G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF) has reported strong financial results for the fourth quarter and full-year 2024, driven by the first full quarter of commercial production at the Tocantinzinho (TZ) Mine in Brazil.
The company produced 40,147 ounces of gold in Q4 and 63,566 ounces for the year, with all-in sustaining costs (AISC) of $862 per ounce and $972 per ounce, respectively.
Net income reached $47.6 million or $0.26 per share in Q4 and $62 million for the year.
G Mining Ventures exited the year with $141.2 million in cash, benefiting from $53 million in free cash flow generated by TZ in Q4.
The company plans to use this cash flow to advance development projects, including the Oko West gold project in Guyana and the Gurupi project acquired from BHP.
"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,” G Mining Ventures CEO Louis-Pierre Gignac said in a statement.
“Combined with the high-potential Gurupi project acquired from BHP, G Mining is firmly established as a low-cost, high-growth gold producer with a clear path to long-term value creation.”
2025 outlook
G Mining Ventures expected TZ to produce between 175,000 and 200,000 ounces of gold in 2025.
Total cash costs are projected to range from $590 to $655 per ounce, while AISC are expected to be between $995 and $1,125 per ounce.
The company has budgeted $60 to $70 million in sustaining capital expenditures, which includes $35 to $45 million for sustaining investments, $2 million for near-mine exploration, and $23 million for capitalized waste stripping.
Non-sustaining capital expenditures are projected at $219 to $261 million, with major allocations including $200 to $240 million for the Oko West project, $9 million for TZ regional exploration, $8 million for Oko West exploration, and $2 to $4 million for the Gurupi project.
Key milestones for 2025 include the release of the Oko West feasibility study in April, followed by securing project financing in the second half of the year.
The company also expects to make a construction decision on Oko West later in 2025 and will continue detailed engineering work throughout the year.
"With a full year of production coming out of TZ in 2025, we expect strong cash flow to support disciplined investment in Oko West and strategic exploration across our portfolio,” Gignac said.
“Key milestones—Oko West's Feasibility Study, permitting, and funding—are on track to unlock our next phase of growth. G Mining remains focused on low-cost production, project execution, and advancing our multi-asset platform.”
Shares of G Mining Ventures were trading around 2.4% higher in Toronto on Friday.