G Mining Ventures (GMIN) investor relations material

Executive summary

• Achieved record financial results in 2025, driven by the first full year of commercial production at TZ, strong operational performance, disciplined cost control, and favorable gold prices.

• Produced 171,871 ounces of gold for the year, generating $255 million in free cash flow and maintaining a peer-leading cost structure.

• Transitioned TZ into steady-state operations, with Q4 marking the strongest operational performance and record production, grade, and margins.

• Advanced Oko West to construction phase, achieving major infrastructure, procurement, and regulatory milestones, with the project on schedule and on budget.

• Significant exploration progress at Gurupi, with drilling restarted, resource expansion underway, and updated estimates targeted for H2 2026.

Financial highlights

• 2025 revenue reached $580.7 million, with net income of $288 million ($1.27 per share) and adjusted EBITDA of $419.1 million (72% margin).

• Q4 2025 gold production was 47,346 ounces at total cash costs of $808/oz and AISC of $1,245/oz.

• Year-end cash balance stood at $134.5 million, with total debt of $141.2 million; subsequent $315 million private placement fully repaid revolving credit facility.

• Sustaining capital expenditures for 2025 were $52.7 million, below guidance due to deferred spending and cost savings.

• Free cash flow per ounce produced: $1,484, outperforming peer average of $1,235/oz.

Outlook and guidance

• 2026–2027 guidance: average annual production of 200,000 ounces at TZ, with cash costs of $750/oz and AISC of $1,190/oz.

• 2026 production expected at 160,000–190,000 ounces; 2027 at 200,000–235,000 ounces, with costs projected to decline by 14% and 21% respectively in 2027.

• Largest exploration program planned for 2026, with $42–$50 million allocated across the portfolio.

• Consolidated production expected to exceed 500,000 ounces annually by 2028, with free cash flow projected above $1.2 billion at $4,000/oz gold.

• Oko West is fully funded through ramp-up, with first gold pour expected in H2 2027.