G Mining Ventures Reports Q4 and Full-Year 2025 Results; First Full Year of Commercial Production at Tocantinzinho Drives Strong Cash Flow Generation
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G Mining Ventures Reports Q4 and Full-Year 2025 Results; First Full Year of
Commercial Production at Tocantinzinho Drives Strong Cash Flow
Generation
BROSSARD, QC, March 25, 2026 – G Mining Ventures Corp. (“GMIN” or the “Corporation”) (TSX:GMIN,
OTCQX:GMINF) today reported its financial and operating results for the fourth quarter and full year ended
December 31, 2025. Unless otherwise indicated, all dollar amounts are in U.S. dollars.
“Tocantinzinho completed its first full year of commercial production in 2025 , delivering consistent operating
performance with production, recoveries and costs in line with expectations ,” said Louis-Pierre Gignac,
President and Chief Executive Officer. Production, costs and recoveries largely met or exceeded guidance,
underscoring the asset’s reliability and operational discipline. The operation generated $ 255 million in free
cash flow , strengthening our balance sheet while funding the advancement of Oko W est. Fourth quarter
performance was the strongest of the year across key metrics, including production, grade and margins,
demonstrating solid steady-state operations. We enter 2026 with Tocantinzinho performing to plan, Oko West
fully funded and under construction, and Gurupi continuing to advance through exploration and permitting.”
Fourth quarter and full year 2025 highlights and the Corporation’s short to medium -term outlook are set
out below.
1) Strong 2025 Financial Results Driven by Continued Operational Strength and Disciplined Cost
Control
o First full year of commercial production at Tocantinzinho (“TZ”). TZ delivered gold production
in 2025 of 171,871 ounces with stable cost performance despite higher royalty expenses driven by
higher gold prices. Strong metallurgical recoveries of 90.6% were achieved for the year, exceeding
2025 guidance of 90.0%.
o Peer-Leading Cost Structure: Total cash costs of $748 per ounce were slightly above the top end
of 2025 guidance, primarily due to higher royalty costs ($27 per ounce) and the introduction of the
State of Para’s production tax ($27 per ounce). All-in sustaining costs (1) (“AISC”) per ounce were
within 2025 guidance at $1,155 per ounce.
o Strong annual cash generation from operations . Generated annual cash flow from operating
activities of $ 308 million ($340 million before changes in working capital) or $1. 36 per share. TZ
generated mine-site free cash flow (1) of $255 million ($1,484/oz produced) or $1. 12 per share for
its first full year of commercial production.
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o Strong profitability: Reported net income of $288 million ($1.27 per share) for the full year 2025
and adjusted net income(1) of $283 million ($1.25 per share).
o Solid quarterly operating performance, with record quarterly production. Payable gold
production in the fourth quarter of 2025 was 47,346 ounces at total cash costs(1) per ounce of $808
and AISC(1) per ounce of $1,245. The higher realized gold price (1) of $4,032 per ounce in the fourth
quarter resulted in strong margins and cash flows.
o Strong quarterly financial results . Generated quarterly net income of $91 million or $0. 40 per
share and adjusted net income (1) of $98 million or $0.43 per share during the fourth quarter . The
Corporation generated cash provided by operating activities of $ 96 million ($122 million before
changes in working capital) or $0.42 per share and free cash flow(1) of $80 million or $0.35 per share.
2) 2026-2027 Outlook: Increasing Production and Free Cash Flow(1) While Funding Growth
o Two-year production guidance reflects continued execution of our operating and growth
strategy. Average annual production of 200,000 ounces of gold over the next two years at TZ at
peer-leading cash costs (1) of $750 per ounce and AISC (1) of $1,190 per ounce. Gold production at
TZ for 2026 is estimated to be between 160,000 to 190,000 ounces and 200,000 to 235,000 ounces
in 2027, representing an increase of approximately 25% over 2026 production at the midpoint of
guidance, driven by a full-year contribution of higher-grade Phase 2 ore at TZ.
o Total cash costs (1) and AISC(1) expected to decrease 8 % by 2027, relative to 2026. Total cash
costs(1) and AISC(1) in 2026 are expected to increase 7% and 15%, respectively, relative to 2025 and
decrease steadily starting in the second half of 2026 and through 2027. Total cash costs(1) and AISC(1)
are expected to improve materially in 2027, with cash costs and AISC projected to decline by
approximately 14% and 21%, respectively, compared to 2026 at the midpoint of guidance.
