G Mining Ventures: A Quarter of Growth and Milestones
Thursday, Nov 14, 2024 8:41 pm ET
1min read G Mining Ventures Corp. (GMIN) has reported its production and financial results for the third quarter of 2024, marking a significant quarter for the company as it transitions from a developer to a producer. The quarter saw the launch of commercial production at the Tocantinzinho (TZ) gold mine, along with robust PEA results for the Oko West project and the acquisition of the highly prospective CentroGold project in Brazil. These achievements reflect GMIN's 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.
Gold production for the quarter reached 22,071 ounces, with an all-in sustaining cost (AISC) of $1,226 per ounce sold. The company sold 17,144 ounces at an average realized price per ounce of $2,508. GMIN reported net income of $24.3 million and earnings before interest, taxes, depreciation, and amortization (EBITDA) of $25.7 million. The strong financial performance reflects the company's strategic execution and the success of its multi-asset portfolio strategy.
GMIN's safety performance during the quarter was commendable, 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. This impressive safety record is a testament to the company's commitment to safety and its focus on operational efficiency.
The company's multi-asset portfolio strategy has been instrumental in driving its production growth and financial success. By diversifying its operations across multiple projects, GMIN has mitigated risks associated with relying on a single asset. This approach has allowed the company to maintain consistent production levels and generate robust financial results.
As GMIN approaches 2025, it is focused on expanding production at TZ, advancing Oko West's feasibility study, and finalizing the CentroGold acquisition to drive continued growth. The company's strategic execution, backed by a skilled management team, strong partnerships, and a multi-asset portfolio of long-life, low-cost operations, positions it well for future success in the mining industry.
In conclusion, G Mining Ventures' Q3 2024 performance showcases the company's strategic execution and commitment to growth. With a strong safety record, robust financial performance, and a multi-asset portfolio strategy, GMIN is well-positioned to continue its evolution from developer to producer and capitalize on emerging opportunities in the mining industry.
Gold production for the quarter reached 22,071 ounces, with an all-in sustaining cost (AISC) of $1,226 per ounce sold. The company sold 17,144 ounces at an average realized price per ounce of $2,508. GMIN reported net income of $24.3 million and earnings before interest, taxes, depreciation, and amortization (EBITDA) of $25.7 million. The strong financial performance reflects the company's strategic execution and the success of its multi-asset portfolio strategy.
GMIN's safety performance during the quarter was commendable, 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. This impressive safety record is a testament to the company's commitment to safety and its focus on operational efficiency.
The company's multi-asset portfolio strategy has been instrumental in driving its production growth and financial success. By diversifying its operations across multiple projects, GMIN has mitigated risks associated with relying on a single asset. This approach has allowed the company to maintain consistent production levels and generate robust financial results.
As GMIN approaches 2025, it is focused on expanding production at TZ, advancing Oko West's feasibility study, and finalizing the CentroGold acquisition to drive continued growth. The company's strategic execution, backed by a skilled management team, strong partnerships, and a multi-asset portfolio of long-life, low-cost operations, positions it well for future success in the mining industry.
In conclusion, G Mining Ventures' Q3 2024 performance showcases the company's strategic execution and commitment to growth. With a strong safety record, robust financial performance, and a multi-asset portfolio strategy, GMIN is well-positioned to continue its evolution from developer to producer and capitalize on emerging opportunities in the mining industry.
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