G Mining Ventures Corp. (TSX: GMIN) (OTCQX: GMINF) is pleased to report its production and financial results¹ for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Highlights First Full Quarter of Commercial Production

• Production: 40,147 ounces of gold in Doré
  • Gold sold totaled 39,938 oz
• Operating Costs: All-in sustaining costs² of $862 per oz Au sold
• Net Income: $47.6 million, or $0.21 per share – basic
• Adjusted Net Income²: $58.0 million or $0.26 per share – basic
• Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization)²: $77.9 million
• Cash Flow from Operating Activities: $73.2 million before the net change in non-cash working capital items
• Free Cash Flow²: $53.0 million, or $0.24 per share – basic
• Cash and Cash Equivalents: $141.2 million

“2024 marked a transformational year for GMIN as we executed all phases of our ‘Buy. Build. Operate.’ Strategy,” commented Louis-Pierre Gignac, President & Chief Executive Officer. “With just four months of commercial production, TZ is already generating significant free cash flow, giving us the financial flexibility to fund our next phase of growth. The acquisition of Oko West, recognized as one of the top undeveloped gold projects globally, positions us to surpass 500,000 ounces of annual production. Combined with the high-potential Gurupi project acquired from BHP, GMIN is firmly established as a low-cost, high-growth gold producer with a clear path to long-term value creation.”

Louis-Pierre Gignac continued, “With a full year of production coming out of TZ in 2025, we expect strong cash flow to support disciplined investment in Oko West and strategic exploration across our portfolio. Key milestones—Oko West’s Feasibility Study, permitting, and funding—are on track to unlock our next phase of growth. GMIN remains focused on low-cost production, project execution, and advancing our multi-asset platform.”

Operational Results^1,3:

Financial Results:

Liquidity and Capital Resources

The Corporation ended 2024 with a cash and cash equivalents balance of $141.2 million.

The $36.6 million increase quarter over quarter is attributed to the following:

• Free Cash Flow generated in Q4 totals $53.0 million
• Investments in Long Term Inventories total $17.0 million and $18.8 million in Non-Sustaining Capital
• Net financing inflows total $13.3 million, driven largely by $15.5 million of warrant proceeds
• Positive foreign exchange adjustment $6.1 million

Free Cash Flow generated by TZ will be the primary source of capital to fund future disciplined growth at GMIN’s development projects and is defined by the Corporation as:

• Cash Flow from Operating Activities; adjusted for
• Investments in Long Term Inventories, which represents ore mined and stockpiled that will not be processed in the following 12-month period⁵; less
• Changes in Non-Cash Working Capital: less
• Sustaining Capital Expenditures, inclusive of Capitalized Stripping

Tocantinzinho Mine Highlights

After two months of successful commissioning, GMIN declared commercial production at TZ on September 1st, 2024, delivered on schedule and within budget. Q4 marked TZ’s first full quarter of commercial production, contributing 40,147 ounces to an annual production total of 63,566 ounces.

Mining operations performed ahead of expectations, with a total of 14.3 Mt mined in 2024, including 6.4 Mt of ore, resulting in a low annual strip ratio of 1.23x. Plant throughput in Q4 averaged 10,523 t/d (82% of nameplate capacity) despite unplanned downtime related to SAG mill liner replacements. Recoveries remained strong at over 89.2%, in line with Feasibility Study estimates, supporting the processing of higher-grade ore averaging 1.45 g/t Au in Q4. A full metallic liner system, scheduled for installation in early Q2 2025, is expected to improve plant availability and allow the process plant to reach nameplate capacity.

In its first full quarter of commercial production in Q4, cash costs at TZ were $577/oz and AISC was $862/oz. For the full year, cash costs were $668/oz and AISC was $972/oz.

Annual owner-operated mining costs averaged $2.31/t mined ($2.85/t in Q4), while processing costs were $10.02/t milled ($10.14/t in Q4). General and administrative expenses averaged $7.29/t milled for the year, and lowered to $6.62/t in Q4. As the operation continues to ramp up toward nameplate capacity, unit G&A costs are expected to decline due to the fixed nature of a significant portion of these expenses.

TZ is a major employer of local workforce, with 67% of the ~1,000 employees and contractors coming from local communities, and 97% Brazilians.

Oko West Project Highlights

In July 2024, GMIN completed the business combination with Reunion Gold to acquire the high-quality Oko West gold project located in Guyana. In September 2024, GMIN reported results from a positive Preliminary Economic Assessment on Oko West, demonstrating after-tax Net Present Value (5%) of $1.4 billion, Internal Rate of Return of 21% and a payback period of 3.8 years using a $1,950/oz base case gold price. The average annual gold production is estimated to be 353,000 ounces at an AISC of $986/oz over a 12.7-year mine life. The initial capital cost is estimated to be $936 million, with sustaining capital costs of $537 million over the life of mine (see news release dated September 9, 2024).

During 2024, a 49,000m definition drilling program was completed at Oko West in support of the upcoming Feasibility Study. Additionally, a new regional exploration drilling program began at Oko West to investigate structures identified through geophysics and geochemical soil anomalies.

The Environmental Impact Assessment and Environmental Impact Statement submissions (jointly,  for Oko West were made to the Guyana Environmental Protection Agency in November 2024.

After receiving an Interim Environmental Permit on Oko West from EPA in January 2025, GMIN announced the commencement of early works construction in March 2025. Site preparation activities are in progress for the barge landing on the Cuyuní River and the permanent camp area, which are key initial infrastructures to support future development.

Gurupi Project Highlights

GMIN closed the acquisition of tenements in the Gurupi Gold Belt from a wholly owned subsidiaries of BHP in December 2024. In February 2025, GMIN announced an updated National Instrument 43-101 compliant mineral resource estimate, totaling 1.83 Moz of indicated resources grading 1.31 g/t Au and 0.77 Moz of inferred resources grading 1.29 g/t Au (see news release dated February 20, 2025).

2025 Outlook

GMIN released 2025 guidance on January 21, 2025, including production, total cash costs, AISC, as well as sustaining and non-sustaining capital expenditures. The following table summarizes 2025 guidance:

2025 Catalysts

Over 2025, the Corporation will focus on the following activities:

• Oko West FS publication (April 2025)
• Oko West financing (H2-2025)
• Construction decision on Oko West (H2-2025)
• Continuation of detailed engineering at Oko West (2025)
• Greenfield and brownfield exploration (2025)

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.

Consolidated Statements of Financial Position
(Tabular amounts expressed in Thousands of United States Dollars)

Consolidated Statements of Income (Loss)
(Tabular amounts expressed in Thousands of United States Dollars, except for number of shares)

Consolidated Statements of Cash Flows
(Tabular amounts expressed in Thousands of United States Dollars)

Figure 1: Cash Position Bridge for 3 months ended December 31, 2024 (CNW Group/G Mining Ventures Corp)