G Mining Ventures Provides 2026 and 2027 Operational Outlook
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G Mining Ventures Provides 2026 and 2027 Operational Outlook
BROSSARD, QC, January 20, 2026 – G Mining Ventures Corp. (“GMIN” or the “Corporation”) (TSX:GMIN,
OTCQX:GMINF) is pleased to provide its operational guidance for 2026 and 2027 regarding its 100%-owned
Tocantinzinho Gold Mine ( “Tocantinzinho” or “TZ”) in the State of Par á, Brazil, together with a project
update on its 100% -owned Oko West Gold Project (“Oko West”) in Guyana. Unless otherwise stated, all
amounts are in U.S. dollars.
2026 & 2027 Guidance Highlights
• Gold production in 2026 is expected to range between 160,000 and 190,000 ounces (“oz”), representing
a modest increase over 2025 at the midpoint of guidance. Production is expected to be weighted toward
the second half of the year, with approximately 62% of total output forecast to occur in H2 as higher -
grade mineralization becomes available in accordance with the mine plan.
• The Corporation expects to maintain a competitive cost structure in 2026, with cash operating costs 1
projected to range between $736 to $865 per ounce of gold (“ Au”) sold and all -in sustaining cost
(“AISC”)1,2 at $1,230 to $1,444 per ounce of gold sold2, respectively, based on a realized gold price
assumption of $4,000 an ounce.
• Gold production in 2027 is expected to range between 200,000 and 235,000 ounces, representing an
increase of approximately 25% over 2026 production at the midpoint of guidance, driven by a full-year
contribution of higher-grade Phase 2 ore at TZ.
• Total cash costs 1 and AISC 1 are expected to improve materially in 2027, with cash costs and AISC
projected to decline by approximately 14% and 20%, respectively, compared to 2026 at the midpoint
of guidance.
• Sustaining capital expenditures for 2026 are estimated to range between $ 69 million and $81 million,
including $31 million to $36 million of capitalized waste stripping , and are expected to support the
long-term performance and reliability of the TZ operation.
• Growth capital expenditures of $514 and $568 million are planned for 2026 to advance Oko West, which
remains on track to achieve first gold production in the second half of 2027.
• The 2026 exploration program is expected to be the largest in the Corporation’s history , with a total
budget ranging between $42 million and $ 50 million, including approximately $21 million at Gurupi,
$16 million at Oko West, and $9 million at TZ.
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1. Cash costs per ounce sold, mine-site AISC per ounce sold and AISC per ounce sold are non- IFRS measures. See Non-IFRS Measures and
Cautionary Notes.
2. 2026 and 2027 guidance assumes a realized gold price of $4,000 per oz, Brazilian Real (“BRL”)/USD exchange rate of 5.55 and CAD/USD
exchange rate of 1.40.
“Our 2026 and 2027 guidance reflects the continued execution of our operating and growth strategy,” said
Louis-Pierre Gignac, President and Chief Executive Officer. “At T Z, we expect steady production while
maintaining a competitive cost structure. At Oko West, project development is advancing in line with plan,
supporting our objective of achieving first gold production in the second half of 2027. With a strong balance
sheet and ongoing free cash flow generation, GMIN remains well positioned to fund its growth initiatives.”
2026 & 2027 Operational Guidance
The Corporation’s detailed guidance for 2026 and 2027 is set out in the following table:
Operational & Cost Guidance 2026
Guidance
2027
Guidance
$ millions, unless otherwise indicated
Gold Production k oz 160 – 190 200 – 2353
Total Cash Costs1,2 $/oz Au sold 736 – 865 633 – 743
Mine-Site AISC1,2 $/oz Au sold 1,133 – 1,330 898 – 1,054
All-in Sustaining Costs1,2 $/oz Au sold 1,230 – 1,444 977 – 1,146
Sustaining Capital Expenditures
TZ Sustaining Capital Expenditures M$ 38– 45 19 – 23
Capitalized Waste Stripping M$ 31– 36 43 – 51
Total Sustaining Capital Expenditures M$ 69 – 81 62– 74
Non-Sustaining Capital Expenditures
TZ Regional Exploration M$ 8 – 10 8 – 10
Oko West Exploration M$ 15 – 17 14– 18
Gurupi Project M$ 19 – 23 18 – 22
Total Exploration 42 – 50 40 – 50
Oko West Project Development M$ 514 – 568 217 – 240
Total Non-Sustaining Capital Expenditures M$ 556 – 618 257 – 290
1. Cash costs per ounce sold, mine-site AISC per ounce sold and AISC per ounce sold are non-IFRS measures. See Non-IFRS
Measures and Cautionary Notes.
