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VANCOUVER, BC, Jan. 15, 2026 /CNW/ -- USA News Group News Commentary – Global mined gold production is entering a definitive structural plateau as the depletion of aging assets outpaces the rate of primary discovery[1]. This tightening physical constraint aligns with updated institutional forecasts projecting gold toward $5,000 per ounce by late 2026, a target reinforced by persistent and non-price-sensitive central bank demand[2]. This fundamental shift toward secure, near-term supply fuels the 2026 investment case for Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), Patagonia Gold (TSXV: PGDC) (OTCPK: HGLD), G Mining Ventures (TSX: GMIN) (OTCQX: GMINF), OceanaGold (TSX: OGC) (OTCQX: OCANF), and Perpetua Resources (NASDAQ: PPTA) (TSX: PPTA).
Accelerating regional mining investment across Tanzania and other proven jurisdictions reflects a broader mandate for infrastructure-ready projects[3]. These structural tailwinds are further bolstered by global central bank diversification, creating asymmetric upside for developers capable of successfully transitioning from the drill bit to tangible production timelines[4].
Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) just confirmed surface grades up to 35.45 g/t gold at its Tembo Project in Tanzania, and the results are turning heads. Eight artisanal mining sites delivered consistently strong numbers, with Ngula 1 emerging as the clear priority for the company's next drilling campaign.
"We are moving from exploration to execution," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "The high-grade samples at surface confirm the system's potential, while our engagement with Nyati Resources offers a tangible path to process that material. Our focus is squarely on defining the resource at Ngula 1 and finalizing a processing agreement that leverages existing infrastructure to minimize capital output."
What makes this interesting isn't just the grades themselves. It's the location. These samples came from active mining sites where local artisanal miners are already pulling material from the ground. That validation at surface means drilling can target mineralization with confidence, not just hope.
Additional highlights included 35.21 g/t and 12.94 g/t from Ngula 2, plus 22.68 g/t and 5.90 g/t from the under-drilled Mgusu Target. The gold appears in smokey-grey quartz veins within sheared basalts, matching LVG's geological model for the broader corridor.
Lake Victoria Gold is now finalizing a processing deal with Nyati Resources to access a 500 tonne-per-day plant located directly on one of LVG's Tembo licences, right beside Barrick's massive Bulyanhulu Mine. A binding agreement is expected by early 2026, creating a near-term production pathway from Tembo ahead of full development at the company's flagship Imwelo Gold Project.
The Tembo drill program kicks off in Q1 2026, targeting a 300 to 400 meter strike at Ngula 1 where both historical drilling and recent sampling have delivered consistent high grades.
Meanwhile, Imwelo continues moving forward. Located just 12 kilometers from AngloGold Ashanti's Geita Mine, recent drill results from Area C extended mineralization beyond current pit designs, with continuity now demonstrated to over 250 meters depth.
Supporting this dual-track approach is exposure to potential US$45 million in milestone payments from the company's 2021 asset sale to Barrick's Bulyanhulu operation. Funding is backed by a gold prepay facility with Monetary Metals and a C$11.52 million strategic investment from Taifa Group.
With drilling, processing agreements, and funding advancing together, Lake Victoria Gold is building the platform to move from explorer to producer.
NOTE: For a Cautionary Note on Production Decision, please see the Disclaimer below.
CONTINUED… Read this and more news for Lake Victoria Gold at: https://usanewsgroup.com/2025/04/02/with-funding-commitments-in-place-a-gold-mine-is-being-built-and-this-stock-is-still-under-0-20/
In other industry developments and happenings in the market include:
Patagonia Gold (TSXV: PGDC) (OTCPK: HGLD) advanced construction of its Calcatreu project toward first leaching expected to commence during Q1 2026 following receipt of all permits in Q4 2024. Mining activities commenced in August 2025 with first blast completed in September and mineralized material currently stockpiled in the crushing area with measured and indicated mineral resources totaling 9.84 million tonnes at 2.11 grams per tonne gold and 19.8 grams per tonne silver yielding 669,000 ounces gold and 6.3 million ounces silver.
The first section of the leach pad necessary to commence leaching has been completed with 80 tonnes of chemical product delivered to site on December 23, 2025 and the carbon in column section of the plant nearing completion expected to be finished during January 2026.
G Mining Ventures (TSX: GMIN) (OTCQX: GMINF) received a mining license from the Guyana Geology and Mines Commission for its 100%-owned Oko West gold project located in Region 7, Guyana with the license already granted and valid for twenty years authorizing development, operation and commercial gold production. This approval marks the final major permitting milestone for the project and completes the main regulatory requirements necessary for full construction and long-term operations.
"Securing the Mining License reflects not only the technical robustness of Oko West but also the collaborative relationships we have established with Guyanese authorities, communities, and partners," said Louis-Pierre Gignac, President & CEO of G Mining Ventures. "Our commitment to responsible development is unwavering, and this milestone positions us to build Oko West into a world-class mining operation that delivers lasting economic and social benefits to Guyana."
The project is poised to begin pre-production open-pit mining in the first quarter of 2026 with assembly of the initial mining equipment fleet already underway. G Mining Ventures is advancing Oko West development and construction in a disciplined manner aligned with the company's project timeline with all major permits and approvals secured.
