Serabi Gold cuts FY2026 output outlook as Coringa permitting delays weigh on ramp-up

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Serabi Gold cuts 2026 outlook

Highlights

Serabi Gold cut its FY2026 production forecast to match FY2025 levels due to permitting delays at Coringa preventing ramp-up in Q4-2026.
Q3-2026 gold output fell 9% year-on-year to 11,008 ounces owing to lower Palito Complex grades, with year-to-date production at 34,000 ounces.
Serabi held $63.2 million cash and remained debt-free at Sept. 30, 2026, after paying a $5.1 million first dividend and receiving $3.4 million from September bullion sales.

Third-quarter operations and revised guidance

As reported by London Stock Exchange, citing London Stock Exchange Regulatory News Service, Serabi Gold produced 11,008 ounces of gold in Q3-2026, down 9% from Q3-2025, mainly because of lower-than-expected grades at the Palito Complex. Year-to-date production reaches about 34,000 ounces, with more than 23,000 ounces coming from Coringa, which the company says continues to deliver average milled grades of close to 8 grams per tonne of gold.

The company says the main constraint on its planned fourth-quarter increase is the delay in securing outstanding approvals at Coringa. Because those approvals have not yet been received, Serabi says it cannot process additional Coringa material through the expanded Palito plant in Q4-2026, leading it to reduce its FY2026 production expectation to a level similar to FY2025.

At the Palito Complex, installation of the fourth ball mill is completed on time and on budget and is in final commissioning. Serabi says this is set to lift annual processing throughput to 330,000 tonnes per annum in 2027, while the shift from selective open stoping to mechanised sublevel stoping at Coringa remains on track for Q4-2026.

Cash position and permitting implications

Serabi reports cash of $63.2 million at Sept. 30, 2026, compared with $65.7 million at June 30, 2026, reflecting operating cash generation offset by payment of its first dividend of $5.1 million in July 2026. The company also says it receives a further $3.4 million on Oct. 1, 2026 from bullion sold in September, and it remains debt-free.

On permitting, Coringa is currently operating under a three-year GUIA licence that expires on Jan. 29, 2027, with discussions ongoing with Brazil's Agência Nacional de Mineração over continuation of the current permit. Serabi also says it still requires a land-use change approval from Instituto Nacional de Colonização e Reforma Agrária and approval of the Estudo de Componente Indígena from Fundação Nacional dos Povos Indígenas for the Coringa operating licence, with both processes still progressing.

The delays matter for Serabi's near-term production profile because Coringa is the higher-grade contributor in its portfolio. While the company continues to invest in processing capacity and mining changes, the timing of regulatory approvals in Brazil is now the key factor shaping its 2026 output and the pace of further expansion.

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