G Mining Ventures Reports First Quarter 2026 Results
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G Mining Ventures Reports First Quarter 2026 Results
BROSSARD, QC, May 13, 2026 – G Mining Ventures Corp. (“GMIN” or the “Corporation”) (TSX: GMIN,
OTCQX: GMINF) today reported its financial and operating results for the f irst quarter of 2026. Unless
otherwise indicated, all dollar amounts are in U.S. dollars.
Louis-Pierre Gignac, President and Chief Executive Officer commented: “We delivered a solid start
to 2026, achieving record operating margins while production and costs at TZ tracked well to plan. With
gold production expected to be weighted to a much stronger second half of the year, we are managing
cost volatility through disciplined execution. Looking ahead, we continue to execute on our industry
leading growth strategy with a clear path to achieving over 500,000 ounces of annual gold production
by 2028, supported by the advancement of Oko West, which remains on schedule and withi n budget,
with first gold targeted in the second half of 2027.”
First Quarter 2026 Highlights
o Solid quarterly operating performance, in line with plan : Payable gold production ( 1) at the
Tocantinzinho Mine (“TZ”) was 31,846 ounces in the first quarter, representing approximately 18%
of the mid-point of the full year production guidance, at total cash costs(2) per ounce of $1,034 and
all-in sustaining costs (“AISC”)(2) per ounce of $1,588. The realized gold price of $4,143 per ounce,
up from $2,766 per ounce in the prior-year period, supported strong margins and cash flows. Costs
are expected to improve materially in the second half of the year due to higher expected
production.
o Strong quarterly financial results: Generated quarterly net income of $80.4 million or $0.35 per
share(3) and adjusted net income(2) of $62.0 million or $0.27 per share(3). The Corporation generated
cash provided by operating activities of $ 69.7 million or $0. 30 per share(3) and free cash flow (2) of
$56.2 million or $0.24 per share(3). Revenue for the quarter was reduced by a $10.7 million non-cash
adjustment related to the Gold Streaming Agreement resulting from an increase in mining reserves.
o Substantial liquidity to fund growth. At March 31, 2026, cash and cash equivalents totalled
$287.2 million. Including the u ndrawn revolving credit facility of $350 million, the Corporation’s
total available liquidity at the end of the first quarter 2026 was $637.2 million.
o Annual gold production and cost guidance reiterated: Full-year payable gold production
guidance remains unchanged at 160,000 to 190,000 ounces for 2026, with approximately 62% of
(1) Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by
the Corporation whether such products are shipped during the period or held as inventory at the end of the peri od.
(2) These measures are non-IFRS financial measures. Refer to section “Non-IFRS Financial Performance Measures” for further information and a detailed
reconciliation to comparable IFRS measures in the associated Management’s Discussion and Analysis (MD&A), file d on SEDAR+ at
www.sedarplus.com under the Corporation’s profile.
(3) Amounts per share disclosed is calculated using the Basic Weighted Average Number of Common Shares for the period.
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production expected in the second half of the year . Full year total cash costs per ounce and AISC
per ounce in 2026 remain unchanged at $736 to $865 and $1,230 to $1,444, respectively.
o Continued strong safety performance: GMIN recorded zero recordable incidents at TZ and
Gurupi during the quarter and one recordable incident at the Oko West gold project (“Oko West”
or the “ Project”), resulting in a consolidated Total Recordable Incident Frequency Rate of 0.15 ,
across the Corporation’s assets.
Update on Key Value Drivers and Growth Projects in the First Quarter of 2026
o Oko West - As of March 31, 2026, overall project progress at Oko West reached 19.7% based on
earned value, with construction advancing on schedule across key work areas, including the process
plant, power plant, Cuyuni landing, tailings storage and site infrastructure. Detailed engineering is
progressing on schedule and remains on track for completion in the third quarter of 2026.
Procurement is approximately 80% complete, with long -lead equipment substantially secured and
most remaining equipment and contract packages either awarded or progressing through final
tendering. Total committed capital expenditures reached $525.2 million, representing
approximately 54% of the approved initial capital budget of $973.0 million. Oko West capital
expenditure guidance for 2026 and 2027 remains unchanged at $514 to $568 million and $217 to
$240 million, respectively, with the Project remaining on budget.
o Gurupi’s Development Roadmap Taking Shape - GMIN plans to invest between $19 and $23
million this year in exploration to grow the resource base through both brownfield and greenfield
programs, with the goal of delivering an updated Mineral Resource Estimate (“ MRE”) and a
Preliminary Economic Assessment (“ PEA”) in the second half of 2026. Alongside the exploration
program, environmental and social baseline studies are advancing in support of an Environmental
and Social Impact Assessment (“ESIA”) submission targeted for Q4 2026.
