G Mining Ventures Corp.

Good morning and welcome to G-Mining Ventures' first quarter 2026 results conference call. All participants are in listen-only mode. Following prepared remarks, we will open the line for questions. Please note that today's call is being recorded. I will now turn the call over to Jérôme François Allemonde, Vice President of Investor Relations.

Thank you, operator, and thanks to everyone for attending G-Mining's 2026 first quarter financial results conference call. In addition to myself, we have on the line Dwi-Ker Gignac, Chief Executive Officer and Director, and Julie Bafleur, Chief Financial Officer and Vice President of Finance. I would like to remind everyone that after the remark from management, the call will be followed by a Q&A session. And we will be making forward-looking statements during this call. Please refer to the cautionary note and risk disclosure in our MD&A and on slide two of this webcast presentation. Also, please bear in mind that all dollar amounts mentioned in this conference call are in U.S. dollars unless otherwise noted. Now, I will turn over the call to Louis Piraire to provide you with an overview. Louis Piraire Good morning and thank you, J.S., and thank you, everyone, for joining us today. I want to start by recognizing the dedication of our teams across all our sites, whose commitment to safety, operational excellence, and responsible mining continues to drive our success. G1 2026 was a solid quarter for G-Mining, with strong operational performance and elevated gold prices underpinning robust financial results. Production of 31,846 ounces was in line with our plan, with 33,776 ounces sold. We expect to see progressive improvements as we move through the year as stripping activity continues to provide access to higher grade ore through the remainder of the year. We continue to deliver strong margins with an all-in sustaining cost of 1,588 per ounce compared to an average realized gold price of 4,143 per ounce. TZ generated 56 million of free cash flow, which is equivalent to 1,764 per ounce of gold produced, and we ended the quarter with 287 million cash and 248 million in net cash. We are reiterating our 2026 production and cost guidance, with production expected to be weighted approximately 38% and 62% between the first and second halves of the year, respectively. Through the year, we'll continue to focus on our margins and on maximizing free cash flow for every ounce that we produce. In addition, the proposed acquisition of G2 Goldfields will enable the consolidation of an entire mining district by combining the Oko West and Okogami projects into a single integrated Tier 1 asset. Together, the combined project has the potential to produce more than 500,000 ounces of gold annually over the life of mining. The transaction provides a step change in scale and production with line of sight to more than 700,000 ounces per year by 2029, and that before incorporating Guwupi, accelerating GMIN's transition toward mid-tier producer status. Production was lower in Q4, as expected, due to lower process rates as we advanced the pits and increased stripping activity to open access to Phase II ore. This is the work that supports the stronger production profile expected in the second half of the year. The plant continued to perform well. Throughput was in line with the plan, and recovery was consistent considering the lower-grade ore process. At PZ, mining activity remained strong in the first quarter with 5.5 million tons mined, including 1 million tons of ore, resulting in a strip ratio of 4.4. This compares to 2.45 in Q4 of 2025 and 1.45 in Q1 of 2025. The increase in strip ratio was anticipated and reflects planned waste stripping to prepare the mine for higher grade oil profile expected in the second half of the year. The second quarter is expected to follow a similar pattern to Q1 with operational priorities centered on mining productivity and maintaining adequate drill and blast inventory. By the end of Q2, operations will transition from the rainy season into the dry season, facilitating our mining activities. Total cash costs were $1,034 per ounce, and all in sustaining costs were $1,588 per ounce sold. Costs were higher this quarter due to lower gold sales, higher gold-linked royalties, and a stronger Brazilian reality. Importantly, full-year costs are expected to remain within our guided all-in-sustaining cost range of $1,230 to $1,440 per ounce. Safety performance remains strong at TZ with no lost-time injuries during the quarter. With that, I will now invite Julie to take you through the financial results, cash flow, and balance sheet.

Thank you, Louis-Pierre, and good morning, everyone. The financial results in Q1 reflect strong operating margins, decent cost control, and the cash-generating capacity of PZ. Revenue was $140 million based on 33,776 ounces sold at an average realized gold price of $4,143 per ounce. Revenue for the quarter was reduced by a 10.7 million non-cash adjustment related to the gold streaming agreement triggered by an increase in mining reserves. Net income was 80.4 million or 35 cents per basic share and 34 cents per diluted share. Adjusted net income was 62 million or 27 cents per share. EBITDA was $114.1 million, and adjusted EBITDA was $97.7 million. Free cash flow was $56.2 million in the quarter and $0.24 per share. For a lower production quarter, the financial results were strong. TZ continued to generate cash while we advanced OCO West, and funded exploration across the portfolio. Cash provided by operating activities was $69.7 million in the quarter, and free cash flow was $56.2 million after sustaining capital and other adjustments. During the quarter, cash used in investing activities was $119.5 million, primarily reflecting OcoWest construction spend. Cash provided by financing activities was $208 million, primarily reflecting the La Mancha Top-Up investment net of debt repayment. Cash and cash equivalents increased from $135 million at year-end to $287 million at March 31, 2026. We also moved from net debt of $6.9 million at year-end to net cash of $248 million at quarter-end. Including the on-drug $350 million revolving credit facility, available liquidity was approximately $638 million. That liquidity gives us flexibility as OCOS moves through peak construction spend while allowing us to continue funding exploration and maintain balance sheet strength. Capital expenditure totaled $108 million in the first quarter. At PZ, sustaining capital was $13.5 million, including capitalized waste stripping. At OcoWest, we invested $88 million during the quarter. Cumulative spend reached approximately $292 million, or about 30% of the approved initial capital budget. Total commitments reached approximately $525 million, or 54% of the approved budget. This is a meaningfully risking point because more than half of the initial capital budget has moved into committed scope. Oko West capital guidance remained unchanged with $514 million to $568 million expected in 2026 and $217 million to $240 million expected in 2027. Exploration spending was $6 million in the quarter across PZ, Oko West, and Gurupi. Activities are expected to increase through the remainder of the year as we advance our 2026 exploration program. Our capital allocation remains focused on funding OCOS, investing in exploration where we see strong potential, and preserving financial flexibility. Q1 production represented approximately 18% of the midpoint of annual guidance consistent with the expected production profile weighted roughly 38% to the first half of the year and 62% to the second half, reflecting the planned rate progression at PZ. Our 2026 production guidance remains unchanged on 160,000 to 190,000 ounces of gold. For 2026, Total cash cost guidance remained $736 to $865 per ounce sold, and AC guidance remained $1,230 to $1,444 per ounce sold. As we just discussed, Q1 costs were above the annual guidance range because of lower production volumes, higher gold-linked royalties, and the stronger Brazilian real. As production increases in the second half of the year, we expect unique costs to improve. For 2027, production guidance is 200,000 to 235,000 ounces of gold. Total cash costs are expected to decline to $633 to $743 per ounce sold, and ASIC is expected to decline to $977 to $1,146 per ounce sold. The 2027 profile reflects a full year of higher-grade Phase II contribution, lower sustaining capital compared with 2026, and continued operating maturity at PZ. With that, I will turn it back to Louis-Pierre to discuss OcoWest and Gurupi.