Q4 2025 G Mining Ventures Corp Earnings Call Transcript
Key Points
- G Mining Ventures Corp (GMINF) delivered strong financial results for its first full year of commercial production at TZ, with a solid fourth quarter producing 47,000 ounces of gold.
- The company generated $255 million of free cash flow for the full year, maintaining a peer-leading cost structure with total cash costs of $748 per ounce and an AISC of $1,155 per ounce.
- Gold recovery rates improved, achieving 91.8% during the fourth quarter and 90.6% for the full year 2025, supported by increased plant stability.
- G Mining Ventures Corp (GMINF) remains fully unhedged, reflecting full exposure to the gold price, and generated $581 million in revenue and $288 million in net income for the full year.
- The company completed a strategic private placement with La Mancha for approximately $315 million, which was used to fully repay the revolving credit facility, leaving the corporation with an undrawn facility.
- Costs increased quarter over quarter primarily due to higher royalties and lower gold sales volumes during the period.
- Mill throughput during the quarter was impacted by unplanned downtime in November following a failure of a ball mill motor bearing.
- Total cash costs slightly exceeded the upper end of 2025 guidance, mainly due to higher royalty and production tax expenses.
- Sustaining capital expenditures of $53 million for the full year were slightly below guidance due to deferred spending on certain major components.
- Total cash costs and AISC in 2026 are expected to increase by 7% and 15% respectively relative to 2025, before decreasing steadily starting in the second half of 2026.
Good morning and welcome to G Mining Ventures, 4th quarter and full year 2025 results conference call. All participants are in a listen-only mode. Following prepared remarks, we will open the line for questions. Please note that today's call is being recorded. I will now turn the call over to Jean Francois Lemonde, Vice President, Investor relations.
Thank you, operator. Good morning and thank you all for joining us for G Mining Ventures 4th quarter and full year 2025 results conference call. I am Jean Francois Lemon, VP of investor relations.
Our earnings release that was issued yesterday along with today's presentation are available on our website. On the call today with us is Louis Gignac, President and Chief Executive Officer; Julie Lafleur, Chief Financial Officer and Vice President of finance.
I would like to remind everyone that we will be making forward-looking statements during this call. Please refer to the cautionary notes and risk disclosure in our
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