REG-Unaudited interim results for the three-and six-month periods ended 30 June 2025
Yesterday 06:30
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Unaudited interim results for the three-and six-month periods ended 30 June
2025
Serabi (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and
development company, is pleased to release its unaudited interim results for
the three and six-month periods ended 30 June 2025 (all currency amounts are
expressed in US Dollars unless otherwise stated).
HIGHLIGHTS
* Gold production for the first half of 2025 of 20,545 ounces (corresponding
six-month period of 2024: 18,010 ounces).
* Cash held at 30 June 2025 of $30.4 million (31 December 2024: $22.2
million).
* EBITDA for the six-month period of $26.3 million (corresponding six-month
period of 2024: $13.0 million).
* Post-tax profit for the six-month period of $18.9 million (corresponding
six-month period of 2024: $9.2 million).
* Profit per share of 24.99 cents (corresponding six-month period of 2024:
12.18 cents).
* Net cash inflow from operations for the six-month period (after mine
development expenditure of $2.7 million) of $19.2 million (corresponding
six-month period of 2024: $6.6 million inflow, after mine development
expenditure of $3.0 million).
* Average gold price of $3,093 per ounce received on gold sales during the
six-month period (corresponding six-month period of 2024: $2,209).
* Cash Cost for the six-month period to 30 June 2025 of $1,379 per ounce
(corresponding six-month period of 2024: $1,401 per ounce).
* All-In Sustaining Cost for the six-month period to 30 June 2025 of $1,792
per ounce (corresponding six-month period of 2024: $1,782 per ounce).
The full interim statements together with commentary can be accessed on the
Company’s website using the following LINK
(https://www.globenewswire.com/Tracker?data=1doMGyvCDAeRQXu9A24oqofoJew210NmZAPKVtJnHRkc0UZ8gYXEwazg_aYUrisbAuflHO7iQyrB_4a355CHsXLb0Befn11eIknfDbCk9-JlfRnRwG6-f9KUt0yTYDzM9_Sba-tGvF2pgHy7FhOWkEfyLxP0id5VymBdtAuOxkY=).
Colm Howlin, CFO, Commented
“This has been an exceptional period of financial performance. Gold
production for the first half of 2025 totaled 20,545 ounces, representing a 14
per cent increase on the same period in 2024. This robust operational
performance, combined with an average realised gold price of $3,093 per ounce,
drove EBITDA to $26.3 million for the period – more than double the $13.0
million reported in the first half of 2024.
The Company ended the period with a cash balance of $30.4 million, up
significantly from $22.2 million at the end of 2024. This reflects strong cash
generation from operations and our continued discipline in capital deployment.
Net cash inflow from operations, after mine development expenditure of $2.7
million, was $19.2 million compared with $6.6 million in the same period of
2024. With exploration activity accelerating and a 30,000-metre drill
programme underway across both Palito Complex and Coringa, the Company is
positioning itself for future resource growth and long-term value creation.
While mine development expenditure has increased year-on-year, the investment
continues to underpin our growth and expansion plans. All-In Sustaining Costs
(AISC) for the period were $1,792 per ounce, reflecting both inflationary
pressures and the increased development activity. Nevertheless, the Company
continues to deliver strong margins, underpinned by the high gold price
environment and improved production profile.
A post-tax profit of $18.9 million for the period – up from $9.2 million in
2024 – translated into earnings of 24.99 cents per share, compared to 12.18
cents for the same six-month period last year. These results underscore the
strength of Serabi’s operations and the positive momentum as we advance
through 2025.”
Overview of the financial results
In the first half of 2025, the Group has reported revenue and operating costs
related to the sale of 20,215 ounces in the period (20,545 ounces produced).
This compares to sales reported of only 18,535 ounces in the first half of
2024. Reported revenues and costs reflect the ounces sold in each period and
as a result total costs for the six-month period are higher than for the
corresponding period of 2024.
On 7 January 2024, the Group completed a $5.0 million unsecured loan
arrangement with Brazilian bank Itau which carried a fixed interest coupon of
8.47 per cent. The loan was repaid as a bullet payment on 6 January 2025. On
22 January 2025, the Group completed a further $5.0 million unsecured loan
arrangement with a different Brazilian bank (Santander) which carries a fixed
interest coupon of 6.16 per cent. This loan is repayable on 16 January 2026.
