G Mining Ventures Corp · TSX:GMIN
G Mining Ventures — Q1 2025 Earnings Presentation
34 slides from G Mining Ventures's earnings presentation, May 15, 2025
Slide 1: Q1 2025 Earnings Call
TSX:GMIN | OTCQX:GMINF BUY. BUILD. OPERATE. Q1 2025 Earnings Call May 15, 2025 All figures are in U.S. dollars unless otherwise noted.
Slide 2: Cautionary Statements
Cautionary Statements Generally, forward-looking information can be identified by use of words such as “outlook”, “objective”, “may”, “could”, “would” , “will” ,“expect”, “intend”, “estimate”, “forecasts”, “project”, “s eek”, “anticipate”, “believes”, “should”, “plans ” “pro forma”, or “continue”, a
Slide 3: Agenda and Speakers
Agenda and Speakers 01 Corporate Highlights 02 Operational Performance 03 Financial Results Louis-Pierre Gignac Dušan Petković Julie Lafleur 04 Oko West Update President & CEO, Senior Vice President, and Director Corporate Strategy CFO and VP, Finance 05 2025 Catalysts & Outlook 06 Q&A TSX:GMIN 3
Slide 4: Buy, Build, Operate: Our Strategy in Action
Buy, Build, Operate: Our Strategy in Action Who We Are: GMIN is anchored by its Tocantinzinho Gold Mine in Brazil, supported by the Gurupi Project in Brazil and the Oko West Gold Project in Guyana — all with significant exploration upside and located in Oko West Gold Project, Guyana Gold | Developme
Slide 5: Q1 2025 Highlights
Q1 2025 Highlights Gold Production: 35,578 oz (1) Cash Cost : $689/oz (1) AISC : $960/oz Continued Execution (1) Robust Cash Generation Free Cash Flow : $36 million Net Cash Positive (1) Adjusted EBITDA $69 million Cash Balance: $149 million (2) Net Cash : $37 million [1] These measures are non-IFRS
Slide 6: Well Positioned to Deliver 2025 Guidance
Well Positioned to Deliver 2025 Guidance Q1 Production: 35,578 oz Q1 Cash Cost(1): $689 / oz Au Q1 AISC(1): $960 / oz Au $1,200 $1,200 19% $1,000 $1,000 $960 $800 $800 Production Guidance $689 175 – 200 k oz $600 $600 $400 $400 $200 $200 44% 56% $0 $0 Guidance Guidance H1-25 H2-25 $590 - $655/oz $99
Slide 7: Q1 2025 Corporate Highlights
Q1 2025 Corporate Highlights ✓ Announced receipt of Interim Environmental Permit for Oko West o Allows for early works construction activities to commence ✓ Reported Significant Increases in Mineral Resources and Reserves o Indicated resources now total 9.4 million ounces o Inferred resources now to
Slide 8: Operational Performance
Operational Performance
Slide 9: Operational Highlights
Operational Highlights No Lost Time or Recordable Incidents l Dedication to the Highest Safety Standards Production Summary Unit Q1-25 Q4-24 Δ 2025 Guidance Mining rate affected by unusually heavy Total Tonnes Mined kt 3,707 4,269 (13%) 23,100 rainfall (1.3 m - nearly double the historical average),
Slide 10: Operating Cost Breakdown
Operating Cost Breakdown Item Unit Q1-25 Q4-24 Δ 2025 Guidance Gold Sold koz 35.4 39.9 (11%) - Operating Expenses: 10% lower driven by lower G&A and processing costs remaining Operating Expenses $M $21 $19 10% - relatively consistent quarter over quarter. Royalties $M $3 $4 (18%) - Total Cash Costs
Slide 11: Sustaining Capital Expenditure Breakdown
Sustaining Capital Expenditure Breakdown $25 million of Sustaining Capital deferred to Q2 Sustaining Capital Expenditures Q1-25 Q1-25F 2025 FY Sustaining Capital: Q1 Total Sustaining Capital: $5M Figures in Millions Actual Forecast Guidance $23M deferred from March to Q2. Sustaining Capital $3 $26 $
Slide 12: TZ Mine – Peer Leading Cost Profile to Drive Cash Flow
TZ Mine – Peer Leading Cost Profile to Drive Cash Flow Global Gold Mines l All-In-Sustaining Cost Curve $3,500 All in Sustaining Costs (US$/oz of Gold Sold) $3,000 $2,500 Q1 25 AISC(1) $960 per ounce sold $2,000 2025 AISC Guidance(1)(2) $1,060 per ounce sold $1,500 $1,000 $500 $- 1st Quartile 2nd Qu
