(Alliance News) - Serabi Gold PLC on Wednesday reported an increase in its first quarter gold production and remains on track to meet its annual output guidance.
Shares in Serabi were up 8.0% at 63.20 pence each in London on Wednesday morning.
The Brazil-focused gold mining and development company said it produced 9,007 ounces of gold in the first quarter of the year, a 13% increase from 8,055 in the corresponding three month period a year ago, with the Coringa gold project in north-central Brazil, contributing to 3,871 ounces of gold produced.
Serabi also noted this was the highest quarterly total reported since 2021.
The firm also reiterated its full year consolidated gold output guidance of between 38,000 to 40,000 ounces. For 2023 it had reported gold production of 33,153 ounces.
In addition, Serabi noted that the ore sorter it acquired for Coringa back in October has successfully arrived in Brazil, and is now enroute to site. It expects commissioning of the ore sorter in the final quarter of 2024.
Chief Executive Officer Mike Hodgson said: "We look forward to the rest of 2024, as the increasing gold price and solid first quarter has provided a good platform for us to build on. Coringa is turning out to be an excellent asset, while Palito remains a steady producer. We look forward to the final permitting of Coringa to reach a positive conclusion, and once the rains subside, to seeing the exploration drills turning again."
By Sabrina Penty, Alliance News reporter
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Serabi (SRB)