The ore sorter at Coringa has now been operational for six months and has
performed exceptionally during this period. Benefiting from favourable
economics, the ore sorter has been utilised to process low-grade ore that had
been stockpiled since the commencement of operations at the mine, while
higher-grade ROM has continued to be transported directly to the Palito
Complex plant. As a result of this approach, gold production from Coringa is
expected to exceed the original plan for the year.
Key Financial Information
SUMMARY FINANCIAL STATISTICS FOR THE THREE-AND SIX MONTHS ENDING 30 JUNE 2025
6 months to 30 June 2025 US$ (unaudited) 6 months to 30 June 2024 US$ (unaudited) 3 months to 30 June 2025 US$ (unaudited) 3 months to 30 June 2024 US$ (unaudited)
Revenue 62,527,643 42,664,607 34,934,280 22,418,207
Cost of sales (30,531,839) (25,680,069) (17,393,674) (12,123,470)
Gross operating profit 31,995,804 16,984,538 17,540,606 10,294,737
Administration and share based payments (5,660,536) (4,009,000) (3,654,091) (2,024,010)
EBITDA 26,335,268 12,975,538 13,886,515 8,270,727
Depreciation and amortisation charges (3,679,555) (2,240,806) (1,844,782) (1,194,245)
Operating profit before finance and tax 22,655,713 10,734,732 12,041,733 7,076,482
Profit after tax 18,928,951 9,221,834 10,159,192 5,584,271
Earnings per ordinary share (basic) 24.99c 12.18c 13.41c 7.37c
Average gold price received (US$/oz) US$3,093 US$2,209 US$3,303 US$2,339
As at 30 June 2025 US$ (unaudited) As at 31 December 2024 US$ (audited)
Cash and cash equivalents 30,432,470 22,183,049
Net funds (after finance debt obligations) 25,103,094 16,341,245
Net assets 135,144,660 104,181,654
Cash Cost and All-In Sustaining Cost (“AISC”)
6 months to 30 June 2025 6 months to 30 June 2024 12 months to 31 December 2024
Gold production for cash cost and AISC purposes 20,545 ozs 18,010 ozs 37,520 ozs
Total Cash Cost of production (per ounce) US$1,379 US$1,401 US$1,326
Total AISC of production (per ounce) US$1,792 US$1,782 US$1,700
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018.
The person who arranged for the release of this announcement on behalf of the
Company was Andrew Khov, Vice President, Investor Relations & Business
Development.
Enquiries
Michael Hodgson t +44 (0)20 7246 6830
Chief Executive m +44 (0)7799 473621
Colm Howlin
Chief Financial Officer m +353 89 6078171
Andrew Khov m +1 647 885 4874
Vice President, Investor Relations &
Business Development
e contact@serabigold.com
www.serabigold.com
BEAUMONT CORNISH Limited
Nominated Adviser & Financial Adviser
Roland Cornish / Michael Cornish t +44 (0)20 7628 3396
PEEL HUNT LLP
Joint UK Broker
Ross Allister / Georgia Langoulant t +44 (0)20 7418 9000
TAMESIS PARTNERS LLP
Joint UK Broker
Charlie Bendon/ Richard Greenfield t +44 (0)20 3882 2868
CAMARCO
Financial PR - Europe
Gordon Poole / Emily Hall t +44 (0)20 3757 4980
Copies of this announcement are available from the Company's website at
www.serabigold.com.
Forward-looking statements
Certain statements in this announcement are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ‘‘believe’’, ‘‘could’’, “should”
‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’,
‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those,
variations or comparable expressions, including references to assumptions.
These forward-looking statements are not based on historical facts but rather
on the Directors’ current expectations and assumptions regarding the
Company’s future growth, results of operations, performance, future capital
and other expenditures (including the amount, nature and sources of funding
thereof), competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors’ current beliefs and
assumptions and are based on information currently available to the Directors.
A number of factors could cause actual results to differ materially from the
results discussed in the forward-looking statements including risks associated
with vulnerability to general economic and business conditions, competition,
environmental and other regulatory changes, actions by governmental
authorities, the availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which are beyond
the control of the Company. Although any forward-looking statements contained
in this announcement are based upon what the Directors believe to be
reasonable assumptions, the Company cannot assure investors that actual
results will be consistent with such forward looking statements.
Qualified Persons Statement
The scientific and technical information contained within this announcement
has been reviewed and approved by Michael Hodgson, a Director of the Company.
