G Mining Ventures (TSX: GMIN) turned Tocantinzinho’s first full commercial year into a sharp earnings and cash flow step-up in 2025, logging in a quarterly revenue of $191.3 million in Q4 2025 from $102.3 million in Q4 2024 and full-year revenue of $580.7 million from $145.3 million in 2024.
The bump is seen on the increase of gold ounces sold in Q4 2025 at 47,457 ounces from 39,938 ounces last year, further driven by realized gold prices rising to $4,032 per ounce from $2,560 per ounce.
Net income for the quarter then rose to $91.0 million from $15.2 million last year, with full-year figures clearly showing the jump at $287.9 million from $29.6 million in 2024.
On an adjusted basis, net income in Q4 2025 increased to $97.7 million (or $0.43 earnings per share) from $36.9 million, while 2025 net income was at $283.3 million from $50.0 million.
Adjusted EBITDA this quarter also nearly doubled to $135.6 million versus $77.9 million last year.
Operating cash flow for the quarter was $96.0 million versus $43.4 million a year earlier, operating cash flow before working capital was $122.1 million versus $73.2 million, and free cash flow reached $79.7 million versus $36.0 million.
Sustaining capital expenditures were $52.7 million in 2025, up from $10.5 million in 2024, while growth capital reached $219.3 million from zero. That included $203.5 million on Oko West project development, $15.8 million in total exploration, and smaller allocations to TZ, Oko West, and Gurupi drilling.
However, cash and equivalents ended 2025 at $134.5 million, down from $141.2 million at year-end 2024, though management said cash increased by $40.0 million from the prior quarter.
On operations, Tocantinzinho produced 171,871 ounces in full year 2025 versus 63,566 ounces in 2024. However, this missed the guidance of 175,000 to 200,000 ounces, with management saying the shortfall was mainly due to a slower-than-expected ramp-up early in the year and lower processed head grades.
Full-year total cash costs rose to $748 per ounce from $668 per ounce, above the top end of guidance, while AISC increased to $1,155 per ounce from $972 per ounce and stayed within guidance. Management attributed the increase to higher royalty expense, including about $27 per ounce from royalties tied to higher gold prices and another $27 per ounce from the new State of Para production tax.
Guidance points to Tocantinzinho production at 160,000 to 190,000 ounces in 2026 and 200,000 to 235,000 ounces in 2027. Total cash costs are guided to jump in 2026 to $736 to $865 per ounce and AISC up to $1,230 to $1,444 per ounce, before falling sharply in 2027 to $633 to $743 per ounce and $977 to $1,146 per ounce, respectively.
Total 2026 non-sustaining capital expenditures are projected at $556.0 million to $618.0 million, driven by Oko West development of $514.0 million to $568.0 million. Management says Oko West’s first gold pour is targeted in Q4 2027.
G Mining Ventures last traded at $43.53 on the TSX.
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