Q3 2025 G Mining Ventures Corp Earnings Call

November 13, 2025

Operator: Good morning, everyone, and thank you for joining G Mining Ventures Q3 2025 Results Conference Call. All participants are in listen-only mode. Following the formal remarks, we will open the lines for questions. Please note that today's call is being recorded. I will now turn the call over to G Mining Ventures. Please go ahead.

Speaker #1: Please note that today's call is being recorded. I will now turn the call over to Q Mining Ventures. Please go ahead.

Speaker #2: Thank you, operator, and thanks to everyone for attending Q Mining's 2025 Q3 financial results conference call. My name is Jean-François Lemon, Vice President of Investor Relations for Q Mining Ventures.

Jean-François Lemonde: Thank you, operator, and thanks to everyone for attending G Mining's 2025 Q3 financial results conference call. My name is Jean-François Lemonde, Vice President of Investor Relations for G Mining Ventures. Before we begin, please note that today's discussion may include forward-looking statements. Actual results could differ materially. For more information, please refer to the cautionary statements in our MD&A and on slide 2 of today's presentation. Joining me today are Louis-Pierre Gignac, President and CEO, and Julie Lafleur, CFO and VP Finance. This morning, we will review Tocantinzinho's operational and financial highlights for Q3 and year-to-date 2025. We will provide updates on our Oko West project as well as Gurupi. We will close the session with key catalysts and our outlook for the remainder of the year.

Speaker #2: Before we begin, please note that today's discussion may include forward-looking statements, actual results could differ materially. For more information, please refer to the cautionary statements in our MD&A and on Slide 2 of today's presentation.

Speaker #2: Joining me today are Louis-Pierre Gignac, President and CEO. And Julie Lafleur, CFO and VP Finance. This morning, we will review TZED's operational and financial highlights for the third quarter and hear today's 2025.

Speaker #2: And we will provide updates on our OCOWEST project, as well as Group B, and we will close the session with key catalysts and our outlook for the remainder of the year.

Speaker #2: With that, I'll turn it over to Louis-Pierre to begin the discussion.

Jean-François Lemonde: With that, I'll turn it over to Louis-Pierre to begin the discussion.

Louis-Pierre Gignac: Thank you, Jean-François Lemonde, and good morning, everyone. G Mining delivered another record-setting quarter, achieving steady state operations at Tocantinzinho, generating strong free cash flow and advancing Oko West through the final permitting and project financing. Free cash flow reached CAD 95.8 million for the quarter and CAD 190 million year-to-date, with another strong Q4 anticipated to complete the year. At Oko West, the team secured the environmental permit on 2 September, and the board approved full construction following the CAD 387.5 million financing package. Strong operational results were matched by strong safety performance. With only 1 lost time incident in the quarter, our year-to-date lost time incident frequency rate remains very low at 0.11, a testament to our disciplined culture and engaged team.

Speaker #3: Thank you, Jean-François, and good morning, everyone. G Min delivered another record-setting quarter. Achieving steady-state operations at TZ generating strong free cash flow and advancing OCOWEST through the final permitting and project financing.

Speaker #3: Free cash flow reached $95.8 million for the quarter, and $190 million year-to-date with another strong fourth quarter anticipated to complete the year. At OCOWEST, the team secured the environmental permit on September 2nd, and the board approved full construction following the $387.5 million financing package.

Speaker #3: We were matched by strong safety and operational results. With only one lost-time incident in the quarter, our year-to-date lost-time incident frequency rate remains very low at 0.11, a testament to our disciplined culture and engaged team.

Speaker #3: During the quarter, TZ produced 46,360 ounces of gold at a cash cost of $721 per ounce, and an all-in sustaining cost of $1,046 per ounce, generating a $2,068 per ounce margin, among the strongest in the sector.

Louis-Pierre Gignac: During the quarter, Tocantinzinho produced 46,360 ounces of gold at a cash cost of USD 721 per ounce. An all-in sustaining cost of USD 1,046 per ounce, generating a USD 2,068 per ounce margin, among the strongest in the sector. For the first 9 months of 2025, production totaled 124,525 ounces at an all-in sustaining cost of USD 1,121 per ounce, confirming consistent low-cost performance. With 71% of annual production delivered by quarter and an access to higher grade zones in Q4, we are on track to achieve our full year guidance. Year to date 2025, all-in sustaining cost remains in line with our annual guidance, primarily reflecting a lower rate of sustaining capital expenditures.

Speaker #3: For the first nine months of 2025, production totaled 124,525 ounces, at an all-in sustaining cost of $1,121 per ounce, confirming consistent low-cost performance. With 71% of annual production delivered by quarter and an excess to higher grade zones in the fourth quarter, we are on track to achieve our full year guidance.

Speaker #3: Year-to-date 2025 all-in sustaining cost remains in line with our annual guidance, primarily reflecting a lower rate of sustaining capital expenditures. Fourth quarter performance is expected to deliver all-in sustaining costs within the full year guidance range.

