G Mining Ventures (GMIN) Q3 2024 earnings summary

Executive summary

• Achieved first gold pour and commercial production at Tocantinzinho (TZ) mine in Q3 2024, marking transition from developer to producer.

• Released robust PEA for Oko West project and acquired CentroGold project in Brazil, expanding multi-asset portfolio.

• Focus remains on ramping up TZ production, advancing Oko West feasibility, and finalizing CentroGold acquisition.

Financial highlights

• Q3 2024 gold production: 22,071 oz at AISC of $1,226/oz; 17,144 oz sold at $2,508/oz average price.

• Revenue of $43 million, net income of $24.3 million, and EBITDA of $25.7 million for the quarter.

• EPS of $0.12 (basic and diluted); cash and cash equivalents of $104.6 million at quarter-end.

• Operating cash flow of $1.7 million for Q3; free cash flow negative at $(6.2) million.

• Gross proceeds of $50 million from private placements and $55.9 million from warrant/option exercises in nine months.

Outlook and guidance

• Q4 2024 gold production expected between 30,000 and 40,000 oz at TZ; higher plant recoveries targeted.

• 2025 production and cost guidance to be provided in January 2025.

• Oko West feasibility study and NI 43-101 resource update for CentroGold expected in Q1 2025.

• Additional mining equipment to be commissioned in H2 2025 to reach 77,150 tpd mining rate.