G Mining Ventures Reports Strong 2025 Financial Performance Driven by Tocantinzinho Mine
G Mining Ventures Corp. has released its financial and operating results for the fourth quarter and full year ended December 31, 2025, showcasing a successful first full year of commercial production at its flagship Tocantinzinho gold mine in Brazil. The company, trading under TSX:GMIN and OTCQX:GMINF, reported that all dollar amounts are in U.S. dollars unless otherwise specified.
First Full Year of Commercial Production Delivers Consistent Performance
Louis-Pierre Gignac, President and Chief Executive Officer of G Mining Ventures, stated, "Tocantinzinho completed its first full year of commercial production in 2025, delivering consistent operating performance with production, recoveries and costs in line with expectations." The operation generated $255 million in free cash flow during this period, strengthening the corporation's balance sheet while funding the advancement of its Oko West project.
Gignac further noted that fourth quarter performance was the strongest of the year across key metrics, including production, grade and margins, demonstrating solid steady-state operations. "We enter 2026 with Tocantinzinho performing to plan, Oko West fully funded and under construction, and Gurupi continuing to advance through exploration and permitting," he added.
Detailed 2025 Financial and Operational Highlights
The corporation achieved several significant milestones during 2025:
- Gold Production: Tocantinzinho delivered 171,871 ounces of gold production in 2025 with strong metallurgical recoveries of 90.6%, exceeding the 2025 guidance of 90.0%.
- Cost Structure: Total cash costs were $748 per ounce, slightly above the top end of 2025 guidance primarily due to higher royalty costs and the introduction of the State of Para's production tax. All-in sustaining costs (AISC) per ounce were within 2025 guidance at $1,155 per ounce.
- Financial Performance: The corporation generated annual cash flow from operating activities of $308 million ($340 million before changes in working capital) or $1.36 per share. Reported net income reached $288 million ($1.27 per share) for the full year 2025, with adjusted net income of $283 million ($1.25 per share).
Fourth Quarter 2025 Performance
The final quarter of 2025 demonstrated particularly strong results:
- Payable gold production reached 47,346 ounces at total cash costs per ounce of $808 and AISC per ounce of $1,245.
- The higher realized gold price of $4,032 per ounce in the fourth quarter resulted in strong margins and cash flows.
- Quarterly net income was $91 million or $0.40 per share, with adjusted net income of $98 million or $0.43 per share.
- The corporation generated cash provided by operating activities of $96 million ($122 million before changes in working capital) or $0.42 per share and free cash flow of $80 million or $0.35 per share.
2026-2027 Outlook and Growth Strategy
G Mining Ventures has established an ambitious two-year production guidance that reflects continued execution of its operating and growth strategy:
- Production Targets: Average annual production of 200,000 ounces of gold over the next two years at Tocantinzinho at peer-leading cash costs of $750 per ounce and AISC of $1,190 per ounce.
- Specific Yearly Estimates: Gold production at Tocantinzinho for 2026 is estimated between 160,000 to 190,000 ounces and 200,000 to 235,000 ounces in 2027, representing an increase of approximately 25% over 2026 production at the midpoint of guidance.
- Cost Projections: Total cash costs and AISC are expected to decrease 8% by 2027 relative to 2026, with material improvements projected in 2027 as cash costs and AISC decline by approximately 14% and 21%, respectively, compared to 2026 at the midpoint of guidance.
Transformational Growth Pipeline
The corporation is advancing multiple projects that promise significant expansion:
Oko West Project: This project remains on schedule and within budget, with first gold pour targeted in the second half of 2027. The project is fully funded through construction and ramp-up to commercial production in early 2028. As of December 31, 2025, total project commitments amount to approximately $424 million, representing 43% of the initial capital budget.
Gurupi Development: The plan includes investing $21 million this year in exploration to grow the resource base through both brownfield and greenfield programs, with the goal of delivering an updated Mineral Resource Estimate and a Preliminary Economic Assessment in the second half of the year. Environmental and social studies will advance to support an Environmental and Social Impact Assessment submission in Q4 2026.
Record Mineral Reserves and Exploration Activities
At year-end 2025, proven and probable mineral reserves increased by 221% from the previous year to a record 6.52 million ounces (126 million tonnes grading 1.60 grams per tonne gold). This year-over-year increase is attributable to the addition of 4.64 million ounces as outlined in the feasibility study for Oko West despite depletion at Tocantinzinho following the first full year of commercial production.
The corporation has planned its largest exploration program in history for 2026, with guidance between $42 million and $50 million, including approximately $21 million at Gurupi, $16 million at Oko West, and $9 million at Tocantinzinho. This comprehensive exploration strategy aims to add value through continued resource development across all major projects.
