G Mining Ventures (TSE:GMIN)
TSX:GMIN
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G Mining Ventures
(TSX:GMIN)
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Rating:72Outperform
Price Target:
C$51.00
▲(25.40% Upside)
Action:UpgradedDate:12/30/25
The score is driven by strong technical momentum and a series of positive operational/project catalysts, supported by improved profitability and low leverage. It is held back primarily by weak cash conversion and deeply negative free cash flow, with valuation also looking relatively expensive at a 32.82 P/E and no dividend yield.
Positive Factors
Improved profitability
The 2024 margin step-change and positive net income reflect operating leverage and meaningful improvement in core mine economics. Durable higher margins support reinvestment and eventual cash conversion if throughput and recoveries remain stable across production phases.
Negative Factors
Weak cash conversion
Material gap between net income and operating cash flow signals earnings are not yet translating into stable free cash. Over the medium term this reduces internal funding for capex and growth, increasing exposure to financing and execution risk if conversion doesn't improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved profitability
The 2024 margin step-change and positive net income reflect operating leverage and meaningful improvement in core mine economics. Durable higher margins support reinvestment and eventual cash conversion if throughput and recoveries remain stable across production phases.
Read all positive factors
G Mining Ventures (GMIN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.82B
Dividend YieldN/A
Average Volume (3M)792.95K
Price to Earnings (P/E)9.1
Beta (1Y)1.78
Revenue Growth1069.24%
EPS Growth4643.80%
CountryCA
Employees1,157
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.54
Shares Outstanding237,661,620
10 Day Avg. Volume1,265,349
30 Day Avg. Volume792,954
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)1.21
Price to Sales (P/S)8.39
P/FCF Ratio-10.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$61.24Price Target Upside50.57% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.77
Revenue Forecast (FY)C$746.37M
G Mining Ventures Business Overview & Revenue Model
Company Description
G Mining Ventures Corp. engages in the acquisition, exploration, evaluation, and development of mineral properties. Its flagship project is the Tocantinzinho gold project that includes two mining concessions covering an area of 12,889 hectares, 23...
How the Company Makes Money
G Mining Ventures makes money by exploring and developing gold mining projects and ultimately producing and selling gold. The company's revenue model is primarily based on the extraction and sale of gold from its mining operations. This includes i...
G Mining Ventures Earnings Call Summary
Earnings Call Date:May 15, 2025
(Q1-2025)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The earnings call reflected a strong start to the year with solid financial results and significant resource growth at Oko West. Operational efficiencies were evident despite weather challenges and unplanned downtime. The company maintained a disciplined approach to cost management and resource development, setting a positive outlook for the remainder of the year.Positive Updates
Strong Financial Performance
Revenue was $98 million with an average realized gold price of $2,766 per ounce. Income from mining operations reached $60 million, maintaining a 61% margin. Adjusted EBITDA was $69 million, and adjusted net income stood at $35 million or $0.16 per share.
Negative Updates
Challenges Due to Weather
Heavy rainfall impacted access to higher grade benches at TZ, but the company managed by drawing from surface stockpiles.
Read all updates
Q1-2025 Updates
Positive
Negative
Strong Financial Performance
Revenue was $98 million with an average realized gold price of $2,766 per ounce. Income from mining operations reached $60 million, maintaining a 61% margin. Adjusted EBITDA was $69 million, and adjusted net income stood at $35 million or $0.16 per share.