2. 2026 and 2027 guidance assumes a realized gold price of $4,000 per oz, BRL/USD of 5.55 and CAD/USD of 1.40.
3. 2027 production guidance excludes production from Oko West.
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Tocantinzinho Gold Mine
Gold production at TZ for 2026 is estimated to be between 160,000 to 190,000 ounces . Production is
expected to strengthen in the second half of the year, with approximately 62% of annual output as higher-
grade mineralization in Phase 2 becomes available according to the mine plan. The grade segregation and
low-grade stockpiling will remain in place in 2026 and 2027 to manage excess ore mined. Average mill
recovery for the year is estimated at 91.7% for 2026, reflecting r ecovery improvements achieved in the
second half of 2025.
Total sustaining capital for 2026 is estimated to range between $69 million and $81 million, including $31
million to $36 million of capitalized waste stripping. These expenditures will support several key initiatives
aimed at sustaining the long-term performance of the operation. Sustaining capital expenditures excluding
capitalized waste stripping are expected to total between $ 38 million and $46 million, comprising
approximately $15 million for the process plant , $12 million for mining equipment, $12 million for major
mobile fleet components, and $3 million for tailings management and other capital items.
Gold production in 2027 is expected to range between 200,000 and 235,000 ounces, representing a n
approximate 2 5% increase over 2026 levels (based on the midpoint of guidance), driven by a full- year
contribution of higher -grade ore from Phase 2. Total cash costs and AISC are expected to improve
significantly in 2027, decreasing 22% and 19%, respectively, from 2026 (from the midpoint of guidance).
Oko West Project
The Corporation continues to rapidly advance its large -scale, long-life Oko West project in Guyana, which
remains on-budget and on-schedule for first gold pour in the second half of 2027.
To date, approximately $423 million in capital has been committed, representing approximately 44% of the
total upfront capital expenditure, with pricing generally in line with expectations. Detailed engineering
progress has advanced to 60%.
Total capital expenditures for 2026 are projected to range between $514 million and $568 million as project
activity ramps up, including the commencement of major construction at the process plant, supporting
infrastructure, and the initiation of mine pre -production activities. Substantially all major equipment is
expected to be delivered during 2026. Capital expenditures in 2027 represent the remaining balance and
include commissioning activities and pre-production revenue.
The Oko West project ranks among the largest gold project currently under construction globally and is
expected to produce an average of 350,000 1 ounces of gold per year at mine-site AISC of $1, 123/oz1. At
current spot gold prices of approximately $4,500 per ounce, this translates into an estimated AISC margin
of over $3,300 per ounce of gold sold . Oko West is expected to drive consolidated production to
approximately 500,000 ounces in 2028 up from 175,000 ounces in 2026.
1. Project metrics are derived from the independent technical report entitled “Feasibility Study NI 43 -101 Technical Report, Oko West Gold
Project”, effective April 28, 2025, prepared in accordance with National Instrument 43-101, and available on SEDAR+ under the Corporation’s
profile.
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2026 Exploration Programs
2026 is set to be the largest exploration program in the Corporation’s history with a budget between $42
million and $ 50 million, including approximately $21 million at Gurupi, $16 million at Oko West, and $9
million at TZ. A comparable level of investment is planned for 2027.
Tocantinzinho: approximately $9 million is expected to be allocated to regional exploration, including
manual auger drilling , soil geochemistry, and initial drilling on priority targets, with the objective of
generating new drill-ready prospects for subsequent programs.
Oko West : approximately $16 million is earmarked for drilling in 2026. T he majority of the budget is
expected to be directed to follow-up drilling on regional targets as well as infill drilling the high -grade ore
shoot discovery at the Oko West deposit.
Gurupi: approximately $21 million of exploration and study works are anticipated at Gurupi in 2026 with
the focus on expanding the resources ahead of a Preliminary Economic Assessment (“PEA”) expected to be
released in the second half of 2026.
About G Mining Ventures Corp.
