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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
Cision Canada
28-04-2025
- Business
- Cision Canada
G Mining Ventures Delivers Robust Feasibility Study For High-Grade Oko West Gold Project in Guyana
The FS confirms robust economics for a low-cost, large-scale, conventional open pit (" OP") and underground (" UG") mining and milling operation, with industry-leading operating costs and high rate of return. The Study outlines total gold production of 4.3 million gold ounces (" Au oz") over 12.3 years, resulting in an average annual gold production profile of 350,000 ounces with an All-In-Sustaining Cost (" AISC") per ounce of $1,123. The Project after-tax net present value (" NPV") (5% discount rate) is $2.2 billion with an after-tax internal rate of return (" IRR") of 27% at a gold price of $2,500 per ounce. Final environmental permits are expected in Q2-25, with a targeted construction decision in H2-25. The Project is ideally sequenced to leverage the strong macroeconomic conditions including a strong gold price, lower inflation, and Guyana's rapidly developing economy. " The Oko West Feasibility Study marks a major milestone in realizing the value of what we consider one of the world's most exciting undeveloped gold projects. It confirms a long-life, high-margin operation with strong economics, supported by a proven resource and solid infrastructure," commented Louis-Pierre Gignac, President & Chief Executive Officer. " With Tocantinzinho nearing nameplate capacity and generating meaningful free cash flow, GMIN is well positioned to advance Oko West using the same experienced team and disciplined execution that delivered our first mine ahead of schedule and on budget. We remain committed to responsible development and look forward to deepening our partnership with the Government of Guyana and local communities as we advance Oko West as our second cornerstone asset." Table 1: Oko West Feasibility Study Highlights Description Units FS PEA Δ (%) Production Data OP Mill Feed Tonnage Mt 62 61 +2 % UG Mill Feed Tonnage Mt 14 15 (5 %) Total Mineralized Material Mined Mt 77 75 +2 % Total Waste Mined (OP and UG) Mt 429 367 +17 % Total Tonnage Mined (OP and UG) Mt 506 443 +14 % Strip Ratio waste: ore 6.8 6.0 +14 % Average Milling Throughput Mtpa 6.2 6.0 +3 % Average Milling Throughput tpd 16,911 16,110 Gold Head Grade g/t 1.89 2.00 (6 %) OP Head Grade g/t 1.57 1.72 (9 %) UG Head Grade g/t 3.26 3.19 +2 % Contained Gold koz 4,642 4,848 (4 %) Average Recovery % 93.5 % 92.8 % +1 % Total Gold Production koz 4,340 4,500 (4 %) Mine Life years 12.3 12.7 (3 %) Average Annual Gold Production oz 350,000 353,000 (1 %) Operating Costs (Average LOM) Total Site Costs USD/oz $798 $728 +10 % Government Royalties (6.4%)* USD/oz $160 $126 +27 % Total Operating Cost* USD/oz $958 $853 +12 % All-In Sustaining Costs* USD/oz $1,123 $986 +14 % Capital Costs Total Upfront Capital Cost USD M $972 $936 +4 % Initial UG Capital Costs (Sustaining Capital) USD M $68 $124 (45 %) OP and UG Sustaining Capital USD M $582 $413 +41 % Life of Mine Sustaining Capital USD M $650 $537 +21 % Closure Costs USD M $39 $37 +5 % Total Capital Costs USD M $1,661 $1,510 +10 % Financial Evaluation Gold Price Assumption USD/oz $2,500 $1,950 After-Tax NPV 5% USD M $2,163 $1,367 After-Tax IRR % 27 % 21 % Payback Years 2.9 3.8 *Note: Assumes $2,500 per ounce base case gold price for calculating Government Royalty ($160 per ounce), which impacts Total Operating Costs and AISC in FS evaluation. PEA assumed a $1,950 base case gold price for the calculation ($126 per ounce). Government Royalty rate has not changed. Table 2: Sensitivity Analysis Downside Base Upside Scenario Case Case Case Gold Price USD/oz $2,000 $2,500 $3,000 After Tax NPV 5% USD M $1,155 $2,163 $3,169 Payback Years 4.4 Years 2.9 Years 2.1 Years After-Tax IRR % 18 % 27 % 35 % Average Annual EBITDA USD M $375 $538 $702 Average Annual Free Cash Flow USD M $265 $388 $511 LOM EBITDA USD M $4,606 $6,622 $8,638 LOM Free Cash Flow USD M $3,253 $4,767 $6,281 Note: Average annual figures represent the 12.3-year operating period. Table 3: Sensitivity Analysis cont'd Note: Average annual figures represent the 12.3-year operating period. FS Summary The Corporation retained G Mining Services Inc. (" GMS") as lead consultants, along with other engineering consultants, to complete the Study and prepare a technical report in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101"). The Study is derived using the Corporation's mineral resource estimate effective as at September 15, 2024 (the " MRE"). The effective date of the FS is April 28, 2025, and a