News about Serabi Gold

Serabi Gold shares fell 16% to 190p on Wednesday after the Brazilian miner cut its 2026 gold production guidance to a level similar to 2025's 44,169 ounces, down from previous guidance of more than 53,000 ounces. The company blamed permitting delays at its Coringa mine, where the GUIA trial licence caps ore transport to the Palito plant at 100,000 tonnes a year, and 85,602 tonnes had already been moved by 30 September. A full operating licence still requires a land use change approval from INCRA and sign-off from FUNAI. Third-quarter output fell 9% to 11,008 ounces as mined grades at Palito declined, while cash stood at $63.2 million with no debt. Serabi expects its fourth ball mill to lift Palito capacity to 330,000 tonnes in 2027 and will update guidance with third-quarter results in late November.

Serabi Gold reported Q3-2026 gold production of 11,008 ounces, down 9% from Q3-2025, due to lower-than-expected grades at the Palito Complex. Cash stood at $63.2 million at 30 September 2026, compared with $65.7 million at 30 June, after a $5.1 million maiden dividend paid in July, and the company remains debt-free after receiving another $3.4 million from bullion sales on 1 October. The fourth ball mill at Palito is in final commissioning and will lift annual throughput to 330ktpa in 2027. Permitting delays at Coringa, including the pending operating licence (LO), mean FY2026 gold production is now expected to be similar to FY2025, rather than the previous guidance of over 53,000 ounces.