G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF) reported strong operational and financial results for the first quarter of 2025, generating $36 million in free cash flow and reaffirming its 2025 production guidance of up to 200,000 ounces.
The company produced 35,578 ounces of gold at an all-in sustaining cost (AISC) of $960 per ounce at its Tocantinzinho (TZ) mine in Brazil, below its full-year cost guidance.
Sales totaled 35,435 ounces, generating $98 million in revenue at an average realized gold price of $2,766 per ounce.
G Mining reported net income of $24.4 million, or $0.11 per share, and adjusted net income of $35.4 million, or $0.16 per share, while adjusted EBITDA came in at $68.6 million. Cash and cash equivalents totaled $149 million at quarter-end.
Gold recoveries remained strong at over 88%, and plant throughput averaged 10,046 tonnes per day, or 78% of nameplate capacity. The company expects throughput to increase following the installation of a new SAG mill liner system in April.
“We are pleased to deliver a second consecutive quarter of free cash flow with perfect safety performance,” said CEO Louis-Pierre Gignac in a statement. “With a further increase in production and decrease in costs expected in the second half of the year, we remain on track to achieve our full year production guidance.”
While production accounted for 19% of the company’s full-year target, output is expected to be weighted to the second half of the year as higher-grade ore becomes accessible. G Mining’s 2025 production guidance for TZ remains at 175,000 to 200,000 ounces, with AISC expected between $995 and $1,125 per ounce.
First-quarter sustaining capital expenditures at TZ totaled $5 million, with deferred spending expected to lift second-quarter expenditures to approximately $40 million. Total sustaining capital for 2025 is forecast at $60 to $70 million.
Meanwhile, development continues at the company’s Oko West project in Guyana. In April, G Mining published a feasibility study outlining a 12.3-year mine life with average annual gold production of 350,000 ounces at an AISC of $1,123 per ounce. Initial capital is pegged at $972 million.
The company has begun early works construction at Oko West, including roads, camp facilities, and site infrastructure. About $17 million was directed toward early works in Q1. Final permitting is expected in the second quarter, with a formal construction decision anticipated in the second half of the year.
“We are excited to advance early works at Oko West and proceed to a formal construction decision later this year,” Gignac said. “Our strategy remains focused on building long-term shareholder value through disciplined execution.”
Financing discussions for the Oko West build-out are ongoing and expected to conclude this summer.