GMIN: Raw notes from the Q1 call

The G Mining Q1 conference call just concluded. Here's our summary.

Operational & Financial Results

• operated closely to plan at TZ, despite challenging weather, produced 35k oz at $960 aisc, generating $36m FCF (lower than q4)

• continue to guide 175-200k oz, weighted towards H2

• 0 lost time injuries

• TZ remains in the lowest cost quartile globally

• $98m revenue at average realized gold price of $2766 (8% higher than 24q4)

• $149m cash balance (6% higher)

• $0.16 fcf/share

Oko West

• Robust FS in April

• 350koz/yr average prod.

• $3B NPV at $3k gold, nearly $4B at $3400 gold

• Comparable quality to Eskay Creek (Skeena)

• Start main construction in 26q1 and production early 2028 (FP in late 2027)

• Early construction works commenced in March

• Formal construction decision expected in 25H2

Catalysts

• TZ nameplate in Q2

• Oko west financing & construction decision in H2

Q&A

• Q: are there any surprises/concerns regarding TZ ramp up?

  • A: No issues since the mill liner replacement in april, throughputs inline w/ expectations

• Q: any adjustments needed to make bc of weather?

  • A: rain was abnormally high but we managed well, shouldn't affect capacity

• Q: is there exploration upside potential at oko west compared to the FS?

  • A: actively exploring w/ $8m budget, resource models will be updated, expected to increase

• Q: Most of the upside is at depth - could exploration change the mix of underground vs. open pit?

  • A: Current exploration is near surface, will impact the open pit portion, not drilling at depth at this point

• Q: key steps for Gurupi's timeline in 2025/2026?

  • A: engaging w/ stakeholders in the region, permits, surface soil sampling & trenching, possibly increasing exploration budget in H2 and coming yrs

• Q: updated resource before PEA (Gurupi)?

  • A: already sufficient resource to support PEA, w/ cont. exploration probably one more update leading into PEA in 2026

• Q: how many days were lost in Q1 and how much of that extends into Q2?

  • A: lost 5 days in April due to scheduled shutdown for mill liner replacement.

• Q: re oko west, what should the total manpower be towards EOY?

  • A: 350 beds by end of may, 750-1000 beds by EOY.

• Q: are u looking at commercial loans for financing or any other options?

  • A: lots of options, leaning towards equipment financing and corporate revolver w/ canadian banks, likely limited balance (tied to gold price and FCF generation at TZ)

• Q: are you getting near nameplate capacity?

  • A: May-to-date 108% of nameplate.

• Q: going forward no more mill liner replacements?

  • A: another replacement in 6 months

• Q: oko west spending according to guidance?

  • A: likely a little push to H2 (timing)

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Thank you for reading. These are the raw notes we took during the call that concluded 30 minutes ago. We hope this is helpful for anyone who missed the call. If you like our work, please consider subscribing:

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