G Mining Ventures Reports Strong Q3 2025 Results
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G Mining Ventures Reports Strong Q3 2025 Results
BROSSARD, QC, November 12 , 202 5 – G Mining Ventures Corp. (“GMIN” or the “ Corporation”)
(TSX:GMIN, OTCQX:GMINF) is pleased to report its financial and operational (1) results for the three and
nine months ended September 30, 2025. Unless otherwise stated, all dollar amounts are in U.S. dollars.
“The third quarter marked a defining period for GMIN,” said Louis -Pierre Gignac, President and Chief
Executive Officer. “Tocantinzinho is now operating at steady state—delivering record production, free cash
flow, and margins that position us among the lowest -cost producers in the Americas. With the Oko West
permits, financing, and formal construction decision now secured, w e are entering the next phase of
disciplined, self-funded growth—demonstrating the strength of our operating team and the consistency of
our execution model. As we transition to a multi -asset producer with Oko West under construction and
Gurupi advancing through permitting and exploration, our focus remains on building long -life, low -cost
operations that generate sustainable returns and long -term value for our shareholders. Our ability to
advance growth responsibly —while maintaining strong safety, environmental, and community
performance—remains central to how we build long-term value.”
Third Quarter and Year-to-date (“YTD”) 2025 Operational and Financial Highlights
o Gold production was 46,360 ounces (“oz”) (YTD – 124,525 ounces), representing a 9% increase
over Q2 2025, reflecting continued strong throughput and recoveries at Tocantinzinho Gold Mine
(“TZ”).
o Robust financial results: Revenues of $161.7 million (YTD - $389.3 million) supported by record
average realized gold price(2) of $3,292 per ounce (YTD - $3,124 per ounce).
o Record free cash flow (2): Generated $ 95.8 million in free cash flow (YTD – $ 190.7 million),
representing a 59% increase from Q2 2025.
o Strong Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)(2): Generated
adjusted EBITDA(2) of $122.6 million (YTD – $283.6 million), a 32% increase from Q2 2025.
o Strong quarterly net income : Reported net income of $ 123.8 million (YTD - $196.8 million), or
$0.55 per share (YTD - $0.87 per share).
o Low-cost operations: Reported all-in sustaining cost (2) (“AISC”) per ounce of gold sold of $1,046 in
Q3 2025 (YTD - $1,121 per ounce), compared to an average gold price received (2)(4) of $3,114 per
ounce (YTD - $2,916 per ounce) , implying a robust AISC margin (2) of $2,068 per ounce (YTD –
$1,795 per ounce).
o Oko West Gold Project (“Oko West”) capital advancing: Invested $93 million in project capital in
Q3 (YTD – $156 million), with full construction now underway.
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Recent Corporate Highlights
Strategic initiatives during the quarter further strengthened GMIN’s balance sheet, advanced construction
readiness at Oko West, and positioned the Corporation for multi-asset growth:
o Advanced Oko West to full construction readiness : Received the Final Environmental Permit on
September 2, 2025, completing all major approvals ahead of development.
o Secured project financing and launched construction: Closed a financing package of up to $387.5
million, with the potential to be increased by an additional $150M beginning six months after
closing, subject to lender approval , and announced the formal construction decision on October
23, 2025.
o Enhanced long-term profitability at TZ : Obtained Superintendência do Desenvolvimento da
Amazônia ("SUDAM") tax-incentive approval, lowering the Brazilian nominal corporate income tax
rate from 34% to approximately 15.25% for a period of 10 years from fiscal year 2025.
o Deferred consideration paid: $60M paid to Eldorado Gold related to the acquisition of TZ.
o De-risked Gurupi for future growth: Secured a favourable Federal Court ruling removing historical
permitting constraints, allowing advancement of a new environmental -licensing process.