Mr Hodgson is an Economic Geologist by training with over 35 years' experience
in the mining industry. He holds a BSc (Hons) Geology, University of London, a
MSc Mining Geology, University of Leicester and is a Fellow of the Institute
of Materials, Minerals and Mining and a Chartered Engineer of the Engineering
Council of UK, recognizing him as both a Qualified Person for the purposes of
Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and
Oil & Gas Companies dated June 2009.
Notice
Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred herein. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else in relation
to the matters described in this announcement and is not advising any other
person and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of this
announcement or any matter referred to in it.
Neither the Toronto Stock Exchange, nor any other securities regulatory
authority, has approved or disapproved of the contents of this news release.
See www.serabigold.com for more information and follow us on twitter
@Serabi_Gold
The following information, comprising, the Income Statement, the Group Balance
Sheet, Group Statement of Changes in Shareholders’ Equity, and Group Cash
Flow, is extracted from the unaudited interim financial statements for the
three and six months to 30 June 2025.
Statement of Comprehensive Income
For the three and six-month periods ended 30 June 2025.
For the six months ended For the three months ended
30 June 2025 30 June 2024 30 June 2025 30 June 2024
(expressed in US$) Notes (unaudited) (unaudited) (unaudited) (unaudited)
CONTINUING OPERATIONS
Revenue 62,527,643 42,664,607 34,934,280 22,418,207
Cost of sales (30,531,839) (25,680,069) (17,393,674) (12,123,470)
Depreciation and amortisation charges (3,679,555) (2,240,806) (1,844,782) (1,194,245)
Total cost of sales (34,211,394) (27,920,875) (19,238,456) (13,317,715)
Gross profit 28,316,249 14,743,732 15,695,824 9,100,492
Administration expenses (5,544,617) (3,805,431) (3,566,378) (1,862,691)
Share-based payments (204,028) (118,892) (136,314) (65,009)
Gain on asset disposals 88,109 (84,677) 48,601 (96,310)
Operating profit 22,655,713 10,734,732 12,041,733 7,076,482
Other income – exploration receipts 2 — 351,186 — 11,332
Other expenses – exploration expenses 2 — (317,746) — (5,228)
Foreign exchange (loss)/gain 108,005 (820,356) 37,579 (785,790)
Finance expense 3 (228,469) (310,303) (117,495) (135,698)
Finance income 3 409,302 236,465 203,224 94,910
Profit before taxation 22,944,551 9,873,978 12,165,041 6,256,008
Income tax expense 4 (4,015,600) (652,144) (2,005,849) (671,737)
Profit after taxation 18,928,951 9,221,834 10,159,192 5,584,271
Other comprehensive income (net of tax)
Exchange differences on translating foreign operations 11,881,692 (8,182,714) 4,892,090 (6,401,786)
Total comprehensive profit / (loss) for the period ((1)) 30,810,643 1,039,120 15,051,282 (817,515)
Profit per ordinary share (basic) 5 24.99c 12.18c 13.41c 7.37c
Profit per ordinary share (diluted) 5 24.99c 12.18c 13.41c 7.37c
(1) The Group has no non-controlling interest and all profits are attributable
to the equity holders of the Parent Company
Balance Sheet as at 30 June 2025
(expressed in US$) As at 30 June 2025 (unaudited) As at 30 June 2024 (unaudited) As at 31 December 2024 (audited)
Non-current assets
Deferred exploration costs 25,104,242 18,952,915 18,839,836
Property, plant and equipment 66,974,329 52,438,422 53,593,723
Right of use assets 5,147,282 4,887,175 4,287,020
Taxes receivable 6,742,249 5,839,555 6,246,352
Deferred taxation 3,279,129 1,688,554 1,878,081
Total non-current assets 107,247,231 83,806,621 84,845,012
Current assets
Inventories 16,057,105 13,041,361 13,115,648
Trade and other receivables 3,208,992 3,402,714 2,533,450
Prepayments and accrued income 3,956,160 2,758,307 2,220,463
Cash and cash equivalents 30,432,470 12,041,017 22,183,049
Total current assets 53,654,727 31,243,399 40,052,610
Current liabilities
Trade and other payables 14,531,780 8,562,520 9,695,560
Interest bearing liabilities 5,329,376 5,943,236 5,841,804
Accruals 569,261 412,291 419,493
Total current liabilities 20,430,417 14,918,047 15,956,857
Net current assets 33,224,310 16,325,352 24,095,753
Total assets less current liabilities 140,471,541 100,131,973 108,940,765
Non-current liabilities
Trade and other payables 1,956,161 3,738,633 2,809,243
Provisions 3,170,488 2,282,580 1,839,916
Interest bearing liabilities 200,232 160,699 109,952
Total non-current liabilities 5,326,881 6,181,912 4,759,111
