G Mining Ventures (GMIN) Q3 2025 earnings summary

Executive summary

• Achieved record-setting Q3 2025 results with gold production of 46,360 oz, strong free cash flow, and margin expansion, supported by steady-state operations at TZ and progress at Oko West and Gurupi.

• Net income for Q3 was $123.8M ($0.55/share), with adjusted EBITDA of $122.6M and YTD net income at $196.8M.

• SUDAM tax incentive reduced Brazilian corporate tax rate to ~15.25% for 10 years.

• Oko West advanced to full construction with permits and financing secured; Gurupi project de-risked and exploration ramping up.

• Safety performance remained strong with only one lost-time incident and a low frequency rate of 0.11 year-to-date.

Financial highlights

• Q3 revenue reached $162M, up 25% from Q2, with a realized gold price of $3,292/oz and strong production.

• Free cash flow was $95.8M in Q3 and $190.7M YTD; adjusted EBITDA was $123M in Q3 and $283.6M YTD.

• All-in sustaining costs (AISC) were $1,046/oz in Q3 and $1,121/oz YTD, with a Q3 margin of $2,068/oz.

• Ended Q3 with $94.6M in cash, $118M in long-term debt, and net debt of $24M.

• Return on capital employed improved to 23% in Q3.

Outlook and guidance

• 2025 gold production guidance reaffirmed at 175,000–200,000 oz, with 71% delivered by Q3 and AISC expected between $1,025–$1,155/oz.

• Sustaining capital expenditures forecasted at the lower end of $60M–$70M; Oko West development spending on budget at $200–$240M.

• Oko West construction to accelerate in 2026, targeting first gold in H2 2027 and commercial production in 2028.

• Exploration spend expected to increase to $25–$30M in 2026 across all projects.