G Mining Ventures Reports Strong Q2 2025 Results

BROSSARD, QC, Aug. 14, 2025 /CNW/ - G Mining Ventures Corp. ("GMIN" or the "Corporation") (TSX: GMIN) (OTCQX: GMINF) is pleased to report its financial and operational ⁽¹⁾ results for the three and six months ended June 30, 2025. Unless otherwise stated, all dollar amounts in this news release are expressed in U.S. dollars.

Second Quarter 2025 Operational and Financial Highlights

Figure 1: Cash Position Bridge for the three-month period ended June 30, 2025 (CNW Group/G Mining Ventures Corp)

• Increased production: In the second quarter of 2025, gold production was 42,587 ounces, representing a 20% increase over the prior quarter.
• Record free cash flow generation: $60.2 million of free cash flow ⁽²⁾ and $79.8 million of cash provided by operating activities were generated in the second quarter. The Corporation expects strong ongoing free cash flow ⁽²⁾ at current gold prices through the remainder of 2025.
• Generating robust margins: Reported all-in sustaining cost ⁽²⁾ ("AISC") per ounce of gold sold of $1,170, compared to an average realized gold price ⁽²⁾ of $3,014 per ounce year to date.
• Record quarterly revenue of $129.6 million, representing a 32% increase over the prior quarter.
• Record adjusted EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) ⁽²⁾ of $92.9 million during the quarter and $161.0 million year to date.
• Strong profitability: Reported net income of $48.6 million, or $0.21 per share, and $73.1 million, or $0.32 per share year to date.
• Strong liquidity: Cash balance was $156.1 million at the end of the second quarter, an increase of $7 million over the prior quarter.
• Advancing Oko West: Early works activities continue to progress rapidly with $63 million of development capital spent year to date. Detailed engineering is 19% complete, with approximately $190 million committed.

Recent Corporate Highlights

• Achieved nameplate capacity at the Tocantinzinho ("TZ") processing plant operating at 96% of designed throughput of 12,890 tonnes per day during May and June.
• Received a court ruling (State) that removes a longstanding regulatory constraint on the Gurupi Project in Brazil, providing GMIN with the green light to advance the project with clarity.
• Published GMIN's third annual environmental, social and governance ("ESG") report.

"Q2 was a pivotal quarter for GMIN, as we achieved nameplate throughput at TZ and delivered a step-change in gold production and free cash flow," said Louis-Pierre Gignac, President & Chief Executive Officer. "With strong operating performance and disciplined cost management, we generated over $60 million in free cash flow ⁽²⁾, strengthening our balance sheet and enabling us to advance our high-potential growth pipeline. The completion of the Oko West Feasibility Study and immanent receipt of the Final Environmental Permit, along with resolution of legacy permitting issues at Gurupi provide clear visibility on our next phases of development. These results reflect the strength of both our team and our strategy to build GMIN into the next multi-asset, mid-tier gold producer."

TZ Operational Results⁽¹⁾:

		Q2 2025		Q2 2024	YTD 2025	YTD 2024
In thousands of $, except as otherwise noted
Mining Activities
Ore Tonnes Mined	kt	1,649		-	3,161	-
Waste Tonnes Mined	kt	2,707		-	4,902	-
Total Tonnes Mined	kt	4,356		-	8,063	-
Strip Ratio	Waste/ore	1.64		-	1.55	-
Average Gold Grade of Ore Mined	g/t Au	1.35			1.19
Processing Activities
Total Tonnes Processed	kt	1,011		-	1,915	-
Average Plant Throughput	tpd	11,107		-	10,579	-
Average Gold Recovery	%	90.30		-	89.10	-
Average Gold Grade of Ore Processed	g/t Au	1.45		-	1.43	-
Gold Produced	oz	42,587		-	78,165	-
Gold Sold	oz	40,082		-	75,517	-
Unit Costs
Average Realized Gold Price^(2)	$/oz	3,233		-	3,014	-
Average Gold Price Received ^(2^) (4)	$/oz	2,992		-	2,787	-
Total Cash Costs ^(2)	$/oz	763		-	728	-
Site-Level AISC ^(2)	$/oz	1,246		-	1,053	-
AISC ^(2)	$/oz	1,355		-	1,170	-