OceanaGold (TSX: OGC) (OTCQX: OCANF) received permit approval from the Expert Panel appointed by the New Zealand government for the Waihi North Project, which includes the high-grade Wharekirauponga Underground mine located approximately 10 kilometres north of the company's Waihi operation in New Zealand. The permit approval includes development of Wharekirauponga Underground and associated surface infrastructure, expansion of the current processing plant and water treatment plant, and construction of a new tailings storage facility, while also allowing an increase in the number of exploration drill pads and a doubling of allowable drill rigs to six enabling accelerated definition and conversion drilling.
"We are delighted to have received approval for our Waihi North Project, which allows access to one of the best undeveloped, high-grade orebodies in our industry," said Gerard Bond, CEO of OceanaGold. "This is a major milestone for OceanaGold and for the Waihi operation and is a testament to our 35-year history of safe and responsible mining in New Zealand."
The OceanaGold Board has approved the selection of the mining contractor for tunnelling of the underground mine plus awarding of contracts for bulk earthworks at the Willows portal site and a power upgrade project, with the mining contractor expected to mobilize and begin tunnelling in the first half of 2026. The company is in a strong net cash position and expects to internally fund Waihi North Project over the coming years.
Perpetua Resources (NASDAQ: PPTA) (TSX: PPTA) announced the selection of Hatch Ltd as the Engineering, Procurement, and Construction Management contractor for the Stibnite Gold Project, with the appointment marking a major milestone in the company's transition from planning to development ahead of a final investment decision expected in the spring of 2026. Hatch is making a $4 million equity investment in the company and brings internationally recognized expertise in pressure oxidation technology and metallurgical processing facilities combined with a decades-long record of successfully executing large-scale mining projects across North America, making Hatch the ideal partner for development of Stibnite.
"Hatch brings the depth, discipline, and proven execution capability required to responsibly deliver the Stibnite Gold Project," said Jon Cherry, CEO of Perpetua Resources. "Their experience with sophisticated mining and metallurgical facilities in the United States will play a critical role in advancing Stibnite to the next phase of development."
Perpetua Resources and Hatch are currently negotiating terms of the definitive EPCM contract to reflect the terms of Hatch's winning bid with the contract expected to be finalized in the coming weeks.
Article Source: https://usanewsgroup.com/2025/04/02/with-funding-commitments-in-place-a-gold-mine-is-being-built-and-this-stock-is-still-under-0-20/
CONTACT:
USA NEWS GROUP
info@usanewsgroup.com
(604) 265-2873
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for Baystreet.ca media Corp, who has been paid a fee for an advertising from a shareholder of the Company (333,333 unrestricted shares). MIQ has not been paid a fee for Lake Victoria Gold Ltd. advertising or digital media, but the owner/operators of MIQ also co-owns Baystreet.ca Media Corp. ("BAY") There may also be 3rd parties who may have shares of Lake Victoria Gold Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY own shares of Lake Victoria Gold Ltd and reserve the right to buy and sell, and will buy and sell shares of Lake Victoria Gold Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by Lake Victoria Gold Ltd. Technical information relating to Lake Victoria Gold Ltd. has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a registered member of the South African Council for Natural Scientific Professions (SACNASP) and is a Director of Lake Victoria Gold Ltd., and therefore is not independent of the Company. Cautionary Note on Production Decision: The Company cautions that it has not completed a feasibility study on the Imwelo Project that establishes mineral reserves demonstrating economic and technical viability. As a result, there is increased uncertainty and a higher risk of economic and technical failure associated with the Company's production decision. In particular, there is no certainty that the planned low-capex open-pit operation will be economically viable or that planned production will occur as anticipated. Risks include, but are not limited to, variations in grade and recovery, unexpected geotechnical or metallurgical challenges, cost overruns, funding availability, and operational or permitting risks.; this is a paid advertisement, we currently own shares of Lake Victoria Gold Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
SOURCES CITED:
1. https://www.gold.org/goldhub/gold-focus/2026/01/you-asked-we-answered-mined-gold-production-peaking
2. https://www.jpmorgan.com/insights/global-research/commodities/gold-prices
3. https://theexchange.africa/tanzania-best-sectors-invest-2026/
4. https://www.gold.org/goldhub/research/gold-market-commentary-december-2025
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BROSSARD, QC, Nov. 12, 2025 /CNW/ - G Mining Ventures Corp. ("GMIN" or the "Corporation") (TSX: GMIN) (OTCQX: GMINF) is pleased to report its financial and operational (1) results for the three and nine months ended September 30, 2025. Unless otherwise stated, all dollar amounts are in U.S. dollars.
"The third quarter marked a defining period for GMIN," said Louis-Pierre Gignac, President and Chief Executive Officer. "Tocantinzinho is now operating at steady state--delivering record production, free cash flow, and margins that position us among the lowest-cost producers in the Americas. With the Oko West permits, financing, and formal construction decision now secured, we are entering the next phase of disciplined, self-funded growth--demonstrating the strength of our operating team and the consistency of our execution model. As we transition to a multi-asset producer with Oko West under construction and Gurupi advancing through permitting and exploration, our focus remains on building long-life, low-cost operations that generate sustainable returns and long-term value for our shareholders. Our ability to advance growth responsibly--while maintaining strong safety, environmental, and community performance--remains central to how we build long-term value."
