G Mining Ventures Corp · TSX:GMIN
G Mining Ventures — Q3 2025 Earnings Presentation
36 slides from G Mining Ventures's earnings presentation, Nov 13, 2025
Slide 1: Buy. Build. Operate. Q3 2025 Earnings Call
TSX:GMIN | OTCQX:GMINF BUY. BUILD. OPERATE. Q3 2025 Earnings Call November 13, 2025 TSX:GMIN 1 All figures are in U.S. dollars unless otherwise noted.
Slide 2: Cautionary Statements
Cautionary Statements Generally, forward-looking information can be identified by use of words such as “outlook”, “objective”, “may”, “could”, “would” , “will” ,“expect”, “intend”, “estimate”, “forecasts”, “project”, “seek”, “anticipate”, “believes”, “should”, “plans ” “pro forma”, or “continue”, an
Slide 3: Agenda and Speakers
Agenda and Speakers 01 Corporate Highlights 02 Operational Performance 03 Financial Results 04 Growth Project Updates Louis-Pierre Gignac President & CEO, Julie Lafleur CFO and VP, Finance Jean-Francois Lemonde VP Investor Relations and Director 05 2025 Catalysts & Outlook 06 Q&A TSX:GMIN 3
Slide 4: Corporate Highlights
Corporate Highlights
Slide 5: Q3 2025 Highlights
Q3 2025 Highlights Record Financial Results Fueled by Production Growth and Margin Expansion PRODUCTION (K OZ) NET EARNINGS, PER SHARE Free Cash Flow (US$M) Return on Capital Employed $0.55 46,360 $95.8 23% 42,587 35,578 19% $60.2 13% $0.21 $36.0 $0.11 Q1/25 Q2/25 Q3/25 Q1/25 Q2/25 Q3/25 Q1/25 Q2/25
Slide 6: Well Positioned to Deliver on 2025 Guidance
Well Positioned to Deliver on 2025 Guidance YTD • Gold production reached 71% of the lower end of the annual guidance range, with Gold 125 increased output anticipated in Q4, supported Production by higher grades and improved mill (koz) throughput 0 50 100 150 200 250 • Full-year gold production mai
Slide 7: Operational Performance
Operational Performance
Slide 8: Q3 2025 Operational Highlights
Q3 2025 Operational Highlights Production Summary Unit Q3-2025 YTD 2025 2025 Guidance INSIGHTS Total Tonnes Mined kt 5,062 13,125 23,100 • The average mining rate increased to 55,023 tpd in Ore Tonnes Mined kt 1,787 4,948 6,600 Q3, a 15% increase compared to Q2, driven by Strip Ratio W:O 1.83 1.65 2
Slide 9: Q3 2025 Operating Cost Breakdown
Q3 2025 Operating Cost Breakdown Item Q3 2025 2025 YTD 2025 Guidance INSIGHTS Gold Sold koz 49.1 124.6 - • The Para State production Operating Expenses $M $30.3 $78.3 - tax came into effect in Q2 Royalties $M $5.1 $12.1 - and has added $1.6M to operating expenses in the Total Cash Costs $M $35.4 $90
Slide 10: TZ Mine – Peer Leading All-in Sustaining Cost
TZ Mine – Peer Leading All-in Sustaining Cost Comparative 2025 YTD - AISC (USD/oz Au) YTD 2025 AISC (US$/oz) $2,123 Peer Average (US$/oz) $1,822 $1,732 $1,604 $1,634 Average $1,420 $1,433 $1,492 $1,202 $1,118 $1,121 $828 Centerra Aris Mining Torex Gold Fortuna Discovery Precious * GMIN Mining Minera
Slide 11: Financial Highlights
Financial Highlights
Slide 12: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights Q3-2025 YTD 2025 Gold Sold koz 49.1 124.6 75.9% Realized Gold Price USD/oz $3,292 $3,124 EBITDA Margin YTD 2025 Revenue $M $161.7 $389.3 Net Income $M $123.8 $196.8 Net Income per Share $/share $0.55 $0.87 Adjusted Net Income(1) $M $114.1 $185.6 Adjusted Net Income per S