o Proposed Acquisition of G2 Goldfields Inc. - On April 9, 2026, GMIN announced the acquisition
of all issued and outstanding shares of G2 Goldfields Inc. (“G2”). The transaction is expected to close
in the third quarter of 2026, subject to G2 ’s shareholder approval, regulatory approvals and other
customary closing conditions. Key strategic, financial and operational advantages of the transaction
include:
• Consolidates adjacent gold projects in Guyana’s Oko district to create a single, district-scale
Oko Project with meaningful development and operating synergies
• Combines anticipated life -of-mine (“ LOM”) average production of approximately
350,000 ounces per year from GMIN’s Oko West Project and 228,000 ounces per year from
G2’s Oko-Ghanie Project, with potential consolidated LOM average production exceeding
500,000 ounces per year
• Unlocks more than C$1 billion of initially identified synergies related to shared
infrastructure, mine sequencing, permitting, capital costs, operating costs and throughput
expansion
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• Accelerates and simplifies the Oko-Ghanie permitting path by integrating the project with
the fully permitted Oko West development plan
First Quarter 2026 Production and Costs
Q1 2026 Q1 2025
In thousands of $, except as otherwise noted
Operating Results
Gold Produced oz 31,846 35,578
Gold Sold oz 33,776 35,435
Total Cash Costs per oz sold (1) $/oz 1,034 689
AISC (1) $/oz 1,588 960
Average Realized Gold Price (1) $/oz 4,143 2,766
Gold Production
Gold production at TZ decreased from the prior-year period due to the planned sequencing of lower-grade
material as mining activities focused on waste stripping and pit advancement. This work supports access to
higher-grade Phase 2 mineralization and positions the operation for a meaningful increase in grade and
production in the second half of 2026 at substantially lower costs, in line with our guidance.
TZ maintained steady throughput during the quarter, processing 1,063 kt of ore at an average rate of
11,811 tonnes per day (“tpd”). The average processed grade was 1.03 g/t Au and average recovery was
90.3%. In the first quarter of 2026, 31,846 oz of gold were produced, and 33,776 oz of gold were sold.
Differences between gold ounces produced and gold ounces sold are primarily due to shipment and
refining timing differences.
During the quarter, TZ maintained stable environmental performance, with ongoing monitoring programs
for water quality, air quality, noise, vibration and cyanide management . No significant spills or material
environmental non-compliance events were reported.
Total Cash Costs (1) per Ounce Sold
Cash costs per ounce sold in the first quarter of 2026 was 50% higher than 2025 due primarily to lower
production volumes, higher royalties (+$56/oz), new production tax (+$29/oz), and a stronger Brazilian real
relative to the U.S. dollar (+$46/oz).
AISC (1) per Ounce
AISC per ounce increased in the first quarter of 2026 when compared to the prior -year period due to the
reasons described above for the increase in total cash costs, higher sustaining capital expenditures and
higher general and administrative expenses.
(1) These measures are non-IFRS financial measures. Refer to section “Non-IFRS Financial Performance Measures” for further information and a detailed
reconciliation to comparable IFRS measures in the associated Management’s Discussion and Analysis (MD&A), file d on SEDAR+ at
www.sedarplus.com under the Corporation’s profile.
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Reconciliation of Cash Costs(1) and AISC(1)
Q1 2026 Q1 2025
In thousands of $, except as otherwise noted
Operating Expenses $ 31,319 21,343
Royalties $ 4,814 3,077
Less: Realized Gain on Foreign Currency Contracts $ (1,222) -
Total Cash Costs (1) $ 34,911 24,420
Sustaining Capital and others* $ 13,740 5,159
Site Level AISC (1) $ 48,651 29,579
General and Administrative (“G&A”) Expenses ** $ 4,982 4,454
Total AISC (1) $ 53,633 34,033
Costs per oz:
Cash Costs (1) $/oz 1,034 689
Site Level AISC (1) $/oz 1,441 834
AISC (1) $/oz 1,588 960
*Comprised of Sustaining capital expenditures, capitalized stripping (sustaining), exploration (sustaining) and accretion of rehabilitation provision (ARO).
** This amount excludes corporate depreciation and amortization expenses totaling $120,000 for the three months ended March 31, 2026 ($35,000 for the
three months ended March 31, 2025). This amount also excludes non -sustaining allocation of G&A Expenses total ing $259,000 for the three months ended
March 31, 2026 ($1,031,000 for the three months ended March 31, 2025).
