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Reuters
27-05-2025
- Business
- Reuters
TSX's gains set to slow as trade war hits Canada's economy
TORONTO, May 27 (Reuters) - Canada's main stock index is set to largely consolidate its recent gains through the rest of 2025 and could be at risk of another correction as the domestic economy shows signs of a slowdown due to U.S. tariffs, a Reuters poll found. The S&P/TSX Composite index (.GSPTSE), opens new tab has rebounded nearly 16% from its lowest closing level in April to post a record closing high on Monday at 26,073.13. Since the start of the year, the index has gained 5.4%, outperforming major U.S. indexes such as the S&P 500. It has been helped by a heavy weighting in metal mining shares as safe-haven demand lifted the price of gold to record highs. "We still believe that peak uncertainty is behind us but the Canadian economy is starting to show the impact from tariffs," said Angelo Kourkafas, a senior global investment strategist at Edward Jones. Canada sends about 75% of its exports to the United States, including steel, aluminum and autos which have been hit by hefty U.S. duties, while Canada's unemployment rate was at 6.9% in April, its highest level since November. The median prediction of 21 equity strategists and portfolio managers in the May 15-27 poll was for the S&P/TSX Composite index to edge 0.7% higher to 26,250 by year-end, slightly less than the 26,500 mark expected in a February poll. "As companies continue to grapple with the implications of tariffs and recalibrate their inventory strategies, alongside the inclination to delay capital expenditures, profit margins will likely face pressure," said Victor Kuntzevitsky, a portfolio manager at Stonehaven, Wellington-Altus Private Counsel. Seven out of 13 analysts who answered a separate question said corporate earnings would be lower in 2025 compared with 2024 while eight out of 13 said a correction was likely or highly likely over the coming three months. A correction, or a drop of 10% or more from the peak, was confirmed in April before the market rebounded. "We are focusing more on dividend payers as it will protect one's portfolio better during a market correction," said Ben Jang, a portfolio manager at Nicola Wealth. "Over time, falling interest rates are expected to drive outflows from money market instruments." The Bank of Canada has cut its benchmark interest rate by 2-1/4 percentage points since last June, to 2.75%, to support the economy. Lower borrowing costs and the potential for trade deals could eventually see the market take another leg higher, analysts say. The index was expected to reach 27,750 by the end of next year, a gain of 6.4%. "Once there is more clarity on trade and lower interest rates start filtering through the economy in 2026, we see a reacceleration in earnings," Kourkafas, from Edward Jones, said. (Other stories from the Reuters Q2 global stock markets poll package)
CTV News
26-05-2025
- Business
- CTV News
S&P/TSX composite up more than 200 points in late-morning trading
The Bay Street Financial District is shown with the Canadian flag in Toronto on Friday, Aug. 5, 2022. THE CANADIAN PRESS/Nathan Denette Canada's main stock index was up more than 200 points in late-morning trading, helped by strength in the technology, energy and industrial sectors. The S&P/TSX composite index was up 202.65 points at 26,082.60. U.S. stock markets are closed for the Memorial Day holiday. The Canadian dollar traded for 72.84 cents US compared with 72.70 cents US on Friday. The July crude oil contract was down seven cents US at US$61.46 per barrel and the July natural gas contract was down four cents US at US$3.69 per mmBTU. The June gold contract was down US$27.70 at US$3,338.10 an ounce and the July copper contract was down less than a penny US at US$4.84 a pound. This report by The Canadian Press was first published May 26, 2025. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) The Canadian Press
Yahoo
15-05-2025
- Business
- Yahoo
G Mining Ventures Reports First Quarter 2025 Results
BROSSARD, QC, May 14, 2025 /PRNewswire/ - G Mining Ventures Corp. ("GMIN" or the "Corporation" or "we") (TSX: GMIN) (OTCQX: GMINF) is pleased to report its production and financial results1 for the quarter ended March 31, 2025. Unless otherwise stated, all dollar amounts in this news release are expressed in U.S. dollars. "We are pleased to deliver a second consecutive quarter of free cash flow with perfect safety performance. While continuing to ramp up to nameplate capacity, we produced about 35,600 ounces at a leading all-in sustaining cost of $960 per ounce. With a further increase in production and decrease in costs expected in the second half of the year, we remain on track to achieve our full year production guidance." said Louis-Pierre Gignac, President & Chief Executive Officer. "With $149 million in cash on hand, we are excited to advance early works at Oko West and proceed to a formal construction decision later this year. Our strategy remains focused on building long-term shareholder value through disciplined execution." First Quarter 2025 Operational and Financial Highlights On track to deliver 2025 