Financial Results ⁽¹⁾:

		Q2 2025	Q2 2024	YTD 2025	YTD 2024
In thousands of $, except as otherwise noted
Revenue	$	129,594	-	227,612	-
Cost of Goods Sold	$	(44,317)	-	(82,450)	-
Net Income (Loss)	$	48,626	(5,339)	73,055	(9,899)
Per Share – Basic	$/share	0.21	(0.05)	0.32	(0.09)
Adjusted Net Income (Loss)^(2)	$	36,502	(2,626)	71,477	(4,440)
Per share – Basic	$/share	0.16	(0.02)	0.32	(0.04)
EBITDA^(2)	$	104,258	(5,306)	170,972	(9,820)
Adjusted EBITDA^(2)	$	92,851	(2,593)	160,987	(4,361)
Cash Provided by Operating Activities	$	79,767	(6,766)	110,291	(16,571)
Per share – Basic	$/share	0.35	(0.06)	0.49	(0.15)
Free Cash Flow^(2)	$	60,224	(6,766)	96,186	(16,571)
Per share – Basic	$/share	0.27	(0.06)	0.43	(0.15)

Financial Position		As at June 30,	As at December 31,
In thousands of $, except as otherwise noted		2025	2024
Cash and Cash Equivalents	$	156,119	141,215

Financial Highlights

Gold sales totaled 40,082 ounces, generating $129.6 million in revenue at an average realized gold price⁽²⁾ of $3,233 per ounce — benefiting from both higher production and stronger gold prices compared to Q1 2025.

Cash costs ⁽²⁾ were $763 per ounce, while AISC ⁽²⁾ totaled $1,355 per ounce, largely driven by the timing of sustaining capital expenditures, including non-recurring mobile fleet purchases. As these one-time investments are now complete, the Corporation anticipates AISC will decline in the second half of the year.

Cash flow from operations totaled $79.8 million, resulting in free cash flow ⁽²⁾ of $60.2 million ($0.27 per share) and a cash balance of $156.1 million at quarter-end.

Adjusted EBITDA ⁽²⁾ totaled $92.9 million, reflecting the combination of higher gold sales and continued cost discipline.

Adjusted net income ⁽²⁾ was $36.5 million ($0.16 per share).

The Corporation ended the quarter with $156.1 million in cash and equivalents, up from $149.0 million in Q1. This increase reflects strong free cash flow ⁽²⁾ generation, partially offset by continued investment in Oko West, exploration activities and working capital.

This robust liquidity position provides the Corporation with the flexibility to fund ongoing development at Oko West and Gurupi without requiring near-term external capital.

Reconciliation of Cash Costs and AISC^(2)		Q2 2025	Q2 2024	YTD 2025	YTD 2024
In thousands of $, except as otherwise noted
Operating Expenses	$	26,572	-	47,915	-
Royalties	$	4,019	-	7,096	-
Total Cash Costs	$	30,591	-	55,011	-
Sustaining Capital and others*	$	19,358	-	24,517	-
Site Level AISC ^(2)	$	49,949	-	79,528	-
G&A Expenses ^(^3^)	$	4,376	-	8,830	-
Total AISC ^(^2)	$	54,325	-	88,358	-
Cash Costs ^(^2)	$/oz	763	-	728	-
Site Level AISC ^(^2)	$/oz	1,246	-	1,053	-
AISC ^(^2)	$/oz	1,355	-	1,170	-

*Comprised of Sustaining capital expenditures, capitalized stripping (sustaining), exploration (sustaining) and accretion to rehabilitation provision (ARO).

TZ – Q2 2025 Operating Summary

The second quarter marked a key milestone in the ramp-up of TZ Gold Mine. In June, the plant achieved nameplate throughput, averaging 12,890 tonnes per day over a 30-day period, following the installation of new steel liners in the semi-autogenous grinding mill. This upgrade has resulted in improved equipment availability and metallurgical performance.