Louis-Pierre Gignac: Q4 performance is expected to deliver All-in sustaining cost within the full year guidance range. The mining rate averaged 55,000 tons per day, a 15% increase from the prior Q, driven by the commissioning of a 3rd production shovel and 3 additional haul trucks added to the fleet. 1.8 million tons of ore at an average grade of 1.18 grams per ton was mined with additional waste mining capacity, resulting in a strip ratio of 1.83 for the Q. The mill sustained an average throughput of 11,890 tons per day, or 92% of nameplate capacity, demonstrating stable operations, high availability, and strong plant performance.

Speaker #3: The mining rate averaged 55,000 tons per day, a 15% increase from the prior quarter. Driven by the commissioning of a third production shovel and three additional haul trucks added to the fleet.

Speaker #3: 1.8 million tons of ore at an average grade of 1.18 grams per ton was mined, with additional waste mining capacity resulting in a SRP ratio of 1.83 for the quarter.

Speaker #3: The mill sustained an average throughput of 11,890 tons per day, or 92% of nameplate capacity, demonstrating stable operations, high availability, and strong plant performance.

Speaker #3: For the third quarter of 2025, total cash costs averaged $721 per ounce sold, with a site-level all-in sustaining cost of $971 per ounce, and a consolidated all-in sustaining cost of $1,046 per ounce. All figures are in line with guidance and support sector-leading margins.

Louis-Pierre Gignac: For Q3 2025, total cash costs averaged $721 per ounce sold, with a site level all-in sustaining cost of $971 per ounce, and a consolidated all-in sustaining cost of $1,046 per ounce, all in line with guidance and supporting sector-leading margins. This performance places Tocantinzinho firmly among the lowest cost gold producers globally and among the highest margin operations in the industry. The mill processed just over 1 million tons of ore at an average throughput of 11,890 tons per day or 92% of nameplate at an average grade of 1.43 grams per ton and recoveries of 92.3%. On a unit basis, mining costs averaged CAD 3.25 per ton mined, processing costs of CAD 12.31 per ton milled, and site G&A of CAD 6.87 per ton milled.

Speaker #3: This performance places TZ firmly among the lowest-cost gold producers globally and among the highest-margin operations in the industry. The mill processed just over a million tons of ore at an average throughput of 11,890 tons per day, or 92% of nameplate, at an average grade of 1.43 grams per ton, and recoveries of 92.3%.

Speaker #3: On a unit basis, mining costs averaged $325 per ton mined, processing costs of $1,231 per ton milled, and site G&A of $687 per ton milled.

Speaker #3: Our year-to-date all-in sustaining costs ranked in the lowest quartile of producers worldwide, while margins remain the strongest in the Americas. TZ continues to exemplify industry-leading efficiency and profitability among mid-tier gold producers.

Louis-Pierre Gignac: Our year-to-date All-in sustaining costs ranks in the lowest quartile of producers worldwide, while margins remain the strongest in the Americas. Tocantinzinho continues to exemplify industry-leading efficiency and profitability among mid-tier gold producers. I'll now turn it over to Julie to discuss how these results translate into record earnings, cash flow, and disciplined capital allocation.

Speaker #3: I'll now turn it over to Julie to discuss how these results translate into record earnings, cash flow, and discipline capital

Speaker #3: allocation. Thanks,

Julie Lafleur: Thanks, Louis-Pierre Gignac. Good morning, everyone. The Q3 delivered another strong financial performance for GMIN, reflecting continued operational strength, disciplined cost control, in a constructive gold price environment. Revenue reached $162 million, an increase of 25% from the Q2, supported by steady production and a realized gold price of $3,292 per ounce or $3,114 per ounce after the stream. Adjusted EBITDA rose 32% to $123 million, and adjusted net income totaled $114 million or $0.50 per share. Reported net income of $124 million or $0.55 per share reflects both operational strength and the initial impact of the SUDAM tax incentive, which lowers our Brazilian effective corporate tax rate from 34% to approximately 15% for the next 10 years.

Speaker #4: Louis-Pierre, and good morning, everyone. The third quarter delivered another strong financial performance for G Min reflecting continued operational strength, disciplined cost control, in a constructive gold price environment.

Speaker #4: Revenue reached $162 million, an increase of 25% from the second quarter, supported by steady production and a realized gold price of $3,292 per ounce, or $3,114 per ounce after the stream.

Speaker #4: Adjusted EBITDA rose 32% to $123 million, and adjusted net income totaled $114 million, or $0.50 per share. Reported net income of $124 million, or $0.55 per share, reflects both operational strength and the initial impact of the Sudan Tax Incentive, which lowers our Brazilian effective corporate tax rate from 34% to approximately 15% for the next 10 years.

Julie Lafleur: These results reflect the continued strength of our margin profile and the discipline that supports reliable cash generation quarter after quarter. Operating cash flow before changes in working capital totaled CAD 107 million in the quarter and CAD 211 million year to date, supported by steady state production, robust realized prices, and a stable cost base. Sustaining capital totaled CAD 12 million in the quarter and CAD 36 million year to date, fully aligned with expectations. Non-sustaining capital of CAD 97 million was primarily directed to Oko West, reflecting progress on long lead equipment commitments for the grinding mills, process plant components, power plant, and mobile equipment, along with CAD 4 million for exploration across the portfolio. At Tocantinzinho, sustaining capital remains well aligned with plans supported by proactive maintenance planning and optimized sequencing of tailings construction.