Slide 13: Financial Highlights
‘eat Financial Highlights a
Slide 14: Financial Highlights
Financial Highlights Unit Q1-25 Q4-24 Δ Realized Gold Price USD/oz $2,766 $2,560 8% Despite a higher realized gold price, due to lower sales volume, revenue slightly down Revenue $M $98 $102 (4%) quarter over quarter. Income from Mining Operations $M $60 $63 (5%) Net Income $M $24 $15 60% Net Income
Slide 15: Free Cash Flow Summary
Free Cash Flow Summary(1) Figures in USD Millions Q1-25 Q4-24 Δ Operating Activities before Changes in Net Working Capital $39 $73 (47%) Investments in Long Term Inventories Investment in Long Term Inventories $10 $17 Ore mined and stockpiled that will not be processed in the next 12-month period. N
Slide 16: Q1 Cash Position Bridge
Q1 25 Cash Position Bridge Figures in USD Millions Oko West Development: $17 million $250 Exploration: $3 million Free Cash Flow $36 million(1) $200 $10 ($9) ($5) $177 ($20) $39 $2 $150 $158 ($10) $147 $149 $149 $141 $100 $50 $0 Cash Balance Operating Cash Investment in Long Changes in Sustaining St
Slide 17: Oko West – Development Update
Oko West – Development Update
Slide 18: Feasibility Study Overview
Feasibility Study Overview Feasibility Study April 2025 l Construction Decision H2 2025 l First Production by Q4 2027 Q2 l 2025 – DFS Summary Unit Metric Mine Type OP l UG Oko West OP Strip Ratio x 6.8 Ore Tonnes Mined / Processed MM t 77 Guyana Suriname Average Gold Grade Processed g/t 1.89 Average
Slide 19: Feasibility Study Economics
Feasibility Study Economics After-Tax NPV5% After-Tax IRR Figures in USD million Base Upside Base Upside Case Case Case Case $3,974 $3,571 40% $3,169 38% 35% $2,767 32% $2,364 29% 27% $2,163 25% $1,961 $2,400 $2,500 $2,600 $2,800 $3,000 $3,200 $3,400 $2,400 $2,500 $2,600 $2,800 $3,000 $3,200 $3,400
Slide 20: Mineral Reserves and Resource
Mineral Reserves and Resource P&P Reserve of 4.6 Moz @ 1.89 g/t Au l M&I Resources of 5.4 Moz @ 2.10 g/t Au Mineral Reserve(1) ← Block 7 & 8 Block 6 Block 5 Block 4 Block 1 Tonnes Grade Contained Classification Kt g/t Au koz Au Probable 76,702 1.89 4,642 Mineral Resource (1) Drillholes Tonnes Grade
Slide 21: M&I Resource Grade (g/t Au)
Rare scale, exceptional grade—unmatched in the Americas 3.6 Cariboo Limited number of development projects of similar (Osisko Dev.) Fenelon resource quality and scale as Oko West in the Americas (Wallbridge) 3.0 Eskay Creek M&I Resource Grade (g / t Au) Great Bear (Skeena) (Kinross) 2.4 Oko West (G
Slide 22: LOM Average AISC (US$/oz Au)
A rare Americas asset—big production, low costs $1,750 PEA PFS FS LOM Average AISC (US$ / oz Au) $1,550 Black Pine $1,350 (Liberty) Lawyers-Ranch (Thesis) $1,150 Tower Volcan Estelle (STLLR) Duparquet Novador Oko West (Hochschild) (Nova Minerals) (First Mining) (Probe) Fenelon (G Mining) Cariboo (Wa
Slide 23: Accelerated Timeline to Production
Accelerated Timeline to Production 2024 2025 2026 2027 2028 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sept 9, 2024: PEA Study Results PEA Announced ESIA Jan 7, 2025: Receipt of Interim Permitting Env. Permit Early works Mar 6, 2025: Start of Early Works Construction Feasibility Study Det
Slide 24: 2025 Catalysts & Outlook
2025 Catalysts & Outlook
Slide 25: 2025 Catalysts & Outlook
2025 Catalysts & Outlook Upcoming Milestones Gurupi Oko West Oko West Tocantinzinho Oko West Oko West All Assets Published NI 43-101 Start of Early Feasibility Study Reach Nameplate Project Financing Continuation of Greenfield and Resource Update Works Construction Capacity Construction Decision Det
Slide 26: Questions?
