Full Year 2025 G Mining Ventures Corp Earnings Call

March 26, 2026

Speaker #2: Following prepared remarks, we will open the line for questions. Please note that today's call is being recorded. I will now turn the call over to John François Lemond, Vice President, Investor Relations.

Jean-François Lemonde: Thank you, operator. Good morning, and thank you all for joining us for G Mining Ventures Q4 and Full Year 2025 Results Conference Call. I am Jean-François Lemonde, VP of Investor Relations. Our earnings release that was issued yesterday, along with today's presentation, are available on our website. On the call today with us is Louis-Pierre Gignac, President and Chief Executive Officer, Julie Lafleur, Chief Financial Officer and Vice President of Finance. I would like to remind everyone that we will be making forward-looking statements during this call. Please refer to the cautionary notes and risk disclosure in our MD&A, and, as well as, slide 2 of the webcast presentation. Now I will turn it over to Louis-Pierre to provide you with an overview.

Speaker #2: Thank you, operator. Good morning, and thank you all for joining us for G Mining Ventures' fourth quarter and full year 2025 results conference call.

Speaker #2: I am Jean François Lemond, VP of Investor Relations. Our earnings release that was issued yesterday along with today's presentation are available on our website.

Speaker #2: On the call today with us is Louis-Pierre Gignac, President and Chief Executive Officer. Julie Lafleur, Chief Financial Officer and Vice President Finance. I would like to remind everyone that we will be making forward-looking statements during this call.

Speaker #2: Please refer to the cautionary notes and risk disclosure in our MDNA as well as Slide 2 of the webcast presentation. Now I will turn it over to Louis-Pierre to provide you with an overview.

Louis-Pierre Gignac: Thank you, JF. G Mining Ventures delivered strong record financial results for our first full year of commercial production at Tocantinzinho, driven by a strong operational performance, disciplined cost control, and the supportive gold price environment. We finished the year with a solid Q4, producing 47,000 ounces of gold at a total cash costs of $808 per ounce and an all-in sustaining costs of $1,245 per ounce. Costs increased quarter over quarter, primarily due to higher royalties and lower gold sales volumes during the period. With a high all-in sustaining costs margin of $2,657 per ounce, Tocantinzinho delivered approximately $80 million of free cash flow in the quarter.

Speaker #3: Thank you, JF. G Mining Ventures delivered strong record financial results for our first full year of commercial production at TV. Driven by a strong operational performance, disciplined cost control, and the support of gold price environment, we finished the year with a solid fourth quarter producing 47,000 ounces of gold at a total cash cost of $808 per ounce.

Speaker #3: And an all-in sustaining cost of $1,245 per ounce. Costs increased quarter over quarter, primarily due to higher royalties and lower gold sales volumes during the period.

Speaker #3: With a high all unsustaining cost margin of $2,657 per ounce, TZ delivered approximately $80 million of free cash flow in the quarter. For the full year, $172,000 ounces of gold were sold, generating $255 million of free cash flow, or $1,484 per ounce produced.

Louis-Pierre Gignac: For the full year, 172,000 ounces of gold were sold, generating $255 million of free cash flow or $1,484 per ounce produced, and maintained a pure leading cost structure with total cash costs of $748 per ounce and an all-in sustaining costs at $1,155 per ounce, which was within our guidance despite higher than expected royalty costs. During the year, we ramped up the plant throughput, increased mining rates through the decommissioning of additional mining equipment, and completed expansion of the CIL tailings facility for the full life of mine. Our strategy is to continue stockpiling lower grade ore, which stood at 7.1 million tons at year-end, providing us with contingency source of ore during high rainfall events.

Speaker #3: And maintained a peer-leading cost structure with total cash cost of $748 per ounce, and in all unsustaining costs at $1,155 per ounce. Which was within the guidance despite higher than expected royalty costs.

Speaker #3: During the year, we ramped up the plant throughput, increased mining rates through the decommissioning of additional mining equipment, and completed expansion of the CIL tailings facility for the full life of mining.

Speaker #3: Our strategy is to continue stockpiling lower-grade ore, which stood at 7.1 million tons that year-end, providing us with contingency source of ore during high rainfall events.

Louis-Pierre Gignac: Tocantinzinho is transitioning into the steady-state phase typical of mature operating mines, where the focus shifts to continuous improvements in productivity and cost management. This year, we plan to make modest investments in the plant to address remaining bottlenecks, including tailings pumping capacity, while continuing broader optimization initiatives to increase throughput. On safety, Tocantinzinho closed the year with a Lost Time Injury Frequency Rate of 0.15, with two lost time incidents recorded during the year. While this represents solid performance, our objective remains zero harm, and we continue to focus on strengthening safety culture and systems across the operation. In Q4, the commissioning of additional mining equipment in late Q3 contributed to total mined tonnage reaching 6 million tons, an 18% increase over the previous quarter. This higher production supported increased waste stripping, resulting in a low annual strip ratio of 1.86.

Speaker #3: TZ is transitioning into the steady-state phase, typical of mature operating mines, where the focus shifts to continuous improvements in productivity and cost management.

Speaker #3: This year, we plan to make modest investments in the plant to address remaining bottlenecks, including tailings pumping capacity, while continuing broader optimization initiatives to increase throughput.

Speaker #3: On safety, TZ closed the year with a lost-time injury frequency rate of 0.15, with two lost-time incidents recorded during the year. While this represents solid performance, our objective remains zero harm, and we continue to focus on strengthening safety culture and systems across the operation.

Speaker #3: In the fourth quarter, the commissioning of additional mining equipment in late Q3 contributed to total mined tonnage reaching 6 million tons, an 18% increase over the previous quarter.

Speaker #3: This higher production supported increased waste stripping, resulting in a low annual strip ratio of 1.86. Mill throughput for Q4 averaged 11,711 tons per day, or 90.6% of nameplate capacity, with a head grade of 1.49 grams per ton.

