Serabi Gold (SRB) Q2 2025 TU earnings summary

Executive summary

• Q2-2025 gold production reached 10,532 ounces, a 17% increase from Q2-2024, marking the highest quarterly output since 2013 recommencement.

• Year-to-date gold production stands at 20,545 ounces, slightly above budget and tracking guidance.

• Operational improvements included a 10% increase in horizontal development over Q1-2025, totaling 3,850 metres, the highest quarterly development to date.

• Both Palito and Coringa mines reported significant grade improvements, with Palito feed grades up 27% and Coringa up 12% year-to-date compared to 2024 averages.

• Brownfield exploration at Palito Complex, Coringa Mine, and São Domingos yielded high-grade drill results, supporting resource growth objectives.

Financial highlights

• Cash balance at 30 June 2025 was $30.4 million, up from $26.5 million at 31 March 2025 and $22.2 million at 31 December 2024.

• Net cash at quarter-end (after loans and lease liabilities) was $24.6 million, up from $21.1 million at Q1-2025 and $16.2 million at year-end 2024.

• Fully repaid a $5.0 million unsecured loan from Itau Bank in January 2025; secured a new $5.0 million loan from Banco Santander at 6.16% interest, repayable January 2026.

Outlook and guidance

• On track to achieve 2025 consolidated production guidance of 44,000–47,000 ounces of gold.

• Anticipates higher quarterly production in Q3 and Q4 to meet annual targets.

• Plans to double production in coming years with Coringa Gold project construction.