Third Quarter and Year-to-date ("YTD") 2025 Operational and Financial Highlights
- Gold production was 46,360 ounces ("oz") (YTD – 124,525 ounces), representing a 9% increase over Q2 2025, reflecting continued strong throughput and recoveries at Tocantinzinho Gold Mine ("TZ").
- Robust financial results: Revenues of $161.7 million (YTD - $389.3 million) supported by record average realized gold price(2) of $3,292 per ounce (YTD - $3,124 per ounce).
- Record free cash flow (2): Generated $95.8 million in free cash flow (YTD – $190.7 million), representing a 59% increase from Q2 2025.
- Strong Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA")(2): Generated adjusted EBITDA(2) of $122.6 million (YTD – $283.6 million), a 32% increase from Q2 2025.
- Strong quarterly net income: Reported net income of $123.8 million (YTD - $196.8 million), or $0.55 per share (YTD - $0.87 per share).
- Low-cost operations: Reported all-in sustaining cost (2) ("AISC") per ounce of gold sold of $1,046 in Q3 2025 (YTD - $1,121 per ounce), compared to an average gold price received (2)(4) of $3,114 per ounce (YTD - $2,916 per ounce), implying a robust AISC margin(2) of $2,068 per ounce (YTD – $1,795 per ounce).
- Oko West Gold Project ("Oko West") capital advancing: Invested $93 million in project capital in Q3 (YTD – $156 million), with full construction now underway.
Recent Corporate Highlights
Strategic initiatives during the quarter further strengthened GMIN's balance sheet, advanced construction readiness at Oko West, and positioned the Corporation for multi-asset growth:
- Advanced Oko West to full construction readiness: Received the Final Environmental Permit on September 2, 2025, completing all major approvals ahead of development.
- Secured project financing and launched construction: Closed a financing package of up to $387.5 million, with the potential to be increased by an additional $150M beginning six months after closing, subject to lender approval, and announced the formal construction decision on October 23, 2025.
- Enhanced long-term profitability at TZ: Obtained Superintendência do Desenvolvimento da Amazônia ("SUDAM") tax-incentive approval, lowering the Brazilian nominal corporate income tax rate from 34% to approximately 15.25% for a period of 10 years from fiscal year 2025.
- Deferred consideration paid: $60M paid to Eldorado Gold related to the acquisition of TZ.
- De-risked Gurupi for future growth: Secured a favourable Federal Court ruling removing historical permitting constraints, allowing advancement of a new environmental-licensing process.
Table 1: TZ Operational Results (1)
|
|
Q3 2025 |
Q3 2024 |
YTD 2025 |
YTD 2024 |
||||
|
In thousands of $, except as otherwise noted |
|
|
|
|||||
|
Mining Activities |
|
|
|
|
|
|||
|
Ore Tonnes Mined |
kt |
1,787 |
1,841 |
4,948 |
4,242 |
|||
|
Waste Tonnes Mined |
kt |
3,275 |
2,851 |
8,177 |
5,783 |
|||
|
Total Tonnes Mined |
kt |
5,062 |
4,692 |
13,125 |
10,025 |
|||
|
Strip Ratio |
Waste/ore |
1.83 |
1.55 |
1.65 |
1.36 |
|||
|
Average Gold Grade of Ore Mined |
g/t Au |
1.18 |
0.98 |
1.18 |
0.96 |
|||
|
Processing Activities |
|
|
|
|
|
|||
|
Total Tonnes Processed |
kt |
1,094 |
716 |
3,009 |
745 |
|||
|
Average Plant Throughput |
tpd |
11,890 |
7,784 |
11,021 |
7,097 |
|||
|
Average Gold Recovery |
% |
92.3 % |
84.5 % |
90.2 % |
84.1 % |
|||
|
Average Gold Grade of Ore Processed |
g/t Au |
1.43 |
1.20 |
1.43 |
1.16 |
|||
|
Gold Produced |
oz |
46,360 |
23,252 |
124,525 |
23,419 |
|||
|
Gold Sold |
oz |
49,119 |
17,144 |
124,636 |
17,144 |
|||
|
Unit Costs |
|
|
|
|
|
|||
|
Average Realized Gold Price (2) |
$/oz |
3,292 |
2,508 |
3,124 |
2,508 |
|||
|
Average Gold Price Received (2) (4) |
$/oz |
3,114 |
2,397 |
2,916 |
2,397 |
|||
|
Total Cash Costs (2) |
$/oz |
721 |
879 |
726 |
879 |
|||
|
Site-Level AISC (2) |
$/oz |
971 |
1,069 |
1,021 |
1,069 |
|||
|
AISC (2) |
$/oz |
1,046 |
1,226 |
1,121 |
1,226 |
|||
Table 2: Financial Results (1)
|
|
Q3 2025 |
Q3 2024 |
YTD 2025 |
YTD 2024 |
|
|
In thousands of $, except as otherwise noted |
|
|
|
|
|
|
Revenue |
$ |
161,718 |
42,997 |
389,330 |
42,997 |
|
Cost of Goods Sold |
$ |
(45,879) |
(18,350) |
(128,329) |
(18,350) |
|
Net Income |
$ |
123,789 |
24,307 |
196,844 |
14,408 |
|
Per Share – Basic |
$/share |
0.55 |
0.12 |
0.87 |
0.10 |
|
Adjusted Net Income (2) |
$ |
114,124 |
17,131 |
185,601 |
13,130 |
|
Per share – Basic |
$/share |
0.50 |
0.09 |
0.82 |
0.09 |
|
EBITDA (2) |
$ |
124,478 |
25,881 |
295,449 |
16,061 |
|
Adjusted EBITDA (2) |
$ |
122,566 |
25,679 |
283,552 |
21,757 |
|
Cash Provided by (Used by) Operating Activities |
$ |
101,949 |
1,660 |
211,574 |
(14,909) |
|
Per share – Basic |
$/share |
0.45 |
0.01 |
0.94 |
(0.10) |
|
Free Cash Flow (2) |
$ |
95,838 |
(1,468) |
190,722 |
(18,037) |
|
Per share – Basic |
$/share |
0.42 |
(0.01) |
0.84 |
(0.13) |
Financial Highlights
Gold sales totaled 49,119 ounces, generating record quarterly revenue of $161.7 million (YTD $389.3 million) at an average realized gold price of $3,292 per ounce, reflecting both higher production and favorable metal prices. Amid a supportive commodity price environment and ongoing cost discipline across the industry, GMIN continued to translate operational momentum into strong cash flow and profitability.
