G Mining Ventures Reports Q2 Gold Production Up 16% to 36,845 Ounces

G Mining Ventures (TSX: GMIN ) held its second-quarter earnings conference call on Thursday. Below is the complete transcript from the call. This content is powered APIs. For comprehensive financial data and transcripts, visit The full earnings call is available at Summary G Mining Ventures reported a strong Q2 2026, with a 16% increase in gold production to 36,845 ounces and a 50% growth in free cash flow to $85 million.

The company completed a transformational acquisition of G2, consolidating Oko West and Oko Ghani into a large Tier 1 gold mining complex. Revenue rose 21% year-over-year to $157 million, with net income growing 48% to $72 million. Adjusted net income was $79 million. Cash costs increased by 1% to $1,046 per ounce, while all-in sustaining costs rose 6% to $1,690 per ounce, largely due to a stronger Brazilian real.

Oko West construction is on schedule with 28% project completion; major components like the power plant and SAG mills are progressing well. 2026 production guidance remains at 160,000 to 190,000 ounces of gold, with a revised cash cost guidance of $836 to $965 per ounce. Oko West's capital guidance for 2026 remains unchanged; the company has spent 44% of the initial capital budget, with 65% of commitments made. G Mining Ventures emphasized strong safety performance, reporting zero lost time injuries, and plans to advance phase two mining for higher productivity.

Full Transcript OPERATOR (Operator) Good morning, and welcome to G Mining Ventures' second quarter 2026 results conference call. All participants are in listen-only mode. Following prepared remarks, we will open the line for questions. Please note that today's call is being recorded.

I will now turn the call over to Jean-Francois Lemonde, Vice President, Investor Relations. Jean-Francois Lemonde, Vice President, Investor Relations Thank you, operator, and good morning to everyone joining G Mining's 2026 second quarter operational and financial results conference call. In addition to myself, we have on the line Louis—Pierre Gignac, Chief Executive Officer, and Julie Lacla, Chief Financial Officer and VP Finance. I would like to remind everyone that after management's remarks, the call will be followed by a Q&A session, and we will be making forward-looking statements during this call.

Please refer to the cautionary notes and risk disclosure in our MD&A and on slide 2 of the webcast presentation. S. dollars unless otherwise noted. Now I'll turn the call over to Louis—Pierre Gignac to provide an overview of the quarter.

Louis-Pierre Gignac, Chief Executive Officer Good morning, and thank you, JF, and thank you everyone for joining us today. I want to start by recognizing the dedication of our teams across all our sites, whose commitment to safety, operational excellence, and responsible mining continues to drive our success. Q2 2026 was a strong quarter for GMIN operationally, financially, and strategically. Tocantinzinho delivered a solid quarter, and construction of Oko West is advancing in line with plans.

Strategically, GMIN closed the transformational acquisition of G2 during the quarter, consolidating GMIN's Oko West and G2's adjacent Oko Ghani project into a single large-scale and long-life Tier 1 gold mining complex. Importantly, TZ continued to deliver in the quarter, producing 36,845 ounces, a 16% increase over Q1 2026, with 37,439 ounces sold. The improvement was driven by a higher-grade mining sequence and stable mill performance as we advanced towards accessing the higher-grade phase two mineralization. Free cash flow grew more than 50% to $85 million quarter over quarter, generating approximately 2,300 of free cash flow per ounce of gold produced.

Throughout the year, we'll remain focused on protecting margins and maximizing the free cash flow generated from every ounce we produce. Second quarter gold production exceeded plan, supported by higher grades and strong metallurgical recoveries. TZ maintained plant performance during the quarter, processing just over a million tonnes of ore at an average throughput rate of 11,120 tonnes per day. 9%.

3 million tonnes of ore and waste extracted from the open pit during the quarter, representing a 15% increase from Q1 2026. The Corporation maintains its 2026 production guidance of 160,000 to 190,000 ounces, with approximately 61% of output expected in the second half of 2026 as higher-grade material is accessed in accordance with the mine plan. Safety performance remained strong at TZ and across all projects during the quarter, as GMIN recorded zero lost time injuries. We continue to deliver strong margins during the quarter, supported by a record average realized gold price of 4,197 per ounce and all-in sustaining costs of 1,690 per ounce sold.

S. dollar. As a result, we have revised our full-year 2026 cash cost and all-in sustaining cost guidance to 836 to 965 and 1,330 to 1,544 per ounce sold, respectively, compared with previous guidance of 736 to 865 and 1,230 to 1,444 per ounce sold. The revisions primarily reflect the impact of the stronger Brazilian real on our cost base.