G Mining Ventures Corp. is a mining company engaged in the development , operation and exploration of
precious metal projects to capitalize on the value uplift from successful mine development. GMIN is well -
positioned to grow into the next mid -tier precious metals producer by leveraging strong access to capital
and proven development expertise. GMIN is currently anchored in mining-friendly jurisdictions: Brazil, with
the Tocantinzinho Gold Mine and the Gurupi Project as well as Guyana, with the Oko West Project. GMIN
trades on the TSX under the symbol “GMIN”.
Additional Information
For further information on GMIN, please visit the website at www.gmin.gold or contact:
Jean-François Lemonde
Vice President, Investor Relations
514.299.4926
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release constitute “forward- looking information” and
“forward-looking statements” within the meaning of certain securities laws and are based on expectations and projections as of the date
of this press release. Beforehand, it must be noted that this press release’s subject matter is forward-looking in its essence and nature.
Forward-looking statements contained in this press release include, without limitation, those related to (i) the construction of Oko West
will remain on track to achieve first gold production in H2 -2027; (ii) the TZ average mill recovery in 2026, reflecting improvements
achieved in 2025; (iii) the TZ sustaining capital for 2026, which will support key initiatives to sustain long-term performance of operations;
(iv) Oko West being expected to produce an average of 350,000 ounces of gold per year at mine-site AISC of $1,123/oz, making it the
largest gold project currently under construction; (v) GMIN’s consolidated production being expected to reach approximately 500,000
ounces in 2028; (vi) the Gurupi mineral resources being anticipated to expand in 2026 and lead to a preliminary economic assessment in
H2-2026; and (vii) in general, the whole contents of the sections entitled “2026 & 2027 Guidance Highlights” and “2026 Exploration
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Programs”, all figures set out in the table featured in the section “2026 & 2027 Operational Guidance”; and, as usual, the section entitled
“About G Mining Ventures Corp.”, as well as the quoted comments of GMIN’s President & Chief Executive Officer.
Forward-looking statements are based on expectations, estimates and projections as of the time of this press release. Forward- looking
statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as
of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies.
These estimates and assumptions may prove to be incorrect. Such assumptions include, without limitation, those relating to the TZ mine
plan, the Oko West construction plan, the price of gold (namely the anticipated price of $4,000 per ounce), the currency exchange rates,
and those underlying the items listed in the above section entitled “About G Mining Ventures Corp.”.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from
those expressed or implied in any forward- looking statements. There can be no assurance that, notably but without lim itation, (i) gold
production at TZ will increase in H2 -2026 due to availability of higher -grade mineralization, in accordance with mine plan , and such
availability will continue throughout the whole 2027; (ii) the Corporation will maintain a competitive cost structure in 2026 and improve
same in 2027; (iii) the Corporation will effectively carry out its ambitious exploration program (expected to be its most important) during
2026 and p erform a comparable one in 2027 ; (iv) free cash flow from TZ will remain strong and will continue to fund Oko West
construction; (v) Oko West will continue to advance in line with plan; (vi) Oko West will remain on-schedule and on-budget to achieve
first gold pour in H2-2027, and to become a large-scale and long-life mining operation; (vii) the current gold price of $4,500 per ounce
will be at least maintained at the time Oko West will commence production; or (viii) TZ and Oko West will grow GMIN into the next mid-
tier precious metals producer, as future events could differ materially from what is currently anticipated by the Corporation. In addition,
there can be no assurance that Brazil and/or Guyana will remain mining-friendly jurisdictions.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that
estimates, forecasts, projections and other forward- looking statements will not be achieved or that assumptions do no t reflect future
experience. Forward-looking statements are provided for the purpose of providing information about management’s expectations and
plans relating to the future. Readers are cautioned not to place undue reliance on these forward- looking statements as a number of
important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, object ives,
expectations, anticipations, estimates, assumptions and intentions expressed in such forward- looking statements. All of the forward -
looking statements made in this press release are qualified by these cautionary statements and those made in the Corporation’ s other
filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the relevant sections of
the Corporation’s (i) Annual Information Form dated March 27, 2025, for the financial year ended December 31, 2024, and (ii)
Management Discussion & Analysis. The Corporation cautions that the foregoing list of f actors that may affect future results is not
exhaustive, and new, unforeseeable risks may arise from time to time. The Corporation disclaims any intention or obligation to update or
revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking
statements, except to the extent required by applicable law.