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(Sharecast News) - Serabi Gold reported sharply higher profits and cash generation for the first half on Thursday, as stronger gold production, higher prices and disciplined cost control lifted financial performance.
Gold production for the six months ended 30 June rose 14% year on year to 20,545 ounces, with 20,215 ounces sold in the period.
The AIM-traded company said it achieved an average realised gold price of $3,093 per ounce, up from $2,209 in the same period of 2024.
EBITDA more than doubled to $26.3m from $13.0m, while post-tax profit climbed to $18.9m from $9.2m.
Earnings rose to 24.99cents per share from 12.18cents.
"This has been an exceptional period of financial performance," said chief financial officer Colm Howlin.
"Gold production for the first half of 2025 totaled 20,545 ounces, representing a 14%increase on the same period in 2024.
"This robust operational performance, combined with an average realised gold price of $3,093 per ounce, drove EBITDA to $26.3 million for the period - more than double the $13.0 million reported in the first half of 2024."
Net cash inflow from operations reached $19.2m after $2.7m of mine development spending, compared with $6.6m in the first half of 2024.
The company ended June with $30.4m in cash, up from $22.2m at the end of December.
All-in sustaining costs were $1,792 per ounce, reflecting inflation and development activity but leaving strong margins supported by the higher gold price.
Serabi said the ore sorter at its Coringa mine had been operational for six months and was performing above expectations, processing low-grade ore while higher-grade material continued to be transported to the Palito Complex plant.
Gold output from Coringa was now expected to exceed original plans for the year.
At 1204 BST, shares in Serabi Gold were up 2.54% at 202p.
Reporting by Josh White for Sharecast.com.
