the March 2024 quarter totalled 9,007oz, up 12.5% year-on-year and the highest quarterly total since the September 2021 quarter.
The Brazilian-focused miner's Coringa project was responsible for 3,871oz, at mined grades of 6.39gpt. The Palito Complex produced 5,136oz at mined grades of 4.72gpt, and its plant processed a quarterly record of over 54,000t of ore.
In January, Serabi received a three-year renewal of Coringa's trial mining license following an agreement that relaxed restrictions on license renewals from the Brazilian authorities. The next step is to secure a longer-term installation license.
"We look forward to the rest of 2024, as the increasing gold price and solid first quarter has provided a good platform for us to build on," chief executive Mike Hodgen said.
"Coringa is turning out to be an excellent asset, while Palito remains a steady producer. We look forward to the final permitting of Coringa to reach a positive conclusion and, once the rains subside, to seeing the exploration drills turning again."
Serabi reiterated its 2024 gold production guidance of 38,000-40,000oz.
The miner's shares are trading at 64p, up over 9% on the previous session and over 35% year-to-date. It has a market cap of £48.55 million.
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