3) Transformational Growth Pipeline, with Oko West Advancing Rapidly and Gurupi’s Development
Roadmap Taking Shape
Clear path to achieving over 500,000 ounces of annual gold production by 2028, supported
by the advancement of Oko West Project , which remains on schedule and within budget ,
with first gold pour targeted in the second half of 2027. The Project is fully funded through
construction and ramp-up to commercial production in early 2028. As of December 31, 2025, total
project commitments amount to approximately $424 million, representing 43% of the initial capital
budget, including $203 million of project expenditures incurred to date (or $24 million including
long-term equipment prepayments).
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o Gurupi’s development roadmap taking shape . The plan is to invest $21 million this year in
exploration to grow the resource base through both brownfield and greenfield programs, with the
goal of delivering an updated Mineral Resource Estimate (“ MRE”) and a Preliminary Economic
Assessment (“ PEA”) in the second half of the year. Alongside the exploration program, we will
advance environmental and social studies to support an Environmental and Social Impact
Assessment (“ESIA”) submission in Q4 2026.
o Record gold mineral reserves. At year-end 2025, proven and probable mineral reserves increased
by 221% from last year to a record 6.52 million ounces (126 million tonnes grading 1.60 grams per
tonne (“ g/t”) gold (“Au”). The year -over-year increase in mineral reserves is attributable to the
addition of 4.64 million ounces as outlined in the feasibility study for Oko West despite depletion
at TZ following the first full year of commercial production.
o Adding value through exploration. At Oko West, infill drilling in 2025 successfully identified new
splay structures that expanded and clarified the mineralization within pit limits , both north and
south of the main Block 4 ore shoot, which hosts the majority of the deposit’s mineralization.
Subsequentially, exploration has defined a new high-grade shoot outside the northern pit limits in
Block 1. Exploration has evolved for 2026 into the largest exploration program in the Corporation’s
history with a guidance between $42 million and $50 million, including approximately $21 million
at Gurupi, $16 million at Oko West, and $9 million at TZ.
Fourth Quarter and Full-Year 2025 Production and Costs Summary
Q4 2025 Q4 2024 FY 2025 FY 2024
In thousands of $, except as otherwise noted
Operating Results
Gold Produced oz 47,346 40,147 171,871 63,566
Gold Sold oz 47,457 39,938 172,093 57,082
Total Cash Costs (1) $/oz 808 577 748 668
All-in Sustaining Cost (1) $/oz 1,245 862 1,155 972
Average Realized Gold Price (1) (2) $/oz 4,032 2,560 3,374 2,545
Production
Gold production for the fourth quarter of 2025 increased by 2% compared to the third quarter, primarily
driven by higher processed grades. Mill throughput during the quarter was impacted by unplanned
downtime in November following a failure of the ball mill motor bearings. For the full year 2025, gold
production was 2% below the lower end of the C orporation’s guidance range. This variance was mainly
attributable to a slower -than-expected operational ramp -up at the beginning of the year and lower head
grades processed, partially offset by improved recovery rates. T Z continues to demonstrate stable
performance at or near nameplate capacity, supporting improved operating consistency heading into 2026.
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Plant throughput was stable throughout the fourth quarter at 91% of nameplate capacity during the fourth
quarter. TZ achieved a plant throughput of 87% for the full year which illustrates the continued
improvements in plant availability throughout the year. Recovery rates have also improved, achieving 91.8%
during the fourth quarter and 90.6% for full year 2025, supported by increased plant stability and reduced
variability in the flotation circuit’s operating parameters, largely due to the implementation o f the expert
control system.
Cost Performance
Total cash costs (1) for the fourth quarter were $808 per ounce, representing an increase of $87 per ounce
compared to the third quarter. The increase was primarily driven by higher royalty expenses, the new State
of Para’s production tax and lower gold sales volumes during the period. For the full year 2025, total cash
costs (1) averaged $748 per ounce, exceeding the upper end of guidance by 9%. This was mainly due to
elevated royalty costs, new State of Para’s production tax and lower than expected production levels.
