G Mining Ventures Reports Fourth Quarter & Year-End 2024 Results
All amounts are in USD unless stated otherwise
BROSSARD, QC, March 28, 2025 /PRNewswire/ - G Mining Ventures Corp. ("GMIN" or the "Corporation" or "we") (TSX:GMIN) (OTCQX:GMINF) is pleased to report its production and financial results1 for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 Highlights First Full Quarter of Commercial Production
Production: 40,147 ounces ("oz") of gold ("Au") in Doré
Gold sold totaled 39,938 oz
Operating Costs: All-in sustaining costs2 ("AISC") of $862 per oz Au sold
Net Income: $47.6 million, or $0.21 per share, basic
Adjusted Net Income2: $58.0 million or $0.26 per share, basic
Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization)2: $77.9 million
Cash Flow from Operating Activities: $73.2 million before the net change in non-cash working capital items
Free Cash Flow2: $53.0 million, or $0.24 per share, basic
Cash and Cash Equivalents: $141.2 million
"2024 marked a transformational year for GMIN as we executed all phases of our 'Buy. Build. Operate.' Strategy," commented Louis-Pierre Gignac, President & Chief Executive Officer. "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. The acquisition of Oko West, recognized as one of the top undeveloped gold projects globally, positions us to surpass 500,000 ounces of annual production. Combined with the high-potential Gurupi project acquired from BHP, GMIN is firmly established as a low-cost, high-growth gold producer with a clear path to long-term value creation."
Louis-Pierre Gignac continued, "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. Key milestones—Oko West's Feasibility Study, permitting, and funding—are on track to unlock our next phase of growth. GMIN remains focused on low-cost production, project execution, and advancing our multi-asset platform."
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1 Additional details are available in the Corporation's Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A"), filed on SEDAR+ at www.sedarplus.com under the Corporation's profile.
2 These measures are non-IFRS financial measures. Refer to section "Non-IFRS Financial Performance Measures" in the associated MD&A for further information and a detailed reconciliation to comparable IFRS measures.
Operational Results1,3:
Q4 2024
FY 2024
In thousands of $, except as otherwise noted
Mining Activities
Ore Tonnes Mined
kt
2,164
6,406
Waste Tonnes Mined
kt
2,105
7,887
Total Tonnes Mined
kt
4,269
14,293
Strip Ratio
Waste/ore
0.97
1.23
Processing Activities
Total Tonnes Processed
kt
968
1,713
Average Plant Throughput
tpd
10,523
8,697
Average Gold Recovery
%
89.2 %
87.2 %
Average Gold Processed
g/t Au
1.45
1.32
Gold Produced
oz
40,147
63,566
Gold Sold
oz
39,938
57,082
Per Ounce Metrics
Average Realized Gold Price2,4
$/oz
2,560
2,545
Average Gold Price Received2,4
$/oz
2,380
2,385
Total Cash Costs2
$/oz
577
668
Site-Level AISC2
$/oz
765
857
AISC2
$/oz
862
972
Financial Results:
Q4 2024
FY 2024
In thousands of $, except as otherwise noted
Revenue
$
102,254
145,251
Cost of Goods Sold
$
(39,470)
(57,820)
Income from Mining Operations
$
62,784
87,431
Net Income (Loss)
$
47,597
62,005
Per Share, Basic
$/share
0.21
0.38
Adjusted Net Income (Loss)2
$
57,976
71,084
Per share, Basic
$/share
0.26
0.44
EBITDA2
$
77,932
93,993
Adjusted EBITDA2
$
77,910
99,645
Cash Flow from Operating Activities
before the Net Change in Working Capital Items
$
73,181
91,313
Cash Flow from Operating Activities
$
43,401
28,492
Free Cash Flows2
$
52,986
34,949
Per share, Basic
$/share
0.24
0.22
Financial Position
FY 2024
FY 2023
In thousands of $, except as otherwise noted
Cash and Cash Equivalents
$
141,215
52,398
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3 Full-year 2024 production numbers are based on the third and fourth quarters of 2024, including the two months of commissioning (July and August) and four months of commercial production (through December).
4 The Average Gold Price Received excludes the non-cash portion of the Average Realized Gold Price.
Liquidity and Capital Resources
The Corporation ended 2024 with a cash and cash equivalents balance of $141.2 million.
The $36.6 million increase quarter over quarter is attributed to the following:
Free Cash Flow generated in Q4 totals $53.0 million
Investments in Long Term Inventories total $17.0 million and $18.8 million in Non-Sustaining Capital
Net financing inflows total $13.3 million, driven largely by $15.5 million of warrant proceeds
Positive foreign exchange adjustment $6.1 million
Free Cash Flow generated by TZ will be the primary source of capital to fund future disciplined growth at GMIN's development projects and is defined by the Corporation as:
Cash Flow from Operating Activities; adjusted for
Investments in Long Term Inventories, which represents ore mined and stockpiled that will not be processed in the following 12-month period5; less
Changes in Non-Cash Working Capital: less
Sustaining Capital Expenditures, inclusive of Capitalized Stripping
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5 Exclusion adjustment is done due to its long-term nature (expected towards the end of mine life).
Tocantinzinho Mine Highlights
After two months of successful commissioning, GMIN declared commercial production at TZ on September 1st, 2024, delivered on schedule and within budget. Q4 marked TZ's first full quarter of commercial production, contributing 40,147 ounces to an annual production total of 63,566 ounces.
Mining operations performed ahead of expectations, with a total of 14.3 Mt mined in 2024, including 6.4 Mt of ore, resulting in a low annual strip ratio of 1.23x. Plant throughput in Q4 averaged 10,523 t/d (82% of nameplate capacity) despite unplanned downtime related to SAG mill liner replacements. Recoveries remained strong at over 89.2%, in line with Feasibility Study estimates, supporting the processing of higher-grade ore averaging 1.45 g/t Au in Q4. A full metallic liner system, scheduled for installation in early Q2 2025, is expected to improve plant availability and allow the process plant to reach nameplate capacity.
In its first full quarter of commercial production in Q4, cash costs at TZ were $577/oz and AISC was $862/oz. For the full year, cash costs were $668/oz and AISC was $972/oz.
Annual owner-operated mining costs averaged $2.31/t mined ($2.85/t in Q4), while processing costs were $10.02/t milled ($10.14/t in Q4). General and administrative ("G&A") expenses averaged $7.29/t milled for the year, and lowered to $6.62/t in Q4. As the operation continues to ramp up toward nameplate capacity, unit G&A costs are expected to decline due to the fixed nature of a significant portion of these expenses.
Q4 2024
FY 2024
In thousands of $, except as otherwise noted
Operating Expenses
$
19,327
33,698
Royalties
$
3,732
4,439
Total Cash Costs
$
23,059
38,137
Plus: Sustaining Capital and ARO (8)
$
7,517
10,768
Site Level AISC
$
30,576
48,905
Plus: General and Administrative Costs
$
3,865
6,561
Total AISC2
$
34,441
55,466
Total Cash Costs
$/oz sold
577
668
Site Level AISC
$/oz sold
765
857
Total AISC2
$/oz sold
862
972
Mining Costs
$/t mined
2.85
2.31
Processing Costs
$/t milled
10.14
10.02
G&A Costs
$/t milled
6.62
7.29
TZ is a major employer of local workforce, with 67% of the ~1,000 employees and contractors coming from local communities, and 97% Brazilians.
Oko West Project Highlights
In July 2024, GMIN completed the business combination with Reunion Gold to acquire the high-quality Oko West gold project ...
