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Brazil-focused miner Serabi Gold has reported third quarter and year-to-date results were boosted by the higher gold price and currency weakness, while lower production was as a result of the pandemic.
In its unaudited results for the three and nine month periods ended 30 September 2020, it announced EBITDA for the third quarter of US$6.3 million, up 36% on the $4.6 million in the third quarter of 2019.
EBITDA for the year to date was $15.7 million, an improvement of 28%, while the company saw post-tax profit for the year to date up 175% to $7.8 million.
Serabi Gold said an average gold price of $1,707 was received on gold sales in 2020.
It reported third quarter gold production of 7,224 ounces, resulting in 24,748 ounces for the first nine months of the year to 30 September 2020 as production was hit by the pandemic.
The company has forecast fourth quarter production of approximately 8,000 ounces, resulting in full-year production of approximately 33,000 ounces.
Serabi Gold CFO Clive Line said: 'Notwithstanding the lower than hoped for production for the third quarter, the strong gold price has meant that the results for the third quarter of 2020 have shown a slight improvement compared with second quarter which itself was one of our best ever quarters.'
He added: 'The financial performance has been assisted by the strong gold price and the continued weakness of the Brazilian Real with the average gold price for the third quarter of approximately US$1,908.'
At 9:11am: (LON:SRB) Serabi Mining PLC share price was +0.5p at 86p