All-in Sustaining Costs(1)
AISC(1) for the fourth quarter was $1,245 per ounce, an increase of $19 9 per ounce compared to the third
quarter. The increase reflects higher total cash costs (1) and increased sustaining capital expenditures as well
as higher general and administrative expenses. For the full year 2025, AISC (1) averaged $1,155 per ounce,
remaining within the Corporation ’s guidance range. Higher royalty costs and lower sales were offset by
reduced sustaining capital spending.
Financial Review
Q4 2025 Q4 2024 FY 2025 FY 2024
In thousands of $, except as otherwise noted
Financial Results
Revenue $ 191,335 102,254 580,665 145,251
Cash generated from operating
activities before net change in working
capital items $ 122,103 73,181 340,446 91,313
Cash generated from operating
activities before net change in working
capital items $/share 0.54 0.33 1.50 0.56
Cash generated from operating
activities $ 95,984 43,401 307,558 28,492
Cash generated from operating
activities $/share 0.42 0.19 1.36 0.17
Free Cash Flow (1) $ 79,682 36,033(3) 254,813 17,996(3)
Free Cash Flow (1) $/share 0.35 0.16 1.12 0.11
Net Income $ 91,019 15,238 287,863 29,646
Net Income $/share 0.40 0.07 1.27 0.18
Adj. net income (1) $ 97,741 36,926 283,342 50,034
Adj. net income (1) $/share 0.43 0.17 1.25 0.31
EBITDA (1) $ 126,500 66,623 421,949 82,684
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Adj. EBITDA (1) $ 135,592 77,910 419,144 99,645
Capital Expenditures (sustaining) $ 16,302 7,368 52,745 10,496
Capital Expenditures (growth) $ 97,357 - 219,323 -
Financial Position
Cash and Cash Equivalents $ 134,548 141,215
Total Debt $ 141,440 113,754
Net Debt (Cash) $ 6,892 (27,461)
Net Income
The Corporation reported net income of $91 million or net income of $0.40 and $0.39 per share on a basic
and diluted basis respectively for the three months ended December 31, 2025. Adjusted net income was
$98 million or $0.43 and $0.42 per share on a basic and diluted basis respectively for the three months
ended December 31, 2025. For the year ended December 31, 2025, reported net income was $288 million
or net income of $1.27 and $1.25 per share on a basic and diluted basis respectively. Adjusted net inc ome
was $283 million or $1.25 and $1.23 per share on a basic and diluted basis respectively.
Cash Provided by Operating Activities
Cash provided by operating activities in the fourth quarter w as $96 million, a decrease of $ 6 million over
the third quarter 2025 primarily due to net change in non -cash working capital items and lower gold sold
partially compensated by higher gold price received during the quarter. Cash provided by operating
activities before net change in non-cash working capital increased by $15 million over the third quarter. For
the full year 2025, cash provided by operating activities amounted to $ 308 million and cash provided by
operating activities before net change in working capital amounted to $340 million.
Free Cash Flow(1)
Free cash flow(1) decreased over the third quarter for the reasons described above related to cash provided
by operating activities. For t he full year, TZ generated free cash flow (1) of $255 million ($1,484 per ounce
produced) or $1.12 per share, highlighting the asset’s strong margin profile and ability to fund growth
internally.
Capital Expenditures
The table below sets out a summary of capital expenditures, in each case broken down between sustaining
capital expenditures and non-sustaining capital expenditures.
Q4 2025 FY 2025
In millions of $, except as otherwise noted
Sustaining 8,106 32,230
Capitalized Waste Stripping 7,324 18,209
Near-Mine Exploration 872 2,306
TZ Sustaining Capital Expenditures 16,302 52,745
TZ Exploration 808 3,676
Oko West Exploration 2,269 8,772
Gurupi Exploration 1,434 3,363
Total Exploration 4,511 15,811
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Oko West Project Development 92,846 203,512
Non-Sustaining Capital 97,357 219,323
Strong free cash flow drives further balance sheet strength
As of December 31, 2025, the Corporation’s total long -term debt was $141 million. $81 million was
outstanding on the Corporation’s revolving credit facility as of December 31, 2025, and available liquidity
under the facility was $269 million, not including the uncommitted $150 million accordion feature. Total
equipment financing outstanding was $60 million as of December 31, 2025. Cash and cash equivalents
increased $40 million from the prior quarter to $135 million.
