G Mining Ventures Announces Restatement of its 2024 Financial Statements Following Non-Cash Foreign Exchange Accounting Adjustments

BROSSARD, May 12, 2025 - G Mining Ventures Corp. ("GMIN" or the "Corporation" or "we") (TSX: GMIN) (OTCQX: GMINF) today announces that it will restate its consolidated financial statements for the year ended December 31, 2024, along with a corresponding restated Management Discussion and Analysis, to reflect two non-cash accounting adjustments identified during its first-quarter 2025 financial review. All amounts are in USD unless stated otherwise.

The non-cash accounting adjustments have no impact on the Corporation's cash position, liquidity, operating income, cash flows, or compliance with any financial covenants.

The adjustments total approximately $32 million and relate to the application of IAS 21 - The Effects of Changes in Foreign Exchange Rates. The underlying business remains strong, and the restatement reflects a technical correction with no effect on the Corporation's financial health or performance.

GMIN will now release its first quarter 2025 financial results after market close on Wednesday, May 14, 2025. A conference call hosted by senior management will follow on Thursday, May 15, 2025 (details below).

"GMIN is committed to delivering accurate, transparent, and high-quality financial reporting to support investor confidence and informed decision-making. These adjustments are non-cash in nature and have no impact on our liquidity, operations, or overall financial health. That said, we take the integrity of our financial reporting very seriously. We are acting decisively to enhance our internal processes and ensure continued confidence in the quality and transparency of our disclosures." said Julie Lafleur, GMIN's VP Finance and CFO.

Summary of Adjustments: Unrealized Foreign Exchange Reclassification

• Approximately $11 million of unrealized foreign exchange losses relating to certain external debt balances were recorded through the Consolidated Statements of Comprehensive Income (Loss) under Cumulative Translation Adjustment ("CTA"), rather than being reflected in the Consolidated Statements of Income (Loss).
  
  
• Approximately $21 million in income tax recovery related to unrealized foreign exchange losses on intercompany loans at the subsidiary level was recognized in the Consolidated Statement of Income (Loss), rather than being reflected in the Consolidated Statement of Comprehensive Income (Loss) under CTA.

Impact on 2024 Financial Results:

The following table summarizes the line items impacted in the Consolidated Statements of Income (Loss) and Consolidated Statements of Comprehensive Income (Loss):

The accounting adjustment is non-cash and has no impact on the Corporation's cash position, liquidity, operating income, cash flows, or any key performance indicators commonly used by investors, analysts, and management to evaluate the business. There is also no impact on regulatory compliance or debt covenants.

Restatement and Disclosure

In accordance with IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, GMIN will restate and refile its consolidated financial statements for the year ended December 31, 2024, along with a corresponding restated Management Discussion and Analysis, immediately prior to the filing of its Q1 2025 results.

Update - First Quarter 2025 Results Conference Call and Webcast

GMIN will release its first quarter 2025 results on Wednesday, May 14, 2025, after market close. GMIN's senior management will host a conference call the following day, on Thursday, May 15, 2025, at 9:00 AM (Eastern Time) to discuss the Corporation's financial and operating results, which will be followed by a Q&A session. Participants may join the conference call using the following call-in details:

• Conference ID: 4077930
• Participant Toll-Free Dial-In Number: 1-800-715-9871
• Participant International Dial-In Number: 1-646-307-1963

Participants can also access a live webcast of the conference call via https://edge.media-server.com/mmc/p/ybh84bka or via the GMIN website at: https://gmin.gold/investors/presentations-and-events/

A replay of this conference call - via phone and webcast - will be available until June 15, 2025. Replay details will be provided on the GMIN website 24 hours after the call at: https://gmin.gold/investors/presentations-and-events/.

About G Mining Ventures Corp.

G Mining Ventures Corp. (TSX: GMIN, OTCQX: GMINF) is a precious metals company focused on unlocking value through disciplined mine development. Leveraging strong access to capital and a proven track record in project execution, GMIN is well-positioned to become the next leading mid-tier gold producer. GMIN's portfolio is anchored by the Tocantinzinho Mine ("TZ") in Brazil, complemented by the Gurupi Project in Brazil and the Oko West Project in Guyana - each offering significant exploration upside in mining-friendly jurisdictions.

Cautionary Statement on Forward-Looking Information

All statements, other than statements of historical fact, contained in this press release constitute "forward-looking information" and "forwardlooking statements" within the meaning of certain securities laws and are based on expectations and projections as of the date of this press release. Forward-looking statements contained in this press release include, without limitation, those related to (i) the restatement of previous financial disclosure; (ii) the impact of such restatement on the 2024 financial results of the Corporation; (iii) the quoted comments and expectations of GMIN's Vice President, Finance & Chief Financial Officer, and (iv) more generally, the section entitled "About G Mining Ventures Corp.".

Forward-looking statements are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Such assumptions include, without limitation, those relating to the effect on the 2024 financial results of the Corporation of applying IAS 21 in the manner described above, and those underlying the items listed on the above section entitled "About G Mining Ventures Corp.". Those assumptions also include, without limitation, those relating to the price of gold and currency exchange rates, and those outlined in technical studies relating to the Corporation's mineral assets.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that, notably but without limitation, (i) GMIN's restated financial results will be as anticipated above, or (ii) GMIN will be able to promptly and efficiently implement the appropriate remediation steps into its financial reporting. In addition, there can be no assurance that (i) GMIN will use TZ and Oko West to grow into the next intermediate producer, or (ii) Brazil and/or Guyana will remain mining friendly and prospective jurisdictions, as future events could differ materially from what is currently anticipated by the Corporation.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the Corporation's other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the relevant sections of the (i) Annual Information Form of the Corporation dated March 27, 2025, for the financial year ended December 31, 2024, and (ii) Management Discussion & Analysis. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

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SOURCE G Mining Ventures Corp