Table 1: TZ Operational Results (1)
Q3 2025 Q3 2024 YTD 2025 YTD 2024
In thousands of $, except as otherwise noted
Mining Activities
Ore Tonnes Mined kt 1,787 1,841 4,948 4,242
Waste Tonnes Mined kt 3,275 2,851 8,177 5,783
Total Tonnes Mined kt 5,062 4,692 13,125 10,025
Strip Ratio Waste/ore 1.83 1.55 1.65 1.36
Average Gold Grade of Ore Mined g/t Au 1.18 0.98 1.18 0.96
Processing Activities
Total Tonnes Processed kt 1,094 716 3,009 745
Average Plant Throughput tpd 11,890 7,784 11,021 7,097
Average Gold Recovery % 92.3% 84.5% 90.2% 84.1%
Average Gold Grade of Ore Processed g/t Au 1.43 1.20 1.43 1.16
Gold Produced oz 46,360 23,252 124,525 23,419
Gold Sold oz 49,119 17,144 124,636 17,144
Unit Costs
Average Realized Gold Price (2) $/oz 3,292 2,508 3,124 2,508
Average Gold Price Received (2) (4) $/oz 3,114 2,397 2,916 2,397
Total Cash Costs (2) $/oz 721 879 726 879
Site-Level AISC (2) $/oz 971 1,069 1,021 1,069
AISC (2) $/oz 1,046 1,226 1,121 1,226
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Table 2: Financial Results (1)
Q3 2025 Q3 2024 YTD 2025 YTD 2024
In thousands of $, except as otherwise noted
Revenue $ 161,718 42,997 389,330 42,997
Cost of Goods Sold $ (45,879) (18,350) (128,329) (18,350)
Net Income $ 123,789 24,307 196,844 14,408
Per Share – Basic $/share 0.55 0.12 0.87 0.10
Adjusted Net Income (2) $ 114,124 17,131 185,601 13,130
Per share – Basic $/share 0.50 0.09 0.82 0.09
EBITDA (2) $ 124,478 25,881 295,449 16,061
Adjusted EBITDA (2) $ 122,566 25,679 283,552 21,757
Cash Provided by (Used by) Operating
Activities $ 101,949 1,660 211,574 (14,909)
Per share – Basic $/share 0.45 0.01 0.94 (0.10)
Free Cash Flow (2) $ 95,838 (1,468) 190,722 (18,037)
Per share – Basic $/share 0.42 (0.01) 0.84 (0.13)
Financial Highlights
Gold sales totaled 49,119 ounces, generating record quarterly revenue of $161.7 million (YTD $389.3
million) at an average realized gold price of $3, 292 per ounce, reflecting both higher production and
favorable metal prices. Amid a supportive commodity price environment and ongoing cost discipline across
the industry, GMIN continued to translate operational momentum into strong cash flow and profitability.
Operating costs remained well managed for the quarter, with total cash costs of $721 per ounce sold, site -
level AISC of $971 per ounce, and consolidated AISC of $1,046 per ounce, resulting in industry -leading
margins. Cost of goods sold totaled $45.9 million. For the nine months ended September 30, total cash costs
averaged $726 per ounce, with site-level AISC of $1,021 per ounce and consolidated AISC of $1,121 per
ounce.
Cash flow generation remained robust for the quarter, with $ 101.9 million in net cash from operating
activities ($107.3 million before changes in working capital). On a year -to-date basis, operations generated
$211.6 million in operating cash flow and $218.3 million before working capital movements, driven by strong
margins and disciplined capital allocation.
The Corporation delivered record profitability, generating adjusted EBITDA of $122.6 million (EBITDA of
$124.5 million) for the quarter and adjusted net income of $114.1 million, or $0.50 per share, up sharply
from Q2 2025. Year -to-date, adjusted EBITDA reached $283. 6 million and adjusted net income $185.6
million ($0.82 per share), reflecting the sustained ramp-up and stable performance of TZ.
GMIN ended the quarter with $94.6 million in cash and equivalents, down from $156.1 million in Q2, as
strong free cash flow generation at TZ was offset by the $60 million deferred payment to Eldorado Gold,
investments in Oko West, sustaining capital, exploration and working capital movements.
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Table 3: Reconciliation of Cash Costs and AISC (2)
Q3 2025 Q3 2024 YTD 2025 YTD 2024
In thousands of $, except as otherwise noted
Operating Expenses $ 30,354 14,371 78,269 14,371
Royalties $ 5,071 707 12,167 707
Total Cash Costs $ 35,425 15,078 90,436 15,078
Sustaining Capital and others* $ 12,254 3,251 36,793 3,251
Site Level AISC (2) $ 47,679 18,329 127,230 18,329
G&A Expenses (3) $ 3,705 2,696 12,535 2,696
T otal AISC (2) $ 51,383 21,025 139,764 21,025
Costs per oz:
Cash Costs (2) $/oz 721 879 726 879
Site Level AISC (2) $/oz 971 1,069 1,021 1,069
AISC (2) $/oz 1,046 1,226 1,121 1,226
*Comprised of Sustaining capital expenditures, capitalized stripping (sustaining), exploration (sustaining) and accretion to rehabilitation provision (ARO).