• Gold production of 42,587 ounces represents approximately 23% of full-year midpoint guidance of 187,500 ounces.
• Average plant throughput for the quarter was 11,107 tpd, or 86% of nameplate capacity, compared to 78% in Q1.
• Gold recovery raised to 90.3%, compared to 87.7% in Q1, supported by improved plant stability and efficient operation assisted by the expert control system.
• Processed grade averaged 1.45 g/t Au, in line with the mine plan.
• Mining rate increased to approximately 4.4 million tonnes, including 1.6 million tonnes of ore, resulting in a strip ratio of 1.64x.
• Ore stockpiles at quarter-end totaled 6.0 million tonnes at 0.77 g/t Au, providing flexibility for blending and mill feed optimization in H2 2025.

TZ – Sustaining Capital

Q2 2025 sustaining capital totaled $18.6 million, primarily for additions to the mobile fleet, tailings management, and mill optimization. Full-year sustaining capital remains forecast between $60–70 million, with $36–46 million expected in H2, ~40% of which is allocated to capitalized stripping as TZ transitions to steady-state operations.

Now entering steady-state operations, TZ will focus on maintaining throughput, improving recovery, and lowering unit costs.

Oko West Development Update

In April 2025, GMIN published the results of the Feasibility Study for Oko West, outlining a long-life, low-cost, and high-margin operation. Key highlights include:

• Average annual production of 350,000 ounces over a 12.3-year mine life
• AISC of $1,123 per ounce and initial capital cost of $972 million
• Base case after-tax NPV₅% of $2.2 billion and IRR of 27% at a gold price of $2,500 per ounce
• Upside case after-tax NPV₅% of $3.2 billion and IRR of 35% at a gold price of $3,000 per ounce

Early works construction commenced in March and is progressing on schedule, including road access, camp construction, and a wharf facility. With substantial completion targeted by year-end, these activities will position the project to move confidently into full construction in the coming year.

Environmental permitting advanced during the quarter. Following the submission of the full Environmental and Social Impact Assessment ("ESIA") to Guyana's Environmental Protection Agency ("EPA") in late May, the EPA has now approved the ESIA, and we are imminently awaiting the grant of the Full Environment Permit, marking a key regulatory milestone for construction readiness.

Exploration activities at Oko West continued during the quarter, with drilling focused on near-pit extensions based on a new interpretation of the mineralized zone known as the "splay model." Trenching and mapping also progressed along the main shear zone south of the pit. The Corporation's 2025 exploration strategy remains focused on expanding mineral resources along the shear zone and identifying additional targets across the broader land package.

Gurupi – Regulatory Clarity and Path Forward

In July 2025, the Corporation announced a favourable decision by the Federal Court of Maranhão in Brazil, confirming its right to restart the permitting process for the Gurupi Project under its current ownership. This ruling invalidated outdated licenses issued to prior operators and cleared the way for GMIN to pursue new environmental and mining permits.

Following this legal resolution, the Corporation is progressing toward the receipt of exploration permits to restart drilling activities. In parallel, new baseline environmental and social studies will be initiated, and early engagement has begun with local communities and stakeholders.

The Gurupi Project, located in Maranhão State, Brazil, hosts 1.83 million ounces of indicated and 0.77 million ounces of inferred mineral resources across a large and prospective land package. The Corporation is reviewing historical exploration data and assessing future drilling opportunities to evaluate potential resource expansion and further validate the geological model. In light of recent positive developments, an additional $4 million budget has been allocated to launch an inaugural drill program in the second half of the year.

ESG Highlights

On July 30, 2025 GMIN published its 2024 ESG Report, outlining key achievements and future targets:

• Total Recordable Injury Frequency Rate (TRIFR) of 0.08 over 2.5 million hours worked
• 94% of process water recycled; 74% of solid waste reused
• 33 hectares reforested and over 10,000 plants and animals monitored
• More than R$174 million (US$32 million) spent with local suppliers in 2024

In H2 2025, the Corporation will expand reforestation efforts and enhance stakeholder engagement programs across its portfolio.

