Cost Efficiency2025 AISC guidance of $995-1,125/oz is below the sector average of ~$1,500/oz, marking a major derisking milestone that solidifies TZ as a low cost, high-margin open pit gold mine.
Growth PotentialGMIN remains a top pick as the company is on a trajectory to organically grow into a ~500,000oz/yr intermediate producer by leveraging TZ cash flows.
Operational PerformanceGMIN reported stronger Q4 and 2024 gold production than expected as Tocantinzinho continues to ramp up towards nameplate capacity.