G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF) reported strong financial results for the third quarter of 2024 following its first gold production and commercial production at the Tocantinzinho (TZ) gold mine.
During the quarter, TZ produced 22,071 ounces of gold at an all-in sustaining cost (AISC) of $1,226 per ounce sold.
Gold sales of 17,144 ounces generated $43 million in revenue, with net income of $24.3 million and earnings per share of $0.12.
Operationally, TZ processed 716,000 tonnes of ore at an average grade of 1.20 grams per tonne, with recoveries at 84.5%.
G Mining aims to increase recoveries to 90% by the end of the year.
Exploration efforts at TZ are underway to identify regional targets for extending mine life.
"These results mark important steps in GMIN's evolution from developer to producer,” CEO Louis-Pierre Gignac said in a statement.
“As we approach 2025, we are focused on expanding production at TZ, advancing Oko West's feasibility study, and finalizing the CentroGold acquisition to drive continued growth."
The company made progress at the Oko West project, acquired earlier this year, with a preliminary economic assessment (PEA) estimating an after-tax net present value of $1.4 billion and an annual production of 353,000 ounces of gold at an AISC of $986 over a 12.7-year mine life. Drilling for a feasibility study and regional exploration continued during the quarter.
Looking ahead, G Mining plans to ramp up gold production at TZ, complete Oko West’s feasibility study, and integrate CentroGold, supporting its growth strategy of developing low-cost, long-life assets in Tier 1 jurisdictions. The company is also advancing the acquisition of the CentroGold project in Brazil, expected to close in early 2025.
G Mining recorded $104.6 million in cash as of September 30.