Liquidity and Capital Resources

The Corporation ended Q2 2025 with a cash and cash equivalents balance of $156.1 million, compared to $149.0 million at the end of Q1 2025, reflecting continued strong free cash flow generation and disciplined capital deployment.

The $7 million increase in cash, quarter over quarter is primarily attributed to the following:

• Free cash flow ⁽²⁾ totaled $60 million, driven by higher gold sales and improved operational performance at the TZ Mine
• Non-sustaining investments ⁽²⁾ of $51 million, largely directed toward the continued development of the Oko West Project, including early works and long-lead equipment purchases and
• Net financing outflows, investments in long term inventories and foreign exchange adjustments of approximately $2 million

This strong cash position supports the Corporation's self-funded growth strategy and provides financial flexibility to continue advancing both Oko West and Gurupi without the need for immediate external capital.

 ⁽¹⁾ These measures are non-IFRS financial measures. Refer to section "Non-IFRS Financial Performance Measures" in the associated MD&A for further information and a detailed reconciliation to comparable IFRS measures.

2025 Outlook

GMIN reaffirms its full-year 2025 production guidance of 175,000 to 200,000 ounces of gold with an expectation of being at the lower end of guidance. As planned, production is weighted toward the second half of the year, reflecting improved throughput and recoveries as the TZ Mine transitions to steady-state operations. During the first half of the year, TZ produced 78,165 ounces, 45% of the lower end of our annual guidance range.

Cost guidance is increased by $30 per ounce to reflect the impact of State of Pará enacted legislation increasing the Tax for Control, Monitoring, and Oversight of Mining Activities ("TRFM"), effective March 27, 2025, and subsequently revised on May 21, 2025, through Decree No. 4,677.  The AISC guidance is therefore adjusted at $1,025 to $1,155 per ounce sold.

The Corporation also maintains its full-year capital and cost guidance with an increased exploration budget for Gurupi, as summarized below:

Operational & Cost Guidance		Guidance 2025
TZ Mine
Gold Production	k oz	175 to 200
Cash Costs	$/oz Au sold	$620 to $685 was $590 to $655
AISC^(2)	$/oz Au sold	$1,025 to $1,155 was $995 to $1,125
Sustaining Capital Expenditures
Sustaining	$M	$35 to $45
Near-mine exploration	$M	$2
Capitalized Waste Stripping	$M	$23
Total Sustaining	$M	$60 to $70
Non-Sustaining Capital Expenditures
TZ Regional Exploration	$M	$9
Oko West Exploration	$M	$8
Oko West Project	$M	$200 to $240
Gurupi	$M	$6 to $8 was $2 to $4
Total Non-Sustaining	$M	$223 to $265 was $219 to $261

Note: Guidance assumes a realized gold price of $2,350 and BRL/USD of 5.25

The Corporation remains focused on operational excellence, disciplined capital deployment, and delivering long-term value through its self-funded growth strategy. Development milestones at Oko West and Gurupi remain on track.

2025 Catalysts

In the second half of 2025, the Corporation expects to:

• Finalize project financing and make a construction decision for Oko West (H2 2025)
• Advance detailed engineering and continue early works activities at Oko West (2025)
• Continue environmental permitting activities at both Oko West (Q3 2025) and Gurupi
• Progress exploration initiatives-both greenfield and brownfield-across TZ, Oko West and Gurupi

Second Quarter 2025 Results Conference Call and Webcast 

A conference call to discuss details of GMIN's second quarter 2025 results will be held by senior management on Friday, August 15, 2025, at 9:00 AM (E.S.T.). Participants may join the conference call using the following call-in details:

• Conference ID: 2442486
• Participant Toll-Free Dial-In Number: 1-800-715-9871
• Participant International Dial-In Number: 1-646-307-1963

Participants can also access a live webcast of the conference call via https://edge.media-server.com/mmc/p/vnz2p26e or via the GMIN website at: https://gmin.gold/investors/presentations-and-events/

A replay of this conference call will be available via the webcast for 12 months. Replay details will be provided on the GMIN website 24 hours after the call at: https://gmin.gold/investors/presentations-and-events/.