Operating costs remained well managed for the quarter, with total cash costs of $721 per ounce sold, site-level AISC of $971 per ounce, and consolidated AISC of $1,046 per ounce, resulting in industry-leading margins. Cost of goods sold totaled $45.9 million. For the nine months ended September 30, total cash costs averaged $726 per ounce, with site-level AISC of $1,021 per ounce and consolidated AISC of $1,121 per ounce.
Cash flow generation remained robust for the quarter, with $101.9 million in net cash from operating activities ($107.3 million before changes in working capital). On a year-to-date basis, operations generated $211.6 million in operating cash flow and $218.3 million before working capital movements, driven by strong margins and disciplined capital allocation.
The Corporation delivered record profitability, generating adjusted EBITDA of $122.6 million (EBITDA of $124.5 million) for the quarter and adjusted net income of $114.1 million, or $0.50 per share, up sharply from Q2 2025. Year-to-date, adjusted EBITDA reached $283.6 million and adjusted net income $185.6 million ($0.82 per share), reflecting the sustained ramp-up and stable performance of TZ.
GMIN ended the quarter with $94.6 million in cash and equivalents, down from $156.1 million in Q2, as strong free cash flow generation at TZ was offset by the $60 million deferred payment to Eldorado Gold, investments in Oko West, sustaining capital, exploration and working capital movements.
Table 3: Reconciliation of Cash Costs and AISC (2)
|
|
Q3 2025 |
Q3 2024 |
YTD 2025 |
YTD 2024 |
||
|
|
In thousands of $, except as otherwise noted |
|
|
|
|
|
|
|
Operating Expenses |
$ |
30,354 |
14,371 |
78,269 |
14,371 |
|
|
Royalties |
$ |
5,071 |
707 |
12,167 |
707 |
|
|
Total Cash Costs |
$ |
35,425 |
15,078 |
90,436 |
15,078 |
|
|
Sustaining Capital and others* |
$ |
12,254 |
3,251 |
36,793 |
3,251 |
|
|
Site Level AISC (2) |
$ |
47,679 |
18,329 |
127,230 |
18,329 |
|
|
G&A Expenses (3) |
$ |
3,705 |
2,696 |
12,535 |
2,696 |
|
|
Total AISC ( 2) |
$ |
51,383 |
21,025 |
139,764 |
21,025 |
|
|
Costs per oz: |
|
|
|
|
|
|
|
Cash Costs ( 2) |
$/oz |
721 |
879 |
726 |
879 |
|
|
Site Level AISC ( 2) |
$/oz |
971 |
1,069 |
1,021 |
1,069 |
|
|
AISC ( 2) |
$/oz |
1,046 |
1,226 |
1,121 |
1,226 |
|
*Comprised of Sustaining capital expenditures, capitalized stripping (sustaining), exploration (sustaining) and accretion to rehabilitation provision (ARO). |
TZ Operational Summary
TZ sustained strong operational momentum in the third quarter, marking a second consecutive record period. Throughput averaged 92% of nameplate capacity, up from 86% in Q2, supported by greater plant availability and steady metallurgical recoveries. The expert control system, implemented earlier in the year, is now fully embedded in daily operations, improving plant stability and consistency of output.
Mining productivity increased following the commissioning of additional mobile equipment, providing greater operational flexibility. Period sequencing delivered an average processed grade of 1.43 g/t of gold, and access to higher-grade Phase 2 benches is anticipated to further strengthen performance in the fourth quarter.
Costs remained well controlled, with cash costs of $721/oz and AISC of $1,046/oz, driving robust margins and free cash flow generation. Safety performance remained strong, with one lost-time incident during the quarter and a TRIFR of 0.11 year-to-date. Approximately 82% of the workforce is from Pará State and 15% are women, underscoring GMIN's commitment to local employment and inclusion. During the third quarter, TZ was approved for inclusion in the SUDAM regional tax incentive program, reducing its nominal corporate income tax rate to approximately 15.25% for a ten-year period, further enhancing after-tax cash flow.
