Serabi Gold PLC on Tuesday said it delivered its highest quarterly production of the year in the third quarter.

The Brazil-focused gold mining and development company reported gold production of 8,738 ounces in the third quarter of 2023, up 2.6% from 8,518 in the second quarter and 8,005 in the first.

It mined 44,744 tonnes of ore in the third quarter, up 9.1% from 41,022 in the second. The ore was mined at an average gold grade of 6.64 grams per tonne, however, down from an average grade of 6.94 grams in the second quarter.

Serabi milled 43,092 tonnes of ore, up 4.8% quarter-on-quarter from 41,116 tonnes. The ore was milled at an average grade of 6.72 grams per tonne, compared to 6.84 grams in the second quarter.

Chief Executive Mike Hodgson said it was an ‘excellent’ third quarter and the best quarter of the year so far, putting the company on track to meet its annual production guidance of between 33,500 and 35,000 ounces.

‘Not only was it a good quarter for production, but our development rates also remained high, so critical for an underground operation, with approximately 3,000 metres of horizontal development reported,’ he said.

‘We remain sharply focussed on building to the future which we believe looks very bright, particularly the opportunity to unlock Coringa’s potential to deliver meaningful production and cash flow growth. This is coupled with our highly exciting exploration activities in the region. We look forward to providing further updates.’

Shares in Serabi Gold were up 0.9% at 35.30 pence on Tuesday morning in London.

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