I will now invite Julie to take you through the financial results, cash flow, and balance sheet. Julie Lacla, Chief Financial Officer Thank you, Louis—Pierre, and good morning everyone. During Q2, GMIN delivered excellent financial results reflecting the quality of our asset portfolio, solid operational execution, and continued leverage to the gold price. Second quarter revenue rose 21% year over year to 157 million, driven by 37,439 ounces sold at an average realized gold price of 4,197 per ounce.

For the six months ended June 30, 2026, GMIN also reported higher revenue growth, returning a 31% increase year over year, reporting 297 million in revenue for the period. 6 million, or 21 cents per share, for the same period last year. 16 per share, reported for the second quarter of 2025. 5 million present value adjustment on VAT receivables.

7 million, both metrics performing better than the same period last year. TZ continued to generate strong free cash flow, demonstrating its strong margin profile as we advance Oko West and our fully funded exploration programs across the portfolio. Cash generated by operating activities was 104 million in the quarter, with free cash flow of 85 million after accounting for sustaining capital and other adjustments. During the quarter, cash used in investing activities was 153 million, primarily reflecting Oko West construction spend.

Cash and cash equivalents decreased from 287 million at March 31, 2026 to 226 million at June 30, 2026, reflecting continued heavy investment at Oko during a peak construction period. We moved from net cash of 248 million at the end of Q1 to net cash of 193 million at quarter end, a strong balance sheet position as we fund Oko West through the remaining construction period, including the undrawn 350 million revolving credit facility available. Liquidity was approximately 576 million. 3 million related to development activities at Oko.

8 million related to development activities at Oko. Oko West capital guidance remains unchanged, with 514 million to 558 million expected in 2026 and 217 million to 240 million expected in 2027. At Oko, cumulative spend to date reached approximately 423 million, or about 44% of the approved initial capital budget, leaving 550 million remaining to be spent to completion. Total commitments reached approximately 628 million, or 65% of the approved budget.

This continues to be a meaningful de-risking point, with nearly two-thirds of the initial capital budget now in committed scope. For the six months ended June 30, 2026, GMIN achieved approximately 39% of full-year gold production guidance, which was in line with mine plans. Our 2026 production guidance remains unchanged at 160,000 to 190,000 ounces of gold. Total cash cost guidance and AISC have been revised upwards, as previously noted, to 836 to 965 per ounce sold and 1,330 to 1,544 per ounce sold, respectively.

For 2027, production guidance remains unchanged at 200,000 to 235,000 ounces of gold, with total cash costs expected to decline to 633 to 743 per ounce sold and AISC expected to decline to 960 to 1,146 per ounce sold. The 2027 profile reflects a full year of higher-grade phase two contribution, lower sustaining capital compared with 2026, and continued operating maturity at TZ. This concludes my remarks. I will now turn the call back to Louis—Pierre to discuss Oko West and Gurupi.

Louis-Pierre Gignac, Chief Executive Officer Thank you, Julie. Oko continues to advance on schedule and on budget during the quarter. At the end of Q2, overall project progress reached 28% on an earned value basis. Detailed engineering continues to advance on schedule and remains on track for completion in Q3 2026, while procurement is approximately 99% complete.

On-site construction is advancing on schedule across the key work areas, including the process plant, power plant, tailings storage, and site infrastructures. The power plant remains on track to be operational by the end of July 2027 and the grinding mills by August 2027, with major component deliveries continuing on schedule. Key achievements during the quarter included continued concrete pours across the power plant, SAG and ball mill foundations, primary crusher, CIL/CIP tanks, and pre-leach thickener.

Other key infrastructure workstreams also advanced, including the permanent camp, which now has more than 1,400 beds, with the welcome center, kitchen, and dining hall all operational. The workforce also continued to grow during the quarter. 3 million hours to date. I would like to take a moment to share some visuals of our progress on the ground as of June 30, 2026.

Our power plant continues to advance well, with more than 1,350 cubic meters of concrete poured to date and structural steel framing for the engine hall now complete. All six generators have been delivered and are being stored at our barge landing facility. The SAG mill foundation is complete, with anchor bolts and embedded plates in place, while the first concrete pour for the ball mill foundation is planned for August. The primary crusher has also advanced significantly, with the mat foundation concrete pour complete and rebar and concrete work for the first level scheduled to begin in August.

