G Mining Ventures (GMIN) Q1 2025 earnings summary

Executive summary

• Produced 35,578 oz of gold in Q1 2025, marking the second full quarter of production with strong execution, disciplined cost control, and commercial production at Tocantinzinho, while advancing early works at Oko West.

• Achieved adjusted EBITDA of $69M, free cash flow of $36M, and ended Q1 with $149M in cash, supporting ongoing growth and development.

• Net income for Q1 was $24.4M, up 60% sequentially, with adjusted net income of $35.4M.

• Mineral reserves increased to 6.7 Moz, with significant resource growth and addition to major gold indices.

• Oko West feasibility study published, confirming robust economics and a construction decision expected in H2 2025.

Financial highlights

• Q1 2025 revenue was $98M at an average realized gold price of $2,766/oz.

• Net income per share was $0.11; adjusted net income per share was $0.16.

• Adjusted EBITDA margin was ~70%; free cash flow margin was 37%.

• Cash balance at quarter-end was $149M, with net cash of $37M.

• Gold sales totaled 35,435 oz, with AISC of $960/oz, below guidance due to deferred sustaining capex.

Outlook and guidance

• 2025 gold production guidance is 175,000–200,000 oz at AISC of $995–$1,125/oz, with over 56% of production expected in H2 as grades and throughput increase.

• Sustaining capital for 2025 is forecasted at $60–$70M, with Oko West development capital at $200–$240M.

• Oko West construction decision targeted for H2 2025, with first gold expected in late 2027 and transition to intermediate producer status by year-end 2028.

• Exploration budgets: $9M for TZ, $8M for Oko West, $2–$4M for Gurupi.