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Serabi Gold, a gold mining and development company headquartered in Brazil, reported a small decline in revenue for 2022 compared to the previous year.
The company had a post-tax loss of US$1 million in 2022, while in 2021 the recorded amount was US$19.1 million. EBITDA totaled US$8.8 million, more than half of the amount recorded in the previous year. The cash held by the company, which was US$12.2 million at the end of 2021, fell to US$7.2 million at the end of 2022.
According to Serabi Gold, the decrease in revenue is attributed to lower gold production during the year. In 2022, the company produced 31,819 ounces of gold, a decrease compared to previous years. The cash cost for 2022 reached US$1,322 per ounce, an increase compared to the previous year when the cost was US$1,090 per ounce. The all-in sustaining cost (AISC) for 2022 was US$1,615 per ounce, higher than the US$1,429 from the previous year.
In contrast to the results of 2022, the company had a “robust” first quarter in 2023.
The production guidance from Serabi Gold for the year is between 33,500 and 35,000 ounces of the precious metal. The company recorded the production of 8,005 ounces of gold during the first quarter of this year.
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Serabi Gold has an ongoing project called Coringa, which started in mid-2021. The company’s CFO, Clive Line, stated that the last year was planned to be an investment year. The ability to process and sell gold from the development ore being extracted from Coringa was not originally planned, but with approximately 1,000 ounces of gold produced in the second half of 2022, the additional cash flow it generated helped offset the operating costs of the mine’s initial development.
Despite the financial challenges of the past few years, Clive Line, the company’s CFO, remains confident and stated that production at Coringa is on track.
He also added that the company expects to keep shareholders informed about developments by the end of this year. Following the release of financial results, Serabi Gold’s shares rose 5.42% to 28.99p. The company secured the additional working capital needed to offset the decline in production through a short-term loan from a Brazilian bank.
Serabi Gold is committed to developing the Coringa project and increasing its gold production to overcome the challenges of the past year and continue growing in the mining market. With production improving in the first quarter of 2023, the company’s production guidance should help it achieve its financial targets this year.
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