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G Mining Ventures (GMIN) investor relations material
G Mining Ventures Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved steady-state operations at TZ with record Q2 gold production of 42,587 ounces, strong free cash flow of $60M, and plant ramp-up completed with 90%+ recoveries.
Oko West project advanced with early works, workforce ramp-up, $190M in equipment commitments, and key environmental approvals, targeting a construction decision in H2 2025.
Gurupi exploration accelerated after favorable court ruling, with a $6–8M budget and inaugural drilling set for Q3.
No lost time incidents reported, reflecting strong safety performance.
Financial highlights
Q2 revenue reached $130M on sales of 40,082 ounces at $3,233/oz; H1 revenue $228M, net income $73M, adjusted EBITDA $161M.
Q2 EBITDA was $104M, adjusted EBITDA $93M (75% margin); Q2 net income $49M ($0.21/share), adjusted net income $36M ($0.16/share).
Free cash flow was $60M in Q2 and $96M year-to-date; quarter-end cash at $156M and net cash at $49M.
Q2 cash cost: $763/oz; Q2 AISC: $1,355/oz, impacted by one-time capex; adjusted Q2 AISC: $1,081/oz.
Outlook and guidance
2025 gold production guidance reaffirmed at 175,000–200,000 ounces, with output weighted to H2; AISC guidance raised to $1,025–$1,155/oz due to new mining taxes.
Sustaining capital spend of $24M in H1 (37% of $60–70M full-year guidance), with continued spend in H2 for tailings expansion and mine fleet upgrades.
Oko West construction decision targeted for H2 2025, with $190M in long-lead procurement already committed.
Gurupi exploration budget increased to $6–8M for 2025, with drilling to begin in Q3.
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