G Mining Ventures (GMIN) Q3 2025 earnings summary

Executive summary

• Achieved record-setting Q3 2025 with gold production of 46,360 oz, net income of $123.8M ($0.55/share), and strong free cash flow, driven by steady-state operations at TZ and margin expansion.

• Year-to-date gold production reached 124,525 oz, with full-year guidance maintained at 175,000–200,000 oz.

• Oko West secured environmental permit and $387.5M–$537.5M financing, with board approval for full construction and first gold targeted for 2027.

• Gurupi project advanced with resumed exploration and favorable court ruling enabling new environmental licensing.

• SUDAM tax incentive approval reduced Brazilian corporate tax rate to 15.25%.

Financial highlights

• Q3 revenue was $162M, up 25% from Q2, with an average realized gold price of $3,292/oz.

• Free cash flow reached $95.8M for Q3 and $190.7M year-to-date.

• Adjusted EBITDA was $123M in Q3 and $283.6M YTD; return on capital employed improved to 23%.

• Ended Q3 with $94.6M–$95M in cash and net debt of $24M, with total liquidity of $471.6M.

• All-in sustaining cost (AISC) for Q3: $1,046/oz; YTD: $1,121/oz, supporting industry-leading margins.

Outlook and guidance

• On track to achieve full-year production and cost guidance, with 71% of annual production delivered by Q3.

• 2025 gold production guidance reaffirmed at 175,000–200,000 oz, with AISC expected between $1,025–$1,155/oz.

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

• Sustaining capital forecast at $60–$70M; Oko West development spending on budget at $200–$260M.

• Exploration spend expected to increase to $25–$30M in 2026, mainly capitalized.