production, cost, and capital guidance Safety: No Lost Time or Recordable Incidents Production: 35,578 ounces ("oz") of gold ("Au") in Doré Operating Costs: All-in sustaining costs2 ("AISC") of $960 per oz Au sold Net Income: $24.4 million, or $0.11 per share – basic Adjusted Net Income2: $35.4 million or $0.16 per share – basic Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization)2: $68.6 million Cash Flow from Operating Activities: $39.4 million before the net change in non-cash working capital items Free Cash Flow2: $36.0 million, or $0.16 per share – basic Cash and Cash Equivalents: $149.0 million Year to Date Corporate Highlights Released Positive Feasibility Study for Oko West: In April, published a robust Feasibility Study outlining a base case after-tax NPV5% of $2.2 billion and 27% IRR using a $2,500 gold price, and average annual gold production of 350,000 ounces at an AISC2 of $1,123/oz for 12.3 years. Commenced Early Works Construction at Oko West: Following receipt of the Interim Environmental Permit in January, early works began in March, with ~$150 million in long-lead items committed and negotiated to date. Reported Significant Increase in Mineral Reserves: Proven and Probable reserves increased to 6.7 million ounces, while improving the average grade by 30% to 1.62g/t Au. Added to Three Major Benchmark Indices: In recognition of growth and increased market relevance, GMIN was added to the S&P/TSX Composite index (GSPTSE), NYSE Arca Gold Miners Index (GDX), and the VanEck Junior Gold Miners ETF (GDXJ) — significantly enhancing visibility among institutional investors and index-tracking funds. Operational Results1:Q1 2025 Q4 2024 In thousands of $, except as otherwise noted Mining ActivitiesOre Tonnes Mined kt 1,512 2,164 Waste Tonnes Mined kt 2,195 2,105 Total Tonnes Mined kt 3,707 4,269 Strip Ratio Waste/Ore 1.45 0.97 Processing ActivitiesTotal Tonnes Processed kt 904 968 Average Plant Throughput tpd 10,046 10,523 Average Gold Recovery % 87.70 % 89.2 % Average Gold Processed g/t Au 1.40 1.45 Gold Produced oz 35,578 40,147 Gold Sold oz 35,435 39,938 Per Ounce Metrics Average Realized Gold Price2 $/oz 2,766 2,560 Average Gold Price Received2 $/oz 2,555 2,380 Total Cash Costs2 $/oz 689 577 Site-Level AISC2 $/oz 834 765 AISC2 $/oz 960 862 Financial Results1:Q1 2025 Q4 2024 In thousands of $, except as otherwise noted Revenue $ 98,018 102,254 Cost of Goods Sold $ (38,133) (39,470) Income from Mining Operations $ 59,885 62,784 Net Income $ 24,429 15,238 Per Share – Basic $/share 0.11 0.07 Adjusted Net Income2 $ 35,392 36,926 Per share – Basic $/share 0.16 0.17 EBITDA2 $ 66,714 66,623 Adjusted EBITDA2 $ 68,553 77,910 Cash Flow from Operating Activities before the Net Change in Working Capital Items $ 39,435 73,181 Cash Flow from Operating Activities $ 30,524 43,401 Free Cash Flows2 $ 35,962 52,986 Per share – Basic $/share 0.16 0.24 Financial Position Q1 2025 Q4 2024 In thousands of $, except as otherwise noted Cash and Cash Equivalents $ 148,970 141,215 First Quarter Highlights After the first quarter of production, the Corporation remains on-track to deliver its 2025 production guidance of 175,000 to 200,000 ounces of gold at AISC2 of $1,025 to $1,125 per gold ounce sold. Health and Safety During the quarter, no Lost-Time or Recordable Incidents were reported over the 563,795 hours worked. Safety is fundamental to how we operate it reflects our deep commitment to protecting our people every step of the way. Financial Highlights – Second Consecutive Quarter of Free Cash Flow Gold sales totaled 35,435 ounces, generating $98 million in revenue at an average realized gold price2 of $2,766 per ounce. Despite higher gold prices, revenue decreased quarter-over-quarter due to lower sales volumes. Cash costs2 were $689 per ounce, and AISC2 were $960 per ounce — below 2025 guidance, primarily due to deferred sustaining capital expenditures from Q1 to Q2. Total operating costs2 were lower than expected, benefiting from lower general and administrative and processing expenses, though unit costs increased quarter-over-quarter due to reduced sales volume. Unit costs are expected to decline as production continues ramping up to nameplate capacity. Cash flow from operations was $39 million before changes in net working capital, resulting in free cash flow2 of $36 million ($0.16 per share) and a cash balance of $149 million at quarter-end. Adjusted EBITDA2 totaled $69 million, with adjusted net income2 of $35 million ($0.16 per share), reflecting strong operational performance during our second ramp-up quarter. Reconciliation of Cash Costs and AISC2 Q1 2025 Q4 2024 In thousands of $, except as otherwise noted Operating Expenses $ 21,343 19,327 Royalties $ 3,077 3,732 Total Cash Costs $ 24,420 23,059 Sustaining Capital and ARO* $ 5,159 7,517 Site Level AISC2 $ 29,579 30,576 General and Administrative Costs $ 4,454 3,865 Total AISC2 $ 34,033 34,441 Cash Costs2 $/oz sold 689 577 Site Level AISC2 $/oz sold 834 765 AISC2 $/oz sold 960 862 *Comprised of Sustaining capital expenditures, capitalized stripping (sustaining) and accretion to rehabilitation provision (ARO). Tocantinzinho – Q1 2025 Operating Summary TZ is a major employer of local workforce, with 83% of the ~1,150 employees and contractors coming from local communities (Pará State), and 99% Brazilians. First-quarter gold production totaled 35,578 ounces, representing 19% of the midpoint of annual guidance, slightly below the planned 22%. Production in 2025 remains weighted to the second half of the year (56%), as higher-grade ore becomes accessible in deeper mine benches. Mining volumes totaled 3.7 million tonnes, including 1.5 million tonnes of ore, resulting in a low strip ratio of 1.45x. Productivity was impacted by unusually heavy rainfall (1.3 meters—nearly double the historical average), reducing mined tonnage quarter-over-quarter. Ore stockpiles at quarter-end totaled 5.5 million tonnes at an average grade of 0.80 g/t Au. Plant throughput averaged 10,046 tonnes per day, or 78% of nameplate capacity, primarily due to unscheduled downtime for SAG mill liner replacement. A new metallic liner system installed in April is expected to increase plant availability and throughput to nameplate levels with good performance demonstrated to date. Gold recoveries remained strong at over 88%, in line with Feasibility Study expectations. Processed ore grade averaged 1.40 g/t Au during the quarter, with higher-grade ore (1.60 g/t Au) planned for processing in the second half of 2025. Tocantinzinho – Q1 2025 Sustaining Capital Expenditure Update Total 2025 sustaining capital expenditures2 at Tocantinzinho are forecasted at $60 to $70 million, including $23 million for capitalized waste stripping and $2 million for near-mine exploration. Q1 sustaining capital expenditures totaled $5 million, including $2 million for capitalized waste stripping. Spending is expected to peak at approximately $40 million in Q2, reflecting the deferral of $25 million from Q1. Key one-time investments in 2025 include $20 million for mining equipment, $10 million for major mobile fleet components, and $4.5 million for tailings facility upgrades. Sustaining capital expenditures2 for the second half of 2025 are forecast to be up to $25 million, with approximately 70% allocated to capitalized waste stripping, supporting a reduced and normalized spending profile. Oko West Development Update In April 2025, GMIN published the results of a positive Feasibility Study for its Oko West Project in Guyana, confirming a long-life, low-cost, and high-margin gold operation. Average annual gold production is estimated at 350,000 ounces over a 12.3-year mine life, with an AISC of $1,123 per ounce. Initial capital is estimated at $972 million. The study outlines strong economics, including an after-tax NPV5% of $2.2 billion and IRR of 27% at a base case gold price of $2,500 per ounce. At a spot gold price of $3,200 per ounce, the after-tax NPV5% increases to $3.6 billion and the IRR to 38%. Following receipt of the Interim Environmental Permit in January, early works construction began in March. GMIN has guided $200 to $240 million in 2025 development capital, with key infrastructure — including roads, airstrip, barge landing, and camp facilities — expected to be substantially completed by year-end. In Q1, $17 million was directed toward early works construction activities and prepayments for equipment. Earthworks are advancing well, with concrete work set to begin shortly. To de-risk the schedule, GMIN has committed or negotiated approximately $150 million in long-lead items, including mobile and marine equipment, grinding mills, primary crusher, and the power plant. First deliveries of equipment are expected in Q2, allowing the Corporation to begin self-performing earthworks on site. Worker training programs began in January, and the headcount reached 200 by the end of March. Final permitting remains on track for Q2. Public consultations concluded in February, and stakeholder feedback has been incorporated into the ESG programs. Final responses will be submitted to the EPA by mid-May, with final approval anticipated shortly thereafter. Financing discussions are advancing in parallel, with a package expected this summer, ahead of a formal construction decision targeted for early in the second half of 2025. Liquidity and Capital Resources The Corporation ended Q1-25 with a cash and cash equivalents balance of $149 million. The $8 million increase quarter over quarter is attributed to the following: Free Cash Flow2 generated in Q1 totals $36 million Non-Sustaining Investments total $20 million, where $17 million was directed toward the development of Oko West for early works construction activities and prepayments for equipment Investments in Long Term Inventories total $10 million Net financing outflows and a favourable foreign exchange adjustment total $2 million 2025 Outlook GMIN released 2025 guidance on January 21, 2025, including production, total cash costs, AISC, as well as sustaining and non-sustaining capital expenditures. The following table summarizes 2025 guidance: Operational & Cost Guidance2025 TZ Mine Gold Production k oz 175 to 200 Cash Costs $/oz Au sold $590 to $655 AISC2 $/oz Au sold $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 $2 to $4 Total Non-Sustaining $M $219 to $261 Note: Guidance assumes a realized gold price of $2,350 and BRL/USD of 5.25. 2025 Catalysts Over 2025, the Corporation will focus on the following activities: Tocantinzinho nameplate capacity (Q2-2025) Oko West financing and construction decision (H2-2025) Continuation of detailed engineering at Oko West (2025) Greenfield and brownfield exploration (TZ, Oko West and Gurupi) (2025) First Quarter 2025 Results Conference Call and Webcast A conference call to discuss details of GMIN's first quarter 2025 results will be held by senior management on Thursday, May 15, 2025, at 9:00 AM (E.S.T.). Participants may join the conference call using the following call-in details: Conference ID: 4077930 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 or via the GMIN website at: A replay of this conference call – via phone and webcast – will be available until June 14, 2025. Replay details will be provided on the GMIN website 24 hours after the call at: Restatement and Disclosure In accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors, and as announced in its press release dated May 12, 2025, GMIN has restated and filed its consolidated financial statements for the year ended December 31, 2024, along with a corresponding restated Management Discussion and Analysis, immediately prior to the filing of its First Quarter 2025 Results. 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. (TSX: GMIN) (OTCQX: GMINF) 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. 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) unit costs at TZ being expected to decline as production continues ramping up to nameplate capacity; (iii) higher-grade ore to become accessible at TZ during H2-2025; (iv) the expected increase of TZ plant availability and throughput to nameplate levels; (v) the forecasted sustaining capital expenditures for TZ; (vi) the final Oko West environmental permit being anticipated by the end of Q2-2025 and its mining license in Q3-2025; (vii) a project financing package expected this summer and the expected full-scale construction at Oko West in 2026 and its accelerated timeline; (viii) the FS outlining a robust, long-life and economically viable high-margin Oko West project; (ix) GMIN's priorities to ramp up the TZ plant to nameplate capacity and to advance Oko West to a construction decision; (xii) the substantial completion of roads, airstrip, barge landing and camp facilities by year-end at Oko West; (xiii) the quoted comments and expectations of GMIN's President & Chief Executive Officer; and (xiv) more generally, the sections entitled "2025 Outlook" (notably the full table setting forth the Corporation's 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 (e.g., the FS) relating to TZ, Oko West 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) the TZ plant will reach nameplate capacity, (iv) the early works construction will prove a major step forward for advancing Oko West, (v) a construction decision will be made in respect of Oko West in 2025, or at all, (vi) Oko West will be brought into commercial production, (vii) gold recoveries at TZ will remain strong and in line with feasibility study expectations, (viii) GMIN will receive the full environmental license for Oko West by the end of Q2 2025, or at all, * GMIN will receive the mining license for Oko West in Q3 2025, or at all, or (ix) 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 a number of 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 Statements and Management's Discussion and Analysis ("MD&A"), filed on SEDAR+ at under the Corporation's profile. 2 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. Consolidated Statements of Financial Position(Tabular amounts expressed in Thousands of United States Dollars)March 31, 2025December 31, 2024$$ AssetsCurrentCash and Cash Equivalents 148,970141,215 Receivables and Other Current Assets 5,2615,155 Inventories 45,07337,588 Prepaid Expenses and Deposits 2,1402,640201,444186,598 Non-currentDeferred Financing Fees 726743 Inventories 31,67721,183 Tax Recoverable 7,605- Long Term Deposits on Equipment 10,390876 Property, Plant & Equipment and Mineral Property 520,851498,105 Intangible Assets 33,12931,146 Exploration and Evaluation Assets 712,253702,336 Investment in Associate 3,4883,546 Other Non-current Assets 32,51828,9761,554,0811,473,509 LiabilitiesCurrentAccounts Payable and Accrued Liabilities 23,91525,065 Income Tax Payable 12,669- Deferred Consideration Payable 60,00060,000 Current Portion of Contract Liability 37,72636,197 Current Portion of Lease Liability 572104 Current Portion of Long-term Debt 30,08524,572164,967145,938 Non-currentLong-term Contract Liability 213,946220,426 Long-term Debt 82,02689,182 Long-term Lease Liability 413902 Deferred Tax Liability 12,4443,407 Rehabilitation Provision 3,7722,976312,601316,893 Shareholders' EquityShare Capital 1,088,8741,082,691 Share-based Payments Reserve 16,76619,433 Accumulated Other Comprehensive Loss (69,772)(107,916) Retained Earnings 40,64516,4701,076,5131,010,6781,554,0811,473,509 Refers to Q1 2025 Financial Statements for accompanying notes Consolidated Statements of Income (Loss)(Tabular amounts expressed in Thousands of United States Dollars, except for number of shares)Three Months Ended March 31,20252024$$ Revenue 98,018- Cost of Goods Sold (38,133)- Income From Mining Operations 59,885- Other ExpensesGeneral & Administrative Expenses 5,5192,296 Finance Expense 5,750- Foreign Exchange 2,476102 Other (Income) Expenses (1,076)2,16212,6694,560 Income (Loss) Before Income Tax 47,216(4,560) Current and Deferred Income Tax Expense (22,787)- Net Income (Loss) for the Period 24,429(4,560) Net Income (Loss) per Share Basic 0.11(0.04) Diluted 0.11(0.04) Weighted Average Number of Common Share Basic 225,260,489111,888,901 Diluted 229,052,960111,888,901 Refers to Q1 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 March 31, 20252024 $$ Net Income (Loss) for the Period24,429(4,560)Currency Translation Adjustment 38,144(17,161) Net Comprehensive Income (Loss) for the Period62,573(21,721) Refers to Q1 2025 Financial Statements for accompanying notes Consolidated Statements of Cash Flows(Tabular amounts expressed in Thousands of United States Dollars, except for number of shares)Three Months Ended March 31, 20252024$$ Operating ActivitiesNet Income (Loss) for the Period 24,429(4,560) Items Not Involving CashDepreciation 13,74846 Share-based Compensation 1,313225 Deferred Income Tax Expense 9,124- Current Income Tax on Comprehensive Income (9,038)- Unrealized Foreign Exchange Loss 1,839101 Depletion of Gold Streaming Agreement Deposit (6,438)- Finance Expense 5,750- Change in Fair Value of Financial Instruments -2,651 Other (1,292)11439,435(1,423) Change in Non-Cash Working CapitalReceivables and Other Current Assets (8,139)(605) Inventories (10,831)(6,946) Prepaid Expenses and Deposits 599(342) Accounts Payable and Accrued Liabilities 9,460(488) Cash Provided by (Used in) Operating Activities 30,524(9,804) Investing ActivitiesAdditions of PP&E and Mineral Property, net of Long-term Deposit (15,176)(60,392) Deferred Costs -(300) Exploration and Evaluation Expenditures (9,483)(520) Cash Used in Investing Activities (24,659)(61,212) Financing ActivitiesReplacement Options Exercised 2,049- Repayment of Long-term Debt (4,873)(162) Net Proceeds from the Drawdowns of Long-term Debt -41,160 Other (100)(44) Cash Provided by (Used in) Financing Activities (2,924)40,954 Effect on Foreign Exchange Rate Differences on Cash and Cash Equivalents 4,814(1,530) Increase (Decrease) in Cash and Cash Equivalents 7,755(31,592) Cash and Cash Equivalents, Beginning of the Period 141,21552,398 Cash and Cash Equivalents, End of the Period 148,97020,806 Refers to Q1 2025 Financial Statements for accompanying notes View original content to download multimedia: SOURCE G Mining Ventures Corp Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
15-05-2025
- Business
- Cision Canada
G Mining Ventures Reports First Quarter 2025 Results
BROSSARD, QC, May 14, 2025 /CNW/ - G Mining Ventures Corp. (" GMIN" or the " Corporation" or " we") (TSX: GMIN) (OTCQX: GMINF) is pleased to report its production and financial results 1 for the quarter ended March 31, 2025. Unless otherwise stated, all dollar amounts in this news release are expressed in U.S. dollars. "We are pleased to deliver a second consecutive quarter of free cash flow with perfect safety performance. While continuing to ramp up to nameplate capacity, we produced about 35,600 ounces at a leading all-in sustaining cost of $960 per ounce. With a further increase in production and decrease in costs expected in the second half of the year, we remain on track to achieve our full year production guidance." said Louis-Pierre Gignac, President & Chief Executive Officer."With $149 million in cash on hand, we are excited to advance early works at Oko West and proceed to a formal construction decision later this year. Our strategy remains focused on building long-term shareholder value through disciplined execution." First Quarter 2025 Operational and Financial Highlights On track to deliver 2025 production, cost, and capital guidance Safety: No Lost Time or Recordable Incidents Production: 35,578 ounces (" oz") of gold (" Au") in Doré Operating Costs: All-in sustaining costs 2 (" AISC") of $960 per oz Au sold Net Income: $24.4 million, or $0.11 per share – basic Adjusted Net Income 2: $35.4 million or $0.16 per share – basic Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization)2: $68.6 million Cash Flow from Operating Activities: $39.4 million before the net change in non-cash working capital items Free Cash Flow 2: $36.0 million, or $0.16 per share – basic Cash and Cash Equivalents: $149.0 million Released Positive Feasibility Study for Oko West: In April, published a robust Feasibility Study outlining a base case after-tax NPV 5% of $2.2 billion and 27% IRR using a $2,500 gold price, and average annual gold production of 350,000 ounces at an AISC 2 of $1,123/oz for 12.3 years. Commenced Early Works Construction at Oko West: Following receipt of the Interim Environmental Permit in January, early works began in March, with ~$150 million in long-lead items committed and negotiated to date. Reported Significant Increase in Mineral Reserves: Proven and Probable reserves increased to 6.7 million ounces, while improving the average grade by 30% to 1.62g/t Au. Added to Three Major Benchmark Indices: In recognition of growth and increased market relevance, GMIN was added to the S&P/TSX Composite index (GSPTSE), NYSE Arca Gold Miners Index (GDX), and the VanEck Junior Gold Miners ETF (GDXJ) — significantly enhancing visibility among institutional investors and index-tracking funds. Operational Results 1: Financial Results 1: First Quarter Highlights After the first quarter of production, the Corporation remains on-track to deliver its 2025 production guidance of 175,000 to 200,000 ounces of gold at AISC 2 of $1,025 to $1,125 per gold ounce sold. Health and Safety During the quarter, no Lost-Time or Recordable Incidents were reported over the 563,795 hours worked. Safety is fundamental to how we operate it reflects our deep commitment to protecting our people every step of the way. Financial Highlights – Second Consecutive Quarter of Free Cash Flow Gold sales totaled 35,435 ounces, generating $98 million in revenue at an average realized gold price 2 of $2,766 per ounce. Despite higher gold prices, revenue decreased quarter-over-quarter due to lower sales volumes. Cash costs 2 were $689 per ounce, and AISC 2 were $960 per ounce — below 2025 guidance, primarily due to deferred sustaining capital expenditures from Q1 to Q2. Total operating costs 2 were lower than expected, benefiting from lower general and administrative and processing expenses, though unit costs increased quarter-over-quarter due to reduced sales volume. Unit costs are expected to decline as production continues ramping up to nameplate capacity. Cash flow from operations was $39 million before changes in net working capital, resulting in free cash flow 2 of $36 million ($0.16 per share) and a cash balance of $149 million at quarter-end. Adjusted EBITDA 2 totaled $69 million, with adjusted net income 2 of $35 million ($0.16 per share), reflecting strong operational performance during our second ramp-up quarter. *Comprised of Sustaining capital expenditures, capitalized stripping (sustaining) and accretion to rehabilitation provision (ARO). Tocantinzinho – Q1 2025 Operating Summary TZ is a major employer of local workforce, with 83% of the ~1,150 employees and contractors coming from local communities (Pará State), and 99% Brazilians. First-quarter gold production totaled 35,578 ounces, representing 19% of the midpoint of annual guidance, slightly below the planned 22%. Production in 2025 remains weighted to the second half of the year (56%), as higher-grade ore becomes accessible in deeper mine benches. Mining volumes totaled 3.7 million tonnes, including 1.5 million tonnes of ore, resulting in a low strip ratio of 1.45x. Productivity was impacted by unusually heavy rainfall (1.3 meters—nearly double the historical average), reducing mined tonnage quarter-over-quarter. Ore stockpiles at quarter-end totaled 5.5 million tonnes at an average grade of 0.80 g/t Au. Plant throughput averaged 10,046 tonnes per day, or 78% of nameplate capacity, primarily due to unscheduled downtime for SAG mill liner replacement. A new metallic liner system installed in April is expected to increase plant availability and throughput to nameplate levels with good performance demonstrated to date. Gold recoveries remained strong at over 88%, in line with Feasibility Study expectations. Processed ore grade averaged 1.40 g/t Au during the quarter, with higher-grade ore (1.60 g/t Au) planned for processing in the second half of 2025. Tocantinzinho – Q1 2025 Sustaining Capital Expenditure Update Total 2025 sustaining capital expenditures2 at Tocantinzinho are forecasted at $60 to $70 million, including $23 million for capitalized waste stripping and $2 million for near-mine exploration. Q1 sustaining capital expenditures totaled $5 million, including $2 million for capitalized waste stripping. Spending is expected to peak at approximately $40 million in Q2, reflecting the deferral of $25 million from Q1. Key one-time investments in 2025 include $20 million for mining equipment, $10 million for major mobile fleet components, and $4.5 million for tailings facility upgrades. Sustaining capital expenditures 2 for the second half of 2025 are forecast to be up to $25 million, with approximately 70% allocated to capitalized waste stripping, supporting a reduced and normalized spending profile. Oko West Development Update In April 2025, GMIN published the results of a positive Feasibility Study for its Oko West Project in Guyana, confirming a long-life, low-cost, and high-margin gold operation. Average annual gold production is estimated at 350,000 ounces over a 12.3-year mine life, with an AISC of $1,123 per ounce. Initial capital is estimated at $972 million. The study outlines strong economics, including an after-tax NPV 5% of $2.2 billion and IRR of 27% at a base case gold price of $2,500 per ounce. At a spot gold price of $3,200 per ounce, the after-tax NPV 5% increases to $3.6 billion and the IRR to 38%. Following receipt of the Interim Environmental Permit in January, early works construction began in March. GMIN has guided $200 to $240 million in 2025 development capital, with key infrastructure — including roads, airstrip, barge landing, and camp facilities — expected to be substantially completed by year-end. In Q1, $17 million