Speaker #4: These results reflect the continued strength of our margin profile and the discipline that supports reliable cash generation quarter after quarter, operating cash flow before changes in working capital totaled $107 million, in the quarter and $211 million year-to-date, supported by steady-state production robust realized prices, and a stable cost base.

Speaker #4: Sustaining capital totaled $12 million in the quarter and $36 million year-to-date, fully aligned with expectations. Non-sustaining capital of $97 million was primarily directed to OCO West, reflecting progress on long lead equipment commitments for the grinding mills, process plant components, power plants, and mobile equipment, along with $4 million for exploration across the portfolio.

Speaker #4: At TZ, sustaining capital remains well aligned with plans, supported by proactive maintenance planning and optimized sequencing of failings construction. These efficiencies help preserve flexibility for future expansion, while keeping unit costs stable year over year.

Julie Lafleur: These efficiencies help preserve flexibility for future expansion while keeping unit costs stable year over year. We began the period with CAD 156 million in cash and generated CAD 107 million of operating cash flow. From that, we invested CAD 12 million in sustaining capital at Tocantinzinho and CAD 93 million at Oko West, both fully in line with plan. The deferred consideration of CAD 60 million was paid during the quarter as scheduled to Eldorado Gold Corporation for the acquisition of the Tocantinzinho property. We closed the quarter with CAD 95 million in cash and long-term debt of CAD 180 million, or net debt of CAD 24 million of 0.07x trailing 12-month EBITDA. This slide outlines our sources and uses of capital to fund the Oko West build.

Speaker #4: We began the period with $156 million in cash and generated $107 million of operating cash flow. From that, we invested $12 million in sustaining capital at TZ and $93 million at OCO West, both fully in line with plan.

Speaker #4: The deferred consideration of $60 million was paid during the quarter as scheduled to Eldorado Gold Corporation for the acquisition of the TZ property. We closed the quarter with $95 million in cash, and long-term debt of $118 million, or net debt of $24 million, of 0.07 times trailing 12-month EBITDA.

Speaker #4: This slide outlines our sources and uses of capital to fund the OCO West build. On the sources side, we maintain total liquidity of approximately $1.27 billion, comprised of cash on hand of $95 million, projected free cash flow from TZ of $650 million, available under our $500 million revolving credit facility, and $27.5 million in equipment financing.

Julie Lafleur: On the sources side, we maintain total liquidity of approximately CAD 1.27 billion, comprised of cash on hand of CAD 95 million, projected free cash flow from Tocantinzinho of CAD 650 million available under our CAD 500 million revolving credit facility, and CAD 27.5 million in equipment financing. On the uses side, total capital requirements are estimated at about CAD 1.01 billion, largely related to the remaining construction capital at Oko West of CAD 817 million. That leaves a projected liquidity surplus at consensus gold price of roughly CAD 260 million, providing significant flexibility and a strong financial position as we advance through construction. Thanks. With that, I'll hand it back to Louis-Pierre to discuss progress at Oko West and across our broader growth pipeline.

Speaker #4: On the uses side, total capital requirements are estimated at about $1.01 billion, largely related to the remaining construction capital at OCO West of $817 million.

Speaker #4: That leaves a projected liquidity surplus at consensus gold price of roughly $260 million, providing a significant flexibility and a strong financial position as we advance through construction.

Speaker #4: Thanks. With that, I'll end it back to Louis-Pierre to discuss progress at OCO West and across our broader growth

Speaker #4: pipeline.

Speaker #5: Thanks,

Louis-Pierre Gignac: Thanks, Julie. Cash spending at the project through the end of September was CAD 110 million, with an additional CAD 46 million in prepayments for a total spend of CAD 156 million. Total commitments to date, including amounts spent, total CAD 334 million, with a focus on the procurement of long lead items, including items related to power plants, mining equipment, and processing equipment. Detailed engineering is 36% complete. Early works construction has been successful in getting a head start on construction, with site clearing 50% completed, 12 km of access road operational, mass excavation of the permanent camp and barge landing largely complete, 6% of project concrete poured, and work started on the tailings storage facility.

Speaker #5: Julie. Cash spending at the project through the end of September was $110 million, with an additional $46 million in prepayments for a total spend of $156 million.

Speaker #5: Total commitments to date, including amounts spent, total $334 million, with a focus on the procurement of long-lead items, including items related to power plants, mining equipment, and processing equipment.

Speaker #5: Detailed engineering is $36% complete. Early works construction has been successful in getting a head start on construction, with site clearing 15% completed, 12 kilometers of access road operational, mass excavation of the permanent camp and barge landing, largely complete.

