Serabi Gold, a gold mining company with operations in Brazil, reported $100.1 million in revenue for the first half of 2026, representing an increase of approximately 60% from $62.5 million during the corresponding period in 2025. The company also reported $30.1 million in net profit, compared with $18.9 million a year earlier, supported by higher gold production, increased sales volumes, and substantially higher realized gold prices.
For the six months ended June 30, 2026, Serabi generated $50.3 million in gross profit, compared with $28.3 million during the first half of 2025. Operating profit increased to $40 million from $22.7 million, while profit before taxation rose to $40.6 million from $22.9 million.
Basic and diluted earnings per share increased to 39.71 cents, compared with 24.99 cents during the prior-year period.
The company’s financial performance reflected a combination of increased production from its Brazilian mining operations and favorable gold prices.
Serabi produced 23,049 ounces of gold during the first half of 2026, an increase of approximately 12% from 20,545 ounces during the corresponding period in 2025. Gold sales increased to 21,348 ounces from 20,215 ounces, representing growth of approximately 6%.
The company mined approximately 114,058 tonnes of ore, compared with 96,956 tonnes a year earlier, representing an 18% increase. The amount of material processed through its milling operations also increased by 12% to 111,708 tonnes.
These production gains were supported by Serabi’s operations at Palito, Coringa, and São Chico, with ore processed through the Palito Complex.
The increase in production coincided with a substantial rise in realized gold prices.
Serabi achieved an average gold sales price of $4,687 per ounce during the first half of 2026, compared with $3,093 per ounce during the corresponding period in 2025. The approximately 52% increase in realized prices contributed significantly to the company’s revenue and profitability growth.
Gold bullion represented the largest component of revenue, generating $77.1 million, compared with $44.1 million a year earlier. Revenue from concentrate sales reached $22.9 million, compared with $18.4 million during the first half of 2025.
Within its concentrate sales, the company generated approximately $21.7 million from gold, $1.1 million from copper, and $154,000 from silver.
Although revenue and profitability increased, Serabi also experienced higher operating costs as it expanded production.
Operational costs increased to $43.6 million from $29.1 million, reflecting higher expenditures on labor, mining consumables, maintenance, plant operations, and site infrastructure.
Labor expenses rose to approximately $17.5 million, while mining consumables and maintenance costs increased to $13.6 million.
The company attributed the higher expenditures partly to increased mining activity, higher diesel consumption for power generation, processing consumables, and additional maintenance requirements. The strengthening of the Brazilian real against the U.S. dollar also affected reported costs.
For the second quarter alone, Serabi generated $49.5 million in revenue, compared with $34.9 million during the corresponding quarter in 2025.
Quarterly gross profit increased to $20.2 million from $15.7 million, while operating profit rose to $12.9 million from $12 million. Net profit was $9.1 million, compared with $10.2 million in the prior-year quarter, reflecting higher costs and taxation.
Serabi’s improved first-half operating performance also strengthened its liquidity position.
The company generated $40.1 million in net cash from operating activities, compared with $21.9 million during the first half of 2025. Its cash and cash equivalents increased to $65.7 million as of June 30, 2026, compared with $49.2 million at the end of 2025.
The company continued investing in its mining assets, spending approximately $18.8 million on investing activities during the first half, including equipment purchases, mine development, geological exploration, and pre-operational project expenditures.
Serabi also repaid a $5.3 million short-term working capital loan from Banco Santander in January 2026, reducing its bank financing obligations.
At June 30, 2026, the company’s net assets stood at $206.5 million, compared with $169.7 million at the end of December 2025.
The combination of higher gold production, stronger realized prices, and increased operating cash flow has provided Serabi with additional financial resources to support its existing mining operations and ongoing development activities in Brazil.