Louis-Pierre Gignac: Mill throughput for Q4 averaged 11,711 tons per day, or 90.6% of nameplate capacity, with a head grade of 1.49 grams per ton. Gold production for Q4 increased by 2% compared to Q3, primarily driven by higher process grades. Mill throughput during the quarter was impacted by unplanned downtime in November following a failure of a ball mill motor bearing. Gold recovery rates have also improved, achieving 91.8% during Q4 and 90.6% for the full year 2025, supported by increased plant stability and reduced variability in the flotation circuits operating parameters, largely due to the implementation of an expert control system. Total cash costs were $748 per ounce, slightly exceeding the upper end of our 2025 guidance.

Speaker #3: Gold production for the fourth quarter increased by 2% compared to the third quarter, primarily driven by higher process grades. Mill throughput during the quarter was impacted by unplanned downtime in November following a failure of a ball mill motor bearing.

Speaker #3: Gold recovery rates have also improved, achieving 91.8% during the fourth quarter, and 90.6% for the full year 2025, supported by increased plant stability and reduced variability in the flotation circuits' operating parameters.

Speaker #3: Largely due to the implementation of an expert control system, total cash costs were $748 per ounce, slightly exceeding the upper end of our 2025 guidance.

Louis-Pierre Gignac: This was mainly due to higher royalty and production tax expenses, approximately $54 per ounce, driven by an average realized gold price of $3,374 per ounce, and was partially offset by stable underlying site operating costs. Mining costs averaged 324 per ton mined, while processing costs were $12.53 per ton milled. All-in sustaining costs were $1,155 per ounce, remaining within the 2025 guidance. Operating costs at Tocantinzinho have largely been stable in 2025, with maintenance parts representing about 29% of our cash costs, followed by labor at 25%, which has increased by approximately 5% year over year. Fuel is only about 10%, and power is only about 5% of our cash costs. With that, I'll turn it over to Julie for the financial highlights.

Speaker #3: This was mainly due to higher royalty and production tax expenses, approximately $54 per ounce. Driven by an average realized gold price of $3,374 per ounce.

Speaker #3: And was partially offset by stable underlying site operating costs. Mining costs averaged $324 per ton mined, while processing costs were $12.53 per ton milled.

Speaker #3: All-in sustaining costs were $1,155 per ounce, remaining within the 2025 guidance. Operating costs at TZ have largely been stable in 2025, with maintenance parts representing about 29% of our cash costs, followed by labor at 25%, which has increased by approximately 5% year over year.

Speaker #3: Fuel is only about 10%, and power is only about 5% of our cash costs. With that, I'll turn it over to Julie for the financial highlights.

Julie Lafleur: Thanks, Louis-Pierre, and good morning. For the full year, we generated $581 million in revenue and $288 million in net income or $1.27 per share.

Speaker #2: Thanks, Louis-Pierre. And good morning. For the full year, we generated $581 million in revenue, and $288 million in net income, or $1.27 per share.

Julie Lafleur: On an adjusted basis, net income were $283 million or $1.25 per share. Adjusted EBITDA totaled $419 million, representing a 72% margin and reflecting the strong operating performance of TZ in its first full year. This highlights the strength of cash conversion from EBITDA into free cash flow, even in the first year of commercial production. We remain fully unhedged, and our results reflect full exposure to the gold price. Operating cash flow before changes in non-cash working capital was $122 million in Q4, an increase of $15 million over Q3. After changes in working capital, cash provided by operating activities was $96 million in Q4 and $308 million for the full year.

Speaker #2: On an adjusted basis, net income was $283 million, or $1.25 per share. Adjusted EBITDA totaled $419 million, representing a 72% margin and reflecting the strong operating performance of TZ in its first full year.

Speaker #2: This highlights the strength of cash conversion from EBITDA into free cash flow, even in the first year of commercial production. We remain fully on edge and our results reflect full exposure to the gold price.

Speaker #2: Operating cash flow before changes in non-cash working capital was $122 million in the fourth quarter, an increase of $15 million over the third quarter.

Speaker #2: After changes in working capital, cash provided by operating activities was $96 million in Q4 and $308 million for the full year. Sustaining capital expenditures for $53 million for the full year, were slightly below guidance, primarily because spending on certain major components was deferred in 2026.

Julie Lafleur: Sustaining capital expenditures for $53 million for the full year were slightly below guidance, primarily because spending on certain major components was deferred into 2026. Capitalized exploration expenditures totaled $5 million in Q4 and $16 million for the full year, comprising $9 million at Oko West, $3 million at Gurupi, and $4 million at TZ. Capital expenditures at Oko West totaled $346 million in 2025, of which $187 million has been disbursed. We ended the year with a closing cash balance of $135 million. Subsequent to year-end, we completed a strategic private placement with La Mancha for approximately $315 million. The proceeds were used to fully repay the revolving credit facility, leaving the corporation with a clean undrawn facility and strong financial flexibility as we advance Oko West.

Speaker #2: Capitalized exploration expenditures totaled $5 million in the fourth quarter, and $16 million for the full year, comprising $9 million at OCO, $3 million at Gurupi, and $4 million at TZ.

Speaker #2: Capital expenditures at Oko West totaled $346 million in 2025, of which $187 million has been disbursed. We ended the year with a closing cash balance of $135 million.

Speaker #2: Subsequent to year-end, we completed a strategic private placement with La Mancha for approximately $315 million. The proceeds were used to fully repay the revolving credit facility, leaving the corporation with a clean on-drawn facility and strong financial flexibility as we advance OCO West.