Oko West Gold Project – From Permit to Build
Subsequent to the quarter, the Oko West Gold Project achieved a key milestone, transitioning from permitting to full construction. With the Final Environmental Permit received, the project is now fully authorized for development and operations. The Board approved the formal construction decision on October 23, 2025, following the completion of a $350 million revolving credit facility, expandable to $500 million.
Engineering and procurement progressed materially, with 36% of detailed engineering completed and $334 million committed, locking in pricing and delivery schedules for major long-lead items. Early works advanced on schedule, including operational site access roads, well-progressed permanent camp facilities, mass excavation and concrete foundations for key process and infrastructure areas. Delivery of the first mining shovel enabled the start of self-performed excavation, while additional mine trucks and a second shovel are expected to arrive ahead of schedule in Q4 2025. Major civil works for the power plant and grinding area are set to commence before year-end.
Local participation continues to grow, with more than 80% of the workforce comprising Guyanese nationals and over 590,000 hours worked to date with a TRIFR of 0.33. Oko West remains on schedule and budget, positioned as GMIN's next long-life cornerstone asset.
Gurupi – Permitting Re-start and Targeting
Gurupi advanced meaningfully during the third quarter following a favourable Federal Court ruling in July 2025, which removed legacy permitting constraints and confirmed GMIN's right to restart environmental licensing under its current ownership. This decision provides full regulatory clarity for advancing Gurupi in accordance with modern Brazilian environmental standards.
Since the ruling, GMIN has initiated preparation of a new Environmental Impact Assessment (EIA), restarted baseline environmental and social studies, and re-engaged with local stakeholders and federal agencies to align on the renewed licensing framework. Fieldwork and early-stage exploration also resumed, with trenching and soil sampling confirming extensions of mineralization up to two kilometres north of the Chega Tudo deposit, highlighting the broader district potential.
An initial $6–8 million exploration program is now underway, including roughly 18,500 metres of diamond and reverse-circulation drilling targeting both near-mine extensions and new regional prospects. With permitting re-established and drilling mobilizing, Gurupi is positioned to become GMIN's third long-term growth platform, offering meaningful optionality and future production potential within a well-established Brazilian mining jurisdiction.
Environment Social Governance ("ESG") Highlights
Operational discipline and ESG execution continued to move in step. At TZ, high water recycling and waste-reuse rates were maintained as the plant stabilized, and the operation sustained low incident frequency. Workforce composition remained a differentiator--high local participation in Pará state and a growing representation of women--while broader commitments set out in the 2024 ESG Report are being rolled out across sites. The quarter's operational reliability and Health Safety Environment (HSE) outcomes reinforce the culture GMIN is scaling to Oko West and Gurupi.
Liquidity and Capital Resources
GMIN ended Q3 2025 with $94.6 million in cash and equivalents and total liquidity of $471.6 million, providing ample flexibility to fund Oko West construction and ongoing exploration. The $61.5 million decrease in cash from Q2 reflects the $60 million deferred payment to Eldorado Gold, $82 million invested in Oko West, and working capital movements -- partially offset by strong free cash flow generation.
2025 Outlook
GMIN reaffirms its 2025 production guidance of 175,000–200,000 ounces of gold, with AISC expected to remain within the $1,025–$1,155 per ounce range. With TZ operating at full capacity and Oko West construction advancing on schedule, the Corporation remains on track to deliver a year of strong free cash flow and to solidify its position as a multi-asset, mid-tier gold producer. Supported by a robust gold price environment and disciplined cost management across the portfolio, GMIN is well positioned to sustain strong cash generation and fund its next phase of growth.
At TZ, production remains weighted to the second half of the year, consistent with mine sequencing and in line with full-year guidance as higher-grade zones become accessible in late 2025. Sustaining capital for the year is forecast within the previously guided $60–$70 million range. At Oko West, development spending of $200–$240 million remains on budget, funded primarily through a combination of cash on hand and operating cash flow.
Exploration across Oko West and Gurupi continues within plan, with drilling at Gurupi scheduled to begin in Q4. Entering the final quarter, GMIN's strong balance sheet and two fully permitted growth assets position it for continued self-funded growth and long-term value creation, advancing toward its goal of becoming a leading mid-tier gold producer.
