G Mining Ventures (GMIN) Q4 2025 earnings summary

Executive summary

• Achieved first full year of commercial production at Tocantinzinho (TZ) in 2025, generating $255 million in free cash flow and $308 million in operating cash flow, supporting growth initiatives at Oko West and Gurupi.

• Fourth quarter 2025 marked the strongest operational performance of the year, with record production, grade, and margins.

• Net income for 2025 reached $288 million ($1.27 per share), with adjusted net income of $283 million ($1.25 per share).

Financial highlights

• 2025 revenue was $580.7 million, up from $145.3 million in 2024, driven by higher gold production and prices.

• Full-year gold production totaled 171,871 ounces at total cash costs of $748/oz and AISC of $1,155/oz.

• Q4 2025 gold production was 47,346 ounces at total cash costs of $808/oz and AISC of $1,245/oz.

• EBITDA for 2025 was $419.1 million, with free cash flow of $255 million ($1.12 per share).

• Cash and cash equivalents at year-end were $134.5 million, with total debt of $141.2 million.

Outlook and guidance

• 2026-2027 guidance targets average annual gold production of 200,000 ounces at TZ, with cash costs of $750/oz and AISC of $1,190/oz.

• 2026 gold production expected between 160,000–190,000 ounces, rising to 200,000–235,000 ounces in 2027 as higher-grade ore is accessed.

• Cash costs and AISC projected to decline by 14% and 21% respectively in 2027 versus 2026.

• Oko West project remains on schedule for first gold pour in H2 2027 and is fully funded through ramp-up.