Slide 13: Q3 2025 Free Cash Flow Summary
Q3 2025 Free Cash Flow Summary(1) Figures in USD Millions Q3-2025 2025 YTD Operating Cash Flow before net change in Working Capital $107 $218 49% Free Cash Flow Margin Plus: Investment in Long Term Inventories (2) $6 $16 Q3-2025 YTD Net Change in Working Capital ($5) ($7) INSIGHTS Sustaining Capital
Slide 14: Q3 2025 Cash Position Bridge
Q3 2025 Cash Position Bridge Figures in USD Millions Free Cash Flow $96 million(1) $400 Oko West Development: $82 million $350 Exploration: $4 million $300 $107 $6 ($5) ($12) ($60) $250 252 ($86) $200 $150 156 ($6) ($5) $100 95 $50 $0 Cash Balance Operating Cash Investments in Changes in Net Sustain
Slide 15: Q3 2025 Capital Expenditure Breakdown
Q3 2025 Capital Expenditure Breakdown INSIGHTS 2025 YTD Total Sustaining Capital: $24M Sustaining Capital Expenditures Q3-25 2025 YTD 2025 Annual Figures in Millions Actual Actual Guidance • Sustaining capital expenditures expected to be at lower end of the guidance for 2025. Sustaining Capital $7 $
Slide 16: Sources & Uses of Capital - Oko West Gold Project
Sources & Uses of Capital - Oko West Gold Project Sources (US$M) Cash Balance(1) $94.6 o Estimated total sources of capital of $1.27 billion, including cash, internal estimate of TZ TZ FCF at consensus gold (Q4/25 – Q4/27) (2) $650 free cash flow and credit facility availability Revolving Credit Fac
Slide 17: Growth Projects Update
Growth Projects #™ see nie Update ; i egies
Slide 18: Oko West Project Update
Oko West Project Update o Early works construction activities are advancing on schedule o $110M of development capital incurred to date, with additional $46M in prepayments, for a total of $156M o Key infrastructure (roads, barge landing, and camp facilities) to be significantly advanced by year-end
Slide 19: Oko West – New Ore Shoot Discovery
Oko West – New Ore Shoot Discovery ← Block 7 Block 6 Block 5 Block 4 Block 1 OKWR25-1839 OKWD25-523 21.0 m at 3.80 g/t Au (LDZ) 14.0 m at 4.38 g/t Au (LDZ) OKWD25-542 OKWD25-539 OKWD25-538 15.5 m at 3.53 g/t Au (AU3) 16.5 m at 0.83 g/t Au (LDZ) 5.0 m at 5.55 g/t Au (LDZ) OKWD25-544 5.0 m at 3.22 g/t
Slide 20: Accelerated Timeline to Production
Accelerated Timeline to Production 2024 2025 2026 2027 2028 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sep 9, 2024: PEA Study Results PEA Announced Jan 7, 2025: Receipt of Interim ESIA Env. Permit Mar 6, 2025: Start of Early Works Construction Permitting Early works Apr 28, 2025: FS Study
Slide 21: Gurupi – Extension of the Mineralization
Gurupi – Extension of the Mineralization o 55 km of soil anomaly along the 80 km long Chega Tudo corridor o Drill program initiated this week o Strong soil anomaly up to > 1 g/t Au o 2 km north of Mandiocal Resource Pit TSX:GMIN 21 21
Slide 22: 2025 Catalysts & Outlook
2025 Catalysts & Outlook
Slide 23: 2025 Catalysts & Outlook
2025 Catalysts & Outlook Upcoming Milestones Gurupi Oko West Oko West Tocantinzinho Oko West Oko West Gurupi All Assets Published Start of Early Feasibility Study Reach Nameplate Project Financing Continuation of Inaugural drill Greenfield and NI 43-101 Works Capacity Construction Detailed program B
Slide 24: Questions?
