Serabi Gold (SRB) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of $94.5 million in 2024, up 48% year-over-year, driven by higher gold prices and increased production.

• Gold production rose 13% to 37,520 ounces, with significant operational improvements at Coringa and Palito mines.

• Cash position nearly doubled to $22.2 million at year-end, with further growth to $26.5 million by March 2025.

• Strategic focus on ramping up production to 60,000 oz by 2026 and targeting 100,000–200,000 oz within 3–5 years.

Financial highlights

• Revenue: $94.54 million (up 48% year-over-year).

• Net income: $27.8 million (up from $6.6 million in 2023).

• EBITDA: $35.9 million (up 160% year-over-year).

• Operating profit: $31.6 million (up 319% year-over-year).

• Cash flow from operations: $30.9 million (up $18.8 million year-over-year).

• Cash costs per ounce: $1,326; AISC per ounce: $1,700.

• Cash held at year-end: $22.2 million; bank borrowings: $5.0 million.

Outlook and guidance

• 2025 gold production guidance: 44,000–47,000 ounces, with further increases expected as Coringa ramps up.

• Targeting 60,000 oz annual production by end of 2026 and 100,000–200,000 oz within 3–5 years.

• Exploration budget of up to $9 million per year for 2025–2026, aiming to grow resource base at Palito and Coringa.

• Policy to return 20–30% of free cash flow to shareholders via dividends or buybacks when prudent.