G Mining Ventures Reports First Quarter 2025 Results
Page | - 1 -
May 14, 2025
G Mining Ventures Reports First Quarter 2025 Results
BROSSARD, QC, May 14, 2025 – G Mining Ventures Corp. (“GMIN” or the “ Corporation” or “ we”) (TSX:
GMIN, OTCQX: GMINF) is pleased to report its production and financial results 1 for the quarter ended
March 31, 2025. Unless otherwise stated, all dollar amounts in this news release are expressed in U.S. dollars.
“We are pleased to deliver a second consecutive quarter of free cash flow with perfect safety performance.
While continuing to ramp up to nameplate capacity, we produced about 35,600 ounces at a leading all-in
sustaining cost of $960 per ounce. With a further increase in production and decrease in costs expected in
the second half of the year, we remain on track to achieve our full year production guidance .” said Louis-
Pierre Gignac, President & Chief Executive Officer. “With $149 million in cash on hand , we are excited to
advance early works at Oko West and proceed to a formal construction decision later this year. Our strategy
remains focused on building long-term shareholder value through disciplined execution.”
First Quarter 2025 Operational and Financial Highlights
o On track to deliver 2025 production, cost, and capital guidance
o Safety: No Lost Time or Recordable Incidents
o Production: 35,578 ounces (“oz”) of gold (“Au”) in Doré
o Operating Costs: All-in sustaining costs2 (“AISC”) of $960 per oz Au sold
o Net Income: $24.4 million, or $0.11 per share – basic
o Adjusted Net Income2: $35.4 million or $0.16 per share – basic
o Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization)2: $68.6 million
o Cash Flow from Operating Activities: $39.4 million before the net change in non-cash working
capital items
o Free Cash Flow2: $36.0 million, or $0.16 per share – basic
o Cash and Cash Equivalents: $149.0 million
Year to Date Corporate Highlights
o Released Positive Feasibility Study for Oko West: In April, published a robust Feasibility Study
outlining a base case after-tax NPV5% of $2.2 billion and 27% IRR using a $2,500 gold price , and
average annual gold production of 350,000 ounces at an AISC 2 of $1,123/oz for 12.3 years
o Commenced Early Works Construction at Oko West : Following receipt of the Interim
Environmental Permit in January, early works began in March, with ~$150 million in long-lead items
committed and negotiated to date.
o Reported Significant Increase in Mineral Reserves: Proven and Probable reserves increased to 6.7
million ounces, while improving the average grade by 30% to 1.62g/t Au.
o Added to Three Major Benchmark Indices : In recognition of growth and increased market
relevance, GMIN was added to the S&P/TSX Composite index (GSPTSE) , NYSE Arca Gold Miners
Index (GDX), and the VanEck Junior Gold Miners ETF (GDXJ) — significantly enhancing visibility
among institutional investors and index-tracking funds.
Page | - 2 -
Operational Results1:
Q1 2025 Q4 2024
In thousands of $, except as otherwise noted
Mining Activities
Ore Tonnes Mined kt 1,512 2,164
Waste Tonnes Mined kt 2,195 2,105
Total Tonnes Mined kt 3,707 4,269
Strip Ratio Waste/ore 1.45 0.97
Processing Activities
Total Tonnes Processed kt 904 968
Average Plant Throughput tpd 10,046 10,523
Average Gold Recovery % 87.70% 89.2%
Average Gold Processed g/t Au 1.40 1.45
Gold Produced oz 35,578 40,147
Gold Sold oz 35,435 39,938
Per Ounce Metrics
Average Realized Gold Price2 $/oz 2,766 2,560
Average Gold Price Received2 $/oz 2,555 2,380
Total Cash Costs2 $/oz 689 577
Site-Level AISC2 $/oz 834 765
AISC2 $/oz 960 862
Financial Results1:
Q1 2025 Q4 2024
In thousands of $, except as otherwise noted
Revenue $ 98,018 102,254
Cost of Goods Sold $ (38,133) (39,470)
Income from Mining Operations $ 59,885 62,784
Net Income $ 24,429 15,238
Per Share – Basic $/share 0.11 0.07
Adjusted Net Income2 $ 35,392 36,926
Per share – Basic $/share 0.16 0.17
EBITDA2 $ 66,714 66,623
Adjusted EBITDA2 $ 68,553 77,910
Cash Flow from Operating Activities
before the Net Change in Working Capital Items $ 39,435 73,181
Cash Flow from Operating Activities $ 30,524 43,401
Free Cash Flows2 $ 35,962 52,986
Per share – Basic $/share 0.16 0.24
Financial Position Q1 2025 Q4 2024
In thousands of $, except as otherwise noted
Cash and Cash Equivalents $ 148,970 141,215
Page | - 3 -
First Quarter Highlights
After the first quarter of production, t he Corporation remains on-track to deliver its 2025 production
guidance of 175,000 to 200,000 ounces of gold at AISC2 of $995 to $1,125 per gold ounce sold.
