G Mining Ventures Corp. (TSX: GMIN) (OTCQX: GMINF) has announced its intention to restate the 2024 consolidated financial statements and Management Discussion and Analysis. This decision comes in light of two non-cash accounting adjustments that amount to approximately $32 million, related to the International Accounting Standard (IAS) 21 foreign exchange treatment. The adjustments involve reclassifying $11 million in unrealized foreign exchange losses and $21 million in income tax recovery, which will notably revise the company's reported financial metrics for the fourth quarter of 2024.
The restatement will see net income adjusted from $47.6 million to $15.2 million, and basic earnings per share (EPS) reduced from $0.21 to $0.07. Despite these significant changes, G Mining Ventures Corp. has clarified that the adjustments are non-cash in nature and will not affect the company's cash position, operational performance, or financial covenants. This move underscores the company's dedication to maintaining transparency and accuracy in its financial reporting, even when faced with the complexities of international accounting standards, especially those pertaining to foreign exchange treatments.
G Mining Ventures Corp. is set to file the revised financial documents ahead of its first-quarter 2025 results release on May 14. Additionally, a conference call has been scheduled for May 15 to offer further insights and details regarding the restatement. This development not only highlights the intricacies of adhering to international accounting standards but also reinforces the company's commitment to upholding the highest standards of financial integrity and transparency. For more information, visit https://www.gminingventures.com.
