G Mining Ventures (GMIN) Q2 2025 earnings summary

Executive summary

• Achieved steady-state operations and nameplate capacity at Tocantinzinho (TZ), with Q2 gold production of 42,587 ounces and gold recoveries at 90%, supporting strong free cash flow and net income.

• Oko West early works, detailed engineering, and infrastructure development are progressing, with $63 million spent and $190 million committed to major equipment and long-lead items.

• Gurupi exploration advanced after favorable court ruling, with inaugural drilling set for Q3 and an increased exploration budget of $6–8 million.

• No lost time incidents reported, reflecting strong safety performance.

• Published updated NI 43-101 resources, Oko West feasibility study, and 2024 ESG report.

Financial highlights

• Q2 revenue reached $130 million on 40,082 ounces sold at an average realized price of $3,233/oz; H1 revenue was $228 million.

• Q2 EBITDA was $104 million (adjusted $93 million); H1 adjusted EBITDA $161 million.

• Q2 net income $49 million ($0.21/share), adjusted net income $36 million ($0.16/share); H1 net income $73 million ($0.32/share).

• Free cash flow was $60 million in Q2 and $96 million year-to-date; cash balance at quarter end $156 million, net cash $49 million.

• Q2 cash costs $763/oz, AISC $1,355/oz; H1 cash costs $728/oz, AISC $1,170/oz.

Outlook and guidance

• On track to meet 2025 production guidance of 175,000–200,000 ounces, with output weighted to H2 and higher grades/throughput expected.

• AISC guidance raised to $1,025–$1,155/oz due to new Pará mining tax; sustaining capital forecast at $60–70 million.

• Oko West construction decision targeted for H2 2025; $190 million in open commitments phased through 2027.

• SUDAM tax incentive application in progress, expected to reduce Brazil corporate tax rate to 15.25% retroactive to 2025.

• Gurupi exploration budget increased to $6–8 million for 2025, with drilling to start in Q3.