G Mining Ventures Reports Third Quarter 2024 Production and Financial Results
PR Newswire
BROSSARD, QC, Nov. 14, 2024
All amounts are in USD unless stated otherwise
BROSSARD, QC, Nov. 14, 2024 /PRNewswire/ - G Mining Ventures Corp. ("GMIN" or the "Corporation" or "we") (TSX: GMIN) (OTCQX: GMINF) is pleased to, for the first time, report its production and financial results for the three and nine months ended September 30, 2024, and provide an operational update.
"I am proud to reflect on the significant milestones achieved this quarter, from our first gold pour and the launch of commercial production at TZ, to the release of robust PEA results for the generational Oko West project, to the acquisition of the highly prospective CentroGold project in Brazil," commented Louis-Pierre Gignac, President & Chief Executive Officer, "These results mark important steps in GMIN's evolution from developer to producer, and reflect our strategic execution, backed by a skilled management team, strong partnerships, and a multi-asset portfolio of long-life, low-cost operations that offer multiple value-creation catalysts. As we approach 2025, we are focused on expanding production at TZ, advancing Oko West's feasibility study, and finalizing the CentroGold acquisition to drive continued growth."
-- Gold production of 22,071 ounces at AISC of $1,226 per ounce sold
-- 17,144 ounces of gold sold during the quarter at average realized price
per ounce of $2,508
-- Net Income of $24.3 million and EBITDA of $25.7 million
-- Earnings per share of $0.12
Q3 2024 Highlights
Safety:
-- Strong safety performance to deliver the Tocantinzinho ("TZ") gold mine
with a Lost Time Incident Frequency Rate and Total Recordable Incident
Frequency Rate of 0.03 and 0.17, respectively, after a total of 5.8
million person-hours worked.
Operational Results:
-- Achieved commercial production at TZ gold mine on September 1, 2024,
resulting in one month of commercial production preceded by two months of
commissioning during the quarter
-- Invested total capital expenditures of $456.9 million to bring TZ to
commercial production (1) (2)
-- Produced 22,071 ounces ("oz") of gold ("Au") in Doré during the
quarter
-- Mined 4.7 million tonnes ("Mt") during the quarter, including 1.8 Mt of
ore grading 0.98 g/t with an average waste to ore strip ratio of 1.55
-- Processed 716,000 tonnes of ore at an average grade of 1.20 g/t with an
average recovery rate of 84.5%
-- Sold 17,144 oz of gold at average realized price per ounce of $2,508,
with the rest of the Q3 production sold in October
_________________________________
(1) All production numbers are based on the third quarter of 2024 data
compiled for the two months of commissioning (July and August), and one month
of commercial production (September).
(2) Inclusive of pre-production revenue and pre-production costs
Financial Results:
-- Revenue of $43 million during the quarter (includes commissioning period)
-- Cash costs and all-in sustaining costs ("AISC") of $879/oz and $1,226/oz,
respectively (includes commissioning period)
-- Net income of $24.3 million
-- Earnings before Interest, Taxes, Depreciation and amortization ("EBITDA")
of $25.7 million
-- Basic and Diluted Earnings per share ("EPS") of $0.12
-- Cash and cash equivalents of $104.6 million
Consolidated Financial and Operational Summary
Three months ended Nine months ended
September 30 September 30
In thousands of $,
except as otherwise
noted 2024 2023 2024 2023
----------- ------- -------- ----------
Operating
Results
------------ -------- ----------- ------- -------- ----------
Gold
Produced oz 22,071 - 22,071 -
------------ -------- ----------- ------- -------- ----------
Gold Sold oz 17,144 - 17,144 -
------------ -------- ----------- ------- -------- ----------
Total Cash
Costs(3) $/oz 879 - 879 -
------------ -------- ----------- ------- -------- ----------
All-in
Sustaining
Costs(3) $/oz 1,226 - 1,226 -
------------ -------- ----------- ------- -------- ----------
Average
Realized
Gold
Price(3) $/oz 2,508 - 2,508 -
------------ -------- ----------- ------- -------- ----------
Financial
Results
------------ -------- ----------- ------- -------- ----------
