G Mining Ventures posts record operating margins in Q1, eyes 500,000-ounce production target
Published: 08:37 14 May 2026 EDT
G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF, FRA:W97) posted record operating margins in the first quarter of 2026, fuelled by surging gold prices, as it advances its Oko West project in Guyana.
The company, which operates the Tocantinzinho mine in Brazil, posted net income of $80.4 million, or $0.35 per share, in the three months ended March 31, up from $24.4 million in the same period a year earlier.
Revenue rose to $139.9 million from $98 million, buoyed by a record average realized gold price of $4,143 per ounce compared with $2,766 per ounce a year ago.
"We delivered a solid start to 2026, achieving record operating margins while production and costs at TZ tracked well to plan," said CEO Louis-Pierre Gignac.
Free cash flow reached $56.2 million, or $0.24 per share, leaving the company with $287.2 million in cash at quarter-end and total available liquidity of $637.2 million, including an undrawn $350 million revolving credit facility.
Gold production at Tocantinzinho came in at 31,846 ounces, roughly 18% of the midpoint of the company's full-year guidance of 160,000 to 190,000 ounces. Output was intentionally weighted to the second half, with approximately 62% of annual production expected after June as the mine transitions to higher-grade Phase 2 ore.
The company reiterated full-year cost guidance of $736 to $865 per ounce in total cash costs and $1,230 to $1,444 per ounce in all-in sustaining costs.
Looking to 2027, G Mining forecast gold production of 200,000 to 235,000 ounces from Tocantinzinho, roughly 25% above 2026 guidance at the midpoint, with cash costs and all-in sustaining costs projected to fall by approximately 14% and 21% respectively.
The company's longer-range ambitions centre on Oko West, its flagship development project in Guyana. Construction reached 19.7% completion as of March 31, with the process plant, power plant, tailings storage facility and site infrastructure all advancing on schedule. Total committed capital has reached $525.2 million, representing 54% of the approved $973 million initial budget, with capital guidance for 2026 and 2027 unchanged at $514 to $568 million and $217 to $240 million, respectively. First gold at Oko West is targeted for the second half of 2027.
G Mining also announced in April a proposed acquisition of G2 Goldfields, which holds the adjacent Oko-Ghanie project in Guyana's Oko district. The combined assets are expected to deliver consolidated life-of-mine average production exceeding 500,000 ounces per year, with the company identifying more than C$1 billion in potential synergies tied to shared infrastructure, permitting and capital costs.
The transaction is expected to close in the third quarter of 2026.
At its Gurupi project in Brazil, G Mining plans to invest $19 to $23 million in exploration this year, targeting an updated mineral resource estimate and preliminary economic assessment in the second half of 2026.
