G Mining Ventures Reports Q4 and Full-Year 2025 Results; First Full Year of Commercial Production at Tocantinzinho Drives Strong Cash Flow Generation

BROSSARD, Quebec, March 25, 2026 (GLOBE NEWSWIRE) — G Mining Ventures Corp. (“GMIN” or the “Corporation“) (TSX:GMIN, OTCQX:GMINF) today reported its financial and operating results for the fourth quarter and full year ended December 31, 2025. Unless otherwise indicated, all dollar amounts are in U.S. dollars.

“Tocantinzinho completed its first full year of commercial production in 2025, delivering consistent operating performance with production, recoveries and costs in line with expectations,” said Louis-Pierre Gignac, President and Chief Executive Officer. Production, costs and recoveries largely met or exceeded guidance, underscoring the asset’s reliability and operational discipline. The operation generated $255 million in free cash flow, strengthening our balance sheet while funding the advancement of Oko West. Fourth quarter performance was the strongest of the year across key metrics, including production, grade and margins, demonstrating solid steady-state operations. We enter 2026 with Tocantinzinho performing to plan, Oko West fully funded and under construction, and Gurupi continuing to advance through exploration and permitting.”

Fourth quarter and full year 2025 highlights and the Corporation’s short to medium-term outlook are set out below.

1. Strong 2025 Financial Results Driven by Continued Operational Strength and Disciplined Cost Control
    
   • First full year of commercial production at Tocantinzinho (“TZ”). TZ delivered gold production in 2025 of 171,871 ounces with stable cost performance despite higher royalty expenses driven by higher gold prices. Strong metallurgical recoveries of 90.6% were achieved for the year, exceeding 2025 guidance of 90.0%.
      
   • Peer-Leading Cost Structure: Total cash costs of $748 per ounce were slightly above the top end of 2025 guidance, primarily due to higher royalty costs ($27 per ounce) and the introduction of the State of Para’s production tax ($27 per ounce).  All-in sustaining costs ⁽¹⁾ (“AISC“) per ounce were within 2025 guidance at $1,155 per ounce.
      
   • Strong annual cash generation from operations. Generated annual cash flow from operating activities of $308 million ($340 million before changes in working capital) or $1.36 per share. TZ generated mine-site free cash flow ⁽¹⁾ of $255 million ($1,484/oz produced) or $1.12 per share for its first full year of commercial production.
      
   • Strong profitability: Reported net income of $288 million ($1.27 per share) for the full year 2025 and adjusted net income⁽¹⁾ of $283 million ($1.25 per share).
      
   • Solid quarterly operating performance, with record quarterly production. Payable gold production in the fourth quarter of 2025 was 47,346 ounces at total cash costs⁽¹⁾ per ounce of $808 and AISC⁽¹⁾ per ounce of $1,245. The higher realized gold price⁽¹⁾ of $4,032 per ounce in the fourth quarter resulted in strong margins and cash flows.
      
   • Strong quarterly financial results. Generated quarterly net income of $91 million or $0.40 per share and adjusted net income⁽¹⁾ of $98 million or $0.43 per share during the fourth quarter. The Corporation generated cash provided by operating activities of $96 million ($122 million before changes in working capital) or $0.42 per share and free cash flow⁽¹⁾ of $80 million or $0.35 per share.
      
2. 2026-2027 Outlook: Increasing Production and Free Cash Flow⁽¹⁾ While Funding Growth
    
   • Two-year production guidance reflects continued execution of our operating and growth strategy. Average annual production of 200,000 ounces of gold over the next two years at TZ at peer-leading cash costs⁽¹⁾ of $750 per ounce and AISC⁽¹⁾ 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 2 ore at TZ.
      
   • Total cash costs⁽¹⁾ and AISC⁽¹⁾ expected to decrease 8% by 2027, relative to 2026. Total cash costs⁽¹⁾ and AISC⁽¹⁾ in 2026 are expected to increase 7% and 15%, respectively, relative to 2025 and decrease steadily starting in the second half of 2026 and through 2027. Total cash costs⁽¹⁾ and AISC⁽¹⁾ 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.
      
3. Transformational Growth Pipeline, with Oko West Advancing Rapidly and Gurupi’s Development Roadmap Taking Shape

• • Clear path to achieving over 500,000 ounces of annual gold production by 2028, supported by the advancement of Oko West Project, which remains on schedule and within budget, with first gold pour targeted in the second half of 2027. The Project is fully funded through construction and ramp-up to commercial production in early 2028.  As of December 31, 2025, total project commitments amount to approximately $424 million, representing 43% of the initial capital budget, including $203 million of project expenditures incurred to date (or $24 million including long-term equipment prepayments).
                 
