G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF, FRA:W97) has reported strong financial and operating results for the fourth quarter and full year 2025, driven by its Tocantinzinho (TZ) gold mine in Brazil completing its first full year of commercial production.
For the full year, the company produced 171,871 ounces of gold, slightly below the lower end of its guidance range due to a slower ramp-up early in the year and lower head grades, partly offset by improved recovery rates. Metallurgical recoveries averaged 90.6%, exceeding guidance.
Total cash costs were $748 per ounce, above the top end of guidance, primarily due to higher royalty expenses linked to rising gold prices and the introduction of a new production tax in Brazil’s Pará state. All-in sustaining costs (AISC) were $1,155 per ounce, within guidance.
The company generated $308 million in operating cash flow for the year, or $340 million before working capital changes, and reported mine-site free cash flow of $255 million. Net income totaled $288 million, with adjusted net income of $283 million.
Fourth-quarter performance showed continued momentum, with record quarterly production of 47,346 ounces. Net income for the quarter was $91 million, while free cash flow reached $80 million. Higher realized gold prices of $4,032 per ounce supported margins despite increased costs.
Revenue rose to $580.7 million for the full year, compared with $145.3 million in 2024, reflecting the transition to full production. Cash and cash equivalents stood at $134.5 million at year-end, while net debt remained modest at $6.9 million.
Operationally, the company said plant throughput and recoveries improved over the course of the year, with fourth-quarter throughput reaching 91% of nameplate capacity. Recovery rates also strengthened to 91.8% in the quarter.
“Tocantinzinho completed its first full year of commercial production in 2025, delivering consistent operating performance with production, recoveries and costs in line with expectations,” G Mining’s CEO Louis-Pierre Gignac said in a statement.
Fourth quarter performance was the strongest of the year across key metrics, including production, grade and margins.
Looking ahead, G Mining expects average annual production of about 200,000 ounces at TZ over the next two years. Output is forecast at 160,000 to 190,000 ounces in 2026, rising to 200,000 to 235,000 ounces in 2027, supported by higher-grade ore.
Costs are expected to rise in 2026 before declining into 2027, with the company projecting improved efficiency as operations stabilize and higher-grade material is processed.
Beyond TZ, the company continues to advance its growth pipeline. The Oko West project in Guyana remains on schedule and within budget, with first gold targeted in the second half of 2027 and commercial production expected in early 2028. The project is fully funded, with total commitments of about $424 million as of year-end.
At the Gurupi project in Brazil, G Mining plans to invest $21 million in exploration in 2026, aiming to deliver an updated resource estimate and a preliminary economic assessment in the second half of the year, alongside environmental permitting work.
The company said its mineral reserves increased significantly in 2025, rising 221% year-over-year to 6.52 million ounces, largely driven by the addition of Oko West.
“We enter 2026 with Tocantinzinho performing to plan, Oko West fully funded and under construction, and Gurupi continuing to advance through exploration and permitting,” Gignac concluded.
Shares of G Mining Ventures added 1.9% in Thursday morning trading in Toronto.