(1) These measures are non-IFRS financial measures. Refer to section “Non-IFRS Financial Performance Measures” for further information and a detailed
reconciliation to comparable IFRS measures in the associated Management’s Discussion and Analysis (MD&A), file d on SEDAR+ at
www.sedarplus.com under the Corporation’s profile.
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First Quarter 2026 Financial Results (1)
Q1 2026 Q1 2025
In thousands of $, except as otherwise noted
Financial Results
Revenue $ 139,938 98,018
Cash generated from operating
activities $ 69,706 30,524
Cash generated from operating
activities $/share (5) 0.30 0.14
Free Cash Flow (2) $ 56,169 25,468 (3)
Free Cash Flow (2) $/share (5) 0.24 0.11
Net Income $ 80,370 24,429
Net Income $/share (5) 0.35 0.11
Adjusted Net Income (2) $ 62,043 34,975 (4)
Adjusted Net Income (2) $/share (5) 0.27 0.16
EBITDA (2) $ 114,080 66,714
Adjusted EBITDA (2) $ 97,672 68,136 (4)
Capital Expenditures (sustaining) (2) $ 13,537 5,056
Capital Expenditures (growth) (2) $ 94,091 6,640
March 31, 2026 December 31, 2025
In thousands of $, except as otherwise noted
Financial Position
Cash and Cash Equivalents $ 287,248 134,548
Long-Term Debt $ 39,472 141,440
Net (Debt) Cash $ 247,776 (6,892)
Revenue
Revenue increased in the first quarter of 2026 when compared to the prior- year period primarily due to
higher realized gold prices. Gold ounces sold of 33,776 at a record average realized gold price of $4,143 per
ounce, contributing to revenue of $139.9 million. Revenue for the quarter was reduced by a $10.7 million
non-cash adjustment related to the Gold Streaming Agreement resulting from an increase in mining
reserves.
(1) Additional details are available in the Unaudited Corporation’s Condensed Consolidated Interim Financial Statement and MD&A, filed on SEDAR+
at www.sedarplus.com under the Corporation’s profile.
(2) These measures are non-IFRS financial measures. Refer to section “Non-IFRS Financial Performance Measures” for further information and a detailed
reconciliation to comparable IFRS measures in the associated MD&A, filed on SEDAR+ at www.sedarplus.com under the Corporation’s profile.
(3) Previously disclosed Free Cash Flow amount of $35,962,000 for the three -month period ending March 31, 2025, excluding $10,494,000 related to
Investments in Long Term Inventories. Refer to section “Non -IFRS Financial Performance Measures” for further information.
(4) Previously disclosed Adjusted Net Income and Adjusted EBITDA amounts of $35,392,000 and $68,553,000, respectively, adjusted to include Change
in Fair Value of Financial Instruments of $(417,000). Refer to section “Non -IFRS Financial Performance Measures” for further information.
(5) Amounts per share disclosed is calculated using the Basic Weighted Average Number of Common Shares for the period.
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Net Income and Adjusted Net Income (1)
Net income increased in the first quarter of 2026 when compared to the prior-year period primarily due to
record operating margins resulting from higher realized gold prices partially offset by lower gold sales. Net
income in the first quarter of 2026 of $80.4 million ($0.35 per share (2)) includes a $25.0 million gain resulting
from change in fair value of financial instruments which contributes to a lower adjusted net income (1) of
$62.0 million or $0.27 per share (2) for the first quarter of 2026.
EBITDA(1) and Adjusted EBITDA(1)
EBITDA and Adjusted EBITDA increased in the first quarter of 2026 when compared to the prior-year period
primarily due to higher revenues from mining operations (higher realized prices partially offset by lower
gold sales), partially offset by higher production costs (higher royalty costs).
Q1 2026 Q1 2025
In thousands of $, except as otherwise noted
Net Income 80,370 24,429
Finance Expense 2,987 5,750
Depreciation and Depletion 13,449 13,748
Current and Deferred Tax Expense 17,274 22,787
EBITDA(1) 114,080 66,714
Adjustments:
Unrealized Foreign Exchange Loss 8,018 1,839
Change in Fair Value of Financial Instruments (25,017) (417) (1)
Present Value Adjustment of VAT Receivable 591 -
Adjusted EBITDA(1) 97,672 68,136
Cash Provided by Operating Activities
Cash provided by operating activities and cash provided by operating activities before changes in non-cash
components of working capital both increased in the first quarter of 2026 when compared to the prior-year
period primarily due to higher operating margins, partially offset by lower gold sales and higher income
taxes. Cash provided by operating activities was reduced by approximately $33.4 million in cash taxes paid
in the quarter mainly related to the 2025 taxation year.