NI 43-101 compliant technical report will be filed on the Corporation's website and under its SEDAR+ profile within 45 days of this news release. Property Description, Location and Access Guyana is a mining friendly country with active gold and bauxite mines. Oko West is an advanced-stage gold development project, which straddles the Cuyuni-Mazaruni Mining Districts (administrative Region 7) in north central Guyana, South America. The Project is located approximately 120 kilometres ("km") southwest of Georgetown, the capital city of Guyana and approximately 50 km west of Bartica, the capital city of Region 7 (Figure 2). Bartica is a small town with approximately 17,000 people and is known as the gateway to the country's interior and its gold mining regions. The Project can be accessed via numerous methods: helicopter direct from Ogle airport to the site, fixed-wing plane from Ogle airport to Bartica airstrip, by car and then speedboat, or by four-wheel drive vehicle. An air strip on site will be built to service the Project. From the town of Itaballi at the confluence of the Cuyuni and Mazaruni rivers, one can use the Puruni or the Aremu laterite roads, using four-wheel drive vehicles. Bartica is accessible by a 20-minute direct flight from the Ogle airport in Georgetown or by road and boat from Parika on the Essequibo River. There are regular boat services between Bartica and Parika. The climate is equatorial and humid. The Project operated throughout the year without any interruptions related to the weather. The total surface area of the property is 71 km 2. Updated Mineral Resource Estimate Indicated mineral resources total 80.3 million tonnes ("Mt") at an average gold grade of 2.10 grams per tonne ("g/t Au") for 5.4 million contained ounces of gold ("Moz Au"). Gold contained in the indicated category represents 93% of the global resource. Inferred resources total 5.1 Mt at an average gold grade of 2.36 g/t Au, for 0.4 Moz Au. The MRE considers 544 diamond drill holes (including 39 wedged holes), 366 reverse circulation holes, and 59 trenches completed between December 2020 and September 2024. A total of 45,700m has been drilled since the PEA for conversion of inferred mineral resources. Approximately 90% of the inferred resources have been converted into indicated resources within the pit and about 70% of the underground inferred mineral resources. The remaining underground material will be drilled from underground. This high conversion rate increases confidence in the resource estimation. Table 4: Mineral Resource Estimate Category Tonnes (Mt) Gold Grade (g/t Au) Contained Gold (koz) Open Pit Resource Indicated 73.0 2.00 4,689 Inferred 1.5 1.06 52 Underground Resource Indicated 7.2 3.09 718 Inferred 3.6 2.93 337 Total Resource Indicated 80.3 2.10 5,407 Inferred 5.1 2.36 390 These Mineral Resources are not Mineral Reserves as they have not demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimates. The Mineral Resources described above have been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards (2014) and follow Best Practices outlined by the CIM (2019). The qualified person for the estimate is Christian Beaulieu, P. Geo. (OGQ#1072), Consulting geologist for GMS. The estimate has an effective date of September 15, 2024. The lower cut-offs used to report open pit Mineral Resources, constrained by an open pit optimization shell, are 0.30 g/t Au in saprolite and alluvium/colluvium, 0.34 g/t Au in transition, and 0.38 g/t Au in rock. Underground Mineral Resources are reported inside potentially mineable volume and include below cut-off material (stope optimization cut-off grade of 1.35 g/t Au). The cut-off grades are based on a gold price of US$1,950 per troy ounce and show , 94.5%, 93.3% and 93.9% processing recoveries for saprolite and alluvium/colluvium, transition and rock, respectively. Initial Mineral Reserve Estimate The Project mine plan is based on Probable Mineral Reserves of 76.6 Mt at an average gold grade of 1.89 g/t Au for 4.64 Moz Au. Table 5: Mineral Reserve Estimate Category Tonnes (Mt) Gold Grade (g/t Au) Contained Gold (koz) Open Pit Reserves Probable 62.4 1.57 3,156 Underground Reserves Probable 14.2 3.26 1,486 Total Reserves Probable 76.6 1.89 4,642 The Mineral Reserves were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (Nov 29th, 2019) and CIM Definition Standards for Mineral Resources and Reserves, (May 10th, 2014). The mine design and Mineral Reserve estimate have been completed to a level appropriate for feasibility studies. As such, the Mineral Reserves are based on the Measured and Indicated Mineral Resources and do not include any Inferred Mineral