Health and Safety
During the quarter, no Lost-Time or Recordable Incidents were reported over the 563,795 hours worked.
Safety is fundamental to how we operate it and reflects our deep commitment to protecting our people
every step of the way.
Financial Highlights – Second Consecutive Quarter of Free Cash Flow
Gold sales totaled 35,435 ounces, generating $98 million in revenue at an average realized gold price2 of
$2,766 per ounce. Despite higher gold prices, revenue decreased quarter -over-quarter due to lower sales
volumes.
Cash costs2 were $689 per ounce, and AISC 2 were $960 per ounce — below 2025 guidance, primarily due
to deferred sustaining capital expenditures from Q1 to Q2.
Total operating costs 2 were lower than expected , benefiting from lower general and administrative and
processing expenses, though unit costs increased quarter -over-quarter due to reduced sales volume. Unit
costs are expected to decline as production continues ramping up to nameplate capacity.
Cash flow from operations was $39 million before changes in net working capital, resulting in free cash flow2
of $36 million ($0.16 per share) and a cash balance of $149 million at quarter-end.
Adjusted EBITDA2 totaled $69 million, with adjusted net income2 of $35 million ($0.16 per share), reflecting
strong operational performance during our second ramp-up quarter.
Reconciliation of Cash Costs and AISC2 Q1 2025 Q4 2024
In thousands of $, except as otherwise noted
Operating Expenses $ 21,343 19,327
Royalties $ 3,077 3,732
T otal Cash Costs $ 24,420 23,059
Sustaining Capital and ARO* $ 5,159 7,517
Site Level AISC2 $ 29,579 30,576
General and Administrative Costs $ 4,454 3,865
T otal AISC2 $ 34,033 34,441
Cash Costs2 $/oz sold 689 577
Site Level AISC2 $/oz sold 834 765
AISC2 $/oz sold 960 862
*Comprised of Sustaining capital expenditures, capitalized stripping (sustaining) and accretion to rehabilitation provision (ARO).
Page | - 4 -
Tocantinzinho – Q1 2025 Operating Summary
TZ is a major employer of local workforce, with 83% of the ~1,150 employees and contractors coming from
local communities (Pará State), and 99% Brazilians.
First-quarter gold production totaled 35,578 ounces, representing 19% of the midpoint of annual guidance,
slightly below the planned 22%. Production in 2025 remains weighted to the second half of the year (56%),
as higher-grade ore becomes accessible in deeper mine benches.
Mining volumes totaled 3.7 million tonnes, including 1.5 million tonnes of ore, resulting in a low strip ratio
of 1.45x. Productivity was impacted by unusually heavy rainfall (1.3 meters —nearly double the historical
average), reducing mined tonnage quarter -over-quarter. Ore stockpiles at quarter -end totaled 5.5 million
tonnes at an average grade of 0.80 g/t Au.
Plant throughput averaged 10,046 tonnes per day, or 78% of nameplate capacity, primarily due to
unscheduled downtime for SAG mill liner replacement. A new metallic liner system installed in April is
expected to increase plant availability and throughput to nameplate levels with good performance
demonstrated to date.
Gold recoveries remained strong at over 88%, in line with Feasibility Study expectations. Processed ore
grade averaged 1.40 g/t Au during the quarter, with higher -grade ore (1.60 g/t Au) planned for processing
in the second half of 2025.
Tocantinzinho – Q1 2025 Sustaining Capital Expenditure Update
Total 2025 sustaining capital expenditures2 at Tocantinzinho are forecasted at $60 to $70 million, including
$23 million for capitalized waste stripping and $2 million for near-mine exploration.
Q1 sustaining capital expenditures totaled $5 million, including $2 million for capitalized waste stripping.
Key one-time investments in 2025 include $20 million for mining equipment, $10 million for major mobile
fleet components, and $4.5 million for tailings facility upgrades.
Sustaining capital expenditures 2 for the second half of 2025 are forecast to be up to $25 million, with
approximately 70% allocated to capitalized waste stripping, supporting a reduced and normalized spending
profile.
Page | - 5 -
Oko West Development Update
In April 2025, GMIN published the results of a positive Feasibility Study for its Oko West Project in Guyana,
confirming a long -life, low -cost, and high -margin gold operation. Average annual gold production is
estimated at 350,000 ounces over a 12.3-year mine life, with an AISC of $1,123 per ounce. Initial capital is
estimated at $972 million. The study outlines strong economics, including an after-tax NPV5% of $2.2 billion
and IRR of 27% at a base case gold price of $2,500 per ounce. At a spot gold price of $3,200 per ounce, the
after-tax NPV5% increases to $3.6 billion and the IRR to 38%.
Following receipt of the Interim Environmental Permit in January, early works construction began in March.