Thank you for joining us today! Questions? INVESTOR RELATIONS Jean-Francois Lemonde Vice President, Investor Relations Phone: 514.299.4926 Email: jflemonde@gmin.gold FOLLOW US: TSX:GMIN
Slide 25: Appendix – Additional Information
Appendix – Additional Information
Slide 26: 2025 Production and Cost Guidance
2025 Production and Cost Guidance Operational Estimates 2025 Guidance Ore Tonnes Mined kt 6,600 Total Tonnes Mined kt 23,100 Strip Ratio W:O 2.50 Total Tonnes Processed kt 4,300 Average Gold Grade Processed g/t 1.40 – 1.60 Average Gold Recovery % 90% Gold Produced koz 175 – 200 Unit Operating Cost E
Slide 27: Q3 2025 Highlights
Q3 2025 Highlights Q3 2025 YTD 2025 Gold Production: 46,360 oz 124,525 oz (1) Cash Cost : $721/oz $726/oz (1) AISC : $1,046/oz $1,121/oz (1) AISC Margin : $2,068/oz $1,795/oz (1) Free Cash Flow : $95.8 million $190.7 million (1) Adjusted EBITDA $122.6 million $283.6 million Cash Balance $94.6 millio
Slide 28: Q3 AISC to All-In-Cost Reconciliation
Q3 25 AISC to All-In-Cost Reconciliation(1) Q3-25 Q3-25 YTD $M USD/oz $M USD/oz $1,121/oz Revenue $161.7 $3,292 $389.3 $3,123 AISC per ounce 2025 YTD Free Cash Flow $95.8 $1,950 $190.7 $1,530 All-In-Cost Margin $65.9 $1,342 $198.6 $1,593 Cash Operating Cost $35.4 $721 $90.4 $726 ARO Accretion $0.1 $
Slide 29: Q3 AISC to Cost of Sales Reconciliation
Q3 25 AISC to Cost of Sales Reconciliation(1) Figures in USD Millions $60.0 $50.0 $51.4 $(12.2) $45.9 $40.0 $(0.1) $10.5 $(3.7) $30.0 $20.0 $10.0 $- All-In Sustaining Cost Sustaining Capital Accretion to General and Depreciation Cost of Goods sold Rehabilitation Provision Admininstrative Costs [1] T
Slide 30: ESG
ESG Environment Social Governance Assets fully permitted Managing social performance Open and transparent disclosure Compliance with national through meaningful engagement Continuous alignment with main regulations and aligned with and respect to human rights. international standards international b
Slide 31: Project Economics
Project Economics $1,000 After-Tax Free Cash Flow (at $3,000) After-Tax Free Cash Flow (at $2,500) $700 $700 $616 $527 $552 $551 $508 $482 $487 $455 $420 $448 $394 Free Cash Flow (USD M) $400 $548 $479 $395 $397 $417 $432 $141 $354 $289 $306 $357 $322 $362 $100 $108 ($200) ($188) ($259) ($500) Base
Slide 32: Oko West Feasibility Study Overview
Oko West Feasibility Study Overview Feasibility Study April 2025 l Construction Decision H2 2025 l First Production by Q4 2027 Q2 l 2025 – DFS Summary Unit Metric Base Upside Mine Type OP l UG After-Tax NPV5% Case Case $3,974 $3,571 OP Strip Ratio x 6.8 $3,169 $2,767 $2,163 $2,364 Ore Tonnes Mined /
Slide 33: Mineral Reserves and Resources
Mineral Reserves and Resources M&I Resources of 9.4 Moz @ 1.63 g/t Au, Inferred Resources of 1.2 Moz @ 1.51 g/t Au M&I Resources Inferred Resources Long Life Assets Tonnes Grade Ounces Tonnes Grade Ounces Project +10 years of mine life Kt g/t Au koz Au kt g/t Au koz Au TZ 55,767 1.22 2,181 752 1.12
Slide 34: Mineral Reserves and Resources Assumptions and Notes
Mineral Reserves and Resources Assumptions and Notes 1. The Mineral Resources described above have been prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") (2014) and the best practices described by CIM (2019). 2. Rounding of values to the
Slide 35: Mineral Reserves and Resources Assumptions and Notes
Mineral Reserves and Resources Assumptions and Notes Project specific MRMR disclosures continued: 15. The effective date of the Tocantinzinho Mineral Resource Estimate is December 31, 2024. 16. The ore modelling was completed using a numeric estimation in Leapfrog using a cut-off grade of 0.3 g/t Au
Slide 36: Mineral Reserves and Resources Assumptions and Notes
Mineral Reserves and Resources Assumptions and Notes Project specific MRMR disclosures continued: 29. Mineral Reserves are estimated using a long-term gold price of 1,800 $/oz USD 30. The qualified person for the estimate is Alexandre Burelle, P. Eng. (OIQ#5019855), Mine planning and financial analy