G Mining Ventures Reports Second Quarter 2026 Results – Strong Quarterly Free Cash Flow Reflects Solid Operational Performance
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G Mining Ventures Reports Second Quarter 2026 Results – Strong Quarterly
Free Cash Flow Reflects Solid Operational Performance
BROSSARD, QC, August 12, 2026 – G Mining Ventures Corp. (“GMIN” or the “Corporation”) (TSX: GMIN,
OTCQX: GMINF) today reported its financial and operating results for the second quarter ended June 30,
2026. Unless otherwise indicated, all dollar amounts are in U.S. dollars.
Louis-Pierre Gignac, President and Chief Executive Officer, commented : "We delivered another
strong quarter, with better-than-planned production and disciplined cost control driving robust margins
and solid quarterly free cash flow (1)”. We remain on track to achieve full -year production guidance of
160,000 to 190,000 ounces of gold, with production expected to increase significantly in the second half
of the year as we gain access to higher-grade phase 2 mineralization.
Our project pipeline continues to advance rapidly. At Oko, construction continues to advance on
schedule and on budget, keeping us firmly on the path toward first gold pour in the second half of 2027,
and Gurupi's development roadmap continues to take shape. The acquisition of G2 Goldfields Inc. (“G2”)
consolidates the Oko district into a globally significant tier-one gold mining complex in a world class
geological district.
Second Quarter 2026 Highlights
• Continued strong safety performance: GMIN recorded zero Lost Time Injuries across TZ, Oko and
Gurupi during the quarter, maintaining a Total Recordable Injury Frequency Rate (“ TRIFR”) of 0.00 for
the quarter and 0.07 for the six months ended June 30, 2026.
• Solid operati onal quarter driven by strong execution and cost control : Tocantinzinho ( “TZ”)
delivered gold production of 36,845 ounces in the second quarter, a 16% increase over the first quarter
of 2026 as mining sequencing continued to advance toward higher-grade Phase 2 mineralization. Total
cash costs(1) of $1,046 per ounce sold were 1% higher than the first quarter, and All-In Sustaining Costs
(“AISC”)(1) of $1,690 per ounce sold were 6% higher than the first quarter, largely driven by the stronger
Brazilian real relative to the U.S. dollar. Second quarter gold sales totaled 37,439 ounce, an 11% increase
over the first quarter of 2026 at an average realized price of $4,197 per ounce , generating quarterly
revenues of $157.1 million.
• Strong quarterly free cash flow(1) generation: Solid operational performance together with continued
strength in the gold price has translated into strong financial performance . The Corporation reported
quarterly net income of $72.0 million or $0.30 per basic share and adjusted net income(1) of $79.1 million
or $0.33 per basic share. Cash provided by operating activities totaled $103.8 million, or $0.44 per basic
share, while free cash flow(1) reached $84.8 million, equivalent to $2,301 per ounce produced, or $0.36
per basic share.
• Continued investment: Capital expenditures tota led $ 158.5 million in the second quarter of 2026,
comprising $10.6 million of sustaining capital, $8.3 million of capitalized stripping, $ 8.3 million of
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capitalized exploration expenditures and $131.3 million related to development activities at the Oko
West Project (“Oko”).
• Strong Balance Sheet maintained through heavy growth capital expenditures : At June 30, 2026,
cash and cash equivalents totaled $225.7 million and long -term debt was $33.0 million, resulting in a
net cash position of $192.7 million.
Second Quarter and Six-Month 2026 Production and Costs5
Production and Costs Results Summary
Q2 2026 Q2 2025 H1 2026 H2 2025
In thousands of $, except as otherwise noted
Operating Results
Gold Produced oz 36,845 42,587 68,691 78,165
Gold Sold oz 37,439 40,082 71,215 75,517
Total Cash Costs per oz sold(1) $/oz 1,046 763 1,040 728
AISC (1) $/oz 1,690 1,355 1,642 1,170
Average Realized Gold Price (1) $/oz 4,197 3,233 4,171 3,014
Gold Production and Gold Sales
During Q2 2026, the Corporation sold 37,439 ounces of gold, consisting of 32,673 ounces sold into the spot
market and 4,766 ounces delivered into the gold stream. Gold production in the second quarter was higher
than planned, driven by a higher -grade sequence and stable mill performance. Gold recoveries in the mill
improved to 91.9% in the quarter, up from 90.3% in Q1 2026. Plant feed grades averaged 1.23 grams per
tonne (g/t) gold during the quarter, up from 1.03 g/t in Q1 2026
For the first six months of 2026, total gold sales were 71,215 ounces, comprised of 61,214 ounces sold into
the spot market and 10,001 ounces delivered into the gold stream. Gold production in 2026 was in line with
the planned processing of lower -grade ore in the first half of the year as mining focused on accelerated
waste stripping and pit advancement to access higher-grade Phase 2 mineralization.