Net assets 135,144,660 93,950,061 104,181,654
Equity
Share capital 11,213,618 11,213,618 11,213,618
Share premium reserve 36,158,068 36,158,068 36,158,068
Option reserve 358,228 294,465 221,613
Other reserves 21,266,122 17,609,380 19,486,684
Translation reserve (66,578,073) (69,963,455) (78,459,765)
Retained surplus 132,726,697 98,637,985 115,561,436
Equity shareholders’ funds 135,144,660 93,950,061 104,181,654
Statements of Changes in Shareholders’ Equity
For the six-month period ended 30 June 2025
(expressed in US$)
(unaudited) Share capital Share premium Share option reserve Other reserves ((1)) Translation reserve Retained Earnings Total equity
Equity shareholders’ funds at 31 December 2023 11,213,618 36,158,068 175,573 15,960,006 (61,780,741) 91,065,525 92,792,049
Foreign currency adjustments — — — — (8,182,714) — (8,182,714)
Profit for the period — — — — — 9,221,834 9,221,834
Total comprehensive income for the period — — — — (8,182,714) 9,221,834 1,039,120
Transfer to taxation reserve — — — 1,649,374 — (1,649,374) —
Share incentives expired — — — — — — —
Share incentives expense — — 118,892 — — — 118,892
Equity shareholders’ funds at 30 June 2024 11,213,618 36,158,068 294,465 17,609,380 (69,963,455) 98,637,985 93,950,061
Foreign currency adjustments — — — — (8,496,310) — (8,496,310)
Profit for the period — — — — — 18,597,884 18,597,884
Total comprehensive income for the period — — — — (8,496,310) 18,597,884 10,101,574
Transfer to taxation reserve — — — 1,877,304 — (1,877,304) —
Share based incentives lapsed in period — — (202,871) — — 202,871 —
Share option expense — — 130,019 — — — 130,019
Equity shareholders’ funds at 31 December 2024 11,213,618 36,158,068 221,613 19,486,684 (78,459,765) 115,561,436 104,181,654
Foreign currency adjustments — — — — 11,881,692 — 11,881,692
Profit for the period — — — — — 18,928,951 18,928,951
Total comprehensive income for the period — — — — 11,881,692 18,928,951 30,810,643
Transfer to taxation reserve — — — 1,779,438 — (1,779,438) —
Share option expense — — 204,028 — — — 204,028
Share options settled in period — — (51,665) — — — (51,665)
Share based incentives lapsed in period — — (15,748) — — 15,748 —
Equity shareholders’ funds at 30 June 2025 11,213,618 36,158,068 358,228 21,266,122 (66,578,073) 132,726,697 135,144,660
(1) Other reserves comprise a merger reserve of US$361,461 and a taxation
reserve of US$20,904,661 (31 December 2023: merger reserve of US$361,461 and a
taxation reserve of US$19,125,223).
Condensed Consolidated Cash Flow Statement
For the three and six-month periods ended 30 June 2025
For the six months ended 30 June For the three months ended 30 June
2025 2024 2025 2024
(expressed in US$) (unaudited) (unaudited) (unaudited) (unaudited)
Operating activities
Post tax profit for period 18,928,951 9,221,834 10,159,192 5,584,271
Depreciation – plant, equipment and mining properties 3,679,555 2,240,806 1,844,782 1,194,245
Net financial expense/(income) (288,838) 860,754 (123,308) 793,138
Provision for taxation 4,015,600 652,144 2,005,849 671,737
Gain / (loss) on disposals (88,109) 84,677 (48,601) 96,310
Share-based payments 204,028 118,892 136,314 65,009
Taxation paid (5,468,999) (441,698) (3,537,248) (426,344)
Interest paid (413,385) (29,508) (32,615) 362,760
Foreign exchange (loss) / gain 358,096 (52,284) 175,709 (120,031)
Changes in working capital
(Increase)/decrease in inventories (1,685,070) (1,267,362) 222,592 (12,077)
(Increase)decrease in receivables, prepayments and accrued income (1,289,565) (2,240,736) (218,201) (1,482,794)
Increase in payables, accruals and provisions 3,909,253 404,803 1,057,215 925,657
Net cash inflow from operations 21,861,517 9,552,322 11,641,680 7,651,881
Investing activities
Purchase of property, plant and equipment and assets in construction (3,721,220) (4,011,890) (2,120,071) (3,572,905)
Mine development expenditure (2,729,530) (2,936,169) (1,103,316) (1,346,542)
Geological exploration expenditure (3,792,747) (913,456) (2,267,239) (763,872)
Pre-operational project costs (4,162,587) (472,684) (2,626,734) (472,684)
Proceeds from sale of assets 96,760 52,481 49,508 40,573
Interest Received 409,302 229,633 203,224 94,910
Net cash outflow on investing activities (13,900,022) (8,052,085) (7,866,884) (6,020,520)
Financing activities
Receipt of short-term loan 5,000,000 5,000,000 — —
Repayment of short-term loan (5,153,577) (5,000,000) — —
Payment of finance lease liabilities (240,467) (498,450) (98,813) (243,205)
Net cash (outflow)/inflow from financing activities (394,044) (498,450) (98,813) (243,205)