Julie Lafleur: Turning now from cash flow to capital expenditures. Slide 12 breaks down our spending across sustaining capital, regional exploration, and development capital. At TZ, sustaining capital was guided at $60 to 70 million, with actual spend of $53 million. The variance reflects timing as certain major components for mobile equipment originally planned for 2025 were deferred to 2026 due to procurement, scheduling, and operational priorities. These items are incorporated into the 2026 TZ sustaining capital guidance. On Oko West, development capital was deployed for $203 million compared to full year guidance of $200 to 240 million. Spending was weighted towards the second half, as expected following formal construction approval in October and accelerating project momentum through year-end. Thanks. With that, I'll hand it back to Louis-Pierre to discuss operational guidance and progress at our projects.

Speaker #2: Turning now from cash flow to capital expenditures, slide 12 breaks down our spending across sustaining capital, regional exploration, and development capital. At TZ, sustaining capital was guided at $60 to $70 million, with actual spend of $53 million.

Speaker #2: The variance reflects timing as certain major components for mobile equipment originally planned for 2025 were deferred to 2026 due to procurement scheduling and operational priorities.

Speaker #2: These items are incorporated into the 2026 TZ sustaining capital guidance. On OCO West, development capital was deployed for $203 million, compared to full-year guidance of $200 to $240 million.

Speaker #2: Spending was weighted towards the second half, as expected, following formal construction approval in October and accelerating project momentum through year-end. Thanks. With that, I'll hand it back to Louis-Pierre to discuss operational guidance and progress at our projects.

Louis-Pierre Gignac: Thank you, Julie. In January, we released operational guidance for 2026 and 2027, outlining average annual production of 200,000 ounces of gold at TZ over the next two years. This is expected to be achieved at peer-leading cash costs of $750 per ounce and all-in sustaining costs of $1,190 per ounce. Gold production at TZ for 2026 is estimated to be between 160,000 to 190,000 ounces and 200,000 to 235,000 ounces in 2027, representing an increase of approximately 25% over 2026 production at the midpoint of guidance, driven by a full year contribution of higher grade phase two ore at TZ.

Speaker #3: Thank you, Julie. In January, we released operational guidance for 2026 and 2027. Outlining average annual production of $200,000 ounces of gold at TZ over the next two years.

Speaker #3: This is expected to be achieved at peer-leading cash costs of $750 per ounce and all unsustaining costs of $1,190 per ounce. Gold production at TZ for 2026 is estimated to be between $160 to $190,000 ounces and $200 to $235,000 ounces in 2027, representing an increase of approximately 25% over 2026 production.

Speaker #3: At the midpoint of guidance. Driven by a full-year contribution of higher-grade Phase Two ore at TZ. Total cash costs and all unsustaining costs in 2026 are expected to increase by 7% and 15%, respectively, relative to 2025.

Louis-Pierre Gignac: Total cash costs and all-in sustaining costs in 2026 are expected to increase by 7% and 15% respectively relative to 2025, then decrease steadily starting in H2 2026 and through 2027. Total cash costs and all-in sustaining costs are expected to improve materially in 2027, with cash costs and AISC projected to decline by approximately 14% and 21% respectively compared to 2026 at the midpoint of guidance. This year represents our largest ever investment in exploration, with approximately $46 million planned across the portfolio, including roughly 110 kilometers of diamond and RC drilling. Of this, $21 million is allocated to Gurupi, $15 million to Oko, and $9 million to TZ. Our strong cash flow generation enables us to support this level of investment in exploration while simultaneously funding the construction of Oko West.

Speaker #3: And then decrease steadily starting in the second half of 2026 and through 2027. Total cash costs and all unsustaining costs are expected to improve materially in 2027, with cash costs and ASIC projected to decline by approximately 14% and 21%, respectively.

Speaker #3: Compared to 2026 at the midpoint of guidance. This year represents our largest-ever investment in exploration, with approximately $46 million planned across the portfolio. Including roughly $110 kilometers of diamond NRC drilling.

Speaker #3: Of this, $21 million is allocated to Gurupi, $16 million to OCO, and $9 million to TZ. Our strong cash flow generation enables us to support this level of investment in exploration.

Speaker #3: While simultaneously funding the construction of OCO West. At OCO, the early works program completed last year enabled key infrastructure milestones, including construction of the access road, construction of the permanent camp, and substantial completion of the barge landing.

Louis-Pierre Gignac: At Oko West, the early works program completed last year enabled key infrastructure milestones, including construction of the access road, construction of the permanent camp, and substantial completion of the barge landing, an important component of the project's logistics and network. Detailed engineering reached 57% at year-end, supporting the procurement of major packages, which is largely complete. We closed the year with $424 million committed, representing 42% of the total project budget and significantly de-risking overall capital execution. Total CapEx for 2026 is projected to range between $514 and $568 million as project activity ramps up, including the commencement of major construction at the process plant, supporting infrastructures, and the initiation of mine pre-production activities. Substantially all major equipment is expected to be delivered during 2026.

Speaker #3: An important component of the project's logistics network. Detail engineering reached 57% at year-end, supporting the procurement of major packages, which is largely complete. We closed the year with $424 million committed, representing 42% of the total project budget, and significantly de-risking overall capital execution.

Speaker #3: Total CAPEX for 2026 is projected to range between $514 million and $568 million, as project activity ramps up, including the process plant, supporting infrastructures, and the initiation of mine pre-production activities.

Speaker #3: Substantially, all major equipment is expected to be delivered during 2026. Capital expenditures in 2027 of approximately $230 million represent the remaining balance and include commissioning activities and pre-production revenue.

Louis-Pierre Gignac: Capital expenditures in 2027 of approximately $230 million represent the remaining balance and include commissioning activities and pre-production revenue. Main construction activities are now underway in the process plant area, with the grinding circuit representing the project's critical path. Progress remains on schedule, with one of the largest concrete pours for the SAG mill now complete. Both mills are expected to arrive in Guyana in July 2026, with assembly to be completed by the end of August 2027. Our self-perform execution model provides strong control over schedule and cost, and the project remains on track to meet budget and timeline targets. First gold is expected in H2 2027, with commercial production targeted for 2028. Despite being in full construction, we've maintained exploration efforts to continue unlocking the full potential of the Oko West project.

