G Mining Ventures (GMIN) 2024 Precious Metals Summit Beaver Creek summary

Strategic Vision and Business Model

• Aims to become an intermediate gold producer through a buy, build, and operate strategy, focusing on acquiring undervalued assets and developing them to full potential.

• Unique in-house project execution model enables tight control over costs and timelines, leveraging a dedicated build team from G Mining Services.

• Business model targets buying assets at low valuation points and self-funding growth through operational cash flow.

• Management and insiders hold significant equity, aligning interests with shareholders.

• Strategy centers on “Buy, Build, Operate” with a proven track record of delivering projects on time and on budget in South America.

Asset Portfolio and Development Pipeline

• Operates Brazil's third-largest gold mine, Tocantinzinho (TZ), producing 175,000 ounces annually for over a decade at $680–$681 AISC, with commercial production achieved in September 2024.

• Oko West in Guyana, acquired via merger in April 2024, is set to become the country's largest gold mine, targeting 353,000 ounces per year for 12.7–13 years at $986 AISC; construction planned for H2 next year and commercial production in H1 2028.

• CentroGold, acquired from BHP in September 2024, is an exploration-stage project in Brazil with a 2–2.3 million ounce resource and significant land package; acquisition expected to close Q1 2025.

• Combined production profile expected to exceed 500,000 ounces annually by 2028.

• Exploration programs ongoing at TZ and Oko West, with significant regional and at-depth upside identified.

Financial and Operational Highlights

• IPO raised $43 million, followed by $481 million for TZ development; current market cap is C$1.8B (US$1.4B) as of August 2024.

• Cash balance stands at C$115M (US$85M) with C$155M in debt.

• Well-funded to advance Oko West, with $1.0–$1.1B in available capital and minimal additional equity dilution expected.

• Oko West PEA base case: $1.4B after-tax NPV (5%), 21% IRR, 3.8-year payback at $1,950/oz gold; spot case NPV rises to $2.5B at $2,500/oz gold.

• Share price has outperformed sector indices since IPO, up 330% versus a 20% decline in GDXJ, and 315% appreciation since 2020 RTO.