Free Cash Flow (1)
Free cash flow (1) and free cash flow before changes in non- cash components of working capital both
increased in the first quarter of 2026 when compared to the prior -year period primarily due to the reasons
described above related to the cash provided by operating activitie s. Reflecting strong ongoing margins,
the Corporation generated free cash flow of $ 56.2 million or $ 0.24 per share(2), highlighting the asset’s
strong margin profile and ability to fund growth internally.
(1) These measures are non-IFRS financial measures. Refer to section “Non-IFRS Financial Performance Measures” for further information and a detailed
reconciliation to comparable IFRS measures in the associated MD&A, filed on SEDAR+ at www.sedarplus.com under the Corporation’s profile.
(2) Amounts per share disclosed is calculated using the Basic Weighted Average Number of Common Shares for the period.
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Capital Expenditures
Capital expenditures totaled $107.6 million in the first quarter of 2026, including $13.5 million of sustaining
capital, $5.8 million of capitalized exploration expenditures across TZ, Oko West and Gurupi, and
$88.5 million related to development activities at Oko West. Exploration activity during the quarter
supported the Corporation’s 2026 growth objectives.
2026 Guidance Reiterated
In the first three months of 2026, GMIN achieved approximately 18% of the midpoint of full- year gold
production guidance, while total cash costs and AISC remained within the annual guidance ranges. Full -
year payable gold production guidance remains unchang ed at 160,000 to 190,000 ounces, with
approximately 62% of production expected in the second half of the year. Full -year total cash costs and
AISC guidance also remain unchanged at $736 to $865 per ounce and $1,230 to $1,444 per ounce,
respectively. Higher production, lower costs and lower cash taxes are expected to drive stronger free cash
flow through the remainder of the year.
Gold production at TZ for 2 027 is estimated to be between 200,000 to 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 (2) and AISC (2) are expected to improve
materially in 2027, with cash costs and AISC projected to decline by approximately 14% and 21%,
respectively, compared to 2026 at the midpoint of guidance.
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Operational & Cost Guidance Q1 2026
Actuals
2026 (1)
Guidance
2027(1)
Guidance
In thousands of $, except as otherwise noted
Gold Production k oz 32 160 - 190 200 - 235 (4)
Total Cash Costs (2)4) $/oz Au 1,034 736 - 865 633 - 743
Site-Level AISC (2) $/oz Au 1,441 1,133 - 1,330 898 - 1,054
AISC (2) $/oz Au 1,588 1,230 - 1,444 977 - 1,146
Sustaining Capital Expenditures
Sustaining $ 2 38 - 45 19 – 23
Capitalized Stripping $ 11 31 - 36 43 – 51
Exploration (Sustaining) $ 1 - -
Total Sustaining Capital Expenditures $ 14 69 - 81 62 – 74
Non-Sustaining Capital Expenditures (3)
TZ Exploration $ 1 8 - 10 8 - 10
Oko West Exploration $ 2 15 - 17 14 - 18
Gurupi Exploration $ 3 19 - 23 18 - 22
Total Exploration $ 6 42 - 50 40 - 50
Oko West Project Development $ 88 514 - 568 217 - 240
Total Non-Sustaining Capital Expenditures $ 94 556 - 618 257 - 290
Oko West Gold Project Update
Construction at Oko West is advancing across key work areas, including the process plant, power plant,
Cuyuni landing, tailings storage facility and site infrastructure. Recent developments include:
o Process plant construction continues to advance:
• Detailed excavation of the carbon-in-pulp (“CIP”) area has been completed
• Mass excavation for the primary crusher has been completed
• Ball mill foundations were recently poured and the preparation of rebar and formwork for
the Semi-Autogenous Grinding (“SAG”) mill piers is underway
• Major components scheduled for delivery in mid -2026, grinding mills expected to be
operational by August 2027
o Engineering, design, and procurement is progressing on schedule as detailed engineering for the
infrastructure remains on track to be completed by Q 3 2026. All major procurement items have
been awarded, at or below budget prices
o Tailings storage facility development activities are progressing, including clearing activities
reaching 36% completion
(1) 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.
(2) These measures are non-IFRS financial measures. Refer to section NON-IFRS FINANCIAL PERFORMANCE MEASURES for further information and a detailed
reconciliation to comparable IFRS measures.
(3) Comprises of costs that are not required to maintain the current level of production (where applicable) but are intended to materially improve, expand, or
extend the life of the asset. It also includes exploration costs.
(4) 2027 production guidance excludes production from Oko West.