Speaker #3: Main construction activities are now underway in the process plant area, with the grinding circuit representing the project's critical path. Progress remains unscheduled, with one of the largest concrete pours for the Saginaw now complete.

Speaker #3: Both mills are expected to arrive in Guyana in July 2026, with assembly to be completed by the end of August 2027. Our self-perform execution model provides strong control over scheduling and costs, and the project remains on track to meet budget and timeline targets.

Speaker #3: First goal is expected in the second half of 2027, with commercial production targeted for 2028. Despite being in full construction, we've maintained exploration efforts to continue unlocking the full potential of the OCO West project.

Louis-Pierre Gignac: Following the completion of infill drilling to support the feasibility study, exploration drilling has identified extensions of mineralization outside of the mine plan, which are expected to contribute to future increases in mineral resources and reserves. Positive results have been achieved to the north in block 1 along splay structures within the pit previously modeled as waste, and at depth in block 5. In addition to the main Oko West trends, we've identified a compelling soil anomaly along the northwest extension. This area was incorporated into the land package in March 2024 and is currently a key focus of our exploration activities, where we see continued upside. The northwest extension is located approximately 10km from the planned infrastructure and could be easily integrated into the future of the Oko West project. Let me now turn to Gurupi, our advanced exploration asset in Brazil.

Speaker #3: Following the completion of infill drilling to support the feasibility study, exploration drilling is identified. Extensions of mineralization outside of the mine plan are expected to contribute to future increases in mineral resources and reserves.

Speaker #3: Positive results have been achieved to the north in Block 1, along splay structures within the pit, previously modeled as waves, and at depth in Block 5.

Speaker #3: In addition to the main OCO West trends, we've identified a compelling soil anomaly along the northwest extension. This area was incorporated into the land package in March 2024 and is currently a key focus of our exploration activities, where we see continued upside.

Speaker #3: The northwest extension is located approximately 10 kilometers from the planned infrastructure, and could be easily integrated into the future of the OCO West project.

Speaker #3: Let me now turn to Gurupi, our advanced exploration assets in Brazil. The project hosts a substantial existing resource of 1.8 million ounces indicated, and 0.8 million ounces inferred, based on approximately 145 kilometers of historical drilling.

Louis-Pierre Gignac: The project hosts a substantial existing resource of 1.8 million ounces indicated and 0.8 million ounces inferred based on approximately 145km of historical drilling. In 2025, we made important progress in reactivating the project. A historical injunction was lifted, and we reestablished positive relationships with local stakeholders, which allowed us to successfully restart drilling in the region in November. This was a significant milestone for the project, particularly as there's been no drilling for several years. The broader land package represents a district-scale opportunity. It covers roughly 80km of highly prospective greenstone belts with a defined soil anomaly extending over approximately 55km. Our initial focus is to expand mineral resources around the known deposits in order to support the development of a larger and more robust project while continuing to test the broader exploration potential across the belt.

Speaker #3: In 2025, we made important progress in reactivating the project. A historical injunction was lifted, and we reestablished positive relationships with local stakeholders, which allowed us to successfully restart drilling in the region in November.

Speaker #3: This was a significant milestone for the project, particularly as there has been no drilling for several years. The broader land package represents a district scale opportunity.

Speaker #3: It covers roughly 80 kilometers of highly prospective greenstone belts. With a defined soil anomaly extending over approximately 55 kilometers. Our initial focus is to expand mineral resources around the known deposits in order to support the development of a larger and more robust project, while continuing to test the broader exploration potential across the belts.

Louis-Pierre Gignac: Last year, surface work, including trenching and auger drilling, identified several gold-bearing structures northwest of Mandioca. This area is now a key focus of our drilling program, alongside extensions in and around the existing resources at Cipoeiro and Chega Tudo, where we currently have two diamond drill rigs and one RC rig operating. In 2026, we plan to invest $21 million in exploration to support both brownfield and greenfield programs. Our objective is to grow the resource base and advance the project toward an updated mineral resource estimate and the PEA in H2. We believe this work will highlight the scale and value of Gurupi, which is not currently well reflected in GMIN's valuation.

Speaker #3: Last year, surface work, including trenching and auger drilling, identified several gold-bearing structures northwest of Mandiokao. This area is now a key focus of our drilling program, alongside extensions in and around the existing resources at Cipuero and Cheketutu, where we currently have two diamond drill rigs and one RC rig operating.

Speaker #3: In 2026, we plan to invest $21 million in exploration to support both brownfield and greenfield programs. Our objective is to grow the resource base and advance the project toward an updated mineral resource estimate and a PA in the second half of the year.

Speaker #3: We believe this work will highlight the scale and value of Gurupi, which is not currently well reflected in G Min's valuation. TZ's total cash costs of approximately $748 per ounce compare favorably to a peer average of over $1,000 per ounce for mid-tier producers.

Louis-Pierre Gignac: TZ's total cash costs of approximately $748 per ounce compare favorably to a peer average of over $1,000 per ounce for mid-tier producers, representing roughly a 30% cost advantage driven by structural characteristics of the operation. This low-cost profile is underpinned by ore body geometry, established infrastructure, strong labor productivity, and processing circuit efficiency, all of which are expected to remain consistent. At $4,000 per ounce of gold, TZ is generating among the highest free cash flow margins per ounce of any open pit gold mine of comparable scale in the Americas. Looking ahead, GMIN is entering an exciting growth phase, with consolidated production expected to surpass 500,000 ounces of gold annually by 2028, representing roughly a threefold increase from 2025 levels.

