G Mining Ventures (GMIN) Q4 2024 earnings summary

Executive summary

• Achieved commercial production at Tocantinzinho (TZ) on September 1, 2024, producing 63,566 oz gold for the year and 40,147 oz in Q4, with site-level AISC of $857/oz sold.

• Completed acquisitions of Oko West and Gurupi, expanding the project pipeline and increasing indicated resources to 8.28 Moz and inferred to 2.40 Moz, a 295% year-over-year growth.

• Reported net income of $62 million for 2024, with adjusted net income of $71.1 million and adjusted EBITDA of $99.6 million.

• Successfully executed buy, build, operate strategy, delivering TZ on time and on budget, and ramping up operations.

• Strong ESG performance, including all required licenses for TZ, biodiversity initiatives, and significant community investments.

Financial highlights

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

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

• Adjusted EBITDA was $99.6 million for the year and $77.9 million for Q4.

• Adjusted net income totaled $71.1 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, with 56% weighted to H2 as higher-grade ore is accessed.

• Total cash costs guided at $590–$655/oz sold; site-level AISC at $903–$1,033/oz; consolidated AISC at $995–$1,125/oz.

• $200–$240 million budgeted for Oko West development in 2025, focused on early works and long lead items.

• Sustaining capital for 2025 is $60–$70 million, including mine fleet additions and tailings management.

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