Audited Results for the year ended 31 December 2024

Core Insights - Serabi Gold plc reported significant financial growth for the year ended December 31, 2024, with revenue increasing to $94.5 million, a 48% rise from $63.7 million in 2023, driven by higher gold production and prices [5][8] - The company achieved a post-tax profit of $27.8 million, marking a 321% increase from $6.6 million in the previous year, alongside an EBITDA of $35.9 million, up 160% year-on-year [5][8] - A new shareholder return policy was announced, targeting a return of 20% to 30% of free cash flow through dividends or buy-backs, reflecting the company's confidence in its financial position [5][18] Financial Performance - Revenue for the full year reached $94,536,392, compared to $63,707,468 in 2023, with a quarterly revenue of $24,245,751 for Q4 2024 [3][5] - The average gold price received increased to $2,407 per ounce, up 24% from $1,945 in 2023, contributing to the revenue growth [5][8] - Gold production for 2024 was 37,520 ounces, a 13% increase from 33,153 ounces in 2023 [5][8] Cost and Profitability - The cost of sales for 2024 was $50,710,007, leading to a gross operating profit of $43,826,385, compared to $20,292,729 in 2023 [3][5] - Cash costs per ounce were $1,326, slightly up from $1,300 in 2023, while the All-In Sustaining Cost (AISC) was $1,700 per ounce, compared to $1,635 in the previous year [6][5] - The company reported a net cash inflow from operations of $24.5 million after mine development expenditures of $6.3 million, significantly higher than $7.7 million in 2023 [5][7] Cash Position and Investments - Cash held at the end of 2024 was $22.2 million, nearly doubling from $11.6 million at the end of 2023, with net cash after liabilities at $16.2 million [5][10] - The company plans to utilize its cash effectively in 2025 to enhance shareholder value, with a focus on organic growth and potential M&A opportunities [10][18] - The first quarter of 2025 showed strong performance with gold production of 10,013 ounces and cash balances increasing to $26.5 million [11][10] Future Outlook - Serabi aims to increase gold production to between 44,000 and 47,000 ounces in 2025, with a long-term target of 60,000 ounces by 2026 and over 100,000 ounces thereafter [5][12] - The company is actively pursuing exploration programs at the Palito Complex and Coringa, which are expected to contribute to future production growth [12][18] - The renewal of the trial mining license and progress in permitting for Coringa are seen as critical steps in achieving production targets [13][12]