Net increase/(decrease) in cash and cash equivalents 7,567,451 1,001,787 3,675,983 1,388,156
Cash and cash equivalents at beginning of period 22,183,049 11,552,031 26,504,939 11,056,317
Exchange difference on cash 681,970 (512,801) 251,548 (403,456)
Cash and cash equivalents at end of period 30,432,470 12,041,017 30,432,470 12,041,017
Notes
1. Basis of preparation
1. Basis of preparation
These interim condensed consolidated financial statements are for the three
and six-month periods ended 30 June 2025. Comparative information has been
provided for the unaudited three and six-month periods ended 30 June 2024 and,
where applicable, the audited twelve-month period from 1 January 2024 to 31
December 2024. These condensed consolidated financial statements do not
include all the disclosures that would otherwise be required in a complete set
of financial statements and should be read in conjunction with the 2024 annual
report.
The condensed consolidated financial statements for the periods have been
prepared in accordance with International Accounting Standard 34 “Interim
Financial Reporting” and the accounting policies are consistent with those
of the annual financial statements for the year ended 31 December 2024 and
those envisaged for the financial statements for the year ending 31 December
2025.
The interim financial information has not been audited and does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. Whilst
the financial information included in this announcement has been compiled in
accordance with International Financial Reporting Standards (“IFRS”) this
announcement itself does not contain sufficient financial information to
comply with IFRS. The Group statutory accounts for the year ended 31 December
2024 prepared in accordance with international accounting standards in
conformity with the requirements of the Companies Act 2006 have been filed
with the Registrar of Companies. The auditor’s report on these accounts was
unqualified. The auditor’s report did not contain a statement under Section
498 (2) or 498 (3) of the Companies Act 2006.
Accounting standards, amendments and interpretations effective in 2025
The Group has not adopted any standards or amendments in advance of their
effective date. The following new amendment has been issued by the IASB and is
effective for annual periods beginning on or after 1 January 2025:
Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates:
Lack of Exchangeability
The amendments provide guidance for determining the spot exchange rate when
exchangeability between two currencies is lacking. They clarify when a
currency is considered exchangeable and introduce a methodology for estimating
an appropriate exchange rate when necessary. The Group does not expect a
material impact on its financial statements from these amendments.
No other standards or amendments are expected to be effective in 2025.
Certain new accounting standards and interpretations have been published that
are not mandatory for the current period and have not been early adopted.
These standards are not expected to have a material impact on the Company’s
current or future reporting periods.
These financial statements do not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006.
(i) Going concern
At 30 June 2025 the Group held cash of US$30.4 million which represents an
increase of US$8.2 million compared to 31 December 2024.
On 7 January 2024, the Group completed a US$5.0 million unsecured loan
arrangement with Brazilian bank Itau which carried a fixed interest coupon of
8.47 per cent. The loan was repaid as a bullet payment on 6 January 2025. On
22 January 2025, the Group completed a further US$5.0 million unsecured loan
arrangement with a different Brazilian bank (Santander) which carries a fixed
interest coupon of 6.16 per cent. This loan is repayable on 16 January 2026.
Management prepares, for Board review, regular updates of its operational
plans and cash flow forecasts based on their best judgement of the expected
operational performance of the Group and using economic assumptions that the
Directors consider are reasonable in the current global economic climate. The
current plans assume that during 2025 the Group will continue gold production
from its Palito Complex operation as well as increase production from the
Coringa mine and will be able to increase gold production to exceed the levels
of 2024.
The Directors will limit the Group’s discretionary expenditures, when
necessary, to manage the Group’s liquidity.