  • Gurupi’s development roadmap taking shape. The plan is to invest $21 million this year in exploration to grow the resource base through both brownfield and greenfield programs, with the goal of delivering an updated Mineral Resource Estimate (“MRE“) and a Preliminary Economic Assessment (“PEA“) in the second half of the year. Alongside the exploration program, we will advance environmental and social studies to support an Environmental and Social Impact Assessment (“ESIA“) submission in Q4 2026.
     
  • Record gold mineral reserves. At year-end 2025, proven and probable mineral reserves increased by 221% from last year to a record 6.52 million ounces (126 million tonnes grading 1.60 grams per tonne (“g/t“) gold (“Au“). The year-over-year increase in mineral reserves is attributable to the addition of 4.64 million ounces as outlined in the feasibility study for Oko West despite depletion at TZ following the first full year of commercial production.
     
  • Adding value through exploration. At Oko West, infill drilling in 2025 successfully identified new splay structures that expanded and clarified the mineralization within pit limits, both north and south of the main Block 4 ore shoot, which hosts the majority of the deposit’s mineralization. Subsequentially, exploration has defined a new high-grade shoot outside the northern pit limits in Block 1. Exploration has evolved for 2026 into the largest exploration program in the Corporation’s history with a guidance between $42 million and $50 million, including approximately $21 million at Gurupi, $16 million at Oko West, and $9 million at TZ.

Fourth Quarter and Full-Year 2025 Production and Costs Summary

Production
Gold production for the fourth quarter of 2025 increased by 2% compared to the third quarter, primarily driven by higher processed grades. Mill throughput during the quarter was impacted by unplanned downtime in November following a failure of the ball mill motor bearings. For the full year 2025, gold production was 2% below the lower end of the Corporation’s guidance range. This variance was mainly attributable to a slower-than-expected operational ramp-up at the beginning of the year and lower head grades processed, partially offset by improved recovery rates. TZ continues to demonstrate stable performance at or near nameplate capacity, supporting improved operating consistency heading into 2026.

Plant throughput was stable throughout the fourth quarter at 91% of nameplate capacity during the fourth quarter. TZ achieved a plant throughput of 87% for the full year which illustrates the continued improvements in plant availability throughout the year. Recovery rates have also improved, achieving 91.8% during the fourth quarter and 90.6% for full year 2025, supported by increased plant stability and reduced variability in the flotation circuit’s operating parameters, largely due to the implementation of the expert control system.

Cost Performance
Total cash costs ⁽¹⁾ for the fourth quarter were $808 per ounce, representing an increase of $87 per ounce compared to the third quarter. The increase was primarily driven by higher royalty expenses, the new State of Para’s production tax and lower gold sales volumes during the period. For the full year 2025, total cash costs ⁽¹⁾ averaged $748 per ounce, exceeding the upper end of guidance by 9%. This was mainly due to elevated royalty costs, new State of Para’s production tax and lower than expected production levels.

All-in Sustaining Costs⁽¹⁾
AISC⁽¹⁾ for the fourth quarter was $1,245 per ounce, an increase of $199 per ounce compared to the third quarter. The increase reflects higher total cash costs ⁽¹⁾ and increased sustaining capital expenditures as well as higher general and administrative expenses. For the full year 2025, AISC⁽¹⁾ averaged $1,155 per ounce, remaining within the Corporation’s guidance range. Higher royalty costs and lower sales were offset by reduced sustaining capital spending.

Financial Review

Net Income
The Corporation reported net income of $91 million or net income of $0.40 and $0.39 per share on a basic and diluted basis respectively for the three months ended December 31, 2025. Adjusted net income was $98 million or $0.43 and $0.42 per share on a basic and diluted basis respectively for the three months ended December 31, 2025. For the year ended December 31, 2025, reported net income was $288 million or net income of $1.27 and $1.25 per share on a basic and diluted basis respectively. Adjusted net income was $283 million or $1.25 and $1.23 per share on a basic and diluted basis respectively.

Cash Provided by Operating Activities
Cash provided by operating activities in the fourth quarter was $96 million, a decrease of $6 million over the third quarter 2025 primarily due to net change in non-cash working capital items and lower gold sold partially compensated by higher gold price received during the quarter. Cash provided by operating activities before net change in non-cash working capital increased by $15 million over the third quarter. For the full year 2025, cash provided by operating activities amounted to $308 million and cash provided by operating activities before net change in working capital amounted to $340 million.

Free Cash Flow⁽¹⁾
Free cash flow⁽¹⁾ decreased over the third quarter for the reasons described above related to cash provided by operating activities. For the full year, TZ generated free cash flow⁽¹⁾ of $255 million ($1,484 per ounce produced) or $1.12 per share, highlighting the asset’s strong margin profile and ability to fund growth internally.

Capital Expenditures
The table below …

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