TZ Operational Summary
TZ sustained strong operational momentum in the third quarter, marking a second consecutive record
period. Throughput averaged 92% of nameplate capacity, up from 86% in Q2, supported by greater plant
availability and steady metallurgical recoveries. The expert control system, implemented earlier in the year,
is now fully embedded in daily operations, improving plant stability and consistency of output.
Mining productivity increased following the commissioning of additional mobile equipment, providing
greater operational flexibility. Period sequencing delivered an average processed grade of 1.43 g/t of gold,
and access to higher-grade Phase 2 benches is anticipated to further strengthen performance in the fourth
quarter.
Costs remained well controlled, with cash costs of $721/oz and AISC of $1,046/oz, driving robust margins
and free cash flow generation. Safety performance remained strong, with one lost -time incident during the
quarter and a TRIFR of 0.11 year-to-date. Approximately 82% of the workforce is from Pará State and 15%
are women, underscoring GMIN’s commitment to local employment and inclusion. During the third quarter,
TZ was approved for inclusion in the SUDAM regional tax incentive program, reducing its nominal corporate
income tax rate to approximately 15.25% for a ten-year period, further enhancing after-tax cash flow.
Oko West Gold Project – From Permit to Build
Subsequent to the quarter , the Oko West Gold Project achieved a key milestone, transitioning from
permitting to full construction. With the Final Environmental Permit received, the project is now fully
authorized for development and operations. The Board approved the formal constr uction decision on
October 23, 2025, following the completion of a $350 million r evolving credit facility, expandable to $500
million.
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Engineering and procurement progressed materially, with 36% of detailed engineering completed and $334
million committed, locking in pricing and delivery schedules for major long-lead items. Early works advanced
on schedule, including operational site acce ss roads, well -progressed permanent camp facilities, mass
excavation and concrete foundations for key process and infrastructure areas. Delivery of the first mining
shovel enabled the start of self-performed excavation, while additional mine trucks and a second shovel are
expected to arrive ahead of schedule in Q4 2025. Major civil works for the power plant and grinding area
are set to commence before year-end.
Local participation continues to grow, with more than 80% of the workforce comprising Guyanese nationals
and over 590,000 hours worked to date with a TRIFR of 0.33. Oko West remains on schedule and budget,
positioned as GMIN’s next long-life cornerstone asset.
Gurupi – Permitting Re-start and Targeting
Gurupi advanced meaningfully during the third quarter following a favourable Federal Court ruling in July
2025, which removed legacy permitting constraints and confirmed GMIN’s right to restart environmental
licensing under its current ownership. This decision provides full regulatory clarity for advancing Gurupi in
accordance with modern Brazilian environmental standards.
Since the ruling, GMIN has initiated preparation of a new Environmental Impact Assessment (EIA), restarted
baseline environmental and social studies, and re -engaged with local stakeholders and federal agencies to
align on the renewed licensing framework. F ieldwork and early -stage exploration also resumed, with
trenching and soil sampling confirming extensions of mineralization up to two kilometres north of the Chega
Tudo deposit, highlighting the broader district potential.
An initial $6–8 million exploration program is now underway, including roughly 18,500 metres of diamond
and reverse -circulation drilling targeting both near- mine extensions and new regional prospects. With
permitting re-established and drilling mobilizing, Gurupi is positioned to become GMIN’s third long -term
growth platform, offering meaningful optionality and future production potential within a well -established
Brazilian mining jurisdiction.
Environment Social Governance (“ESG”) Highlights
Operational discipline and ESG execution continued to move in step. At TZ, high water recycling and waste-
reuse rates were maintained as the plant stabilized, and the operation sustained low incident frequency.
Workforce composition remained a differentiat or—high local participation in Pará state and a growing
representation of women—while broader commitments set out in the 2024 ESG Report are being rolled out
across sites. The quarter’s operational reliability and Health Safety Environment ( HSE) outcomes reinforce
the culture GMIN is scaling to Oko West and Gurupi.