Resources. The Inferred Mineral Resources contained within the mine design are classified as waste. Mineral Reserves are estimated using a long-term gold price of 1,800 $/oz USD. The qualified person for the estimate is Alexandre Burelle, P. Eng. (OIQ#5019855), Mine planning and financial analysis consultant. The estimate has an effective date of April 2, 2025. Mineral Reserves for Open Pit are estimated at a cut-off grade of 0.41, 0.37, and 0.33 g/t Au for Rock, Transition, and Saprolite respectively. The Open Pit Strip Ratio is 6.83:1 and Dilution factor is 14 %. Mineral Reserves for Underground Mine are estimated at a cut-off grade of 1.70 g/t Au. The underground mine dilution factor is 10% including 4% for the backfill. For the underground a minimum mining width of 5 m was used. The numbers may not sum due to rounding; rounding followed the recommendations in NI 43-101. The mine design and Mineral Reserve estimate have been completed to a level appropriate for feasibility studies. The Mineral Reserve estimate stated herein is consistent with the CIM definitions and is suitable for public reporting. Production Profile The FS outlined an average annual gold production profile of 350,000 oz Au over the 12.3-year mine life. Total gold production is 4.34 Moz Au with an average gold grade milled of 1.89 g/t Au, and an average metallurgical recovery of 93.5%. During the initial three years of commercial production, the processing feed will solely be supplied by the open pit. Starting in the fourth year of production, underground mining begins to contribute to processing feed, and the UG operation is expected to achieve targeted production rates of 4,500 tonnes per day (" tpd") by the sixth year. Over the LOM, UG ore represents 32% of total gold recovered. LOM open pit average annual gold production totals 238,000 oz Au with an average grade of 1.57g/t Au, while LOM underground average annual gold production totals 112,000 oz Au with an average grade of 3.26 g/t Au. Table 6: Gold Production by Mill Feed Type Mining The Project is planned as a mining operation that integrates both conventional open pit mining and mechanized long hole open stoping for the underground mine. Combined, a total of 76.6 Mt of ore will be mined at an average diluted gold grade of 1.89 g/t Au. The main OP is centered on Block 4 with one smaller sub-pit positioned on a southern extension to the main pit. A total of 62.4 Mt of ore will be mined from the OP at an average diluted gold grade of 1.57 g/t Au, representing 81% of total mill feed. Approximately 0.6 Mt of this material will be milled during the pre-production period. A total of 426.2 Mt of combined waste and overburden will be extracted, resulting in a strip ratio of 6.8. The OP operation will be executed with an owner-operated mining fleet using four mining phases over a period of 15 years, which includes just over two years of pre-production. Open pit mining will utilize a fleet of 22 m³ hydraulic excavators paired with 139-tonne haul trucks as the primary production equipment. The UG operation will take place in two zones: the main zone, located directly under the main open pit, and one satellite zone, both accessible from a surface mine portal through the same decline ramp. To enhance operational flexibility and meet the targeted production levels, the zones will be segmented into multiple mining horizons, enabling concurrent development and production activities across several horizons. The long hole open stoping mining method will be used, including transverse stoping and longitudinal stoping variations. The average UG production rate is expected to be 4,500 tpd of ore, with 4,000 tpd and 500 tpd from stope production and lateral development, respectively. A total of 14.2 Mt of ore is expected to be mined at an average diluted gold grade of 3.26 g/t Au, representing 19% of total mill feed. The UG mine is expected to be in production for 12 years, including a two-year development period. The initial 2 years of construction and development will use owner-operated mining supported by contract mining initially. The primary production equipment for UG mining will include a fleet of 21-tonne load-haul-dump (LHD) units and 63-tonne haul trucks. Processing and Recovery The proposed process plant design for Oko West is based on a standard metallurgical flowsheet to treat gold bearing material and produce doré. The process plant is designed to nominally treat 6.0 million tonnes per annum (" Mtpa") of rock and will consist of comminution, gravity concentration, cyanide leach and adsorption via CIP, carbon elution and gold recovery circuits. CIP tailings will be treated in a cyanide destruction circuit and pumped to a tailings storage facility. The nominal milling rate will be initially set at 7.0 Mtpa to treat a blend of hard rock, saprolite and transition ores during the open pit operational period. The ramp-up period is five months, and the mill will operate for 12.3 years. Table 7: Metallurgical Recoveries Power Plant site activities, including the process plant, UG mine, OP mine, and balance of plant infrastructure, will require an average of 46 megawatts (" MW") at full operation. The Project's base case scenario considers installing a dedicated Heavy Fuel Oil (" HFO") fired power plant. The power plant is anticipated to comprise six 9.3 MW engine generating sets (" genset"), totaling 55.8 MW installed capacity and 46.5 MW running capacity. This assumes that one of the generators would be on standby. One additional genset is planned in sustaining capital to allow for major maintenance activities. Environmental and Permitting The Environmental Impact Assessment (" EIA") was formally submitted to Guyana's Environmental Protection Agency (" EPA") in late December 2024 and remains under review. The necessary permits covering the construction of the mine, processing plant, port, HFO power generation, and access road, will be issued after the EPA's review. In mid-December 2024, GMIN received an Interim Environmental Permit from the EPA authorizing the commencement of early works construction activities. The Corporation is advancing key supporting infrastructures to support full construction, including the installation of water and sewage treatment systems, camp, access roads and wharf area for logistics. Public consultation meetings were held in January and February 2025 in local communities, providing critical input for the development of environmental and social programs aligned with regional sustainability priorities. GMIN is currently finalizing responses to all requests for clarification and supplementary information, which are expected to be submitted to the EPA by the end of April. Final environmental approval and the construction permit are expected in Q2 2025. In parallel, GMIN has initiated applications for other key regulatory authorizations required for the Project's implementation, including the Mining License, port operation, permits for fuel use and storage, and approvals for the installation of transmission and telecommunications towers. These complementary permits will support full-scale construction and operational readiness. All permitting efforts are guided by proactive stakeholder engagement and adherence to international environmental and social performance standards. Operating Costs LOM operating costs are estimated at $798 per ounce of gold produced, excluding royalty costs, as summarized below. The LOM AISC is estimated to be $1,123 per ounce of gold produced based on average annual gold production of 350,000 ounces over the 12.3-year LOM. Table 8: Operating Cost and AISC Summary Operating Costs Unit Cost Unit Cost (USD/t milled) (USD/oz) Mining Costs - OP $13.81 $243 Mining Costs - UG $10.34 $182 Processing Costs $7.24 $128 Power Costs $7.95 $140 G&A Costs $5.49 $97 Transport & Refining $0.45 $8 Total Site Cost $45.29 $798 Royalty Costs (6.4%) $9.05 $160 Total Operating Costs $54.34 $958 Sustaining Capex $8.56 $151 Closure Costs $0.51 $9 Land Payments $0.29 $5 AISC $63.70 $1,123 Note: Total Cash Costs and AISC are non-GAAP measures and include royalties payable. Project Royalties The FS considers two federal government royalties: Underground Royalty: 3.0% of net smelter return of the mineral product. Open Pit Royalty: 8.0% of net smelter return of the mineral product. The production profile results in a weighted average royalty rate of 6.4%. Capital Cost Estimates The initial capital cost (" capex") is estimated to be $972 million after accounting for $69 million in pre-production credits. A 9% contingency totaling $85 million is included in the estimate. Underground-related capex is captured in sustaining capex, with ramp development to be initiated in the first year of operations. The total construction period, including the early works program, is forecast to be 34 months with commissioning scheduled for the last quarter of 2027. Table 9: Capital Cost Summary (1) Treatment charges/Refining charges The sustaining capex is estimated to be $650 million, before including $39 million of closure and rehabilitation costs, split between open pit and underground operations. Open pit sustaining capex is earmarked for additional equipment, replacement units, and major repairs. Other sustaining capex captures tailings storage facility raises, process plant, power plant expansion, and General Services. Table 10: Sustaining Cost Summary UG sustaining capex totals $291 million and includes lateral and vertical development of the mine, mobile equipment, fixed equipment, construction, and pre-production. The initial two years of construction and development total $68 million (23% of total UG sustaining capex). The table below sets out more details on the underground portion of the sustaining capex. Table 11: Underground Sustaining Cost Summary Underground Sustaining Capex USD M USD/oz Lateral Development $101 $23 Mobile Equipment $23 $5 Construction $21 $5 Pre-Production $82 $19 Vertical Development $9 $2 Fixed Equipment $36 $8 Mobile Equipment Rebuild $1 $0 Other Equipment $18 $4 Total Underground Sustaining Capex $291 $67 Project Timetable and Next Steps Corporate Timetable and Next Steps Upcoming key milestones include: First Quarter 2025 Results Conference Call and Webcast GMIN will release its first quarter 2025 results on Wednesday, May 14, 2025, before market open. GMIN's senior management will host a conference call on the same day, at 9:00 AM (Eastern Time) to discuss the Corporation's financial and operating results, which will be followed by a Q&A session. 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: To view a 3D VRIFY presentation of the Study please click on the following link: or visit the Corporation's website at Updated corporate presentation is available at: The Study has an effective date of April 28, 2025. It was authored by independent Qualified Persons and is in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. GMS was responsible for the overall report and FS coordination, property description and location, accessibility, history, mineral processing and metallurgical testing, mineral resource estimation, mining methods, recovery methods, project infrastructures, operating costs, capex, economic analysis and project execution plan. For readers to fully understand the information in this news release, they should read the technical report in its entirety, including all qualifications, assumptions, exclusions and risks. The technical report is intended to be read as a whole and sections should not be read or relied upon out of context. The Qualified Persons (" QPs") are Paul Murphy, P. Eng. having overall responsibility for the Report including capital and operating costs. Neil Lincoln, P. Eng. having responsibility for metallurgy, recovery methods and process plant operating costs. Christian Beaulieu, MSc, of Minéralis Consulting Services is responsible for property description, geology, drilling, sampling and the mineral resource estimate. Alexandre Burelle, P. Eng. is responsible for the mining method and capital and operating costs related to the mine and the economic analysis. Kevin Leahy, of ERM Ltd., is responsible for the environment and permitting aspects. The technical content of this press release has been reviewed and approved by the QPs who were involved with preparation of the Study. In addition, Louis-Pierre Gignac, President & Chief Executive Officer of GMIN, a QP as defined in NI 43-101, has reviewed the Study on behalf of the Corporation and has approved the technical disclosure contained in this news release. The FS is summarized into a technical report that is filed on the Corporation's website at and on SEDAR+ at in accordance with NI 43-101. 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 Gold Mine in Brazil, followed by the Oko West Project in Guyana, and the Gurupi Project in Brazil — 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 t he FS results (as such results are not only found in the narrative of this press release, but are also set out in the various charts, figures, graphs, schedules and tables featured hereinabove), such as the Project's production and cost profiles, LOM, construction and payback periods, NPV, IRR (direct/indirect, before/after tax), initial capital cost, contingency, operating costs, AISC, sustaining capital costs, free cash flows, indicated resources, OP and UG mining phases, mill feed, milling process, recovery and output (for hard rock as well as saprolite), power supply arrangements and power consumption, and closure costs. Forward-looking statements also include, without limitation, those related to (i) the job creation, (ii) the targeted EIA submission (iii) the EPA authorization and permitting process in general, (iv) the early works construction progress, (v) the details about the contemplated OP and UG mining operations (e.g., mining methods and planned equipment) as well as the milling operations (e.g., proposed process plant design), (vi) the quoted comments of GMIN's President & CEO and, more generally, the contents of the above sections entitled "Project Timetable and Next Steps", "Corporate Timetable and Next Steps" 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 a number of 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 underlying the items listed in the above section entitled "About G Mining Ventures Corp." and: base case (long-term consensus) gold price at $2,500 per ounce; the sensitivity of the Project economics (e.g., NPV, IRR, payback) to the price of gold; the USD:CAD foreign exchange rate; the MRE and the mineral reserve estimate; the expected gold grades and metallurgical recoveries; low inflation environment and Guyana's developing economy; the various tax assumptions; the capital cost estimates being supported by budgetary quotes; and the Project's permitting expectations, notably obtaining the EPA authorization and the final environmental permit. 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: all permits necessary to build and bring Oko West into commercial production will be obtained or, as applicable, reinstated; the Project economics will prove robust; the price of gold environment and the inflationary context will remain conducive to bringing Oko West into commercial production; the Project will end up at the bottom quartile of the global cost curve; the business conditions in Guyana will remain favorable for developing mining projects such as Oko West; and the Corporation will bring Oko West into commercial production and that it will acquire any other significant gold assets. In addition, there can be no assurance that, notably but without limitation, (i) the Corporation will grow GMIN into the next mid-tier precious metals producer, (ii) the exploration potential at Tocantinzinho, Oko West and Gurupi will translate into mineral resources that will meet management's expectations, and (iii) Brazil and Guyana will remain mining friendly and prospective jurisdictions, as future events could differ materially from what is currently anticipated by the Corporation. 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 (ii) 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. SOURCE G Mining Ventures Corp
Yahoo
07-03-2025
- Business
- Yahoo
G Mining starts site preparation for Oko West Gold project in Guyana
G Mining Ventures has initiated site preparation at the Oko West Gold project in Guyana, marking a major milestone in the advancement of the operation. The Guyana Environmental Protection Agency granted an interim environmental permit in January 2025, allowing the early construction work to begin. This marks the initial phase of the Oko West project's planned capital expenditure (capex) of $200m–240m for 2025. Early works construction encompasses various critical infrastructures such as an airstrip, barge landing facility, communications tower, main access road, permanent camp, power generation, and water and sewage treatment plants. These facilities will lay the groundwork for the project's next phases. G Mining Ventures is also progressing with permitting efforts to obtain the full environmental licence. Throughout 2025, the company will concentrate on several key milestones for the Oko West project. These include the publication of the feasibility study, securing project financing, making a formal construction decision, continuing detailed engineering, and conducting greenfield and brownfield exploration. G Mining Ventures president and CEO Louis-Pierre Gignac said:"The commencement of early works construction at Oko West demonstrates our commitment to expedite the delivery of another world-class gold project. "With site preparation activities initiated ahead of schedule, we are applying our extensive development expertise to ensure seamless execution while upholding high safety, environmental and social standards. 'These early-stage activities lay the groundwork for potentially fast tracking the project construction, once we publish the feasibility study, secure financing and make a formal construction decision, all anticipated by the middle of 2025." The Oko West feasibility study, incorporating updated mineral resource and mineral reserve estimates, is scheduled for publication in the second quarter of 2025. A positive feasibility study, alongside final permits and project financing, is expected to pave the way for a formal construction decision in the second half of 2025. In April 2024, G Mining Ventures merged with Reunion Gold, acquiring Reunion's Oko West project. "G Mining starts site preparation for Oko West Gold project in Guyana" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