The Directors acknowledge that the Group remains subject to operational and
economic risks and any unplanned interruption or reduction in gold production
or unforeseen changes in economic assumptions may adversely affect the level
of free cash flow that the Group can generate on a monthly basis. The
Directors have a reasonable expectation that, after taking into account
reasonably possible changes in trading performance, and the current
macroeconomic situation, the Group has adequate resources to continue in
operational existence for the foreseeable future. Thus, they continue to adopt
the going concern basis of accounting in preparing the Financial Statements.
2. Other Income and Expenses
Under the copper exploration alliance with Vale announced on 10 May 2024, the
related exploration activities undertaken by the Group under the management of
a working committee (comprising representatives from Vale and Serabi), were
funded in their entirety by Vale during Phase 1 of the programme. Following
the completion of Phase 1, Vale advised the Group, in April 2024, that it did
not wish to continue the exploration alliance.
Exploration and development of copper deposits is not the core activity of the
Group and further funding beyond the Phase 1 commitment would be required
before a judgment could be made as to a project being commercially viable.
There is a significant cost involved in developing new copper deposits and it
is unlikely that, without the financial support of a partner, the Group would
independently seek to develop a copper project in preference to any of its
existing gold projects and discoveries. As a result, both the funding received
from Vale and the related exploration expenditures has been recognised through
the income statement. As this is not a principal business activity of the
Group these receipts and expenditures are classified as other income and other
expenses.
3. Finance expense and income
6 months ended 30 June 2025 (unaudited) 6 months ended 30 June 2024 (unaudited) 3 months ended 30 June 2025 (unaudited) 3 months ended 30 June 2024 (unaudited)
US$ US$ US$ US$
Interest expense on short term loan (160,593) (242,077) (81,582) (100,430)
Interest expense on trade finance (41,418) (32,213) (23,742) (13,291)
Interest expense on finance leases (26,458) (36,013) (12,171) (21,977)
Total Financial expense (228,469) (310,303) (117,495) (135,698)
Interest Income 409,302 229,633 203,224 94,910
Realised gain on hedging derivatives — 6,832 — —
Total Financial income 409,302 236,465 203,224 94,910
Net finance (expense) / income 180,833 (73,838) 85,729 (40,788)
4. Taxation
The Group has recognised a deferred tax asset to the extent that the Group has
reasonable certainty as to the level and timing of future profits that might
be generated and against which the asset may be recovered. The deferred tax
liability arising on unrealised exchange gains has been eliminated in the
three-month period to 30 June 2025 reflecting the stronger Brazilian Real
exchange rate at the end of the period and resulting in deferred tax income of
US$1,054,859 (six months to 30 June 2024 – income of US$796,454).
The Group has also incurred a tax charge in Brazil for the six-month period of
US$5,070,459 (six months to 30 June 2024 tax charge - US$1,448,598).
5. Earnings per Share
6 months ended 30 June 2025 (unaudited) 6 months ended 30 June 2024 (unaudited) 3 months ended 30 June 2025 (unaudited) 3 months ended 30 June 2024 (unaudited)
Profit attributable to ordinary shareholders (US$) 18,928,951 9,221,834 10,159,192 5,584,271
Weighted average ordinary shares in issue 75,734,551 75,734,551 75,734,551 75,734,551
Basic profit per share (US cents) 24.99c 12.18c 13.41c 7.37c
Diluted ordinary shares in issue ((1)) 75,734,551 75,734,551 75,734,551 75,734,551
Diluted profit per share (US cents) 24.99c 12.18c 13.41c 7.37c
(1) At 30 June 2025 there were 2,728,049 conditional share awards in issue (30
June 2024 – 2,814,541). These are subject to performance conditions which
may or not be fulfilled in full or in part. These CSAs have not been included
in the calculation of the diluted earnings per share.
6. Post balance sheet events
There has been no item, transaction or event of a material or unusual nature
likely, in the opinion of the Directors of the Company to affect significantly
the continuing operation of the entity, the results of these operations, or
the state of affairs of the entity in future financial periodsRecent news on Serabi Gold
See all newsREG-Unaudited interim results for the three-and six-month periods ended 30 June 2025
AnnouncementREG-Holding(s) in Company
AnnouncementREG-Increases Total Mineral Inventory: Provides Results of Updated Mineral Resource and Reserves
AnnouncementREG-Holding(s) in Company
AnnouncementREG-Q2-2025 Production Results and Operational Highlights
Announcement