Serabi Gold posts higher first-half profit and cash position as Brazil operations expand

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Serabi Gold H1 profit rises

Highlights

Serabi Gold's first-half 2026 gold sales rose to 21,348 ounces and production increased to 23,049 ounces, supporting EBITDA growth to $44.4 million from $26.3 million.
Net cash inflow from operations climbed to $34.8 million after $5.3 million in mine development, with cash holdings rising to $65.7 million and the balance sheet debt free after $5.3 million repayment.
Average gold price received increased to $4,687 per ounce with all-in sustaining cost up to $2,682 per ounce, while production guidance remains at 53,000-plus ounces and SUDAM tax reduction extended 10 years for Palito Gold Complex.

Interim results show stronger earnings and liquidity

As reported by London Stock Exchange, citing the Regulatory News Service, Serabi released unaudited interim results for the three- and six-month periods ended 30 June 2026, with first-half gold sales rising to 21,348 ounces from 20,215 ounces a year earlier and production increasing to 23,049 ounces from 20,545 ounces.

EBITDA for the six-month period reaches $44.4 million, up from $26.3 million in the corresponding period of 2025, while profit after taxation rises to $30.1 million from $18.9 million. Earnings per share increase to 39.71 cents from 24.99 cents, and net cash inflow from operations totals $34.8 million after mine development expenditure of $5.3 million, compared with a $19.1 million inflow a year earlier after $2.7 million of development spending.

Cash held at 30 June 2026 stands at $65.7 million, compared with $49.2 million at 31 December 2025. The company says it repaid $5.3 million to Banco Santander in Brazil during the first quarter of 2026, leaving the balance sheet debt free.

Costs, guidance and tax incentive shape outlook

Serabi says the average gold price received on sales during the first half of 2026 is $4,687 per ounce, up from $3,093 in the corresponding 2025 period. Cash cost rises to $2,010 per ounce from $1,379, while all-in sustaining cost increases to $2,682 per ounce from $1,792.

Chief executive Michael Hodgson says the operational performance is in line with budget, but adds that cash cost and AISC are higher than in the first quarter of 2026, largely because of the continued ramp-up at Coringa and one-time general and administrative charges. He says production guidance remains at 53,000-plus ounces of gold, based on assumptions regarding licence and mining concession status at Coringa.

Separately, Serabi says Superintendência do Desenvolvimento da Amazônia, or SUDAM, has formally approved the renewal of the corporate income tax reduction incentive for the Palito Gold Complex in Pará state, Brazil. The extension keeps the benefit in place for an additional 10 years, through 2035.

In our earlier coverage of gold prices holding near record highs, we noted that bullion was struggling for clear direction as investors weighed the prospect of U.S. interest rates staying elevated for longer. We also outlined how expectations around further Federal Reserve tightening, alongside oil-driven inflation concerns and wider geopolitical uncertainty, were shaping sentiment across precious metals.

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