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, we 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
— 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”).
— 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).
— Record free cash flow(2): Generated $95.8 million in free cash flow (YTD – $190.7 million), representing a 59% increase from Q2 2025.
— 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.
— 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).
— 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).
— Oko West Gold Project (“Oko West”) capital advancing: Invested $93 million in project capital in Q3 (YTD – $156 million), with full construction now underway.
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:
— Advanced Oko West to full construction readiness: Received the Final Environmental Permit on September 2, 2025, completing all major approvals ahead of development.
— 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.
— 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.
— Deferred consideration paid: $60M paid to Eldorado Gold related to the acquisition of TZ.
— 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)
Table 2: Financial Results (1)
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.
Table 3: Reconciliation of Cash Costs and AISC (2)
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 construction decision on October 23, 2025, following the completion of a $350 million revolving credit facility, expandable to $500 million.
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 access 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. Fieldwork 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 differentiator-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.
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.
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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 TZ 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 sustain 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 guided $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.
Table 4: Guidance
2025 Catalysts
In the fourth quarter of 2025, the Corporation expects to:
— Advance detailed engineering and continue early works activities at Oko West
— Continue environmental permitting activities at Gurupi
— Launch a 10-kilometre drill program at Gurupi, following recent permitting advances and preparatory work completed in Q3
— 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:
— Conference ID: 4699534
— Participant Toll-Free Dial-In Number: 1-800-715-9871
— 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/
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 mining 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”.
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 the 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 to be incorrect. Such assumptions include, without limitation, those relating to GMIN continuing to generate strong free cash flow and strong profitability, those relating to the SUDAM tax incentive program, those relating to the price of gold (in particular, the average realized gold price) and currency exchange rates, those outlined in the feasibility and other technical studies relating to TZ, Oko West, Gurupi and GMIN's other projects, and those underlying the items listed on the above sections entitled “2025 Outlook”, “2025 Catalysts” and “About G Mining Ventures Corp.”.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that, notably but without limitation, (i) TZ will continue operating at steady state and will position GMIN among the lowest-cost producers in the Americas; (ii) GMIN will evolve into a true multi-asset producer with two world-class growth platforms; (iii) GMIN's positive safety and environmental records will continue over time; (iv) availability of adequate local manpower will continue for TZ, Oko West and Gurupi; (v) GMIN will continue to deliver free cash flow; (vi) any of GMIN's exploration activities at TZ, Oko West and Gurupi will lead to additional resources and eventually to gold production; (vii) GMIN has secured all funding required to advance Oko West through construction and to commercial production; (viii) GMIN will continue to benefit from the TZ plant stability and efficient control thereat; (ix) engineering and procurement as well as early works activities will continue on schedule; * GMIN will successfully re-engage with Gurupi's local communities (xi) the exploration program will bring Gurupi to become GMIN's third growth platform, providing long-term optionality; (xii) Oko West will be brought into commercial production,; or (xiii) GMIN will use TZ and Oko West to grow into the next intermediate producer, as future events could differ materially from what is currently anticipated by the Corporation. In addition, there can be no assurance that Brazil and/or Guyana will remain mining friendly and prospective jurisdictions.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as several important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the Corporation's other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the relevant sections of the Corporation's (i) Annual Information Form dated March 27, 2025, for the financial year ended December 31, 2024, and (iii) Management Discussion & Analysis. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Consolidated Statements of Financial Position (Tabular amounts expressed in Thousands of United States Dollars)
Consolidated Statements of Income (Loss) (Tabular amounts expressed in Thousands of United States Dollars, except for number of shares)
Consolidated Statements of Comprehensive Income (Loss) (Tabular amounts expressed in Thousands of United States Dollars, except for number of shares)
Consolidated Statements of Cash Flows (Tabular amounts expressed in Thousands of United States Dollars, except for number of shares)
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