# G Mining Ventures Reports Q4 and Full-Year 2025 Results; First Full Year of Commercial Production at Tocantinzinho Drives Strong Cash Flow Generation Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/g-mining-ventures-reports-q4-and-full-year-2025-results-first-full-year-of-comme--a394d870-eec4-4d89-97c3-b7b562628335 Original source: https://money.tmx.com/en/quote/GMIN/news/6395067906368790/g-mining-ventures-reports-q4-and-full-year-2025-results-first-full-year-of-comme Publisher: tmx Original announcement: 2026-03-25T22:45:10.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: G Mining Ventures Corp. - Ticker: GMIN - Exchange: TSX - Region: Brazil - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Production, Resource update, Drill results, Metallurgy - Extracted: 2026-09-16 03:01:44 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary G Mining Ventures reported strong Q4 and full-year 2025 results, marking the first full year of commercial production at its Tocantinzinho mine. The company generated $255 million in free cash flow and achieved record gold mineral reserves of 6.52 million ounces, a 221% increase. The Oko West project is fully funded and on schedule for first gold pour in H2 2027, while 2026-2027 production guidance indicates increasing gold output and improving costs. Reasoning: G Mining Ventures reported strong financial and operating results for its first full year of commercial production at Tocantinzinho, generating significant free cash flow and increasing gold mineral reserves, while advancing the Oko West project and providing positive production guidance for 2027, despite some cost and production variances in 2025 and expected cost increases in 2026. - Positive factor: Strong free cash flow generation \($255 million\) in first full year of commercial production. - Positive factor: Record gold mineral reserves of 6.52 million ounces, a 221% increase. - Positive factor: Oko West project fully funded and on schedule for first gold pour in H2 2027. - Positive factor: High metallurgical recoveries of 90.6% for FY2025, exceeding guidance. - Positive factor: Increasing gold production guidance for 2027 \(200-235 koz\) and expected cost improvements. - Negative factor: FY2025 total cash costs \($748/oz\) were slightly above the top end of guidance. - Negative factor: FY2025 gold production \(171,871 oz\) was 2% below the lower end of guidance. - Negative factor: Total cash costs and AISC are expected to increase in 2026 relative to 2025 before decreasing in 2027. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 21 ## Classification and evidence **High Recovery** Polarity: positive Story-specific tag Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Metallurgical recoveries of 90.6% were achieved for the year, exceeding 2025 guidance of 90.0%, which is above the strong band for gold mill\_cil processing. Evidence · text > Strong metallurgical recoveries of 90.6% were achieved for the year, exceeding 2025 guidance of 90.0%. **Recovery Improving** Polarity: positive Story-specific tag Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: Recovery rates have improved, achieving 91.8% during the fourth quarter and 90.6% for full year 2025, indicating an upward trend. Evidence · text > Recovery rates have also improved, achieving 91.8% during the fourth quarter and 90.6% for full year 2025 **Low Production** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: For the full year 2025, gold production was 2% below the lower end of the Corporation’s guidance range. Evidence · text > For the full year 2025, gold production was 2% below the lower end of the Corporation’s guidance range. **High Costs** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Total cash costs of $748 per ounce were 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. Evidence · text > Total cash costs of $748 per ounce were slightly above the top end of 2025 guidance, primarily due to higher royalty costs \($27 per ounce\) and the introduction of the State of Para’s production tax \($27 per ounce\). **Production Guidance** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document provides two-year production guidance for 2026 and 2027. Evidence · text > Two-year production guidance reflects continued execution of our operating and growth strategy. **Cost Guidance** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document provides total cash costs and AISC guidance for 2026 and 2027. Evidence · text > Total cash costs \(1\) and AISC \(1\) expected to decrease 8% by 2027, relative to 2026. **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Proven and probable mineral reserves increased by 221% from last year to a record 6.52 million ounces. Evidence · text > proven and probable mineral reserves increased by 221% from last year to a record 6.52 million ounces **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The reserve estimate is reported as 'proven and probable', indicating a high confidence category. Evidence · text > proven and probable mineral reserves **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Louis-Pierre Gignac, President & Chief Executive Officer of GMIN, a QP as defined in NI 43-101, has reviewed and approved the technical disclosure. Evidence · text > Louis-Pierre Gignac, President & Chief Executive Officer of GMIN, a QP as defined in NI 43-101, has reviewed the press release on behalf of the Corporation and has approved the technical disclosure contained in this press release. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical disclosure, including the mineral reserves, is approved by a QP as defined in NI 43-101. Evidence · text > a QP as defined in NI 43-101 **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The press release states that a Qualified Person has reviewed and approved the technical disclosure, which implies QA/QC oversight. Evidence · text > Louis-Pierre Gignac, President & Chief Executive Officer of GMIN, a QP as defined in NI 43-101, has reviewed the press release on behalf of the Corporation and has approved the technical disclosure contained in this press release. **Exploration Drilling** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The drilling programs continued to test exploration targets within 5km radius around the existing infrastructure of the TZ gold mine, and exploration activities restarted at Gurupi. Evidence · text > The drilling programs continued to test exploration targets within 5km radius around the existing infrastructure of the TZ gold mine **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Exploration has defined a new high-grade shoot outside the northern pit limits in Block 1 at Oko West. Evidence · text > exploration has defined a new high-grade shoot outside the northern pit limits in Block 1. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Drill Results (4) ### BRZ-25-089A [Link to this fact](https://atlas-extractions.minestarters.com/news/g-mining-ventures-reports-q4-and-full-year-2025-results-first-full-year-of-comme--a394d870-eec4-4d89-97c3-b7b562628335#fact-drill-facts-14) Tocantinzinho · gold #### Identity - Hole ID: BRZ-25-089A - Project: Tocantinzinho - Commodity: gold - Region: brazil - Reported Region: brazil - Ticker: GMIN #### Geometry - Grade: 0.85 - Grade Unit: g/t - Intercept: 27 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: south of the TZ pit - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-03-25T00:00:00.000Z Reasoning: Exploration drill result showing gold presence, but lacking continuity and volume. - Positive factor: Demonstrates presence of gold. - Negative factor: Continuity and volume were not reached. Evidence · text > 27.0 m at 0.85 g/t Au Context: BRZ-25-089A #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### BRZ-25-089A [Link to this fact](https://atlas-extractions.minestarters.com/news/g-mining-ventures-reports-q4-and-full-year-2025-results-first-full-year-of-comme--a394d870-eec4-4d89-97c3-b7b562628335#fact-drill-facts-15) Tocantinzinho · gold #### Identity - Hole ID: BRZ-25-089A - Project: Tocantinzinho - Commodity: gold - Region: brazil - Reported Region: brazil - Ticker: GMIN #### Geometry - Grade: 0.91 - Grade Unit: g/t - Intercept: 23 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: south of the TZ pit - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-03-25T00:00:00.000Z Reasoning: Exploration drill result showing gold presence, but lacking continuity and volume. - Positive factor: Demonstrates presence of gold. - Negative factor: Continuity and volume were not reached. Evidence · text > 23.0 m at 0.91 g/t Au Context: BRZ-25-089A #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### OKWT24-105 [Link to this fact](https://atlas-extractions.minestarters.com/news/g-mining-ventures-reports-q4-and-full-year-2025-results-first-full-year-of-comme--a394d870-eec4-4d89-97c3-b7b562628335#fact-drill-facts-16) Oko West · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: OKWT24-105 - Project: Oko West - Commodity: gold - Region: guyana - Reported Region: guyana - Ticker: GMIN #### Geometry - Grade: 0.72 - Grade Unit: g/t - Intercept: 10 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: NW Extension target - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2024-01-01T00:00:00.000Z #### Dates - Event date: 2026-03-25T00:00:00.000Z Reasoning: Exploration drill result highlighting anomalous gold grade in the NW Extension target. - Positive factor: Highlights anomalous gold grade. Evidence · text > 10.0 m at 0.72 g/t Au Context: OKWT24-105 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### OKWT24-105 [Link to this fact](https://atlas-extractions.minestarters.com/news/g-mining-ventures-reports-q4-and-full-year-2025-results-first-full-year-of-comme--a394d870-eec4-4d89-97c3-b7b562628335#fact-drill-facts-17) Oko West · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: OKWT24-105 - Project: Oko West - Commodity: gold - Region: guyana - Reported Region: guyana - Ticker: GMIN #### Geometry - Grade: 0.29 - Grade Unit: g/t - Intercept: 12 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: NW Extension target - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2024-01-01T00:00:00.000Z #### Dates - Event date: 2026-03-25T00:00:00.000Z Reasoning: Exploration drill result highlighting anomalous gold grade in the NW Extension target. - Positive factor: Highlights anomalous gold grade. Evidence · text > 12.0 m at 0.29 g/t Au Context: OKWT24-105 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (1) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/g-mining-ventures-reports-q4-and-full-year-2025-results-first-full-year-of-comme--a394d870-eec4-4d89-97c3-b7b562628335#fact-resource-facts-13) gold #### Identity - Commodity: gold - Ticker: GMIN #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Louis-Pierre Gignac - Resource group id: resource:25433302d512ea931b76 #### Resource Data - Category: probable - Tonnes: 126000000 - Grade: 1.6 - Grade Unit: g/t - Contained Metal: 6.52 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-25T00:00:00.000Z Reasoning: Record gold mineral reserves with a significant increase, primarily driven by the Oko West project. - Positive factor: Record mineral reserves achieved. - Positive factor: 221% increase from last year. - Positive factor: Addition of 4.64 million ounces from Oko West feasibility study. Evidence · text > proven and probable mineral reserves increased by 221% from last year to a record 6.52 million ounces \(126 million tonnes grading 1.60 grams per tonne \(“ g/t ”\) gold \(“ Au ”\) #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ## Metallurgical Results (1) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/g-mining-ventures-reports-q4-and-full-year-2025-results-first-full-year-of-comme--a394d870-eec4-4d89-97c3-b7b562628335#fact-metallurgical-facts-6) Tocantinzinho · gold #### Identity - Project: Tocantinzinho - Commodity: gold - Region: brazil - Reported Region: Brazil - Ticker: GMIN #### Recovery - Recovery: 90.6 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-25T00:00:00.000Z Reasoning: Strong metallurgical recoveries exceeded guidance, supported by increased plant stability. - Positive factor: Strong metallurgical recoveries achieved. - Positive factor: Exceeded 2025 guidance of 90.0%. Evidence · text > Strong metallurgical recoveries of 90.6% were achieved for the year, exceeding 2025 guidance of 90.0%. ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.