08:23 AM EST, 11/28/2024 (MT Newswires) -- Serabi Gold ( SRBIF ) was up 5.9% in London trading after the company on Thursday said it swung to a third-quarter profit on revenue gains as gold prices rose.

The Brazilian gold producer said it earned US$8.62 million, or US$0.11 per share, in the period, up from a year-prior loss of US$0.36 million, or nil.

Revenue rose 59% to US$27.63 million from US$17.37 million, as its average gold price rose 28% to US$2,478 per ounce.

The company said construction of its Coringa mine in Brazil's Para state is nearly complete, with commissioning of the ore sorter and crushing plant nearly done and ore processing underway.

"During the remainder of the fourth quarter in addition to passing run of mine ore extracted from Coringa, the company will also be processing some of the lower grade material that has been stockpiled at Coringa providing an additional boost to gold production in the remainder of the fourth quarter," the company said.

Serabi shares were last seen up 5.25 pence to 94.25 pence in London trade. They closed up $0.06 to $1.59 Wednesday on the Toronto Stock Exchange.