Speaker #5: 6% of project concrete poured, and work started on the tailings storage facility. The total workforce stands at 710, including 520 employees and 190 contractors.

Louis-Pierre Gignac: The total workforce stands at 710, including 520 employees and 190 contractors, with over 80% being Guyanese nationals. The project is tracking on time and on budget, with first gold targeted for H2 2027. While constructing, we have continued our exploration efforts. During Q3, we announced the discovery of a high-grade ore shoot at Oko West, with intercepts grading up to 21 meters at 3.8 grams per ton gold and 14 meters at 4.38 grams per ton gold. This newly identified plunge starts at surface, is outside the existing pit, and could be easily integrated into both open pit and underground mine plans.

Speaker #5: With over 80% being Guyanese nationals. The project is tracking on time and on budget, with first goals targeted for the second half of 2027.

Speaker #5: While constructing, we have continued our exploration efforts. During the third quarter, we announced the discovery of a high-grade ore chute at OCO West, with intercepts grading up to 21 meters at 3.8 grams per ton gold, and 14 meters at 4.38 grams per ton gold.

Speaker #5: This newly identified plunge starts at surface, is outside the existing pit, and could be easily integrated into both open pit and underground mine plants.

Speaker #5: We also confirmed a newly to 11.9 meters at 5.26 grams per ton and 14 meters at 1.1 gram per ton. The splay model integrates validated structural insights, providing a framework to better target mineralization outside the main vein systems, and further demonstrates the continued upside of the OCO West deposit.

Louis-Pierre Gignac: We also confirmed a newly interpreted splay model with intercepts up to 11.9 meters at 5.26 grams per ton and 14 meters at 1.1 gram per ton. The splay model integrates validated structural insights, providing a framework to better target mineralization outside the main vein systems and further demonstrates the continued upside of the Oko West deposit. During the quarter, drilling focused on blocks 5, 6, and 7 below the southern portion of the pit, regional exploration was also restarted in the northwest extension and north Takatu targets. Through proactive procurement and in-house construction management, much of the typical schedule risk has already been mitigated. Key long lead items are ordered, major civil works for the power plant area and grinding circuit will be started before year-end.

Speaker #5: During the quarter, drilling focused on blocks 5, 6, and 7, below the southern portion of the pit. And regional exploration was also restarted in the northwest extension and north Takitu targets.

Speaker #5: Through proactive procurement and in-house construction management, much of the typical schedule risk has already been mitigated. Key long lead items are ordered, and major civil works for the power plant area and grinding circuit will be started before year-end.

Louis-Pierre Gignac: Structural steel erection for the permanent kitchen is progressing and represents an early critical path element essential to supporting the expanding on-site workforce. Concurrently, additional dormitory facilities are being completed within the permanent camp to sustain the ongoing ramp-up of project activities. Activities are being scheduled with the objective of achieving first gold in H2 2027 and commercial production in 2028. The build is progressing with the same disciplined approach that successfully brought TZ into production, emphasizing controlled execution, strong cost discipline, and an unwavering commitment to safety and quality from the start. Following the favorable federal court ruling in July for Gurupi, we've restarted the environmental licensing process under updated standards and re-engaged with the local and federal stakeholders. This reset ensures the project advances under a clear, modern framework that aligns with current regulations and community expectations.

Speaker #5: Structural steel erection for the permanent kitchen is progressing, and represents an early critical path element essential to supporting the expanding on-site workforce. Concurrently, additional dormitory facilities are being completed, within the permanent camp, to sustain the ongoing ramp-up of project activities.

Speaker #5: Activities are being scheduled with the objective of achieving first goals in the second half of 2027 and commercial production in 2028. The build is progressing with the same discipline approach that successfully brought TZ into production.

Speaker #5: Emphasizing controlled execution, strong cost discipline, and an unwavering commitment to safety and quality from the start. Following the favorable federal court ruling in July for Garupi, we've restarted the environmental licensing process under updated standards and re-engaged with the local and federal stakeholders.

Speaker #5: This reset ensures the project advances under a clear modern framework that aligns with current regulations and community expectations. At the Garupi project, third-quarter fieldwork continued to advance exploration at the Gradio Cal targets.

Louis-Pierre Gignac: At the Gurupi project, Q3 field work continued to advance exploration at the Grota do Cal targets. Trenching delivered encouraging results, highlighted by 9m grading 3.52 grams per ton and 3m grading 3.63 grams per ton. These results demonstrate an 800m strike length of continuous surface mineralization situated approximately 2km north of Shauitua. Drilling commenced on 11 November with an 18,500m drill program aimed at targeting both near mine extensions and regional targets to drive further resource growth. We've continued to strengthen our local engagement with the surrounding communities. As activities ramp up, we are committed to reinforcing the strong relationships we have started to build. With the strong exploration potential and the already existing mineral resources on the property, Gurupi represents a meaningful long-term growth project for the company.

Speaker #5: Trenching delivered encouraging results, highlighted by 9 meters grading 3.52 grams per ton and 3 meters grading 3.63 grams per ton. These results demonstrate an 800-meter strike length of continuous surface mineralization, situated approximately 2 kilometers north of Chegetudu.