Table 4: Guidance
|
2025 Operational & Cost Guidance |
|
|
|
TZ Mine |
|
|
|
Gold Production |
k oz |
175 to 200 |
|
Cash Costs |
$/oz Au sold |
$620 to $685 |
|
AISC(2) |
$/oz Au sold |
$1,025 to $1,155 |
|
Sustaining Capital Expenditures |
|
|
|
Sustaining |
$M |
$35 to $45 |
|
Near-mine exploration |
$M |
$2 |
|
Capitalized Waste Stripping |
$M |
$23 |
|
Total Sustaining |
$M |
$60 to $70 |
|
Non-Sustaining Capital Expenditures |
|
|
|
TZ Regional Exploration |
$M |
$9 |
|
Oko West Exploration |
$M |
$8 |
|
Oko West Project |
$M |
$200 to $240 |
|
Gurupi |
$M |
$6 to $8 |
|
Total Non-Sustaining |
$M |
$223 to $265 |
|
Note: Guidance assumes a realized gold price of $2,350 and BRL/USD of 5.25 |
2025 Catalysts
In the fourth quarter of 2025, the Corporation expects to:
- Advance detailed engineering and continue early works activities at Oko West
- Continue environmental permitting activities at Gurupi
- Launch a 10-kilometre drill program at Gurupi, following recent permitting advances and preparatory work completed in Q3
- Progress exploration initiatives-both greenfield and brownfield-across TZ, Oko West and Gurupi
Third Quarter 2025 Results Conference Call and Webcast
A conference call to discuss details of GMIN's third quarter 2025 results will be held by senior management on Thursday, November 13, 2025, at 9:00 AM (ET). Participants may join the conference call using the following call-in details:
- Conference ID: 4699534
- Participant Toll-Free Dial-In Number: 1-800-715-9871
- Participant International Dial-In Number: 1-646-307-1963
Participants can also access a live webcast of the conference call via https://edge.media-server.com/mmc/p/iggxitpp or via the GMIN website at: https://gmin.gold/investors/presentations-and-events/
A replay of this conference call will be available via the webcast for 12 months. Replay details will be provided on the GMIN website 24 hours after the call at: https://gmin.gold/investors/presentations-and-events/.
Qualified Person
Louis-Pierre Gignac, President & Chief Executive Officer of GMIN, a QP as defined in NI 43-101, has reviewed the press release on behalf of the Corporation and has approved the technical disclosure contained in this press release.
About G Mining Ventures Corp.
G Mining Ventures Corp. is a mining company engaged in the acquisition, exploration and development of precious metal projects to capitalize on the value uplift from successful mine development. GMIN is well-positioned to grow into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. GMIN is currently anchored by the Tocantinzinho Mine in Brazil, supported by the Gurupi Project in Brazil and the Oko West Project in Guyana -- all with significant exploration upside and located in mining-friendly jurisdictions. GMIN trades on the TSX under the symbol "GMIN".
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release constitute "forward-looking information" and "forward-looking statements" within the meaning of certain securities laws and are based on expectations and projections as of the date of this press release. Forward-looking statements contained in this press release include, without limitation, those related to (i) full construction being underway at Oko West; (ii) the Corporation having received the green light to advance the Gurupi project and restart the licensing process, thereby de-risking that project; (iii) exploration at Oko West and Gurupi demonstrating upside for low-risk organic growth; (iv) deliveries and works at Oko West (e.g., mining shovel, blasting, concrete plant, civil works) commencing and unfolding on schedule; (v) the implementation of broader sustainability commitments across all sites; (vi) the quoted comments and expectations of GMIN's President & Chief Executive Officer; and (vii) more generally, the sections entitled "2025 Outlook" (notably the table setting forth the Corporation's operational & cost guidance), "2025 Catalysts" and "About G Mining Ventures Corp.".
Forward-looking statements are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Such assumptions include, without limitation, those relating to GMIN continuing to generate strong free cash flow and strong profitability, those relating to the SUDAM tax incentive program, those relating to the price of gold (in particular, the average realized gold price) and currency exchange rates, those outlined in the feasibility and other technical studies relating to TZ, Oko West, Gurupi and GMIN's other projects, and those underlying the items listed on the above sections entitled "2025 Outlook", "2025 Catalysts" and "About G Mining Ventures Corp.".