Speaker #3: Representing roughly a 30% cost advantage driven by structural characteristics of the operation. This low-cost profile is underpinned by ore-body geometry, established infrastructure, strong labor productivity, and processing circuit efficiency, all of which are expected to remain consistent.

Speaker #3: At $4,000 per ounce of gold, TZ is generating among the highest free cash flow margins per ounce of any open-pit gold mine of comparable scale in the Americas.

Speaker #3: Looking ahead, G Min is entering an exciting growth phase, with the consolidated production expected to surpass $500,000 ounces of gold annually by 2028, representing roughly a threefold increase from 2025 levels.

Louis-Pierre Gignac: Free cash flow generation in 2026 and 2027 is expected to fully finance the development of Oko West at current gold prices. 2028 represents a clear inflection point in free cash flow as Oko West begins contributing, with projected free cash flow of $1.2 billion based on $4,000 per ounce gold price. This level of cash generation is expected to position G Mining to continue self-funding future growth initiatives while also assessing opportunities to return capital to shareholders. 2025 was a strong execution year across operations, development, and exploration. At TZ, we achieved steady state production at nameplate capacity while maintaining cost discipline. At Oko West, we completed the feasibility study, secured key permits, and received board approval to move into construction. We also advanced engineering and procurement, significantly de-risking the project. At Gurupi and across the portfolio, we delivered on exploration programs, generating encouraging results.

Speaker #3: Free cash flow generation in 2026 and 2027 is expected to fully finance the development of OCO West at current gold prices. 2028 represents a clear inflection point in free cash flow, as OCO West begins contributing.

Speaker #3: With projected free cash flow of $1.2 billion based on $4,000 per ounce gold price. This level of cash generation is expected to position G Min to continue self-funding future growth initiatives, while also assessing opportunities to return capital to shareholders.

Speaker #3: 2025 was a strong execution year across operations, development, and exploration. At TZ, we achieved steady-state production at nameplate capacity, while maintaining cost discipline. At OCO West, we completed the feasibility study, secured key permits, and received board approval to move into construction.

Speaker #3: We also advanced engineering and procurement, significantly de-risking the project. At Gurupi and across the portfolio, we delivered on exploration programs, generating encouraging results. Overall, the year was about advancing OCO West and reinforcing a solid operational base at TZ.

Louis-Pierre Gignac: Overall, the year was about advancing Oko West and reinforcing a solid operational base at TZ. For 2026, our priorities are clear and build on the strong foundation established in 2025. At TZ, the focus is on operating well with phase two scheduled to deliver higher grade ore and continuing targeted optimization work. At Oko West, the focus is on execution through the peak construction year, with ongoing progress across the process plant, site infrastructure, and other critical path activities as we ramp up the workforce on site to reach a peak of about 2,000 people by year end. Across the portfolio, we will also advance the largest exploration program in G Mining's history, with updates expected from TZ, Oko West, and Gurupi, including an updated mineral resource estimate and PEA for Gurupi. Our strategy remains to build, operate, and explore for more.

Speaker #3: For 2026, our priorities are clear, and build on the strong foundation established in 2025. At TZ, the focus is on operating well, with phase two scheduled to deliver higher-grade ore and continuing targeted optimization work.

Speaker #3: At OCO West, the focus is on execution through the PEAT construction year, with ongoing progress across the process plan, site infrastructure, and other critical path activities as we ramp up the workforce on-site to reach a peak of about 2,000 people by year-end.

Speaker #3: Across the portfolio, we will also advance the largest exploration program in G Min's history, with updates expected from TZ, OCO West, and Gurupi. Including an updated mineral resource estimate and PA for Gurupi.

Speaker #3: Our strategy remains to build, operate, and explore for more. Before we open the line for questions, I would like to leave you with these images from Oko West.

Louis-Pierre Gignac: Before we open the line for questions, I would like to leave you with these images from Oko West. The project continues to advance across all major work fronts, with steady progress on critical infrastructure and plant construction. In 2025, we demonstrated that we can operate, and in 2026 and 2027, our focus is to build again while continuing to advance exploration across the portfolio. I want to thank our teams in Brazil, Guyana, and in Canada for their work throughout 2025, and I also want to thank our shareholders for their continued support. With that, I'll turn the call back to the moderator to begin the Q&A.

Speaker #3: The project continues to advance across all major work fronts, with steady progress on critical infrastructure and plant construction. In 2025, we demonstrated that we can operate and in 2026 and 2027, our focus is to build again while continuing to advance exploration across the portfolio.

Speaker #3: I want to thank our teams in Brazil, Guyana, and in Canada for their work throughout 2025, and I also want to thank our shareholders for their continued support.

Speaker #3: With that, I'll turn the call back to the moderator to begin the Q&A.

Operator 3: 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 roster. Your first question comes from the line of Ralph Profiti with Stifel. Your line is open.

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 roster. Your first question comes from the line of Ralph Profiti with Stifel. Your line is open.

Speaker #2: Before we open the floor for questions, a quick reminder: Phone participants can dial *1 to ask a question, and webcast viewers can continue submitting their questions via the Q&A function.

Speaker #2: We will pause for just a moment to compile the Q&A

Speaker #1: Roster Your first question comes from the line of Ralph Profiti with Stifel . Your line is open

Ralph Profiti: Thanks, operator, and good morning, everyone. Louis-Pierre, with respect to process improvements at the TZ plant, you specifically mentioned some of the tailings capacity pumping improvements. Just wondering if we're gonna see some of those benefits in 2026, or is that more embedded in 2027 AISC guidance?

Speaker #2: Thanks , operator , and good morning , everyone . Louis . Pierre with respect to process improvements at the TC plant , you specifically mentioned some of the tailings capacity and pumping improvements .

Speaker #2: Just wondering if we're going to see some of those benefits in 2026 , or is that more embedded in 2027 ? ASIC guidance

Louis-Pierre Gignac: Yeah, that's sustaining CapEx work that we're gonna be doing, implementing mostly in Q2, and expecting that to be effective in H2 this year. That's the current timing for that work.