was directed toward early works construction activities and prepayments for equipment. Earthworks are advancing well, with concrete work set to begin shortly. To de-risk the schedule, GMIN has committed or negotiated approximately $150 million in long-lead items, including mobile and marine equipment, grinding mills, primary crusher, and the power plant. First deliveries of equipment are expected in Q2, allowing the Corporation to begin self-performing earthworks on site. Worker training programs began in January, and the headcount reached 200 by the end of March. Final permitting remains on track for Q2. Public consultations concluded in February, and stakeholder feedback has been incorporated into the ESG programs. Final responses will be submitted to the EPA by mid-May, with final approval anticipated shortly thereafter. Financing discussions are advancing in parallel, with a package expected this summer, ahead of a formal construction decision targeted for early in the second half of 2025. Liquidity and Capital Resources The Corporation ended Q1-25 with a cash and cash equivalents balance of $149 million. The $8 million increase quarter over quarter is attributed to the following: 2025 Outlook GMIN released 2025 guidance on January 21, 2025, including production, total cash costs, AISC, as well as sustaining and non-sustaining capital expenditures. The following table summarizes 2025 guidance: Note: Guidance assumes a realized gold price of $2,350 and BRL/USD of 5.25. 2025 Catalysts Over 2025, the Corporation will focus on the following activities: Tocantinzinho nameplate capacity (Q2-2025) Oko West financing and construction decision (H2-2025) Continuation of detailed engineering at Oko West (2025) Greenfield and brownfield exploration (TZ, Oko West and Gurupi) (2025) First Quarter 2025 Results Conference Call and Webcast A conference call to discuss details of GMIN's first quarter 2025 results will be held by senior management on Thursday, May 15, 2025, at 9:00 AM (E.S.T.). Participants may join the conference call using the following call-in details: Conference ID: 4077930 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 or via the GMIN website at: A replay of this conference call – via phone and webcast – will be available until June 14, 2025. Replay details will be provided on the GMIN website 24 hours after the call at: Restatement and Disclosure In accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors, and as announced in its press release dated May 12, 2025, GMIN has restated and filed its consolidated financial statements for the year ended December 31, 2024, along with a corresponding restated Management Discussion and Analysis, immediately prior to the filing of its First Quarter 2025 Results. 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. (TSX: GMIN) (OTCQX: GMINF) 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. 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) unit costs at TZ being expected to decline as production continues ramping up to nameplate capacity; (iii) higher-grade ore to become accessible at TZ during H2-2025; (iv) the expected increase of TZ plant availability and throughput to nameplate levels; (v) the forecasted sustaining capital expenditures for TZ; (vi) the final Oko West environmental permit being anticipated by the end of Q2-2025 and its mining license in Q3-2025; (vii) a project financing package expected this summer and the expected full-scale construction at Oko West in 2026 and its accelerated timeline; (viii) the FS outlining a robust, long-life and economically viable high-margin Oko West project; (ix) GMIN's priorities to ramp up the TZ plant to nameplate capacity and to advance Oko West to a construction decision; (xii) the substantial completion of roads, airstrip, barge landing and camp facilities by year-end at Oko West; (xiii) the quoted comments and expectations of GMIN's President & Chief Executive Officer; and (xiv) more generally, the sections entitled "2025 Outlook" (notably the full table setting forth the Corporation's 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 (e.g., the FS) relating to TZ, Oko West 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) the TZ plant will reach nameplate capacity, (iv) the early works construction will prove a major step forward for advancing Oko West, (v) a construction decision will be made in respect of Oko West in 2025, or at all, (vi) Oko West will be brought into commercial production, (vii) gold recoveries at TZ will remain strong and in line with feasibility study expectations, (viii) GMIN will receive the full environmental license for Oko West by the end of Q2 2025, or at all, * GMIN will receive the mining license for Oko West in Q3 2025, or at all, or (ix) 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 a number of 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. Consolidated Statements of Financial Position (Tabular amounts expressed in Thousands of United States Dollars) Refers to Q1 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 March 31, 2025 2024 $ $ Revenue 98,018 - Cost of Goods Sold (38,133) - Income From Mining Operations 59,885 - Other Expenses General & Administrative