Speaker #5: Drilling commenced on November 11, with an 18,500-meter drill program aimed at targeting both near mine extensions and regional targets to drive further resource growth.

Speaker #5: We've continued to strengthen our local engagement with the surrounding communities. As activities ramp up, we are committed to reinforcing the strong relationships we have started to build.

Speaker #5: With the strong exploration potential and the already existing mineral resources on the property, Garupi represents a meaningful long-term growth project for the company. Slide 23 highlights our key catalysts and priorities heading into 2026.

Louis-Pierre Gignac: Slide 23 highlights our key catalysts and priorities heading into 2026, a year of execution and growth as GMIN evolves into multi-asset gold producer. At TZ, our focus remains on maintaining steady state performance, continuous optimization, and strong free cash flow generation. The mine is delivering robust cash flows to fund our growth. At Oko West, construction momentum is set to accelerate through 2026, with major equipment deliveries, structural installations, and mine pre-production activities progressing in parallel. With permits and financing in place, the project is substantially de-risked and remains on track for first gold in 2027 and commercial production in 2028. At Gurupi, we're progressing both exploration permitting in parallel with drilling and baseline studies now underway, laying the groundwork for a third long-term growth platform in Brazil.

Speaker #5: A year of execution and growth as G Min evolves into multi-asset gold producer. At TZ, our focus remains on maintaining steady-state performance, continuous optimization, and strong free cash flow generation.

Speaker #5: The mine is delivering robust cash flows to fund our growth. At OCO West, construction momentum is set to accelerate through 2026, with major equipment deliveries, structural installations, and mine preproduction activities progressing in parallel.

Speaker #5: With permits and financing in place, the project is substantially de-risked and remains on track for first goals in 2027 and commercial production in 2028.

Speaker #5: At Garupi, we're progressing both exploration and permitting in parallel, with drilling and baseline studies now underway, laying the groundwork for a third long-term growth platform in Brazil.

Speaker #5: With one of the lowest cost structures in the Americas, and the fully funded growth pipeline, G Min is well-positioned to deliver sustained free cash flow growth.

Louis-Pierre Gignac: With one of the lowest cost structures in the Americas and a fully funded growth pipeline, GMIN is well-positioned to deliver sustained free cash flow growth. Our path forward is clear. Continue executing on our build, operate, and explore strategy to drive long-term value creation for shareholders. With that, I'll turn the call back to the moderator to begin the Q&A.

Speaker #5: Our path forward is clear: continue executing on our build, operate, and explore strategy to drive long-term value creation for shareholders. With that, I'll turn the call back to the moderator to begin the.

Operator: Before we open the floor for questions, a quick reminder, phone participants can dial star one to ask a question, and webcast viewers can continue submitting their questions via the Q&A function. We will pause for just a moment to compile the Q&A rosters. Your first question comes from the line of Allison Carson with Desjardins. Your line is open.

Speaker #1: Before we open the Q&A. floor for questions, a quick reminder: phone participants can dial star one to ask a question. And webcast viewers can continue submitting their questions via the Q&A function.

Speaker #1: We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Alison Carson with Desjardins. Your line is

Speaker #1: open. Thanks.

Allison Carson: Thanks. Good morning, LP and team, and thanks for the questions. I was just had a question on grades. In terms of grade for Q4, you mentioned that you expect to be in some higher grade zones. Are you currently mining in those zones? I was just wondering if you could guide us a little bit on how much higher you expect the grade to be versus previous quarters.

Speaker #3: Good morning, LPM team, and thanks for the question. I was just having a question on grade. So in terms of grade for Q4, you mentioned that you expect to be in some higher grade zones.

Speaker #3: Are you currently mining in those zones? And I was just wondering if you could guide us a little bit on how much higher you expect the grade to be versus previous quarters.

Louis-Pierre Gignac: Yeah, we are basically accessing some of this high grade that we had planned. We do expect it to be a bit higher than Q3. Something around 1.5 gram per ton is where we should be for the quarter.

Speaker #2: Yeah, we are basically accessing some of this higher grade that we had planned. So we do expect it to be a bit higher than Q3.

Speaker #2: So something around 1.5 grams per ton is where we should be. For the quarter.

Speaker #3: Okay, perfect. And then I guess just a question. I know you just started drilling at Garupi, but I was wondering how that's going so far, and maybe when we can expect the first drill results to be

Allison Carson: Okay, perfect. I guess just a question. I know you just started drilling at Gurupi, but I was wondering how that's going so far and maybe when we can expect the first drill results to be announced.

Speaker #2: Yeah, we actually got the first announced. drills turning this week. So we're pretty excited about that. It's been a little while to get that program mobilized and get it going.

Louis-Pierre Gignac: Yeah. We actually got the first drills turning this week. We're pretty excited about that. It's been a little while to get that program mobilized and get it going. Based on that, I think we'll be in a position in Q1, early Q1 to provide some initial results on that. That's our target right now.