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that, notably but without limitation, (i) TZ will continue operating at steady state and will position GMIN among the lowest-cost producers in the Americas; (ii) GMIN will evolve into a true multi-asset producer with two world-class growth platforms; (iii) GMIN's positive safety and environmental records will continue over time; (iv) availability of adequate local manpower will continue for TZ, Oko West and Gurupi; (v) GMIN will continue to deliver free cash flow ; (vi) any of GMIN's exploration activities at TZ, Oko West and Gurupi will lead to additional resources and eventually to gold production; (vii) GMIN has secured all funding required to advance Oko West through construction and to commercial production; (viii) GMIN will continue to benefit from the TZ plant stability and efficient control thereat; (ix) engineering and procurement as well as early works activities will continue on schedule; (x) GMIN will successfully re-engage with Gurupi's local communities (xi) the exploration program will bring Gurupi to become GMIN's third growth platform, providing long-term optionality; (xii) Oko West will be brought into commercial production,; or (xiii) GMIN will use TZ and Oko West to grow into the next intermediate producer, as future events could differ materially from what is currently anticipated by the Corporation. In addition, there can be no assurance that Brazil and/or Guyana will remain mining friendly and prospective jurisdictions.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as several important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the Corporation's other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the relevant sections of the Corporation's (i) Annual Information Form dated March 27, 2025, for the financial year ended December 31, 2024, and (iii) Management Discussion & Analysis. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
|
(1) |
Additional details are available in the Corporation's Consolidated Financial Statement and Management's Discussion and Analysis (MD&A), filed on SEDAR+ at www.sedarplus.com under the Corporation's profile. |
|
(2) |
These measures are non-IFRS financial measures. Refer to section "Non-IFRS Financial Performance Measures" for further information and a detailed reconciliation to comparable IFRS measures in the associated Management's Discussion and Analysis (MD&A), filed on SEDAR+ at www.sedarplus.com under the Corporation's profile. |
|
(3) |
This amount excludes corporate depreciation and amortization expenses totaling $299,000 and $371,000 for the three and nine months ended September 30, 2025 ($154,000 for the three and nine months ended September 30, 2024). This amount also excludes non-sustaining allocation of G&A Expenses totaling $151,000 and $553,000 for the three and six nine months ended September 30, 2025 ($nil for the three and nine months ended September 30, 2024). |
|
(4) |
The average gold price received excludes non-cash portion of the average realized gold price. |
Consolidated Statements of Financial Position
(Tabular amounts expressed in Thousands of United States Dollars)
|
|
September 30, |
|
December 31, |
|
2025 |
2024 |
||
|
|
$ |
|
$ |
|
Assets |
|
|
|
|
Current |
|
|
|
|
Cash and Cash Equivalents |
94,628 |
|
141,215 |
|
Receivables and Other Current Assets |
7,123 |
|
5,155 |
|
Inventories |
54,329 |
|
37,588 |
|
Income Tax Recoverable |
3,157 |
|
- |
|
Prepaid Expenses and Deposits |
2,013 |
|
2,640 |
|
|
161,250 |
|
186,598 |
|
Non-current |
|
|
|
|
Deferred Financing Fees |
725 |
|
743 |
|
Derivative Financial Assets |
2,211 |
|
- |
|
Inventories |
50,099 |
|
21,183 |
|
Long Term Deposits on Equipment |
44,603 |
|
876 |
|
Property, Plant & Equipment and Mineral Property |
560,521 |
|
498,105 |
|
Intangible Assets |
32,431 |
|
31,146 |
|
Exploration and Evaluation Assets |
858,525 |
|
702,336 |
|
Income Tax Recoverable |
5,135 |
|
- |
|
Investment in Associate |
3,432 |
|
3,546 |
|
Other Non-current Assets |
44,501 |
|
28,976 |
|
|
1,763,433 |
|
1,473,509 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Current |
|
|
|
|
Accounts Payable and Accrued Liabilities |
46,289 |
|
25,065 |
|
Income Tax Payable |
12,405 |
|
- |
|
Deferred Consideration Payable |
- |
|
60,000 |
|
Current Portion of Contract Liability |
37,440 |
|
36,197 |
|
Current Portion of Lease Liability |
455 |
|
104 |
|
Current Portion of Long-term Debt |
43,452 |
|
24,572 |
|
|
140,041 |
|
145,938 |
|
Non-current |
|
|
|
|
Long-term Contract Liability |
200,752 |
|
220,426 |
|
Long-term Debt |
75,329 |
|
89,182 |
|
Long-term Lease Liability |
446 |
|
902 |
|
Deferred Tax Liability |
4,654 |
|
3,407 |
|
Rehabilitation Provision |
5,971 |
|
2,976 |
|
Other Long-term Liability |
589 |
|
- |
|
|
287,741 |
|
316,893 |
|
Shareholders' Equity |
|
|
|
|
Share Capital |
1,099,311 |
|
1,082,691 |
|
Share-based Payments Reserve |
13,071 |
|
19,433 |
|
Accumulated Other Comprehensive Income (Loss) |
10,454 |
|
(107,916) |
|
Retained Earnings |
212,815 |
|
16,470 |
|
|
1,335,651 |
|
1,010,678 |
|
|
1,763,433 |
|
1,473,509 |
|
Refer to Q3 2025 Financial Statements for accompanying notes |
Consolidated Statements of Income (Loss)