Expenses 5,519 2,296 Finance Expense 5,750 - Foreign Exchange 2,476 102 Other (Income) Expenses (1,076) 2,162 12,669 4,560 Income (Loss) Before Income Tax 47,216 (4,560) Current and Deferred Income Tax Expense (22,787) - Net Income (Loss) for the Period 24,429 (4,560) Net Income (Loss) per Share Basic 0.11 (0.04) Diluted 0.11 (0.04) Weighted Average Number of Common Share Basic 225,260,489 111,888,901 Diluted 229,052,960 111,888,901 Consolidated Statements of Comprehensive Income (Loss) (Tabular amounts expressed in Thousands of United States Dollars, except for number of shares) Refers to Q1 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 March 31, 2025 2024 $ $ Operating Activities Net Income (Loss) for the Period 24,429 (4,560) Items Not Involving Cash Depreciation 13,748 46 Share-based Compensation 1,313 225 Deferred Income Tax Expense 9,124 - Current Income Tax on Comprehensive Income (9,038) - Unrealized Foreign Exchange Loss 1,839 101 Depletion of Gold Streaming Agreement Deposit (6,438) - Finance Expense 5,750 - Change in Fair Value of Financial Instruments - 2,651 Other (1,292) 114 39,435 (1,423) Change in Non-Cash Working Capital Receivables and Other Current Assets (8,139) (605) Inventories (10,831) (6,946) Prepaid Expenses and Deposits 599 (342) Accounts Payable and Accrued Liabilities 9,460 (488) Cash Provided by (Used in) Operating Activities 30,524 (9,804) Investing Activities Additions of PP&E and Mineral Property, net of Long-term Deposit (15,176) (60,392) Deferred Costs - (300) Exploration and Evaluation Expenditures (9,483) (520) Cash Used in Investing Activities (24,659) (61,212) Financing Activities Replacement Options Exercised 2,049 - Repayment of Long-term Debt (4,873) (162) Net Proceeds from the Drawdowns of Long-term Debt - 41,160 Other (100) (44) Cash Provided by (Used in) Financing Activities (2,924) 40,954 Effect on Foreign Exchange Rate Differences on Cash and Cash Equivalents 4,814 (1,530) Increase (Decrease) in Cash and Cash Equivalents 7,755 (31,592) Cash and Cash Equivalents, Beginning of the Period 141,215 52,398 Cash and Cash Equivalents, End of the Period 148,970 20,806 Refers to Q1 2025 Financial Statements for accompanying notes SOURCE G Mining Ventures Corp
Yahoo
14-05-2025
- Business
- Yahoo
BMO strategist ignores weak guidance from Canadian firms 'bullied' by Trump, suggests some stock picks
BMO chief investment strategist Brian Belski says it's time to put on rose-coloured glasses and ignore the negative guidance from Canadian companies linked to the unknown impacts of U.S. tariffs and trade policy. Belski, known for his upbeat outlook on TSX-listed stocks, lowered his 2025 year-end target for the S&P/TSX Composite index (^GSPTSE) by seven per cent in early April, days after U.S. President Donald Trump's 'Liberation Day," which saw the unveiling of tariffs on global trade partners. The strategist says this amounts to a 'minor 'tweak' when considering all the emotion, rhetoric, and frankly, unsubstantiated 'noise' that have bullied many analysts, companies, and macro-observers to 'react' in a much more decidedly negative tone.' 'TSX earnings estimates will likely remain under pressure over the near term,' he wrote in a recent note to clients, prior to the U.S. and China announcing a 90-day tariff truce. 'In fact, forward earnings revision trends, which had been stagnant throughout the year as analysts assessed the trade risks, have started to decidedly swing negative since the end of March.' So far this earnings season, Air Canada ( Rogers Communications ( A&W Food Services of Canada ( have been among the companies issuing weaker guidance for 2025. Earlier this month, Toronto-based toy maker Spin Master ( withdrew its 2025 guidance, citing "uncertainty related to the implementation of global tariffs." 'We believe investors should not be reactionary to negative guidance and instead use the downward revision cycle for what it truly represents – a historically tested and proven contrarian indicator,' Belski wrote. The S&P/TSX Composite index added 174.44 points on Monday, following news of the world's two largest economies agreeing to remove most tariffs for 90 days. Canada's main stock index held onto those gains in a mostly flat trading session on Tuesday. Canada's big banks will begin reporting their latest financial results next week, beginning with TD Bank ( 'We believe there is risk to 2025 guidance and cautionary language for (risk to) medium-term objectives and/or 2026 estimates,' RBC Capital Markets analyst Darko Mihelic wrote in a May 6 note to clients. 'Investors should remain focused on high-quality Canadian companies, while also overlaying a contrarian revision tilt,' Belski said. 'As such, we have included a screen of high-quality Canadian companies that have exhibited decelerating breadth of positive revisions over the past several months." Companies in Canada's financial sector make up nine of the 27 stocks on Belski's list, the largest category by far. Here's the full list from BMO Capital Markets: Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist. Download the Yahoo Finance app, available for Apple and Android. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