Speaker #2: So based on that, I think we'll be in a position in Q1, early Q1, to provide some initial results on that. So that's our target right now.

Speaker #3: Great. Well, thanks. We're looking forward to those results. And that's all the questions for me. Congratulations on a great

Allison Carson: Well, thanks. We are looking forward to those results. That is all the questions from me. Congratulations on a great quarter.

Speaker #3: quarter. Thank you,

Louis-Pierre Gignac: Thank you, Allison.

Speaker #2: Alison. Your next question comes

Operator: Your next question comes from the line of Rabi Nizami with National Bank of Canada. Your line is open.

Speaker #1: from the line of Rabi Mizami with National Bank of Canada. Your line is

Speaker #1: open. Thank you.

Rabi Nizami: Thank you. Good morning. Good quarter, guys, on cost control and free cash flow, of course. Could you elaborate a bit on the sustainability of the All-in sustaining cost that we're seeing in Q3, at $1,046? As we're looking into Q4 in 2026, specifically, how much of that improvement do you think reflects temporary factors like the sustaining CapEx or inventory movements versus stable cost that you can expect as you settle into steady state going forward?

Speaker #4: Good morning. So good quarter, guys, on cost control and free cash flow, of course. Could you elaborate a bit on the sustainability of the oil and sustaining costs that we're seeing in Q3 at 1,046?

Speaker #4: As we're looking into Q4 in 2026, specifically, how much of that improvement do you think reflects temporary factors like the sustaining CapEx or inventory movements versus stable costs that you can expect as you settle into steady-state going forward?

Louis-Pierre Gignac: Yeah. I would say if you look at just our operating costs, they've been pretty stable throughout the year. What's been the slight variance kind of quarter to quarter is the level of sustaining CapEx that falls in the quarter. We do expect a bit higher sustaining CapEx for Q4 because it was always kind of back-ended. Really, the point is, I think we're guiding really well to be within our, you know, annual guidance for all-in sustaining cost.

Speaker #2: Yeah, I would say if you look at just our operating costs, they've been pretty stable throughout the year. And what's been the slight variance kind of quarter to quarter is the level of sustaining CapEx that falls in the quarter.

Speaker #2: So we do expect a bit higher sustaining CapEx for Q4 because it was always kind of back-ended. But really, the point is, I think we're guiding really well to be within our annual guidance for oil and sustaining cost.

Speaker #4: Thanks,

Rabi Nizami: Thanks, LP.

Speaker #4: Rabi.

Speaker #1: Next question comes from

Operator: Next question comes from the line of Phil Ker with Ventum Financial. Your line is open.

Speaker #1: The line of Phil Kerr with Ventum Financial. Your line is.

Speaker #1: The line of Phil Kerr with Ventum Financial. Your line is open. Good morning.

Phil Ker: Morning, everyone. Congrats on a fantastic quarter and definitely a strong quarter of free cash flow. Definitely stands out. Thanks for taking my questions. First off, you may have touched on this, sorry if I missed it, but could you give an update on how the accelerated waste stripping is going at Tocantinzinho and if we're expecting additional mobilization of equipment to complete this initiative?

Speaker #5: everyone. Congrats on a fantastic quarter and definitely a strong quarter of free cash flow. Definitely stands out. Thanks for taking my questions. First off, you may have touched on this, sorry if I missed it, but could you give an update on how the accelerated waste stripping is going at TZ?

Speaker #5: And if we're expecting additional mobilization of equipment to complete this initiative.

Louis-Pierre Gignac: Yeah. I mean, we got the additional equipment commissioned during the quarter. The equipment was a bit late coming in and getting commissioned.

Speaker #2: Yeah, I mean, we got the additional equipment commissioned during the quarter. So the equipment was a bit late coming in. And getting commissioned. So what we're going to see is our mining rate continuing to ramp up, especially next quarter as we'll have that full equipment running for the full three months there of the quarter.

Louis-Pierre Gignac: What we're gonna see is our mining rate continuing to ramp up, especially, you know, next quarter as we'll have the full equipment running for the full three months there of the quarter. We'll likely be able to be stripping of, you know, a higher strip ratio is what we will be expecting in Q4. Beyond that, we basically have the full fleet that we need. We'll be, you know, as the years go by, we'll be adding some additional trucks to compensate for longer haul routes. The primary loading units are all in place now at Tocantinzinho.

Speaker #2: So we'll likely be able to be stripping a higher strip ratio is what we will be expecting in Q4. But beyond that, we basically have the full fleet that we need.

Speaker #2: We'll be as the years go by, we'll be adding some additional trucks to compensate for longer haul routes. But the primary loading units are all in place now at TZ.

Phil Ker: Yeah, that's perfect. Maybe, you know, with the extra capacity and new equipment fleet here, how does this impact your planning for the rainy season, and what measures might be in place to mitigate any impacts on production?

Speaker #5: Yeah, that's perfect. And then maybe with the extra capacity, and new equipment fleet here, how does this impact your planning for the rainy season and what measures might be in place to mitigate any impacts on production?