(Tabular amounts expressed in Thousands of United States Dollars, except for number of shares)
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Revenue |
161,718 |
|
42,997 |
|
389,330 |
|
42,997 |
|
|
Cost of Goods Sold |
(45,879) |
|
(18,350) |
|
(128,329) |
|
(18,350) |
|
|
Income From Mining Operations |
115,839 |
|
24,647 |
|
261,001 |
|
24,647 |
|
|
|
|
|
|
|
|
|
|
|
|
Other (Income) Expenses |
|
|
|
|
|
|
|
|
|
General & Administrative Expenses |
4,155 |
|
2,850 |
|
13,459 |
|
7,021 |
|
|
Finance Expense |
5,463 |
|
2,053 |
|
16,898 |
|
2,053 |
|
|
Change in Fair Value of Financial Instruments |
(35) |
|
(542) |
|
(8,335) |
|
4,548 |
|
|
Foreign Exchange |
(366) |
|
259 |
|
1,959 |
|
1,279 |
|
|
Other Expenses |
(1,640) |
|
(375) |
|
(3,267) |
|
(757) |
|
|
|
7,577 |
|
4,245 |
|
20,714 |
|
14,144 |
|
|
Income Before Income Tax |
108,262 |
|
20,402 |
|
240,287 |
|
10,503 |
|
|
Current and Deferred Income Tax (Expense) Recovery |
15,527 |
|
3,905 |
|
(43,443) |
|
3,905 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income for the Period |
123,789 |
|
24,307 |
|
196,844 |
|
14,408 |
|
|
Net Income per Share |
|
|
|
|
|
|
|
|
|
Basic |
0.55 |
|
0.12 |
|
0.87 |
|
0.10 |
|
|
Diluted |
0.54 |
|
0.12 |
|
0.86 |
|
0.10 |
|
|
Weighted Average Number of Common Shares |
|
|
|
|
|
|
|
|
|
Basic |
227,016,258 |
|
201,351,009 |
|
226,167,253 |
|
142,406,155 |
|
|
Diluted |
230,189,484 |
|
204,752,373 |
|
229,185,751 |
|
145,534,886 |
|
|
Refer to Q3 2025 Financial Statements for accompanying notes |
Consolidated Statements of Comprehensive Income (Loss)
(Tabular amounts expressed in Thousands of United States Dollars, except for number of shares)
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
$ |
|
$ |
|
$ |
|
$ |
|
Net Income for the Period |
|
123,789 |
|
24,307 |
|
196,844 |
|
14,408 |
|
|
|
|
|
|
|
|
|
|
|
Currency Translation Adjustment |
|
8,048 |
|
22,854 |
|
118,370 |
|
(49,645) |
|
Comprehensive Income (Loss) for the Period |
|
131,837 |
|
47,161 |
|
315,214 |
|
(35,237) |
|
Refer to Q3 2025 Financial Statements for accompanying notes |
Consolidated Statements of Cash Flows
(Tabular amounts expressed in Thousands of United States Dollars, except for number of shares)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
$ |
|
$ |
|
$ |
|
$ |
|
Operating Activities |
|
|
|
|
|
|
|
|
Net Income for the Period |
123,789 |
|
24,307 |
|
196,844 |
|
14,408 |
|
Items Not Involving Cash |
3,683 |
|
(2,895) |
|
15,824 |
|
3,724 |
|
Current Income Taxes Expense |
(7,774) |
|
- |
|
42,789 |
|
- |
|
Current Income Taxes Paid |
(12,391) |
|
- |
|
(37,114) |
|
- |
|
|
107,307 |
|
21,412 |
|
218,343 |
|
18,132 |
|
Change in operating assets and liabilities |
|
|
|
|
|
|
|
|
Receivables and Other Assets |
(5,170) |
|
(794) |
|
(13,684) |
|
(1,699) |
|
Inventories |
327 |
|
(14,220) |
|
(16,958) |
|
(30,861) |
|
Prepaid Expenses and Deposits |
1,434 |
|
(122) |
|
864 |
|
69 |
|
Accounts Payable and Accrued Liabilities |
(1,949) |
|
(4,616) |
|
23,009 |
|
(550) |
|
Cash Provided by (Used in) Operating Activities |
101,949 |
|
1,660 |
|
211,574 |
|
(14,909) |
|
Investing Activities |
|
|
|
|
|
|
|
|
Acquisition of Reunion Gold, Net of Cash Acquired |
- |
|
21,067 |
|
- |
|
21,067 |
|
Additions of PP&E and Mineral Property, net of Long-term Deposit |
(87,790) |
|
(7,885) |
|
(142,826) |
|
(109,779) |
|
Exploration and Evaluation Expenditures |
(70,274) |
|
(425) |
|
(108,680) |
|
(4,829) |
|
Other |
- |
|
(104) |
|
- |
|
(104) |
|
Cash Provided by (Used in) Investing Activities |
(158,064) |
|
12,653 |
|
(251,506) |
|
(93,645) |
|
Financing Activities |
|
|
|
|
|
|
|
|
Shares Issued for Cash |
- |
|
50,000 |
|
- |
|
50,000 |
|
Share Issue Cost |
- |
|
(77) |
|
- |
|
(77) |
|
Replacement Options Exercised |
872 |
|
1,620 |
|
5,516 |
|
1,620 |
|
Repayment of Lease Liability |
- |
|
(14) |
|
- |
|
(77) |
|
Repayment of Long-term Debt |
(2,315) |
|
(4,889) |
|
(15,036) |
|
(7,236) |
|
Deferred Financing Fees |
(107) |
|
- |
|
(107) |
|
(29) |
|
Net Proceeds from the Drawdowns of Long-term Debt |
- |
|
5,177 |
|
- |
|
82,025 |
|
Proceeds From the Exercise of Warrants |
- |
|
40,118 |
|
- |
|
50,765 |
|
Options Exercised |
1,278 |
|
- |
|
1,623 |
|
- |
|
Other |
- |
|
- |
|
333 |
|
- |
|
Cash Provided by (Used in) Financing Activities |
(272) |
|
91,935 |
|
(7,671) |
|
176,991 |
|
Effect on Foreign Exchange Rate Differences on Cash and Cash Equivalents |
(5,104) |
|
(14,703) |
|
1,016 |
|
(16,233) |
|
Increase (Decrease) in Cash and Cash Equivalents |
(61,491) |
|
91,545 |
|
(46,587) |
|
52,204 |
|
Cash and Cash Equivalents, Beginning of the Period |
156,119 |
|
13,057 |
|
141,215 |
|
52,398 |
|
Cash and Cash Equivalents, End of the Period |
94,628 |
|
104,602 |
|
94,628 |
|
104,602 |
|
Refer to Q3 2025 Financial Statements for accompanying notes |
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SOURCE G Mining Ventures Corp
