Serabi Gold (LSE:SRB) reported revenue of $100.1 million for the first half of 2026, supported by increased gold production and a higher realised gold price.
The Brazil-focused gold producer recorded EBITDA of $44.4 million, an increase of 69%, while profit after tax reached $30.1 million.
Gold production rose to 23,049 ounces during the six-month period, with sales totalling 21,348 ounces.
The company ended the period with cash of $65.7 million and no debt, while operating costs increased as production at the Coringa mine continued to ramp up.
Serabi also secured a 10-year extension of a regional tax incentive in Brazil and continued work on regulatory approvals for Coringa.
Gold Production Reaches 23,049 Ounces
Serabi produced 23,049 ounces of gold during the first half of 2026, with sales of 21,348 ounces.
The company operates the Palito Gold Complex in Pará state, Brazil, and is advancing the Coringa project as part of its production and development activities.
Revenue increased to $100.1 million, reflecting higher gold output and a substantial increase in the realised selling price.
The company did not disclose the precise realised gold price or comparative production figures in the supplied announcement.
Serabi continues to focus on its existing mining districts, combining underground production with development and exploration activities.
EBITDA Increases 69% to $44.4 Million
Serabi reported EBITDA of $44.4 million for the six months, representing a 69% increase compared with the corresponding period last year.
Profit after tax rose to $30.1 million, while revenue reached $100.1 million.
The increase in earnings was supported by higher gold sales prices and increased production, although operating costs also rose during the period.
The company ended the first half with $65.7 million in cash and remained debt-free.
Its cash position provides financial resources for ongoing operations and development activities, including work at Coringa.
Cash Costs Rise to $2,010 Per Ounce
Serabi reported cash costs of $2,010 per ounce during the first half of 2026.
All-in sustaining costs (AISC) reached $2,682 per ounce.
The increase in operating costs reflected the continuing ramp-up at the Coringa mine and one-off general and administrative expenses.
The company is progressing Coringa’s development alongside its existing operations at Palito.
Further changes in production volumes and operating costs will depend on the progress of the ramp-up and the company’s operational activities.
Brazilian Tax Incentive Extended for 10 Years
Serabi secured a 10-year extension of a regional tax incentive applicable to its operations in Brazil’s Amazon region.
The extension maintains an effective corporate tax rate of approximately 15.25% for the Palito operation.
The incentive provides continued access to the regional tax arrangement over the extended period.
The company reported the extension alongside its first-half financial results and ongoing development activities.
Coringa Licensing Remains a Development Priority
Serabi continued to advance the regulatory licensing process for its Coringa project during the first half.
The company is seeking the approvals required to support further development and increased throughput at the mine.
Management anticipates that additional regulatory approvals could allow the project to increase production capacity, although the timing and outcome of the licensing process remain uncertain.
Coringa’s ramp-up contributed to higher operating costs during the reporting period.
The project forms part of Serabi’s strategy to expand production within its existing Brazilian mining districts.
Balance Sheet Ends Period Debt-Free
Serabi reported cash holdings of $65.7 million at the end of the first half and confirmed that it had no outstanding debt.
The cash position followed the increase in revenue and earnings during the period.
The company continues to allocate resources to its existing mining operations, Coringa’s development and exploration within its established districts.
Its financial performance remains linked to gold production volumes, realised selling prices and operating costs.
Outlook
Serabi’s priorities for the remainder of 2026 include progressing the Coringa licensing process, continuing the mine’s operational ramp-up and maintaining production at its existing operations.
The company expects further development at Coringa to support increased throughput and gold production, subject to the necessary regulatory approvals.
The 10-year extension of the Amazon regional tax incentive maintains Palito’s effective corporate tax rate at approximately 15.25%.
Following the first-half results, Serabi reported cash of $65.7 million, no debt and EBITDA of $44.4 million, while higher operating costs remain a factor in its financial performance.
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