Louis-Pierre Gignac: Normally we're fully rocked in terms of all our roads. We have an aggregate plant on site. Now we've gone through several seasons of rainy season. Our site is now much better prepared to withstand the rainy season. Also basically we do our mine sequencing, so we're not just relying on the pit bottom for production. We have mining phases that are on higher benches that allow us to better get through the rainy season. Beyond that, we have over a year of stockpiles on surface. It's obviously lower grade material, but there's never a case where we won't have material to feed through the plant at any given time.

Speaker #2: Yeah, I mean, normally we're fully rocked in in terms of all our roads. We have an aggregate plant on site. So now we've gone through several seasons of rainy season.

Speaker #2: So our site is now much better prepared to withstand the rainy season. And also basically we do our mine sequencing, so we're not just relying on the pit bottom for production.

Speaker #2: We have mining phases that are on higher benches that allow us to better get through the rainy season. But beyond that, we have over a year of stockpiles on surface.

Speaker #2: So it's obviously lower-grade material, but there's never a case where we won't have material to feed through the plant at any given time.

Phil Ker: That's perfect. Thank you very much.

Speaker #5: That's perfect. Thank you very

Speaker #5: much. And again, everyone, if you

Operator: Again, everyone, if you would like to ask a question, press star one on your telephone keypad. Next question comes from the line of Anita Soni with CIBC World Markets. Your line is open.

Speaker #1: would like to ask a question, press star one on your telephone keypad. Next question comes from the line of Anita Soni with CIBC World Market.

Speaker #1: Your line is open.

Anita Soni: Hi. Good morning, LP. I just wanted to get an idea of the cadence of CapEx spend going into 2026. Is it fair to assume that it would accelerate over the year? Is it still in line with what the feasibility study had for year 2 CapEx?

Speaker #6: Hi, good morning, LP. I just wanted to get an idea of the cadence of CapEx spend going into 2026. Is it fair to assume that it would accelerate over the year?

Speaker #6: And is it still in line with what the feasibility study had for year two CapEx?

Louis-Pierre Gignac: Well, sorry. Next year will be a lower year of sustaining CapEx compared to this year, given that, you know, we had a big push of mining equipment this year. You know, notwithstanding the capitalized waste stripping will be around CAD 40 million for next year. You know, this year we're completing the CTSF-2 pond expansion, so that'll be complete this year. What we have planned for next year is a raise for the FTSF, the flotation tails facility. That will be one of the main CapEx items for next year. We're talking around CAD 6 to 8 million for that. Really as we go year on year beyond that, it's a decreasing trend of sustaining CapEx.

Speaker #2: Well, sorry, next year we'll be at a lower level of sustaining CapEx compared to this year, given that we had a big push of mining equipment this year.

Speaker #2: So, notwithstanding the capitalized waste stripping, we'll be around $40 million for next year. This year, we're completing the CTSF2 pond expansion, so that'll be complete this year.

Speaker #2: And what we have planned for next year is a raise for the FTSF, the flotation tails facility. So that will be one of the main CapEx items for next year.

Speaker #2: But we're talking around 6 to 8 million dollars for that. And then really as we go year on year, beyond that, it's a decreasing trend of sustaining CapEx.

Anita Soni: Okay.

Speaker #2: So that's. Basically in line with the feasibility

Louis-Pierre Gignac: That's basically in line with the feasibility study.

Speaker #6: Okay, sorry.

Speaker #2: study. All right.

Anita Soni: All right. You said CAD 40 million, and then you have on top of that the capitalized stripping. Do you know how much the capitalized stripping is gonna be next year?

Speaker #6: So you said 40 million and then you have on top of that the capitalized stripping. Do you know how much the capitalized stripping is going to be next

Speaker #6: year? I don't have

Louis-Pierre Gignac: I don't have that, at the top of my mind here, but we can get back to you on that.

Speaker #2: That at the top of my mind here, but we can get back to you on.

Speaker #2: that. Yeah.

Anita Soni: Yeah. Okay. Actually my question was actually originally for Oko. Sorry, I'm tired. I was just wondering what the CapEx spend would be going over the course of the year at Oko West.

Speaker #6: Okay. And then actually my question was actually originally for OCO. Sorry, I'm tired. So I was just wondering what the CapEx spend would be over the course of the year at OCO West.

Speaker #2: Yeah. So this year we guided 200 to 240. So we're basically going to try and do a bit more than that this year, just given we're on an accelerated schedule where we're trying to front-load some of the work and spending and progress.

Louis-Pierre Gignac: Yeah. Well, this year we guided, $200 to 240.

Louis-Pierre Gignac: Yeah.

Louis-Pierre Gignac: We're basically gonna try and do a bit more than that this year, just given we're on an accelerated schedule where we're trying to accept, you know, front load some of the work and spending and progress. We're looking at maybe CAD 250 to 260 for this year. Next year, I think we're around CAD 300 million for next year.

Speaker #2: So we're looking at maybe $250 million to $260 million for this year. And then next year, I think we're around $300 million.

