G Mining Ventures Corp. Announces Restatement of Its Consolidated Financial Statements for the Year Ended December 31, 2024

Published: 2025-05-12 18:42:00 ET GMIN.TO

Published on 05/12/2025 at 18:42, updated on 05/13/2025 at 01:50

G Mining Ventures Corp. announced restatement of its consolidated financial statements for the year ended December 31, 2024. Summary of Adjustment: Unrealized Foreign Exchange and Tax Recovery 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): Before Restatement: Net Income: $47,597. Basic EPS: $0.21.

After Restatement: Net Income: $15,238. Basic EPS: $0.07. 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.