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335.00 -3.00 (-0.89%)

Bid:

330.00

Ask:

340.00

Spread: 10.00 (3.03%)

Market Cap: £253.71m

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3rd March 2026

Fresnillo

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Only showing the five most recent posts. Click here to view the whole thread.

The annual report posted on SRB's website contains lots of additional detail and commentary (it is 144 pages long), but if anyone is interested, the report includes:

1. there is an AGM resolution for 18 June to authorise share buybacks (p97);

2. There's a detailed breakdown of operating costs if you want to get into the weeds. A proportion of the increase includes preparatory work in developing Coringa for increased production in 2026+. 43% of cost is labour (p17);

3. There is more explicit commentary on the Coringa LI: On p17, under risk movement, it states that the change of land use has been approved at state level and is now in Brasilia for final approval at federal level. On page 6, MH states that "we are hopeful this will be received very shortly". They have advanced from "shortly" to "very shortly" and I think means we may be getting a further RNS in May or June about that. In relation to FUNAI, the company states that its ECI has been presented to indigenous communities and it has been accepted. Again this is more explicit indication about progress here, previous indications noted that the ECI had been presented but they had not expressly stated that it had been accepted. A compensation study will be negotiated. Once agreed, the ECI can be approved. The progress in respect of Coringa LI is such that we can reasonably say it is now more a case of when rather than if. The when question remains live because of Jan 27 cut off date on the temporary licence but MH has in interviews said that ANM are happy to renew that. I think the biggest risk regarding licensing is delay - Brazil's next general election is in October this year and that could cause delay to the licensing process if any elements are still ongoing at that time. Polling suggests that it is too close to call at present. AI suggests that routinely government ministers resign at this stage in order to run for office, leaving deputies in charge of ministries who might potentially be less willing to take decisions. The minister responsible for INCRA has not resigned which is good. However, a restricted period comes into effect on 5 July and depending on how important the change of land use decision is seen in Brasilia, it could be delayed if not completed by 5 July. The minister in whose department FUNAI sits has resigned and it is being managed by an acting minister. While the head of FUNAI remains in place, he may be less willing to make a decision on the compensation study until a permanent minister is back in place. Finally, the Governor of Para state, responsible for SEMAS, the state body responsible for granting the LI once INCRA and FUNAI have done their bits, has also resigned so that could also create delay. I would emphasise this commentary on the election is AI generated, but I think it is reasonable to believe that the election processes outlined above could (but might not) create friction and delay in getting through the licensing process. tbc

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Only showing the five most recent posts. Click here to view the whole thread.

In case anyone is unaware there is an interview with Mike Hodgson posted on the website in the media page https://www.serabigold.com/media/. Mike Hodgson says in this interview a few things which are of interest:

1. In relation to Coringa licensing, he says that they have been in discussion with ANM about an extension of the temporary licence and that they have been told verbally that an extension will be granted and that it might even be expanded (i.e. the tonnage that can be mined and taken off site). The LI is being progressed;

2. He says that they will be moving from 40,000oz / pa (2025) to 60,000oz pa (2026) by reason of the operation of the ore sorter. My understanding of this is that he is saying that by the end of 2026 production could be at an annualised rate of 60,000 oz pa, not that 2026 production will be 60,000 oz. He refers to a figure of 54,000 oz for 2026.

3. He says that the mineral resource (due very soon) will come in at 1.2m to 1.3m.

4. He says that the confidence in the mineral resource increase is what has driven the decision to deploy the fourth ball mill., along with the reopening of San Chico (assuming gold remains high). He says that the fourth ball mill could add 10,000 to 15,000oz pa from 2027.

5. He talks about being disciplined about M&A opportunities but suggests that they are looking at local opportunities which can tie in with their existing infrastructure.

6. He suggests that Q1 2026 will be modest.

7. I've noted that the website also indicates that SRB's shorter term strategy is to increase production to 60,000oz pa by the end of 2026 and that the strategy beyond that is to become a 100k-200k oz producer in 3-5 yrs.

I think the interview reflects increasing confidence in licensing and production increases.

The main risks for investors remain (1) gold price, (2) licensing for Coringa (which is perhaps being partially de-risked in light of his comments), (3) Safety, and (4) key-man - is there a replacement for MH in 3-4 years (he is 64).

Only showing the five most recent posts. Click here to view the whole thread.

Only showing the five most recent posts. Click here to view the whole thread.

Production data is typically reported combined for the Palito Complex (Palito main mine + satellite deposits like São Chico), but São Chico-specific contributions are noted in various reports, news, and company updates:2015: Early ramp-up phase; São Chico contributed smaller amounts (e.g., ~783 ounces in Q2 2015, with initial gallery production starting in June). Grades were reported around 4.58 g/t gold in early ore.

2010s overall (post-restart): São Chico helped support the complex's annual run-rate of 30–40koz (thousand ounces) gold, with higher grades from its veins (often 10–30 g/t in narrow veins, though blended lower when processed).

Up to 2022: São Chico was actively mined and contributed meaningfully (e.g., in some quarters, it had the highest grades in the complex, such as 12.64 g/t in one early period, though it represented ~30% or less of total ore tonnage).

2023: Mining suspended at the end of Q1 2023; production shifted to Coringa (which replaced São Chico's contribution). São Chico placed on care and maintenance due to lower priority (lower amenability/grades relative to other ores).

Post-2023: No significant production from São Chico (complex focused on Palito and Coringa). Total complex production reached record levels without it:2024: Not specified per mine, but overall growth trajectory.

2025: Record 44,169 ounces total for the company (from Palito ~20,158 oz + Coringa ~24,010 oz).

2026 outlook: Guidance 53,000–57,000 ounces total (ramping toward 60,000+ by year-end). Potential São Chico restart discussed to help push toward 70,000–80,000 oz annually in coming years, leveraging current high gold prices.

Grades and RatesSão Chico is known for high-grade narrow-vein mineralization (typical grades 10–30 g/t Au in veins, with some higher "blowouts"; true widths often 0.5–1.0 m).

When processed (blended with other ores), effective recovery and output rates have been lower priority compared to richer sources.

No large historical cumulative total is widely cited for São Chico alone (unlike major Brazilian historical mines), as it's a relatively recent satellite operation with artisanal history but limited industrial output before Serabi.

For the most detailed year-by-year breakdowns (including exact São Chico contributions where separated), refer to Serabi Gold's official annual/interim reports, production updates, or investor presentations on their website (serabigold.com). Recent filings (e.g., 2024/2025 annual reports) emphasize the complex's overall growth and potential restart economics for São Chico. If you're seeking data for a specific year or metric (e.g., ounces per year, grade trends), let me know for more targeted details!