G Mining Ventures Reports Third Quarter 2026 Results – Strong Free Cash Flow Driven by Solid Operational Performance; On Track to Achieve 2026 Production and Cost Guidance

G Mining Ventures posts strong Q3 profits, cost control, and major progress at Oko Gold.

What the company is saying

G Mining Ventures Corp. presents a confident narrative of operational execution and disciplined cost management, highlighting a 22% quarter-over-quarter increase in gold production at Tocantinzinho (TZ) to 44,960 ounces. The company frames its results as evidence of strong free cash flow and the ability to self-fund ongoing construction at Oko Gold. CEO Louis-Pierre Gignac emphasizes that the company remains on track to meet annual production and cost guidance, with expectations for a production surge in Q4 driven by higher grades and throughput. The announcement details that Oko Gold construction is advancing on schedule and on budget, targeting a first gold pour in the second half of 2027. The company also points to progress at Gurupi, with an updated mineral resource estimate expected before year-end and a PEA by the end of 2026. The tone is assertive, with management attributing cost improvements to higher production, mine sequencing, and disciplined execution, while acknowledging inflationary pressures and FX impacts.

What the data suggests

The disclosed numbers show a company delivering improving operational and financial performance. Gold production at TZ reached 44,960 ounces in Q3 2026, up 22% from Q2, with mining and milling rates hitting record levels of 74,209 tpd and 12,372 tpd, respectively. Total cash costs fell 8% quarter-over-quarter to $960/oz, and AISC dropped 6% to $1,591/oz, despite YoY increases due to lower production volumes, higher royalties, and FX. Net income for Q3 was $99.5 million ($0.36/share), with adjusted net income at $88.8 million ($0.32/share), and free cash flow of $80.0 million. Revenue for the quarter was $172.7 million on 43,110 ounces sold at an average realized gold price of $4,007/oz. The company maintains a net cash position of $105.8 million after $137.0 million in cash and $31.2 million in long-term debt. Oko Gold project spend reached $556 million (57% of the $973 million budget), with $417 million left to completion and 38.4% of project progress achieved. Share buybacks totaled 102,500 shares for $3.6 million in Q3. Guidance for full-year production (160,000–190,000 oz), costs ($836–$965/oz cash costs, $1,330–$1,544/oz AISC), and capex ($583–$649 million, excluding exploration) are reiterated, with capitalized exploration expected to exceed prior guidance by $11 million. The figures support the company's claims of operational momentum and financial discipline.

Analysis

The announcement's tone is positive but proportionate to the substantial realised progress disclosed. The company provides detailed, audited figures for gold production, costs, net income, free cash flow, and capital expenditures, all showing quarter-over-quarter improvement. Key profitability metrics (net income, adjusted net income, free cash flow) are disclosed alongside operational data, satisfying the requirements for a strong_positive signal. While there are forward-looking statements regarding full-year guidance and project milestones, these are clearly separated from realised results and are not exaggerated. The capital intensity flag is true due to the large ongoing spend at Oko Gold, but this is paired with immediate, measurable operational and financial returns at TZ. There is no evidence of narrative inflation or overstatement; the language is factual and supported by the data.

Risk flags

• ●The Oko Gold Project remains capital intensive, with $556 million spent and $417 million still to be deployed, exposing the company to execution, cost overrun, and schedule risk through to the second half of 2027. Any delays or budget increases could materially impact returns.
• ●Guidance for full-year production and costs assumes successful ramp-up in Q4, including higher grades and throughput. If operational challenges arise, there is risk of missing these targets, which could affect profitability and investor confidence.
• ●The company faces ongoing exposure to inflationary pressures and foreign exchange volatility, as seen in higher YoY costs due to a stronger Brazilian real and increased royalties. Sustained macroeconomic headwinds could erode margins.
• ●Capitalized exploration spending is running $11 million above prior guidance, driven by an infill program at Oko-Ghanie. While this may add resource value, it increases near-term cash outflows and could pressure budgets if not matched by future returns.
• ●Share buybacks, while supportive of shareholder value, reduce cash reserves available for project funding and may limit financial flexibility if operational or market conditions deteriorate.