Reconciliation of Cash Costs (1) and AISC (1)
Q4 2025 Q4 2024 FY 2025 FY 2024
In thousands of $, except as otherwise noted
Operating Expenses $ 32,363 19,327 110,632 33,698
Royalties $ 5,999 3,732 18,166 4,439
Total Cash Costs (1) $ 38,362 23,059 128,798 38,137
Sustaining Capital and others* $ 16,440 7,517 53,233 10,768
Site Level AISC (1) $ 54,802 30,576 182,031 48,905
G&A Expenses ** $ 4,271 3,865 16,806 6,561
Total AISC (1) $ 59,073 34,441 198,837 55,466
Costs per oz:
Cash Costs (1) $/oz 808 577 748 668
Site Level AISC (1) $/oz 1,155 765 1,057 857
AISC (1) $/oz 1,245 862 1,155 972
*Comprised of Sustaining capital expenditures, capitalized stripping (sustaining), exploration (sustaining) and accretion to
rehabilitation provision (ARO).
**This amount excludes corporate depreciation and amortization expenses totaling $118,000 and $489,000 for the three months and
the year ended December 31, 2025, respectively ($265,000 and $498,000 for the three months and the year ended December 31, 2024,
respectively). This amount also excludes non -sustaining allocation of G&A Expenses totaling $90,000 and $643,000 for the three
months and the year ended December 31, 2025, respectively ($195,000 for the three months and the year ended December 31, 2024).
Q4 2025 Development Activities
Oko West Gold Project Update
The early works program completed last year enabled key infrastructure milestones, including construction
of the access road, expansion of capacity at the permanent camp, and substantial completion of the barge
landing—an important component of the project’s logistics network. Main construction activities are now
underway in the process plant area, with the grinding circuit representing the project’s critical path. Progress
remains on schedule, with rebar and formwork in place and one of the largest concrete pours for the Semi-
Autogenous Grinding mill now complete. Both mills are expected to arrive in Guyana in July 2026, with
commissioning and first gold production targeted for the fourth quarter of 2027.
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Procurement of major packages is largely complete resulting in total project commitments of $424 million,
or 43% of project total. Project remains on budget and is fully funded through completion and ramp-up to
commercial production.
Construction Progress:
• Detailed engineering 57% complete at year end 2025; expected to be largely finalized by Q3 2026.
• All long-lead items and major equipment packages have been awarded; equipment deliveries are
progressing steadily.
• Mine pre-production activities focused on site preparation of the initial open pit and development
of the run-of-mine (“ROM”) pad stockpile area.
• Near-term critical paths:
o Barge landing — planned completion end of Q1, early Q2 2026
o Permanent kitchen — components scheduled for delivery in Q2 2026
• Long-term critical paths items progressing in line with the construction schedule:
o Power plant expected to be operational by end of July 2027, with generator deliveries
scheduled throughout the first half of 2026
o Grinding mills expected to be operational by August 2027, with major components
scheduled for delivery in mid-2026
• Health & Safety:
o Total of 990,811 person-hours worked to date with no Lost Time Incident.
o Total Recordable Incident Rate (TRIFR) of 0.40, trending below industry benchmarks
• Human Resources:
o 977 employees and contractors are currently employed by the Project at year end
o 84% of workforce are Guyanese
Total capital expenditures for 2026 are projected to range between $514 million and $568 million as project
activity ramps up, including the commencement of major construction at the process plant, supporting
infrastructure, and the initiation of mine pre -production activities. Substantially all major equipment is
expected to be delivered during 2026. Capital expenditures in 2027 represent the remaining balance and
include commissioning activities and pre-production revenue.
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A Closer Look at our Processing Plant: With mass excavation nearing completion, focus has shifted to a significant ramp-up in
concrete pouring activities, marking continued construction progress.
Dormitories & Camp Kitchen: The centre of the image highlights progress on the camp dormitories, with more than 700 beds already
installed and additional capacity forthcoming. To the right , construction of the camp kitchen is underway , while the completed
foundation of the Welcome Centre is visible in the background.