Speaker #3: Yeah , that's sustaining CapEx work that we're going to be doing , implementing mostly in Q2 and expecting that to be effective in the second half of this year .

Speaker #3: So that's the current timing for for that work .

Ralph Profiti: That's included in existing guidance?

Speaker #2: And that's included in existing guidance .

Louis-Pierre Gignac: Correct. It is.

Ralph Profiti: Excellent. Okay, great. Great. As a follow-up, I'm just wondering how you're feeling around logistics around the SAG delivery in July 2026. Just wondering if there's any sort of seasonal river or fluctuations around sort of uncontrollable scheduling risks that you're seeing early signs that could be a risk?

Speaker #3: Correct . It is .

Speaker #2: Excellent . Okay , great . Great . As a follow up , just wondering how you're feeling around logistics around the SAG delivery in July of 2026 .

Speaker #2: So just wondering if there's any sort of seasonal river or fluctuations around sort of , you know , an uncontrollable scheduling risks that you're seeing early signs that could be a risk

Louis-Pierre Gignac: No, not really. I mean, our risks lie mostly with our suppliers, just making sure that they deliver on the schedules that we have. You know, because those are critical path items, we typically do very close follow-ups with suppliers that are on our critical path. So far, everything's scheduled to arrive on time. Yeah, with respect to logistics, the river itself is not seasonal. I mean, we can barge all year long. There's really no major issue in terms of annual disruptions in terms of logistics.

Speaker #3: No , not really . I mean , our , our risks are lie mostly with our suppliers . Just making sure that they deliver on the schedules that that we have But , you know , because those are critical path items , we typically do very close follow ups with with suppliers that are on our critical path .

Speaker #3: And so far , everything's scheduled to , to arrive on time . But yeah , with respect to logistics , the river itself is not seasonal .

Speaker #3: I mean , we can barge all year long . It's there's really no , no major issue in terms of annual disruptions , in terms of logistics

Ralph Profiti: Great. Glad to hear. Good luck, and thank you.

Speaker #4: Great

Speaker #2: Glad to hear . Good luck and thank you

Louis-Pierre Gignac: Thanks.

Speaker #3: Thanks

Operator 3: Your next question comes from the line of Fahad Tariq with Jefferies. Your line is open.

Operator: Your next question comes from the line of Fahad Tariq with Jefferies. Your line is open.

Speaker #1: Your next question comes from the line of Fahad Tariq with Jefferies. Your line is open.

Fahad Tariq: Hi. Thanks for taking my questions. At TZ, can you just talk about maybe how plant throughput and recoveries are trending in Q1?

Speaker #5: Hi . Thanks for taking my questions . At Z , can you just talk about maybe how plant throughput and recoveries are trending in the first quarter

Louis-Pierre Gignac: Yeah. Plant throughputs so far have been really in line with our plan, with budget. We've had good plant availability, good production. As we guided earlier this year, H1 has lower grades, which come with a slightly lower recovery. There is a relationship between grade and recovery. Yeah, basically, falling very much in line with our current plan.

Speaker #3: Yeah, plant throughputs so far have been really in line with our plan and budget. So we've had good plant availability.

Speaker #3: Good , good production As we guided earlier this year , the first half has lower grades which come with a slightly lower recovery .

Speaker #3: There is a relationship between grade and recovery. But yeah, basically falling very much in line with our current plan.

Fahad Tariq: Okay. Then just on 2026 AISC guidance, I know it's at $4,000 an ounce. Can you just maybe I missed it, but the sensitivity of the AISC for every, let's say, $100 an ounce change in the gold price or whatever the sensitivity is that you can share.

Speaker #5: Okay . And then just on 2026 , ASIC guidance , I know it's at $4,000 an ounce . Can you just maybe I missed it , but the sensitivity of the ASIC for every , let's say , $100 an ounce change in the gold price or whatever the sensitivity is that you can share

Louis-Pierre Gignac: Yeah, I mean, 1.5% royalty to government and 1.5% to third parties. We do have a low kind of royalty exposure at Tocantinzinho. We'd have to just run the math quickly. Yeah, it's a low sensitivity. This year, obviously we're using $4,000 per ounce, which is more in line with current gold price environment compared to the budgeting exercise of 2025, where we saw the gold price go up quite significantly in 2025.

Speaker #3: Yeah . I mean , we're how should I say , 1.5% royalty to government and 1.5 to third parties . So we do have a low kind of royalty exposure at at Z .

Speaker #3: So we'd have to just run the math quickly . But yeah , it's a low sensitivity . And this this year , obviously we're using $4,000 per ounce , which is more in line with current gold price environment compared to the budgeting exercise of 2025 , where we saw the gold price go up quite , quite significantly in 25 .

Fahad Tariq: Okay. A-okay. Just maybe lastly, just on Oko West development, any impact from the conflict in the Middle East, like is that impacting anything in terms of pricing, supply chain, et cetera?

Speaker #5: Okay . Okay . And then just maybe lastly , just on Oko West development , any impact from the conflict in the Middle East ?

Speaker #5: Like, is that impacting anything in terms of pricing, supply chain, etc.?

Louis-Pierre Gignac: Not really. Just in the sense that we don't have like materials coming out from that region of the world. We don't have any like disruptions in terms of logistics. No real impact on that front. Basically in the construction phase we're you know obviously consuming some fuel and for equipment and you know logistics and whatnot, but that's a very small percentage of our overall CapEx. When it comes to the fuel price leaking into the pricing of products, I mean, we do have most of all our major capital items already procured and locked in at this point. Very little exposure for the main you know main equipment packages for the project.

Speaker #3: Not really. Just in the sense that we don't have, like, materials coming out from that region of the world. So we don't have any disruptions in terms of logistics.