Revenue $ 42,997 - 42,997 -
------------ -------- ----------- ------- -------- ----------
Cost of
Goods Sold $ (18,350) - (18,350) -
------------ -------- ----------- ------- -------- ----------
Cash
Margin(3) $ 27,919 - 27,919 -
------------ -------- ----------- ------- -------- ----------
Net Income
(Loss) $ 24,307 (1,106) 14,408 (5,730)
------------ -------- ----------- ------- -------- ----------
Per Share
-- Basic $/share 0.12 (0.01) 0.10 (0.05)
------------ -------- ----------- ------- -------- ----------
Per Share -
Diluted $/share 0.12 (0.01) 0.10 (0.05)
------------ -------- ----------- ------- -------- ----------
Adjusted Net
Income
(Loss)(3) $ 17,131 (1,177) 13,130 (4,120)
------------ -------- ----------- ------- -------- ----------
Per share
-- Basic $/share 0.09 (0.01) 0.09 (0.04)
------------ -------- ----------- ------- -------- ----------
Per share -
Diluted $/share 0.08 (0.01) 0.09 (0.04)
------------ -------- ----------- ------- -------- ----------
EBITDA(3) $ 25,727 (1,106) 15,828 (5,730)
------------ -------- ----------- ------- -------- ----------
Adjusted
EBITDA(3) $ 25,525 (1,177) 21,524 (4,120)
------------ -------- ----------- ------- -------- ----------
Operating
cash flows $ 1,660 61,284 (14,909) 241,734
------------ -------- ----------- ------- -------- ----------
Per share
-- Basic $/share 0.01 0.55 (0.10) 2.16
------------ -------- ----------- ------- -------- ----------
Per share -
Diluted $/share 0.01 0.55 (0.10) 2.16
------------ -------- ----------- ------- -------- ----------
Free Cash
Flows(3) $ (6,239) 61,284 (22,808) 241,734
------------ -------- ----------- ------- -------- ----------
Per share
-- Basic $/share (0.03) 0.55 (0.16) 2.16
------------ -------- ----------- ------- -------- ----------
Per share -
Diluted $/share (0.03) 0.55 (0.16) 2.16
------------ -------- ----------- ------- -------- ----------
_________________________________
(3) These measures are non-IFRS financial measures. Refer to section "Non-IFRS
Financial Performance Measures" in the associated MD&A for further information
and a detailed reconciliation to comparable IFRS measures.
Liquidity and Capital Resources
GMIN has cash and cash equivalents of $104.6 million as at September 30, 2024 with available equipment financing facility credit of $7.8 million to finance the purchase of equipment related to sustaining capital.
The cash balance as at September 30, 2024 reflects the gross proceeds of $50.0 million received from private placements and $55.9 million received from the exercise of warrants and options during the nine month period ending at the same date.
TZ Mine Review
In Q3-2024, GMIN produced 22,071 oz of gold at TZ and sold 17,144 oz, with the rest sold in October. At the end of Q3-2024 gold in-circuit inventory of 1,348 ounces was cumulated. The plant achieved several days above 100% of nameplate capacity and we continue to work on increasing plant availability. All aspects of the process plant including crushing, gravity, flotation and leaching circuits are performing well having yielded an average recovery of 84.5% for Q3-2024 with higher recoveries of approximately 90% targeted for Q4-2024 in line with estimates in the Feasibility Study ("FS") dated February 09, 2022(4) .
During the third quarter of 2024, the drilling programs at the mine focused on regional exploration targets. These targets were identified through geophysics, geochemical soil anomalies, general knowledge of the Tapajos Region and evidence of past artisanal mining and are part of GMIN's exploration strategy to extend the mine life and add additional deposits within 15 km of the mine infrastructure.
________________________________ (4) Filed under GMIN's profile on SEDAR+ at www.sedarplus.ca, entitled "Feasibility Study -- NI 43-101 Technical Report, Tocantinzinho Gold Project."
Oko West Project Review
On July 15, 2024, the Corporation announced that the transaction between GMIN and Reunion Gold Corporation has been completed, representing the addition of the Guyana-based Oko West gold project, into the Corporation's portfolio of high-quality gold assets.
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