Bottom line

G Mining Ventures Corp. delivered a strong Q3, with rising gold production, falling unit costs, and robust profitability, underpinned by disciplined execution at TZ and significant progress at Oko Gold. The company is self-funding major construction while maintaining a net cash position and reiterating full-year guidance, signaling operational and financial strength. However, the scale of ongoing capital commitments at Oko Gold and higher-than-planned exploration spending introduce execution and budget risks, especially with first gold at Oko still nearly two years away. The company's ability to deliver on Q4 production ramp-up and keep Oko Gold on schedule will be critical for sustaining investor confidence. The most important takeaway is that G Mining Ventures is demonstrating real operational momentum, but continued delivery and cost control are essential as it advances through a capital-intensive growth phase.

Announcement summary

(TSX:GMIN, OTCQX:GMINF) G Mining Ventures Corp. reported financial and operating results for the third quarter ended September 30, 2026. Tocantinzinho ("TZ") delivered gold production of 44,960 ounces in Q3 2026, a 22% increase over Q2 2026. Total cash costs were $960 per ounce sold, 8% lower than Q2, and AISC was $1,591 per ounce sold, 6% lower than Q2. Quarterly net income was $99.5 million or $0.36 per basic share, and adjusted net income was $88.8 million or $0.32 per basic share. Cash provided by operating activities before net change in working capital totaled $114.8 million, and free cash flow reached $80.0 million. Full-year production is tracking to the midpoint of the guided range of 160,000 to 190,000 ounces of gold for 2026. Full-year total cash costs per ounce and AISC per ounce guidance for 2026 remains unchanged at $836 to $965 and $1,330 to $1,544, respectively. Total capital expenditures guidance for 2026 (excluding capitalized exploration) remains unchanged at $583 to $649 million. Capitalized exploration is expected to be approximately $11 million above previous guidance for 2026 of $42 to $50 million. As of September 30, 2026, $556 million had been spent on the Oko Gold Project, representing 57% of the approved initial capital budget of approximately $973 million, with approximately $417 million remaining to be spent through completion. Total commitments reached approximately $714 million, or 73% of the approved capital budget. On August 28, 2026, the TSX accepted the Corporation’s notice of intention to launch a normal course issuer bid ("NCIB"). During Q3 2026, GMIN repurchased and cancelled 102,500 common shares for $3.6 million (C$5.1 million), at an average price of C$49.41 per share. As of September 30, 2026, cash and cash equivalents totaled $137.0 million and long-term debt was $31.2 million, resulting in a net cash position of $105.8 million. Mining rates averaged a record 74,209 tpd in Q3 2026, milling rates averaged 12,372 tpd, and grades processed averaged 1.33 g/t Au. Mill recoveries averaged 92.0% in Q3 2026. Sustaining capital expenditures at TZ in Q3 2026 were $14.8 million, Oko Gold development capital expenditures were $132.8 million, and capitalized exploration expenditures were $16.2 million. For the first nine months of 2026, TZ sustaining capital expenditures were $27.6 million, Oko Gold development capital expenditures were $352.7 million, and capitalized exploration were $30.0 million. For the three and nine months ended September 30, 2026, the Corporation sold 43,110 oz and 114,325 oz at an average realized gold price of $4,007/oz and $4,109/oz, respectively, contributing to revenues of $172.7 million and $469.8 million, respectively. Third quarter 2026 net income was $99.5 million ($0.36 per share) compared to $72.0 million ($0.30 per share) in Q2 2026. Adjusted net income was $88.8 million ($0.32 per share). Cash provided by operating activities was $45.95 million in Q3 2026. As of September 30, 2026, overall project progress at Oko Gold had reached 38.4% based on earned value. The on-site workforce at Oko Gold now exceeds 2,100 employees and contractors, with 3.3 million hours worked to date and over 78% local employment.

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