Anita Soni: Even spread, or is it ramp up over the course of the year? I mean, is there or maybe it goes down during rainy season or something?

Speaker #6: And And even spread or is it ramp up over the course of the year or I mean, is there or maybe it goes down during rainy seasons or something,

Anita Soni: Even spread, or is it ramp up over the course of the year? I mean, is there or maybe it goes down during rainy season or something?

Speaker #2: Yeah. I mean, so.

Louis-Pierre Gignac: Yeah, I mean, it's a slow ramp up in spend, but it is sometimes lumpy with the payment for some of the equipment when it gets delivered. Like if you look at, you know, our spend this quarter essentially was CAD 95 million, which was basically all funded through cash flow from Tocantinzinho, which was a nice position to be in.

Speaker #1: the equipment . For some of when it gets When the delivered . But like if you at look , you know , our spend this quarter essentially was 95 million which was basically all funded through cash from from flow TSI , which was a from nice position to be in .

Speaker #2: Okay . And then final question , in terms of . Total exploration spend between expensed and capitalized . Could you give us a ballpark for that for next year 2026 ?

Anita Soni: Okay. Final question, in terms of total exploration spend between expensed and capitalized, could you give us a ballpark for that for next year, 2026?

Speaker #1: we Well , we'll haven't . be Yeah , more clear guidance for next year . You know , towards the end of the year , beginning of next year .

Louis-Pierre Gignac: Yeah. Well, we'll be providing more clear guidance for next year, to, you know, towards the end of the year, beginning of next year. But just to give you an idea, I mean, like this year was a big increase in exploration spend and, given our expectations for Gurupi and, you know, results that we do expect to be successful there, we'll likely be increasing that budget. It likely will be more in the CAD 25 to 30 million range for next year.

Speaker #1: So but just to give you a an idea , I mean like this year was a big increase in exploration spend and given our expectations for groupie and you know , we do results that expect to to be successful , there will likely be increasing that budget .

Speaker #1: So it likely will be more in the 20 , you know , 25 to $30 million range for next year . Okay . And that's across all three .

Speaker #1: All three projects . Yeah .

Speaker #2: That would be, and the portion expense, right?

Louis-Pierre Gignac: Okay. Thank you.

Anita Soni: Okay. Thank you.

Louis-Pierre Gignac: That's across all three projects. Yeah.

Speaker #1: No , that's the . total capitalized . Yeah .

Anita Soni: That would be the expense portion, right?

Speaker #3: Oh .

Speaker #2: Okay . All right . That's it for my questions . Thanks .

Louis-Pierre Gignac: No, that's the.

Anita Soni: Total?

Louis-Pierre Gignac: Capitalized. Yeah.

Anita Soni: Oh, okay. All right. That's it for my questions. Thanks.

Speaker #4: And we will take our question on the webcast . We have our question . Good morning all . Congratulations on the quarter . Good to see the throughput hit nameplate .

Operator: We will take our question on the webcast. We have a question. Good morning, all. Congratulations on the quarter. Good to see the throughput hit nameplate. My question is around CapEx, both sustaining as well as growth. Do we expect them to come in within guidance, or do we see some spend deferred to Q1 of 2026?

Speaker #4: My question is around CapEx, both sustaining as well as growth. Do we expect them to come in within guidance, or do we see some spend deferred to the first quarter of 2026?

Speaker #1: Yes . So basically , like we were saying , the the sustaining CapEx for the year will likely be slightly on the low side of it for the year .

Louis-Pierre Gignac: Yes. Basically, like we were saying, the sustaining CapEx for the year will likely be slightly on the low side of it for the year. Within guidance, but on the lower side for the sustaining CapEx.

Speaker #1: So within guidance , but on the on the lower side for the sustaining CapEx .

Speaker #4: Next question on the webcast will be the average gold price realized in Q3 is roughly 5% or one . 61 below senior and intermediate producers .

Operator: Next question on the webcast will be: the average gold price realized in Q3 is roughly 5% or $160 ounce below senior and intermediate producers' average. Is this due to the timing of gold sales? Any other color?

Speaker #4: Average due to... Is this the timing of gold sales? Any other color?

Speaker #1: I'm not . I'm not so sure . I got the question properly , but if we're comparing to other producers , I wouldn't know what the what they have .

Louis-Pierre Gignac: I'm not so sure I got the question properly.

Speaker #1: So . But yeah , it's more likely a timing of gold sales versus the the average market price .

Louis-Pierre Gignac: I'm not so sure I got the question properly.

Operator: Okay.

Louis-Pierre Gignac: If we're comparing to other producers, I wouldn't know what they have. Yeah, it's more likely a timing of gold sales versus the average market price.

Speaker #4: Thank Okay . you sir . No further questions in the queue . So that concludes G means Q3 2025 conference call . again for Thank you joining us .

Operator: Okay. Thank you. There are no further questions in the queue. That concludes GMIN's Q3 2025 conference call. Thank you again for joining us. Stay connected via our email list and social media updates. Enjoy the rest of your day.

Q3 2025 G Mining Ventures Corp Earnings Call

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