Serabi Gold advances its Coringa project

Serabi Gold reported operating progress at its Coringa project in Brazil’s Pará state, allowing it to fully commission the classification plant and start focusing on the next phase.

“The plant will be instrumental in achieving phase 1 of our growth strategy, which is to raise our annual production profile to 60,000oz by 2026,” CEO Mike Hodgson said in a statement.

"We can now direct our attention to phase 2, which is to grow our resource at both Palito and Coringa, and ultimately support an annual production profile of +100,000oz," Hodgson said.

"An expected year-end cash position to exceed US$21mn and in conjunction with our expected free cash flow generation, will allow us, for the first time in a number of years, to fund an extensive brownfield exploration program to significantly grow the resource at Coringa and Palito, rather than simply replenishing our depleted ounces," he added.

Serabi’s US$8mn exploration program involves up to 30,000m of drilling in 2025.