G Mining Ventures (GMIN) Q2 2024 earnings summary

Executive summary

• Net loss of $5.3M for Q2 2024 and $9.9M for H1 2024, compared to $1.4M and $4.6M losses in 2023, reflecting increased development activity and non-cash items.

• Major business combination with Reunion Gold closed July 15, 2024, expanding gold project portfolio in South America.

• Sufficient liquidity expected to fund capital requirements up to commercial production, with additional private placement of $50M post-quarter.

Financial highlights

• Cash and cash equivalents at June 30, 2024: $13.3M, down from $52.4M at year-end 2023.

• Total assets increased to $607.5M from $587.7M at December 31, 2023.

• Net comprehensive loss for Q2 2024 was $60.7M, mainly due to a $55.3M currency translation adjustment.

• Capital expenditures on property, plant & equipment and mineral property totaled $78.0M in H1 2024.

• Net cash used in investing activities was $79.0M for H1 2024.

Outlook and guidance

• Liquidity, including recent private placement, is expected to cover capital needs until commercial production.

• After commercial production, mining operations are expected to generate sufficient cash flows for commitments.