Speaker #3: So no real impact on that front . Basically , in the construction phase , we're , you know , obviously consuming some fuel and for equipment and , logistics and whatnot .

Speaker #3: But that's a very small percentage of our overall CapEx. And then, when it comes to the fuel price leaking into the pricing of products, I mean, we do have most of all our major capital items already procured and locked in at this point.

Speaker #3: So, very little exposure for the main, you know, main equipment packages for the project.

Fahad Tariq: Got it. Okay, great. Thank you so much.

Speaker #5: Got it. Okay, great. Thank you so much.

Louis-Pierre Gignac: Thanks.

Speaker #3: Thanks

Operator 3: Next question comes from the line of Rabi Nizami with National Bank of Canada. Your line is open.

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

Speaker #1: Next question comes from the line of Rabbi Nizami with National Bank of Canada. Your line is open.

Rabi Nizami: Morning, everyone. Thanks for taking my question. LP, you just referred to no impacts from the conflict with regards to logistics and fuel being a very small component of Oko West CapEx. Could you say some more about Tocantinzinho and how you're thinking about fuel prices and sensitivity to fuel prices there?

Speaker #6: One . Everyone , thanks for taking my question . LP you just you just referred to a no impacts from the conflict with regards to logistics and fuel being a very small component of CapEx .

Speaker #6: Could you could you say some more about T , that and how you're thinking about fuel prices and sensitivity to fuel prices ? There

Louis-Pierre Gignac: Yeah, that's something that we have been looking into just to understand our sensitivities for both projects. Basically, you know, for Tocantinzinho for 2025, fuel was really like 10% of our cash costs. If you assume a $10 a barrel increase, that translates to about a $10 per ounce increase in our all-in sustaining cost. It's not very sensitive. Obviously when it comes to power consumption, we're connected to the grid, so we're not, you know, it's not a fuel-based electricity price.

Speaker #3: Yeah . That's something that we we have been looking into just understand our sensitivities for both projects and basically , you know , for , for 2025 , fuel was really like 10% of our cash costs .

Speaker #3: So if you assume a $10 a barrel increase that translates to about a $10 per ounce increase in our all in sustaining cost .

Speaker #3: So it's not very sensitive . And obviously when it comes to power consumption , we're connected to the grid . So we're not , you know , it's not a fuel based electricity price

Operator 1: Thank you. At Oko West, I see you have nearly 1,000 workers on site, so looks like you're having some success with staffing there. You also mentioned that you're going up to 2,000 by year-end, so anything else that you could add about just how labor availability is in Guyana?

Rabi Nizami: Thank you. At Oko West, I see you have nearly 1,000 workers on site, so looks like you're having some success with staffing there. You also mentioned that you're going up to 2,000 by year-end, so anything else that you could add about just how labor availability is in Guyana?

Speaker #6: Thank you . And West , I see you have nearly a thousand workers on site . So it looks like you're having some success with staffing .

Speaker #6: They're you also mentioned that you're going up to 2000 by year end . So anything else but you could add about just how labor availability is in Guyana

Louis-Pierre Gignac: Yeah. I'd say, you know, this year is obviously the ramp-up year in terms of construction, so essentially every month we're hiring 100 to 150 people onto the project. Yeah, we've continued on that trend. As of the end of February, we've exceeded, you know, 1,200 people on the project. Yeah, we're continuing to make good progress and align with our plans. Yeah, we've been able to find the labor that we need. We do have the ability to bring in expats that, you know, act as trainers, supervisors. That's been a key part of the team that we put together at Oko West.

Speaker #3: Yeah , I'd say , you know , this year is obviously the , the ramp up year in terms of construction . And so essentially every month we're , we're hiring 100 to 150 people onto the project .

Speaker #3: So yeah , we've continued on that trend as of the end of February , we've exceeded , you know , 1200 people on the project .

Speaker #3: So yeah , we're continuing to make good progress . And align with with our plans . But yeah , we've been able to find the labor that we need .

Speaker #3: And we do have the ability to bring in expats that act as trainers, supervisors. And so, that's been a key part of the team that we put together at Oko West.

Operator 1: Great. Thank you very much.

Rabi Nizami: Great. Thank you very much.

Speaker #6: Great. Thank you very much.

Louis-Pierre Gignac: Thanks.

Speaker #3: Thanks

Operator 3: Next question comes from the line of Andrew Mikitchuk with BMO Capital Markets. Your line is open.

Operator: Next question comes from the line of Andrew Mikitchuk with BMO Capital Markets. Your line is open.

Speaker #1: Next question comes from the line of Andrew McIsaac with BMO Capital Markets. Your line is open.

Andrew Mikitchook: Hi, LP. All kinds of great questions already been asked, but maybe I could just ask you to speak to what investors should expect to see occur in terms of construction in the next quarter. I guess Q1's more or less done, and you showed us the great pictures, but moving ahead three months, what will this all look like?

Speaker #7: All kinds of great questions already been asked , but maybe you could just ask you to speak to what investors should expect to see occur in terms of construction in the next quarter .

Speaker #7: I guess Q1 is more or less done . And you showed us the great pictures , but what moving ahead three months . What will this all look like

Louis-Pierre Gignac: Yeah, I mean, we're continuing to make progress in the plant. A lot of concrete work is being done. We're gonna be starting on the CIL circuit concrete work. Primary crusher excavation is complete now. Yeah, we're really moving into the plant area. This quarter and the upcoming quarters, we're essentially starting our mining pre-production activities. Stripping the pit, starting to mine waste material and actually, you know, we'll likely be stockpiling some of the first ore in the upcoming quarter, Q2.

Speaker #3: Yeah , I mean , we're continuing to make progress in the plant . So a lot of concrete work is being done . We're going to be starting on the CIL circuit .

