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G Mining Ventures (GMIN) investor relations material
G Mining Ventures Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record-setting Q3 2025 with gold production of 46,360 oz, net income of $123.8M ($0.55/share), and strong free cash flow, driven by steady-state operations at TZ and margin expansion.
Year-to-date gold production reached 124,525 oz, with full-year guidance maintained at 175,000–200,000 oz.
Oko West secured environmental permit and $387.5M–$537.5M financing, with board approval for full construction and first gold targeted for 2027.
Gurupi project advanced with resumed exploration and favorable court ruling enabling new environmental licensing.
SUDAM tax incentive approval reduced Brazilian corporate tax rate to 15.25%.
Financial highlights
Q3 revenue was $162M, up 25% from Q2, with an average realized gold price of $3,292/oz.
Free cash flow reached $95.8M for Q3 and $190.7M year-to-date.
Adjusted EBITDA was $123M in Q3 and $283.6M YTD; return on capital employed improved to 23%.
Ended Q3 with $94.6M–$95M in cash and net debt of $24M, with total liquidity of $471.6M.
All-in sustaining cost (AISC) for Q3: $1,046/oz; YTD: $1,121/oz, supporting industry-leading margins.
Outlook and guidance
On track to achieve full-year production and cost guidance, with 71% of annual production delivered by Q3.
2025 gold production guidance reaffirmed at 175,000–200,000 oz, with AISC expected between $1,025–$1,155/oz.
Oko West construction to accelerate in 2026, targeting first gold in 2027 and commercial production in 2028.
Sustaining capital forecast at $60–$70M; Oko West development spending on budget at $200–$260M.
Exploration spend expected to increase to $25–$30M in 2026, mainly capitalized.
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