G Mining Ventures (GMIN) Q4 2024 earnings summary

Executive summary

• Achieved transition to a cash flow positive gold producer with commercial production at Tocantinzinho (TZ), ramping up operations and producing 40,147 oz in Q4 and 63,566 oz for 2024, supported by the acquisition of Oko West and Gurupi projects.

• Successfully executed buy, build, operate strategy, delivering TZ on time and on budget, and ramping up operations, with recognition as KITCO Mining CEO of the Year.

• Established as a low-cost, high-margin gold producer with scalable growth plans and a robust project pipeline.

Financial highlights

• Generated $145.3 million in revenue for 2024 from 57,082–63,566 ounces of gold sold at an average realized price of $2,545/oz.

• Q4 revenue was $102.3 million from 39,938–40,147 ounces sold, representing about 70% of annual revenue.

• Adjusted EBITDA was $100 million for the year and $78 million for Q4.

• Adjusted net income totaled $71 million for the year and $58 million for Q4.

• Ended 2024 with $141.2 million in cash and net debt reduced to $27 million.

Outlook and guidance

• 2025 gold production guidance for TZ is 175,000–200,000 ounces at AISC of $995–$1,125/oz, with 56% weighted to H2 as higher-grade ore is accessed.

• Sustaining capital for 2025 is $60–$70 million; Oko West development capital is $200–$240 million, focused on early works and long lead items.

• Feasibility study for Oko West on track for April 2025 completion; construction decision expected in H2 2025.

• Continued investment in exploration across all assets, including Gurupi.