G Mining Ventures (TSX: GMIN) posted a 276% year-over-year jump in Q3 2025 revenue to $161.7 million from $43 million driven by record throughput, higher grades, stronger recoveries and lower unit costs at Tocantinzinho as gold prices also strengthened.
Gold sales rose to 49,119 ounces from 17,144 ounces a year earlier, and the average realized gold price reached $3,292 per ounce, up from $2,508 per ounce.
Cost of goods sold increased to $45.9 million from $18.4 million, leading to income from mining operations rising to $115.8 million from $24.6 million, lifting the mining margin to about 72% from 57% last year. The bottom line further benefited from a $15.5 million tax recovery related to the SUDAM incentive program, which cuts Tocantinzinho’s corporate tax rate to roughly 15.25% for a decade.
Net income then climbed 409% to $123.8 million from $24.3 million, or $0.54 earnings per share from $0.12. Adjusted EBITDA increased to $122.6 million from $25.7 million, and adjusted net income rose to $114.1 million from $17.1 million.
Operating cash flow reached $101.9 million, up from $1.7 million, while free cash flow swung to $95.8 million from a $1.5 million loss. Cash still declined quarter-over-quarter to $94.6 million from $156.1 million, largely due to heavy project spending and the $60 million deferred payment to Eldorado Gold.
Operationally, Tocantinzinho produced 46,360 ounces, nearly double the prior year’s output of 23,252 ounces, with plant throughput averaging 11,890 tpd versus 7,784 tpd. Recovery improved to 92.3% from 84.5%, and processed grade increased to 1.43 g/t from 1.20 g/t.
On the cost side, cash costs fell to $721 per ounce from $879 per ounce, while AISC dropped to $1,046 per ounce from $1,226 per ounce.
On the other hand, Oko West transitioned to full construction after quarter-end. The project secured its Final Environmental Permit and a board-approved construction decision backed by a $350 million revolving credit facility, expandable to $500 million.
The company reaffirmed its 2025 production guidance of 175,000–200,000 ounces at cash costs of $620–$685 per ounce and AISC of $1,025–$1,155 per ounce. Sustaining capital remains set at $60–$70 million, while non-sustaining capital of $223–$265 million—including $200–$240 million for Oko West—will require continued strong operating performance and disciplined cash flow management.
G Mining last traded at $29.45 on the TSX.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
