11:43 AM EDT, 03/28/2025 (MT Newswires) -- (Adds comment and updates shares.)

G Mining Ventures ( GMINF ) on Friday reported a swing to a fourth-quarter adjusted profit as its Tocantinzinho (TZ) Mine in Brazil entered commercial production.

The company reported adjusted profit, excluding most one-time items of US$58 million, or US$0.26 per share, compared with an adjusted loss of US$521,000, or nil,, in the year-prior quarter.

Revenue was US$102 million, driven by the sale of 39,938 ounces of gold after the launch of commercial production at TZ Mine in September. G Mining ( GMINF ) did not book any revenue for the previous corresponding quarter.

"2024 marked a transformational year for GMIN as we executed all phases of our 'Buy. Build. Operate.' Strategy," said Chief Executive Louis-Pierre Gignac. "With just four months of commercial production, TZ is already generating significant free cash flow, giving us the financial flexibility to fund our next phase of growth. The acquisition of Oko West, recognized as one of the top undeveloped gold projects globally, positions us to surpass 500,000 ounces of annual production."

G Mining ( GMINF ) confirmed its 2025 guidance, first released in January.

National Bank of Canada maintained its outperform rating and $20.00 price target on the company's shares following the results.

According to National Bank, an Oko West construction decision is expected in the second half, with G Mining ( GMINF ) expecting to fund the US$965 million capital cost through operating cash flows from TZ, topped up with US$300 million of debt in the form of a corporate revolver and/or equipment financing.

G Mining ( GMINF ) shares were last seen up $0.27 to $18.42 on the Toronto Stock Exchange.

Price: 18.41, Change: +0.26, Percent Change: +1.43