G Mining Ventures: Q3 2024 Transition to Gold Production

G Mining Ventures Corp ( (GMINF) ) has released its Q3 earnings. Here is a breakdown of the information G Mining Ventures Corp presented to its investors.

G Mining Ventures Corp. is a mining company focused on acquiring, exploring, and developing precious metal projects with a strategic emphasis on becoming a mid-tier producer. The company operates primarily in the gold mining sector, with significant activities in Brazil and Guyana.

In the third quarter of 2024, G Mining Ventures Corp. reported its inaugural production and financial outcomes, marking a pivotal transition from a developer to a producer. The quarter was highlighted by the first gold pour and the commencement of commercial production at the Tocantinzinho (TZ) gold mine, alongside strategic acquisitions and promising project assessments.

Financially, the company produced 22,071 ounces of gold at an all-in sustaining cost of $1,226 per ounce, while selling 17,144 ounces at an average price of $2,508 per ounce, resulting in a net income of $24.3 million and an earnings per share of $0.12. Significant milestones included achieving commercial production at the TZ mine and releasing robust economic assessments for the Oko West project, which projects substantial future returns.

The company is poised for further growth as it focuses on expanding production at the TZ mine and advancing feasibility studies at the Oko West project. The completion of the acquisition of CentroGold in Brazil, along with ramp-up plans and additional equipment procurement, underscores G Mining Ventures’ commitment to scaling operations and enhancing shareholder value.

Looking ahead, G Mining Ventures Corp. is strategically positioned to increase its production capacity and continue its trajectory towards becoming a leading mid-tier precious metals producer, with ongoing investments in exploration and development activities aimed at sustaining long-term growth.