06:50 AM EDT, 10/21/2024 (MT Newswires) -- Serabi Gold ( SRBIF ) , the Brazilian-focused gold mining and development company, on Monday reported third-quarter production of 9,489 ounces of gold, up from 8,738 ounces of gold in the same quarter last year.

The company mined 58,862 tonnes of ore at 5.48 grams per tonne (g/t) gold grade, compared with 44,744 tonnes of ore at 6.64 g/t gold grade.

Ore milled amounted to 54,579 tonnes at 5.59 g/t gold grade, compared with 43,092 tonnes at 6.72 gold grade.

Serabi reiterated full-year 2024 consolidated gold production guidance of 38,000 to 40,000 ounces.

The company also released results of the updated pre-economic assessment (PEA) for its Coringa gold operation in Brazil.

Highlights of the PEA include annual production of 28,000 ounces in 2025, ramping up to 36,000 ounces per year between 2026 and 2031 with an 11-year mine life until 2034 at an average life of mine all-in sustaining cost of US$1,241 per ounce.

After-tax net present value, discounted at 10%, was US$145 million with average life of mine annual free cash flow of US$19 million using a long-term gold price of US$2,100 per ounce.

"We are tracking well towards guidance, and with the classification plant progressing according to plan at Coringa, we remain very optimistic for the remainder of the year," said Serabi CEO Mike Hodgson.

Serabi Gold's ( SRBIF ) share price at last look gained 4.7% to 90 pence in London trading on Monday.