GMIN has guided $200 to $240 million in 2025 development capital, with key infrastructure — including
roads, airstrip, barge landing, and camp facilities — expected to be substantially completed by year-end.
In Q1, $17 million was directed toward early works construction activities and prepayments for equipment.
Earthworks are advancing well, with concrete work set to begin shortly. To de-risk the schedule, GMIN has
committed or negotiated approximately $150 million in long -lead items, including mobile and marine
equipment, grinding mills, primary crusher, and the power plant. First deliveries of equipment are expected
in Q2, allowing the Corporation to begin self -performing earthworks on site. Worker training programs
began in January, and the headcount reached 200 by the end of March.
Final permitting remains on track for Q2. Public consultations concluded in February, and stakeholder
feedback has been incorporated into the ESG programs. Final responses will be submitted to the EPA by
mid-May, with final approval anticipated shortly thereafter.
Financing discussions are advancing in parallel, with a package expected this summer, ahead of a formal
construction decision targeted for early in the second half of 2025.
Page | - 6 -
Liquidity and Capital Resources
The Corporation ended Q1-25 with a cash and cash equivalents balance of $149 million.
The $8 million increase quarter over quarter is attributed to the following:
o Free Cash Flow2 generated in Q1 totals $36 million
o Non-Sustaining Investments total $20 million, where $17 million was directed toward the development
of Oko West for early works construction activities and prepayments for equipment
o Investments in Long Term Inventories total $10 million
o Net financing outflows and a favourable foreign exchange adjustment total $2 million
Figure 1: Cash Position Bridge for 3 months ended March 31, 2025
Page | - 7 -
2025 Outlook
GMIN released 2025 guidance on January 21, 2025, including production, total cash costs, AISC, as well as
sustaining and non-sustaining capital expenditures. The following table summarizes 2025 guidance:
Operational & Cost Guidance 2025
TZ Mine
Gold Production k oz 175 to 200
Cash Costs $/oz Au sold $590 to $655
AISC2 $/oz Au sold $995 to $1,125
Sustaining Capital Expenditures
Sustaining $M $35 to $45
Near-mine exploration $M $2
Capitalized Waste Stripping $M $23
Total Sustaining $M $60 to $70
Non-Sustaining Capital Expenditures
TZ Regional Exploration $M $9
Oko West Exploration $M $8
Oko West Project $M $200 to $240
Gurupi $M $2 to $4
Total Non-Sustaining $M $219 to $261
Note: Guidance assumes a realized gold price of $2,350 and BRL/USD of 5.25
2025 Catalysts
Over 2025, the Corporation will focus on the following activities:
• Tocantinzinho nameplate capacity (Q2-2025)
• Oko West financing and construction decision (H2-2025)
• Continuation of detailed engineering at Oko West (2025)
• Greenfield and brownfield exploration (TZ, Oko West and Gurupi) (2025)
Page | - 8 -
First Quarter 2025 Results Conference Call and Webcast
A conference call to discuss details of GMIN’s first quarter 2025 results will be held by senior management
on Thursday, May 15, 2025, at 9:00 AM (E.S.T.). Participants may join the conference call using the following
call-in details:
o Conference ID: 4077930
o Participant Toll-Free Dial-In Number: 1-800-715-9871
o Participant International Dial-In Number: 1-646-307-1963
Participants can also access a live webcast of the conference call via https://edge.media-
server.com/mmc/p/ybh84bka or via the GMIN website at: https://gmin.gold/investors/presentations-and-
events/
A replay of this conference call – via phone and webcast – will be available until June 14, 2025. Replay
details will be provided on the GMIN website 24 hours after the call at:
https://gmin.gold/investors/presentations-and-events/.
Restatement and Disclosure
In accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors, and as announced
in its press release dated May 12, 2025, GMIN has restated and filed its consolidated financial statements
for the year ended December 31, 2024, along with a corresponding restated Management Discussion and
Analysis, immediately prior to the filing of its First Quarter 2025 Results.
Qualified Person
Louis-Pierre Gignac, President & Chief Executive Officer of GMIN, a QP as defined in NI 43 -101, has
reviewed the press release on behalf of the Corporation and has approved the technical disclosure contained
in this press release.
About G Mining Ventures Corp.
G Mining Ventures Corp. (TSX: GMIN) ( OTCQX: GMINF) is a min ing company engaged in the acquisition,
exploration and development of precious metal projects to capitalize on the value uplift from successful
mine development. GMIN is well -positioned to grow into the next mid -tier precious metals producer by
leveraging strong access to capital and proven development expertise. GMIN is currently anchored by the
Tocantinzinho Mine in Brazil, supported by the Gurupi Project in Brazil and the Oko West Project in Guyana
— all with significant exploration upside and located in mining-friendly jurisdictions.
Additional Information
For further information on GMIN, please visit the website at www.gmin.gold or contact:
Dušan Petković
Senior Vice President, Corporate Strategy
416.817.1308