11:10 AM EST, 01/08/2025 (MT Newswires) -- (Adds analyst comment and updaters shares.)

G Mining Ventures ( GMINF ) on Wednesday said it produced 40,147 ounces of gold in the fourth-quarter.

Gold sales reached 39,938 ounces in the final quarter of 2024 and 57,082 ounces in the full year. The company said the difference between gold sold and gold produced was due to the timing of pours at year end and gold in circuit.

"Our 2024 milestones mark important steps in G Mining's ( GMINF ) evolution from developer to producer, and reflect our strategic execution, backed by a best-in-class management team, strong partnerships, and a high-quality portfolio of long-life, low-cost assets that offer multiple value-creation catalysts," chief executive Louis-Pierre Gignac said.

National Bank of Canada maintained its outperform rating and $15.75 price target on the company following the news.

"Results for Q4/24 improved across the board with a lower strip ratio and higher grade implying costs should be moving lower as well," the bank said. "We will look for 2025 production and cost guidance (Q1 2025) to calibrate expectations for the year ahead."

G Mining's ( GMINF ) shares were last seen up $0.47 to $12.73 on the Toronto Stock Exchange.

Price: 12.70, Change: +0.44, Percent Change: +3.59