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Liquidity and Capital Resources
GMIN ended Q3 2025 with $94.6 million in cash and equivalents and total liquidity of $471.6 million,
providing ample flexibility to fund Oko West construction and ongoing exploration.
The $61.5 million decrease in cash from Q2 reflects the $60 million deferred payment to Eldorado Gold,
$82 million invested in Oko West, and working capital movements — partially offset by strong free cash flow
generation.
Figure 1: Cash Position Bridge for the three-month period ended September 30, 2025
2025 Outlook
GMIN reaffirms its 2025 production guidance of 175,000– 200,000 ounces of gold, with AISC expected to
remain within the $1,025 –$1,155 per ounce range. With T Z operating at full capacity and Oko West
construction advancing on schedule, the Corporation remains on track to deliver a year of strong free cash
flow and to solidify its position as a multi- asset, mid-tier gold producer. Supported by a robust gold price
environment and disciplined cost management across the portfolio, GMIN is well positioned to susta in
strong cash generation and fund its next phase of growth.
At TZ, production remains weighted to the second half of the year, consistent with mine sequencing and in
line with full-year guidance as higher-grade zones become accessible in late 2025. Sustaining capital for the
year is forecast within the previously g uided $60–$70 million range. At Oko West, development spending
of $200– $240 million remains on budget, funded primarily through a combination of cash on hand and
operating cash flow.
Exploration across Oko West and Gurupi continues within plan, with drilling at Gurupi scheduled to begin
in Q4. Entering the final quarter, GMIN’s strong balance sheet and two fully permitted growth assets position
it for continued self-funded growth and long-term value creation, advancing toward its goal of becoming a
leading mid-tier gold producer.
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Table 4: Guidance
2025 Operational & Cost Guidance
TZ Mine
Gold Production k oz 175 to 200
Cash Costs $/oz Au sold $620 to $685
AISC(2) $/oz Au sold $1,025 to $1,155
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 $6 to $8
Total Non-Sustaining $M $223 to $265
Note: Guidance assumes a realized gold price of $2,350 and BRL/USD of 5.25
2025 Catalysts
In the fourth quarter of 2025, the Corporation expects to:
o Advance detailed engineering and continue early works activities at Oko West
o Continue environmental permitting activities at Gurupi
o Launch a 10 -kilometre drill program at Gurupi, following recent permitting advances and
preparatory work completed in Q3
o Progress exploration initiatives-both greenfield and brownfield-across TZ, Oko West and Gurupi
Third Quarter 2025 Results Conference Call and Webcast
A conference call to discuss details of GMIN’s third quarter 2025 results will be held by senior management
on Thursday, November 13 , 2025, at 9:00 AM (ET). Participants may join the conference call using the
following call-in details:
o Conference ID: 4699534
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/iggxitpp or via the GMIN website at: https://gmin.gold/investors/presentations-and-
events/
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A replay of this conference call will be available via the webcast for 12 months . Replay details will be
provided on the GMIN website 24 hours after the call at:
https://gmin.gold/investors/presentations-and-events/.
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. 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. GMIN trades on the TSX under the symbol
“GMIN”.
Additional Information
For further information on GMIN, please visit the website at www.gmin.gold or contact:
Jean-François Lemonde
Vice President, Investor Relations
514.299.4926
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release constitute “forward-looking
information” and “forward -looking statements” within the meaning of certain securities laws and are based on
expectations and projections as of the date of this press release. Forward -looking statements contained in this
press release include, without limitation, those related to (i) full construction being underway at Oko West; (ii) the
Corporation having received the green light to advance th e Gurupi project and restart the licensing process ,
thereby de-risking that project; (iii) exploration at Oko West and Gurupi demonstrating upside for low-risk organic
growth; (iv) deliveries and works at Oko West (e.g., mining shovel, blasting, concrete plant, civil works) commencing
and unfolding on schedule; (v) the implementation of broader sustainability commitments across all sites ; (vi) the
quoted comments and expectations of GMIN’s President & Chief Executive Officer; and ( vii) more generally, the
sections entitled “2025 Outlook” (notably the table setting forth the Corporation’s operational & cost guidance),
“2025 Catalysts” and “About G Mining Ventures Corp.”.
Forward-looking statements are based on expectations, estimates and projections as of the time of this press
release. Forward-looking statements are necessarily based upon several estimates and assumptions that, while
considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant
business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove