G Mining Ventures Corp.

Good morning and welcome to G-Mining Ventures results for the second quarter and first half of 2025. All participants are in listen-only mode. Following the formal remarks, we'll open the line for questions. Please note that today's call is being recorded. I'll now turn the call over to G-Mining Ventures. Please go ahead.

Thank you, Operator, and good morning, everyone. My name is Jean-Francois Le Monde, VP of Investor Relations. Before we begin, I'd like to remind everyone that certain statements made on this call may constitute forward-looking information. Please refer to our Q2 2025 MD&A and news release for important cautionary notes and risk factors. Joining me today are Louis-Pierre Gignac, President and CEO, and Julie Lafleur, CFO. Today's remarks will walk through the operational and financial highlights of Q2 and half-year 2025, progress at OkoWest, updates on GuruP, and closing the call with our catalyst and outlook for the rest of the year. Louis-Pierre, over to you.

Thank you, JS, and good morning, everyone. With gold prices up nearly 40% year-over-year and sector margins at record highs, Ximin advanced on multiple fronts, reaching steady-state operations at Token Tanzino, generating record-free cash flow to strengthen our cash position, while progressing development at the flagship Oko West project and driving exploration across the portfolio. At Token Tanzino, plant ramp-up is now complete, and expert systems commissions are leading to gold recoveries achieving 90% in line with expectations. At Oko West, early works construction is progressing nicely and continuing to build momentum with ramp up of the workforce now reaching 485 people. With the EPA having recently approved the ESIA, we now await the imminent issuance of the full permit. Exploration fieldwork at Garupi has identified promising drill targets and recent positive stakeholder developments have prompted us to fast track our exploration plans. with the drill program set to commence in Q3. During the second quarter, we produced 42,587 ounces, bringing the first half total to 78,165 ounces, in line with our mine plan and guidance, which is weighed toward higher grades and throughput in the second half. Cash costs and oil and sustaining costs remain competitive, supporting strong margins of over 1,600 per ounce at current gold prices. The high margins achieved of around 75% have translated into 96 million in year-to-date free cash flow. With 156 million in cash and net cash of 49 million, we have the financial capacity to advance OKOESC while maintaining a strong balance sheet. With 78,165 ounces produced in the first half, we have delivered 45% of the lower end of our annual guidance range of 175 to 200,000 ounces. This performance aligns with our mine plan, which is way toward higher grades and throughput in the second half. With ramp up at the plant now complete, we anticipate a strong second half achieving our guidance. Our all in sustaining guidance of 1025 to 1,155 per ounce adjusted for a production tax introduced during the quarter remains pure leading. First half all in sustaining costs was 1,170 per ounce and is expected to decline in the second half as hardwood production drives unit costs lower. With stable plant operations and an expanded mining capacity, we are well positioned to maintain strong operating momentum and meet our 2025 production and cost guidance. In the second quarter at TZ, we continue to execute strongly while maintaining our focus on safety, delivering the quarter with zero lost time incidents. Mining productivity averaged 48,000 tons per day in Q2, up 18% from Q1, reflecting improved fleet availability and haulage efficiency. We moved a total of 4.36 million tons of material, including 1.65 million tons of ore, at an average rate of 1.35 grams per ton, resulting in a low strip ratio of 1.64. The additional mining equipment received in Q2 will be fully commissioned in Q3, resulting in higher mining tonnages in the second half of the year. On the processing side, we milled 1 million tons in the quarter at an average grade of 1.45 grams per ton, with recoveries averaging 90.3%. Importantly, in May and June, we averaged approximately 96% of nameplate throughput. These gains reflect the benefits of the April sag mill liner replacement and the commissioning of expert control systems on the sag mill and flotation circuits, which have improved plant stability, throughput, and enhanced flotation recovery. Cash costs in Q2 were 763 per ounce and 728 per ounce for the first half. This includes the impact of the State of Peraz production tax implemented March 27 and revised May 28. The change introduced a fixed component of approximately 179 Reais per ounce, or approximately 30 US dollars per ounce, which was not included in our original guidance. Price level ASIC was 1246 per ounce in Q2 and 1,053 per ounce for the first half, all in sustaining costs was $13.55 per ounce in Q2 and $11.70 per ounce for the first half. On an adjusted basis, excluding $11 million of one-time sustaining capital expenditures in Q2, adjusted all-in sustaining costs was $1,081 per ounce in Q2 and $1,006 per ounce year-to-date. The higher sustaining capital in the quarter reflected planned tailings facility expansion, mine dewatering upgrades, and expansion of the mine fleet with three additional haul trucks and a mining shovel scheduled for commissioning in early Q3. These upgrades will increase haulage capacity by approximately 18% and support productivity gains in the second half. On a unit basis, mining costs averaged 325 per tonne mined, processing costs were 1272 per tonne milled, and GNA averaged 7.03 per tonne milled. Fuel and reagent costs remained stable, helping keep processing costs in line with plan, while GNA was flat despite higher activity, reflecting disciplined cost control. With progression weighed to the second half and these one-time items behind us, we expect per ounce costs to trend lower and remain within the updated 2025 guidance ranges. Sustaining capital in the first half totaled $24 million, which is 37% of our full-year guidance range of $60 to $70 million. This keeps us on track to finish within guidance, with continued spend in the second half as we continue our tailings capacity expansion and the receipt of major components for the mine fleet. Capitalized waste stripping was $6 million in the first half, on schedule with our $23 million full-year plan as we increased waste stripping in the second half. Regional exploration was $8 million in the first half of the year, split $5 million at Oka West, $2 million at TZ, and $1 million at Gurupi. Following the recent favorable court ruling, Gurupi's 2025 exploration budget has been increased to $6 to $8 million from the original $2 to $4 million, with the expanded program beginning in the third quarter. On the development capital side, Oka West's early works totaled $63 million in the first half. This includes $33 million in long-term deposits for major equipment and $30 million towards on-the-ground early works construction, such as the permanent camp, the barge landing, and access road. Open commitments for Oko West now total $190 million, which has spread over 2025 to 2027. Overall, our capital program is progressing in line with plan, with disciplined deployment of sustaining capital and continued investment in growth projects. that will underpin our long-term production profile of 500,000 ounces per year once Oko West in production. PZ continues to demonstrate its competitive cost position when compared to pure gold producers. For the first half of 2025, our all-in sustaining cost of 1,170 per ounce was below the pure average of 1,558 per ounce. Our cost leadership reflects the benefits of a modern processing plant, an efficient mine plan, disciplined cost control, and stable input costs. The operational momentum achieved is now translating directly into financial performance, and now Julie will walk you through the numbers in more detail.