- Business
- Serabi Gold plc (AIM: SRB, TSX: SBI, OTCQX: SRBIF) is a UK-based gold producer focused on the evaluation, exploration, development and production of gold and copper deposits in the Tapajós mineral province of Pará State, northern Brazil. The company operates the Palito Complex, an underground mine employing selective open stoping with conventional flotation and CIP processing that has delivered continuous production since 2012; and the Coringa Gold Project, featuring underground mining, ore sorting technology for grade enhancement, and dry stacking tailings; supplemented by an extensive 84,000-hectare exploration portfolio targeting additional high-grade vein systems and porphyry deposits such as São Domingos and Matilda. Serabi serves gold markets through doré production, with current output of approximately 38,000-40,000 ounces annually from high-grade ores averaging 6-7 g/t at Palito and improved grades via ore sorting at Coringa, where feed grades rise from 5 g/t to 15 g/t; it maintains minimal environmental impact via underground operations and employs over 850 personnel, with 70% sourced locally. Incorporated in 2004 and headquartered at The Long Barn, Cobham, United Kingdom, the company changed its name from Serabi Mining plc in October 2011. Recent developments include the December 2024 commissioning of Coringa's classification and ore sorting plant following first gold pour in May 2024, enabling Phase 1 production growth to 60,000 ounces annually by 2026 with modest $15 million capital outlay largely self-funded by operations; management transition with Clive Line's retirement as CFO effective December 31, 2024 succeeded by Colm Howlin and appointment of Marcus Brewster as COO; a $9 million 2025 brownfield exploration program with 30,000 meters of drilling to expand combined resources from 711,000 ounces toward 1.5-2.0 million ounces supporting Phase 2 growth to 100,000+ ounces; record Q2 2025 production of 10,532 ounces; and strengthened balance sheet with $30.4 million cash as of June 2025, no long-term debt, and net cash of $24.6 million.