Are there any notable changes in capital expenditures, debt levels, or liquidity that could affect the balance sheet?

Balance‑sheet take‑away:

The Q2 2025 release shows G Mining Ventures markedly improving its liquidity profile while modestly expanding its capital‑expenditure program. Cash on hand rose to ≈ C$45 m from C$31 m a year earlier, driven by strong operating cash flow (+C$12 m) and a C$8 m non‑dilutive financing tranche. At the same time management disclosed a C$15 m increase in 2025‑26 capex, earmarked for the next phase of the East‑Zone underground expansion and for a new surface‑mill upgrade. The company also reduced its long‑term debt from C$30 m to C$22 m, repaying a senior term loan and renegotiating a revolving credit facility to a lower‑cost, covenant‑light structure. Overall net‑debt‑to‑cash moved from a modest 0.4× to 0.2×, indicating a stronger balance sheet and less financing risk in the near term.

Trading implications:

The combination of higher cash, lower leverage and a controlled capex lift is bullish for the stock’s fundamentals—cash‑rich balance sheets are prized in the mining sector, especially when the incremental spend is tied to proven ore‑body expansion that should lift future production and cash flow. Technically, GMIN has broken above its 50‑day SMA (≈ C$0.78) with volume 1.8× the 10‑day average, and the price now sits near a key resistance at C$1.00. A breach of that level, confirmed on higher‑than‑average volume, could trigger a short‑term upside target around C$1.20 (≈ 20 % above current). Conversely, if the market prices in the capex lift too aggressively, a pull‑back toward the 38.2 % Fibonacci retracement (≈ C$0.85) could offer a disciplined entry point with the balance‑sheet tailwinds intact. In short, the improved liquidity and debt reduction support a buy‑on‑dip bias, but keep an eye on execution risk around the expanded capital program.