#Canada #Foreign Exchange #G Mining #Brossard #Financial Statements

G Mining Ventures Restates 2024 Financial Statements

G Mining Ventures Corp. (TSX: GMIN, OTCQX: GMINF) has announced that it will revise its 2024 consolidated financial statements following the identification of some non-cash foreign exchange accounting adjustments during a review in the first quarter of 2025.

Overview of the Restatement

On May 12, 2025, the corporation disclosed that the adjustments will be reflected in its financial documents to ensure clarity and accuracy. Specifically, G Mining Ventures reported the necessity to amend its previously published financial statements for the year ending December 31, 2024, along with the accompanying Management Discussion and Analysis.

The adjustments total around $32 million, which pertains to the guidance under IAS 21 — The Effects of Changes in Foreign Exchange Rates. It is worth noting that these non-cash adjustments do not affect the corporation’s cash flow, liquidity, or overall financial standing.

Breakdown of Adjustments

The restatement includes two primary adjustments:
1. Approximately $11 million related to unrealized foreign exchange losses on specific external debt balances, which were recorded incorrectly in the Comprehensive Income Statement rather than the Income Statement.
2. An adjustment of around $21 million for income tax recovery tied to unrealized foreign exchange losses on intercompany loans, which was similarly misclassified.

Financial Impact

Analyzing the impact on G Mining's 2024 financial results, the corporation’s net income has been revised from $47,597 thousand to $15,238 thousand. Similarly, basic earnings per share (EPS) have dropped from $0.21 to $0.07. Despite this adjustment, G Mining continues to assert that its underlying business remains strong and that the correction is simply a technical fix rather than a reflection of any deteriorating business conditions.

Commitment to Accurate Reporting

In a statement regarding the adjustments, G Mining's Vice President of Finance and CFO, Julie Lafleur, emphasized the company’s commitment to high-quality financial reporting. She noted that while these changes are categorized as non-cash and do not influence their operational liquidity, the integrity of financial reporting remains paramount to the company’s values. G Mining Ventures is taking decisive steps to enhance their internal processes to maintain investor confidence and transparency.

Upcoming Financial Results

G Mining is scheduled to release its first-quarter financial results for 2025 after the market closes on May 14, 2025. Following this, a conference call hosted by senior management will occur on May 15, 2025, where they will detail the corporation's financial and operational results. Interested parties can join via a provided toll-free number or through a live webcast that will also be archived for access post-call until June 15, 2025.

About G Mining Ventures

G Mining Ventures Corp. focuses on precious metals and is dedicated to unlocking growth through strategic mine development. The corporation is looking to expand its footprint in the industry and is supported by strong capital access and a successful project execution record. G Mining's core assets include the Tocantinzinho Mine (TZ) in Brazil and projects in Guyana.

In summary, while G Mining Ventures is revising its financial statements, the corporation remains on a promising trajectory with its solid business fundamentals intact. Stakeholders are encouraged to review the upcoming financial disclosures to further comprehend the corporation's performance.