Thank you for joining us today! TSX:GMIN | OTCQX:GMINF Questions? INVESTOR RELATIONS Dušan Petković Senior Vice President, Corporate Strategy Phone: 416.817.1308 Email: [email protected] FOLLOW US: TSX:GMIN 26
Slide 27: Appendix – Additional Information
Appendix – Additional Information
Slide 28: 2025 Production and Cost Guidance
2025 Production and Cost Guidance Operational Estimates Unit 2025E 2025 Outlook by Half Ore Tonnes Mined kt 6,600 Total Tonnes Mined kt 23,100 Slightly lower strip Ore Tonnes Mined 47% 53% ratio in H2 Strip Ratio W:O 2.50 Total Tonnes Processed kt 4,300 Mining rate increased Total Tonnes Mined 39% 6
Slide 29: Q1 25 AISC to All-In-Cost Reconciliation
Q1 25 l AISC to All-In-Cost Reconciliation(1) $M USD/oz Revenue $98 $2,766 Free Cash Flow $36 $1,015 Implied All-In Cost Margin of 37% All-In-Cost $62 $1,751 Cash Operating Cost $24 $689 ARO Accretion $0.1 $3 Site Level AISC of $835 per ounce Sustaining Capital $5 $143 representing a 70% margin. Gen
Slide 30: Q1 25 AISC to Cost of Sales Reconciliation
Q1 25 l AISC to Cost of Sales Reconciliation(1) Figures in USD Millions $45.0 $40.0 $38.1 $35.0 $34.0 ($5.1) $13.7 $30.0 ($0.1) $28.9 $28.8 ($4.5) $25.0 $24.4 $24.4 $20.0 $15.0 $10.0 $5.0 $0.0 All-In-Sustaining Cost Sustaining Capital Accretion to General and Depreciation Cost of Goods Sold Rehabili
Slide 31: Mineral Reserves and Resources
Mineral Reserves and Resources M&I Resources of 9.4 Moz @ 1.63 g/t Au, Inferred Resources of 1.2 Moz @ 1.51 g/t Au M&I Resources Inferred Resources Long Life Assets Tonnes Grade Ounces Tonnes Grade Ounces Project +10 years of mine life Kt g/t Au koz Au kt g/t Au koz Au TZ 55,767 1.22 2,181 752 1.12
Slide 32: Mineral Reserves and Resources Assumptions and Notes
Mineral Reserves and Resources Assumptions and Notes 1. The Mineral Resources described above have been prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") (2014) and the best practices described by CIM (2019). 2. Rounding of values to the
Slide 33: Mineral Reserves and Resources Assumptions and Notes
Mineral Reserves and Resources Assumptions and Notes Project specific MRMR disclosures continued: 15. The effective date of the Tocantinzinho Mineral Resource Estimate is December 31, 2024. 16. The ore modelling was completed using a numeric estimation in Leapfrog using a cut-off grade of 0.3 g/t Au
Slide 34: Mineral Reserves and Resources Assumptions and Notes
Mineral Reserves and Resources Assumptions and Notes Project specific MRMR disclosures continued: 29. Mineral Reserves are estimated using a long-term gold price of 1,800 $/oz USD 30. The qualified person for the estimate is Alexandre Burelle, P. Eng. (OIQ#5019855), Mine planning and financial analy