Qualified Person

Louis-Pierre Gignac, President & Chief Executive Officer of GMIN, a QP as defined in NI 43-101, has reviewed the press release on behalf of the Corporation and has approved the technical disclosure contained in this press release.

About G Mining Ventures Corp.

G Mining Ventures Corp. is a mining company engaged in the acquisition, exploration and development of precious metal projects to capitalize on the value uplift from successful mine development. GMIN is well-positioned to grow into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. GMIN is currently anchored by the Tocantinzinho Mine in Brazil, supported by the Gurupi Project in Brazil and the Oko West Project in Guyana — all with significant exploration upside and located in mining-friendly jurisdictions. GMIN trades on the TSX under the symbol "GMIN".

Cautionary Statement on Forward-Looking Information

All statements, other than statements of historical fact, contained in this press release constitute "forward-looking information" and "forward-looking statements" within the meaning of certain securities laws and are based on expectations and projections as of the date of this press release. Forward-looking statements contained in this press release include, without limitation, those related to (i) the Corporation being on track to deliver 2025 production, cost and capital guidance; (ii) the AISC at TZ being expected to decline in H2-2025; (iii) higher-grade ore to become accessible at TZ during H2-2025; (iv) the expected ramp-up of TZ, notably as a result of improved equipment availability and metallurgical performance; (v) the ore stockpiles providing flexibility for mill feed optimization in H2-2025; (vi) the full-year forecasted sustaining capital expenditures for TZ; (vii) the Oko West mining license anticipated in Q3-2025; (viii) a project financing package expected later this year and the expected full-scale construction at Oko West in 2026; (ix) the feasibility study outlining a robust, long-life and economically viable high-margin Oko West; * the long-lead equipment purchases for Oko West; (xi) the start of a new baseline environmental and social studies for Gurupi and the additional exploration budget therefor; (xii) GMIN's 2025 exploration strategy and the expected expansion of mineral resources resulting therefrom; (xiii) the quoted comments and expectations of GMIN's President & Chief Executive Officer; and (xiv) more generally, the sections entitled "2025 Outlook" (notably the table setting forth the Corporation's operational & cost guidance), "2025 Catalysts" and "About G Mining Ventures Corp.".

Forward-looking statements are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Such assumptions include, without limitation, those relating to the price of gold and currency exchange rates, those outlined in the feasibility and other technical studies relating to TZ, Oko West, Gurupi and GMIN's other projects, and those underlying the items listed on the above sections entitled "2025 Outlook", "2025 Catalysts" and "About G Mining Ventures Corp.".

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that, notably but without limitation, (i) GMIN's positive safety record will continue over time and GMIN will continue to deliver free cash flow in subsequent quarters; (ii) any of GMIN's exploration targets at TZ, Oko West and Gurupi will lead to additional resources and eventually to gold production; (iii) GMIN will continue to experience gold sales at a high price combined with cost discipline; (iv) GMIN will continue to benefit from the TZ plant stability and efficient control thereat, and from a processed grade that will remain in line with the mine plan; (v) the early works construction will prove a major step forward for advancing Oko West and will be substantially completed by year-end; (vi) a construction decision will be made in respect of Oko West later in 2025, or at all, (vii) Oko West will be brought into commercial production, (viii) gold recoveries at TZ will remain strong and in line with feasibility study expectations,  (ix) the Oko West economics (e.g., AISC, NPV, IRR) will materialize as set out in its feasibility study; * GMIN will receive the mining license for Oko West in Q3 2025, or at all; (xi) GMIN will receive the relevant exploration permits to restart drilling activities at Gurupi and, following the court ruling, the project will effectively advance with clarity; or (xii) GMIN will use TZ and Oko West to grow into the next intermediate producer, as future events could differ materially from what is currently anticipated by the Corporation. In addition, there can be no assurance that Brazil and/or Guyana will remain mining friendly and prospective jurisdictions.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as several important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the Corporation's other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the relevant sections of the Corporation's (i) Annual Information Form dated March 27, 2025, for the financial year ended December 31, 2024, and (iii) Management Discussion & Analysis. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