Progress on the pre-leach thickener also continues, with construction of exterior rings two and three now more than halfway complete. The current Oko project remains on schedule, with first gold targeted for the second half of 2027, with commercial production expected in January 2028. An updated feasibility study integrating Oko West and Oko Ghani is targeted for mid-2027. In support of the study, we plan to complete definition drilling at Oko Ghani and advance technical studies to optimize mine sequencing and throughput for the expanded project.

The integrated development plan is expected to support an expanded production profile in 2029. I will close with a recap of our priorities for the remainder of 2026 and into 2027. At TZ, our priority for the second half of the year is to execute on the planned production profile while driving lower unit costs. Key areas of focus include advancing access to phase two, improving mining productivity, building drilled and blasted inventory, optimizing throughput and recoveries, and executing sustaining capital programs.

At Oko West, execution remains focused on key project milestones, including mill deliveries, power infrastructure, camp expansion, process plant construction, and advancement of the tailings storage facility. At Gurupi, the key deliverables are the updated mineral resource estimate, the preliminary economic assessment, and the ESIA filing, all of which are targeted for year end. With the G2 transaction now complete, we can focus our attention on advancing the technical work required to validate the combined district plan to establish a Tier 1 production profile.

We are entering this next phase with a stronger balance sheet, a producing mine generating steady cash flow, and a Tier 1 asset advancing through construction and strengthening our district position in Guyana and Gurupi. Moving toward key catalysts, we have the assets, liquidity, and team required to execute this next phase of growth. With that, I would like to turn the call back to the operator for questions. OPERATOR (Operator) Thank you.

We will now begin the question-and-answer session. To ask a question, press star one on your telephone keypad. To withdraw, press star one. We ask that you limit yourself to one question and one follow-up.

We will pause momentarily to assemble the queue. Your first question is from Ralph Profetti with Stifel. Please go ahead. Ralph Profetti, Analyst at Stifel Okay, thanks, operator.

Good morning, everyone. Thanks for taking my questions. Is there going to be any operational impact that comes from this implementation roadmap on some of the tailings governance works that was delivered at TZ in June of 2026, or perhaps, you know, impact to growth capex or sustaining capex? I'm just trying to get a sense of whether or not these assessments are within sort of manageable expectations.

Louis-Pierre Gignac, Chief Executive Officer And you're referring to TZ, right? Yeah. No, I mean right now as part of our sustaining capex for this year, we're doing a tailings raise to the flotation tailings facility that we have. But that's all been permitted, and it's going according to plan in terms of costs.

And yeah, we're even permitted beyond the raise that we're doing right now to basically another subsequent lift. So there's no real permitting challenges or, you know, issues in front of us. Ralph Profetti, Analyst at Stifel Great, great to hear. And then moving to Oko, seeing as we're 90% on detailed engineering and essentially there on procurement, I'm wondering if you're taking advantage of ordering some of the long lead for the potential expansion case, and whether or not it's possible that we can see some of that spending timeline that's going to come on for that production actually amalgamated into some of the spending that gets committed in, say, 2027.

Louis-Pierre Gignac, Chief Executive Officer Yeah, that's a good question. Obviously we're looking at the long lead items that we would need for the expansion as we speak, and actually we expect to place orders before the end of the year for some of those long lead items. And that's in particular another ball mill and some additional gensets that would be required to power an increased site. So that will be small money really this year, which would be milestone-driven payments for the down payments on those equipment this year.

Ralph Profetti, Analyst at Stifel Okay, thanks for that. I appreciate being proactive. Thank you. OPERATOR (Operator) Your next question comes from the line of Andrew Mikichuk with BMO Capital Markets.

Andrew Mikichuk, Analyst at BMO Capital Markets Yeah, thanks for taking my question. Just a follow-up on Oko. I appreciate you guys giving us guidance that you'll have the combined mine plan happening. But, you know, as you've indicated, you're thinking about ordering long-lead equipment.

Are you in a position where there could be short-term changes to the mine plan, you know, or even the sequence of mining or stripping or stockpiling, you know, well ahead of that? Louis-Pierre Gignac, Chief Executive Officer Actually there likely could be, in the sense that we've received authorization from the government to start some initial mining in Ghani. So that's going to allow us to do some optimization to the mine plan and make a few changes. But basically we still need to go through a permitting process with the government to basically make an amendment to the permit that we have.

But yeah, we have been granted already some flexibility that will allow us to make some optimizations there. Andrew Mikichuk, Analyst at BMO Capital Markets Okay.