Speaker #3: Concrete work at the primary crusher excavation is complete now, so yeah, we're really moving into the plant area. And this quarter and the upcoming quarters, we're essentially starting our mining pre-production activities.

Speaker #3: So stripping the pit , starting to mine waste material and actually , you know , will likely be stockpiling some of the first or in , in , in the upcoming quarter .

Speaker #3: Q2

Andrew Mikitchook: Okay. Just switching to Tocantinzinho, I think you quoted from my notes here, 7.1 million tons of stockpile either at year-end or currently. Is that in line with expectations? Did that include unexpected low-grade ore? Or how should we think of that number?

Speaker #7: Okay . And then just switching to t Z I think you quoted from my notes here , 7.1 million tonnes of stockpile either year end or currently is is that in line with expectations ?

Speaker #7: Did that include unexpected low grade or or how should we think of that number ?

Louis-Pierre Gignac: Yeah. I'd say we have encountered a bit more low-grade ore than we expected compared to our plan. So that's, you know, in that sense, we've had a bit of a positive reconciliation versus our reserve model. So that's a bit higher than we had expected to be at this point. Nothing wrong with that, in the sense that that's all ore that gets stockpiled for processing at really the end of the mine life.

Speaker #3: Yeah , I'd say we we haven't . You know , encountered a bit more low grade ore than we expected compared to our plan .

Speaker #3: So that's , you know , in that sense , we've had a bit of a positive reconciliation versus our reserve reserve model . So that's a bit higher than than we had expected to be at at this point .

Speaker #3: So nothing wrong with that in the sense that that's all, or that gets stockpiled for processing. It... really, the end of the mine life.

Andrew Mikitchook: Okay. That's great, well done, and I'll pass the microphone to the next question.

Speaker #7: Okay. That's great. Well done. And I'll pass the microphone to the next question.

Louis-Pierre Gignac: Thanks.

Speaker #3: Thanks

Operator 3: Next question comes from the line of Jeremy Hoy with Canaccord Genuity. Your line is open.

Operator: Next question comes from the line of Jeremy Hoy with Canaccord Genuity. Your line is open.

Speaker #1: Next question comes from the line of Jeremy Hoy with Canaccord Genuity . Your line is open

Jeremy Hoy: LP, thanks for taking my question. One on Gurupi, looking ahead to the PEA coming later this year, are you able to share any high-level targets or metrics, you know, anything that might give us an indication of what the scale and scope of that project could look like?

Speaker #8: LP, thanks for taking my question. My group is looking ahead to the PA coming later this year. Are you able to share any high-level targets or metrics?

Speaker #8: You know , anything that might give us an indication of of what the the scale and scope of that project could look like

Louis-Pierre Gignac: Yeah. I mean, we'll be doing a lot more of that work in the next few months. You know, our expectation is that this will be a project that'll be slightly larger than Tocantinzinho in terms of scale and production. That's almost basically supported by the resources that we have currently on the project. Yeah, we see it being at least 175,000 ounces based on the current resources. Based on exploration success and our ability to continue growing the resource, that could be a larger number achieving close to 200,000 or more. That's the current thinking and sizing when it comes to Gurupi at this point.

Speaker #3: Yeah . I mean , we'll be doing a lot more of that work in the next few months , but you know , our expectation is that this will be a , a project that will be slightly larger than Z in terms of scale and production .

Speaker #3: And that's almost basically supported by the resources that we have currently on the project . So yeah , we see it being at least 175,000oz based on the current resources and then based on exploration success and our ability to continue growing the resource that could be larger number achieving close to 200,000 or more .

Speaker #3: So that's the current thinking . And sizing when it comes to Gurobi . At this point

Jeremy Hoy: Thank you very much. That's really helpful color. Last one from me, I guess, is on M&A. I get asked all the time what you guys are gonna buy. Could you just provide the latest thinking on potential M&A, potential target regions, et cetera. I think the strategy there has been pretty consistent, but appreciate any update there.

Speaker #8: Thank you very much . That's really helpful . Color last one for me , I guess is on M&A . I get asked all the time , which you guys are going to buy .

Speaker #8: Could you just provide the latest thinking on potential M&A, potential target regions, etc.? I think the strategy there has been pretty consistent, but I’d appreciate any update there.

Louis-Pierre Gignac: Yeah, I mean, look, we're always doing our homework when it comes to, you know, looking at next opportunities that could fit in our portfolio. Yeah, I think South America continues to be a sweet spot for us. We do like Brazil, and the jurisdictions that we're currently in that we know very well. Those are our key target areas. Yeah. I think gold price volatility is definitely something that makes M&A a little more difficult. Yeah, I think with gold prices stabilizing and remaining a bit more stable for longer period could support, you know, M&A activity across the sector in general.

Speaker #3: Yeah , I mean , look , we're always doing our homework when it comes to , you know , looking at next opportunities that could fit in our portfolio .

Speaker #3: But yeah , I think South America's continues to be a sweet spot for us . We do like Brazil in the jurisdictions that we're currently in that we know very well .

Speaker #3: So those are those are our key , key target areas . But yeah , I think gold price volatility is definitely a something that makes M&A a little more difficult .

Speaker #3: But yeah , I think with gold prices stabilizing and remaining a bit more stable for longer period , could could support M&A activity across the sector in general .

Jeremy Hoy: Yeah, it's certainly been a rollercoaster. Okay, well, thank you very much. I'll step back in the queue.

Speaker #8: Yeah , it's certainly been a roller coaster . Okay . Well thank you very much . I'll step back in the queue .

Louis-Pierre Gignac: Thanks.

Speaker #3: Thanks

Operator 3: There are no further questions in the queue, so that concludes G Mining Ventures' 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.

Operator: There are no further questions in the queue, so that concludes G Mining Ventures' 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.

Speaker #1: And there are no further questions in the queue . So that concludes G SQ3 2025 conference call . Thank you again for joining us .

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