__________

(1) Additional details are available in the Corporation's Consolidated Financial Statement and Management's Discussion and Analysis (MD&A), filed on SEDAR+ at www.sedarplus.com under the Corporation's profile.

(2) These measures are non-IFRS financial measures. Refer to section "Non-IFRS Financial Performance Measures" for further information and a detailed reconciliation to comparable IFRS measures.

(3) This amount excludes corporate depreciation and amortization expenses totaling $38,000 and $72,000 for the three and six months ended June 30, 2025. This amount also excludes non-sustaining allocation of G&A Costs totaling $(629,000) and $402,000 for the three and six months ended June 30, 2025.

(4) The average gold price received excludes non-cash portion of the average realized gold price

Consolidated Statements of Financial Position
(Tabular amounts expressed in Thousands of United States Dollars)

	June 30,		December 31,
	2025		2024
	$		$
Assets
Current
Cash and Cash Equivalents	156,119		141,215
Receivables and Other Current Assets	4,439		5,155
Inventories	50,970		37,588
Prepaid Expenses and Deposits	3,562		2,640
	215,090		186,598
Non-current
Deferred Financing Fees	751		743
Derivative Financial Assets	1,737		-
Inventories	40,229		21,183
Long Term Deposits on Equipment	33,965		876
Property, Plant & Equipment and Mineral Property	550,987		498,105
Intangible Assets	32,731		31,146
Exploration and Evaluation Assets	780,173		702,336
Income Tax Recoverable	8,322		-
Investment in Associate	3,522		3,546
Other Non-current Assets	41,773		28,976
	1,709,280		1,473,509
Liabilities
Current
Accounts Payable and Accrued Liabilities	35,893		25,065
Income Tax Payable	42,485		-
Deferred Consideration Payable	60,000		60,000
Current Portion of Contract Liability	37,350		36,197
Current Portion of Lease Liability	543		104
Current Portion of Long-term Debt	34,393		24,572
	210,664		145,938
Non-current
Long-term Contract Liability	207,160		220,426
Long-term Debt	73,065		89,182
Long-term Lease Liability	463		902
Deferred Tax Liability	11,815		3,407
Rehabilitation Provision	4,739		2,976
	297,242		316,893
Shareholders' Equity
Share Capital	1,095,114		1,082,691
Share-based Payments Reserve	14,584		19,433
Accumulated Other Comprehensive Income (Loss)	2,406		(107,916)
Retained Earnings	89,270		16,470
	1,201,374		1,010,678
	1,709,280		1,473,509

Refer to Q2 2025 Financial Statements for accompanying notes

Consolidated Statements of Income (Loss)
(Tabular amounts expressed in Thousands of United States Dollars, except for number of shares)

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	$		$		$		$
Revenue	129,594		-		227,612		-
Cost of Goods Sold	(44,317)		-		(82,450)		-
Income From Mining Operations	85,277		-		145,162		-
Other (Income) Expenses
General & Administrative Expenses	3,785		1,875		9,304		4,171
Finance Expense	5,685		-		11,435		-
Change in Fair Value of Financial Instruments	(7,883)		2,445		(8,300)		5,090
Foreign Exchange	(151)		918		2,325		1,020
Other (Income) Expenses	(968)		101		(1,627)		(382)
	468		5,339		13,137		9,899
Income (Loss) Before Income Tax	84,809		(5,339)		132,025		(9,899)
Current and Deferred Income Tax Expense	(36,183)		-		(58,970)		-
Net Income (Loss) for the Period	48,626		(5,339)		73,055		(9,899)
Net Income (Loss) per Share
Basic	0.21		(0.05)		0.32		(0.09)
Diluted	0.21		(0.05)		0.32		(0.09)
Weighted Average Number of Common Shares
Basic	226,205,719		112,974,114		225,735,715		112,431,055
Diluted	229,868,055		112,974,114		229,191,425		112,431,055

