G Mining Ventures (TSX: GMIN) has posted financial results for its first full quarter of commercial production. The results follow their Tocantinzinho mine going into production in September 2024.
The fourth quarter saw G Mining post revenue of $102.3 million, which is off the back of the sale of 39,938 ounces of gold at an average realized price of $2,560 an ounce.
Income from mining operations totaled $62.8 million, leading to positive net income of $47.6 million, or $0.21 per share. On an adjusted basis, net income rose to $58.0 million, or $0.26 per share. Adjusted EBITDA totaled $77.9 million, while free cash flow totaled $53.0 million for the fourth quarter.
For the full fiscal year, revenue totaled $145.3 million which follows the sale of 57,082 ounces of gold at an average realized price of $2,545 an ounce. Net income totaled $62.0 million, or $0.38 per share. On an adjusted basis net income came in at $71.1 million, or $0.44 per share, while adjusted EBITDA totaled $99.6 million.
For the full fiscal year, free cash flow came in at $34.9 million. Cash and cash equivalents as of year end stood at $141.2 million.
In terms of operations, the fourth quarter saw 40,147 ounces of gold produced at total cash costs of $577 an ounce. All in sustaining costs for the quarter totaled just $862 an ounce, one of the lowest levels in the industry. For the full year, G Mining produced 63,566 ounces of gold at cash costs of $668 an ounce, while all in sustaining costs came in at $972 an ounce.
“With just four months of commercial production, TZ is already generating significant free cash flow, giving us the financial flexibility to fund our next phase of growth. The acquisition of Oko West, recognized as one of the top undeveloped gold projects globally, positions us to surpass 500,000 ounces of annual production,” commented Louis-Pierre Gignac, CEO of G Mining Ventures.
In terms of guidance, G Mining in 2025 is calling for gold production of 175,000 to 200,000 ounces at cash costs between $590 and $655 an ounce. All in sustaining costs are expected to come in between $995 and $1,125 an ounce. Sustaining capital expenditures are meanwhile forecasted to be between $60 to $70 million, while non-sustaining capital expenditures are slated to be between $219 and $261 million.
G Mining Ventures last traded at $18.15 on the TSX.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
