G Mining Ventures (TSX: GMIN) reported record quarterly revenue of $129.6 million in Q2 2025 versus nil a year ago, driving income from mining operations of $85.3 million for a 65.8% gross margin.
Net income reached $48.6 million (or $0.21 per share) compared with a loss of $5.3 million (or $0.05 per share) in Q2 2024. Taxes weighed heavily in Q2, with a current and deferred tax charge of $36.2 million, implying an effective rate of roughly 43%. On adjusted basis, net income was $36.5 million (or $0.16 per share) from a $2.6 million loss (or $0.02 per share).
Adjusted EBITDA rose to $92.9 million in Q2 versus a loss of $2.6 million a year ago.
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Operating cash flow was $79.8 million versus an outflow of $6.8 million last year. Investing outflows were $68.8 million from $45.1 million, and financing was a $5.1 million outflow from a $44.1 million inflow. Free cash flow was $60.2 million from an outflow last year.
Cash and cash equivalents came in at $156.1 million, up from $141.2 million at 2024 year-end.
Gold production was 42,587 ounces while gold sold for the quarter was 40,082 ounces. The plant averaged 11,107 tpd in Q2 and achieved nameplate throughput in June (12,890 tpd over 30 days). Recovery improved to 90.3% from 87.7% in Q1.
Cash costs were $763 per ounce while AISC came in at $1,355 per ounce against a Q2 realized gold price of $3,233 per ounce.
The company reaffirmed 2025 guidance production of 175,000–200,000 ounces but now expects to finish at the lower end. With 78,165 ounces produced in H1, H2 must deliver around 96,800 ounces—an average of roughly 48,400 ounces per quarter.
Cost guidance increased by $30 per ounce due to Pará’s TRFM mining levy changes. Cash costs are now $620–$685 per ounce (from $590–$655 per ounce) and AISC $1,025–$1,155 per ounce (from $995–$1,125 per ounce). Management expects AISC to decline in H2 as one-off sustaining investments lapse.
G Mining last traded at $17.55 on the TSX.
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