Refer to Q2 2025 Financial Statements for accompanying notes

Consolidated Statements of Comprehensive Income (Loss)
(Tabular amounts expressed in Thousands of United States Dollars, except for number of shares)

		Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
		$		$		$		$
Net Income (Loss) for the Period		48,626		(5,339)		73,055		(9,899)
Currency Translation Adjustment		72,178		(55,337)		110,322		(72,498)
Net Comprehensive Income (Loss) for the Period		120,804		(60,676)		183,377		(82,397)

Refer to Q2 2025 Financial Statements for accompanying notes

Consolidated Statements of Cash Flows
(Tabular amounts expressed in Thousands of United States Dollars, except for number of shares)

	Three Months Ended June 30,						Six Months Ended June 30,
	2025				2024		2025						2024
	$				$		$						$
Operating Activities
Net Income (Loss) for the Period	48,626				(5,339)		73,055						(9,899)
Items Not Involving Cash
Depreciation	13,763				33		27,511						79
Share-based Compensation	1,352				143		2,665						368
Unrealized Foreign Exchange Loss (Gain)	(3,524)				702		(1,685)						802
Deferred Income Tax Expense	(717)				-		8,407						-
Depletion of Gold Streaming Agreement Deposit	(6,445)				-		(12,883)						-
Finance Expense	5,685				-		11,435						-
Current Income Tax in Comprehensive Income	(2,177)				-		(11,215)						-
Change in Fair Value of Financial Instruments	(7,883)				2,445		(8,300)						5,096
Cumulative Catch-up Adjustment on Gold Streaming Agreement	(3,208)				-		(4,240)						-
Other	289				157		446						272
	45,761				(1,859)		85,196						(3,282)
Change in Operating Assets and Liabilities
Receivables and Other Assets	(375)				(300)		(8,514)						(905)
Inventories	(6,454)				(9,695)		(17,285)						(16,641)
Prepaid Expenses and Deposits	(1,169)				533		(570)						191
Accounts Payable and Accrued Liabilities	42,004				4,555		51,464						4,066
Cash Provided by (Used in) Operating Activities	79,767				(6,766)		110,291						(16,571)
Investing Activities
Additions of PP&E and Mineral Property, net of Long-term Deposit	(39,859)				(41,502)		(55,035)						(101,894)
Deferred Costs	-				(3,723)		-						(4,023)
Exploration and Evaluation Expenditures	(28,923)				138		(38,406)						(381)
Cash Used in Investing Activities	(68,782)				(45,087)		(93,441)						(106,298)
Financing Activities
Replacement Options Exercised	2,595				-		4,644						-
Repayment of Long-term Debt	(7,848)				(2,186)		(12,721)						(2,347)
Net Proceeds from the Drawdowns of Long-term Debt	-				35,688		-						76,848
Proceeds From the Exercise of Warrants	-				10,647		-						10,647
Other	111				(45)		11						(90)
Cash Provided by (Used in) Financing Activities	(5,142)				44,104		(8,066)						85,058
Effect on Foreign Exchange Rate Differences on Cash and Cash Equivalents	1,306				202		6,120						(1,328)
Increase (Decrease) in Cash and Cash Equivalents	7,149				(7,547)		14,904						(39,139)
Cash and Cash Equivalents, Beginning of the Period	148,970				20,806		141,215						52,398
Cash and Cash Equivalents, End of the Period	156,119				13,259		156,119						13,259

Refer to Q2 2025 Financial Statements for accompanying notes

SOURCE G Mining Ventures Corp

Additional Information: For further information on GMIN, please visit the website at www.gmin.gold or contact: Jean-François Lemonde , Vice President, Investor Relations, 514.299.4926, [email protected]