Serabi Gold (AIM:SRB, TSX:SBI) CFO Clive Line hailed a "rewarding quarter of financial performance” as the Brazil-focused gold junior saw a more than doubling in profits on the back of enhanced production.
Output grew to 9,007 ounces of the yellow metal in the three months ended March 31, up from 8,055 at the same point last year, while underlying earnings grew 103% to $4.7 million.
It exited the period with $11.1 million in the banks after incurring mine development costs of $1.6 million.
"The cash position remained steady, reflecting the continued investment in development and ramp up of Coringa and ongoing mine development at Palito," said Line.
As well as the Coringa and Palito assets, Serabi owns 84,000 hectares in the Tapajós Gold Province of Brazil which is ripe for exploration.
Its strategy is to double production to 60,000 ounces of gold by the end of next year and to become a 100-200,000 ounce producer within three to five years via exploration and M&A.