Read all positive updates
Company Guidance
In the call, G Mining Ventures provided detailed guidance for their operations in the first quarter of 2025. They reported the production of 35,578 ounces of gold at a cash cost of $689 per ounce and an all-in sustaining cost (AISC) of $960 per ounce, maintaining their first quartile cost position. The company generated an adjusted EBITDA of $69 million and free cash flow of $36 million, ending the quarter with $149 million in cash. Looking forward, they aim to produce between 175,000 and 200,000 ounces for the year, with over 56% of production expected in the second half as grades and throughput increase. Additionally, sustaining capital expenditures are anticipated to total $40 million in Q2, with $22 million projected for the second half, focused primarily on capitalized waste stripping. The Oko West project remains on track for a construction decision in the second half, supported by a robust feasibility study indicating a 12-year mine life with an average annual gold production of 350,000 ounces at a first quartile AISC of $1,123 per ounce.G Mining Ventures Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Mar 2023 | Oct 2021 | Oct 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 491.58M | 145.25M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 323.79M | 87.43M | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | 428.20M | 96.62M | -7.25M | -5.22M | -2.79M | -333.24K |
| Net Income | 244.44M | 62.01M | -7.18M | -1.90M | -2.82M | -494.56K |
Balance Sheet | ||||||
| Total Assets | 2.45B | 1.47B | 583.48M | 259.11M | 119.10M | 1.16M |
| Cash, Cash Equivalents and Short-Term Investments | 131.67M | 141.22M | 52.40M | 82.70M | 56.96M | 870.21K |
| Total Debt | 119.68M | 114.76M | 32.66M | 32.03K | 85.52K | 0.00 |
| Total Liabilities | 595.22M | 462.83M | 322.33M | 15.47M | 2.64M | 64.47K |
| Stockholders Equity | 1.86B | 1.01B | 261.15M | 243.64M | 116.48M | 1.10M |
Cash Flow | ||||||
| Free Cash Flow | 53.16M | -111.47M | -62.49M | -65.41M | -4.52M | -404.12K |
| Operating Cash Flow | 294.11M | 28.49M | 242.89M | -1.16M | -4.47M | -404.12K |
| Investing Cash Flow | -339.62M | -119.83M | -309.59M | -91.79M | -24.00M | -124.99K |
| Financing Cash Flow | 5.89M | 190.31M | 31.55M | 123.57M | 83.07M | 813.01K |
G Mining Ventures Technical Analysis
Negative
40.67
Price Trends
47.88
Negative
41.10
Negative
31.43
Positive
Market Momentum
-2.23
Positive
38.01
Neutral
19.37
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GMIN, the sentiment is Negative. The current price of 40.67 is below the 20-day moving average (MA) of 49.55, below the 50-day MA of 47.88, and above the 200-day MA of 31.43, indicating a neutral trend. The MACD of -2.23 indicates Positive momentum. The RSI at 38.01 is Neutral, neither overbought nor oversold. The STOCH value of 19.37 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:GMIN.
G Mining Ventures Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$8.95B | 27.69 | 12.71% | 0.66% | 43.27% | ― | |
72 Outperform | C$9.82B | 9.10 | 19.00% | ― | 1069.24% | 4643.80% | |
67 Neutral | C$454.67M | 338.18 | -2.71% | 0.97% | 11.95% | -44.15% | |
66 Neutral | C$110.08M | 12.43 | 33.85% | ― | 112.93% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | C$38.53M | -689.00 | -88.61% | ― | -47.93% | -538.46% |
* Basic Materials Sector Average
TSE:GMIN
G Mining Ventures
40.67
23.50
136.87%
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Metalla Royalty & Streaming
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6.66
2.61
64.32%
TSE:EMPR
Empress Royalty
0.91
0.44
93.62%
TSE:STRR
Star Royalties
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0.22
81.82%
TSE:TFPM
Triple Flag Precious Metals
43.89
16.66
61.19%
G Mining Ventures Corporate Events
Business Operations and StrategyFinancial Disclosures
G Mining Ventures Sets 2026–27 Outlook With Higher Output, Lower Costs and Heavy Spend on Oko West
Positive
Jan 20, 2026
G Mining Ventures has issued its operational outlook for 2026 and 2027, projecting steady production growth and improving costs at its Tocantinzinho Gold Mine in Brazil while advancing Oko West in Guyana toward first gold in the second half of 202...
Business Operations and StrategyFinancial Disclosures
G Mining Ventures Posts Strong First Full Year of Output at Brazil’s Tocantinzinho Mine
Positive
Jan 13, 2026
G Mining Ventures reported robust preliminary operational results for the fourth quarter and full year 2025 at its Tocantinzinho gold mine in Brazil, marking the operation’s first full year of commercial production. The mine produced 47,346 ...
Business Operations and Strategy
G Mining Ventures Secures Mining License for Oko West Project
Positive
Dec 8, 2025
G Mining Ventures has received a Mining License for its Oko West Gold Project in Guyana, marking a significant milestone in the project’s development. This approval allows for full construction and commercial gold production, positioning Oko...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
G Mining Ventures Reports Strong Q3 2025 Results and Advances Key Projects
Positive
Nov 12, 2025
G Mining Ventures reported strong financial and operational results for Q3 2025, with a significant increase in gold production and robust financial performance, including record revenues and free cash flow. The company is advancing its Oko West p...
Business Operations and StrategyPrivate Placements and Financing
G Mining Ventures Strengthens Financial Position with First Drawdown on Credit Facility
Positive
Nov 10, 2025
G Mining Ventures Corp. has successfully completed the first drawdown of US$80 million from its US$350 million revolving credit facility to advance the Oko Gold Project in Guyana. This refinancing move, which repays an existing loan, is expected t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.