TZ achieved record quarterly mining of 6.3 million tonnes (Mt) in Q2 2026, a 15% increase over Q1 2026.
The planned commissioning of additional haul trucks and a front -end loader in Q3 2026 is expected to
further support increased mining rates. Mining activities remain closely aligned with the mine plan, enabling
access to higher-grade Phase 2 mineralization and positioning the operation for a significant increase in
grade and production during the second half of 2026 allowing for substantially lower costs, consistent with
guidance. Stockpile rehandling and blending continued to support stable and consistent plant feed
throughout the quarter.
Cost Performance
Cash costs (1) per ounce sold in the second quarter of 2026 was 37% higher when compared to the prior -
year period due primarily to lower production volumes, higher royalties, and a stronger Brazilian real relative
to the U.S. dollar.
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AISC (1) per ounce in the second quarter of 2026 was 25% higher when compared to the prior -year period
due to the reasons described above for the increase in total cash costs and higher general and
administrative expenses.
The Corporation reported an AISC (1) margin of $2,330 per ounce of gold sold in the period, compared to
$1,637 per ounce of gold sold in Q2 2025. Margins remained strong in the quarter, supported by the robust
gold price environment and the Corporation’s low -cost operating profile. The low A ISC (1) reflects, among
other factors, the benefit of TZ’s low strip ratio, the comparatively low diesel consumption associated with
TZ’s hauling activities, as well as the fact that the processing facility is entirely energized by Brazil’s low-cost
renewable hydro-electric power. As a result, the Corporation has relatively low exposure to diesel price
volatility, with a $10 per barrel change to the oil price estimated to have a $8 to $10 per ounce impact on
AISC, depending on the movement of materials.
Reconciliation of Cash Costs (1) and AISC (1)(2)
Q2 2026 Q2 2025
In thousands of $, except as otherwise noted
Operating Expenses $ 35,470 26,572
Royalties $ 5,041 4,019
Less: Realized Gain on Foreign Currency Contracts $ (1,362) -
Total Cash Costs (1) $ 39,149 30,591
Sustaining Capital and others* $ 19,272 19,358
Site Level AISC (1) $ 58,421 49,949
General and Administrative (“G&A”) Expenses ** $ 4,825 4,376
Total AISC (1) $ 63,246 54,325
Costs per oz:
Cash Costs (1) $/oz 1,046 763
Site Level AISC (1) $/oz 1,561 1,246
AISC (1) $/oz 1,690 1,355
*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 $1 18,000 for the three months ended June 30, 2026 ($3 8,000 for the
three months ended June 30, 2025). This amount also excludes non -sustaining allocation of G&A Expenses totaling $ 303,000 for the three months ended
June 30, 2026 (($629,000) for the three months ended June 30, 2025).
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Second Quarter and Six-Month 2026 Financial Results(2)
Q2 2026 Q2 2025 H1 2026 H1 2025
In thousands of $, except as otherwise noted
Financial Results
Revenue $ 157,125 129,594 297,063 227,612
Cash generated from operating
activities $ 103,835 79,767 173,541 110,291
Cash generated from operating
activities $/share (3) 0.44 0.35 0.74 0.49
Free Cash Flow (1) $ 84,773 60,534(4) 140,944 86,002(4)
Free Cash Flow (1) $/share (3) 0.36 0.27 0.60 0.38
Net Income $ 71,957 48,626 152,327 73,055
Net Income $/share (3) 0.30 0.21 0.65 0.32
Adjusted Net Income (1) $ 79,150 36,502 141,193 71,477
Adjusted Net Income (1) $/share (3) 0.33 0.16 0.60 0.32
EBITDA (1) $ 106,935 104,258 221,015 170,972
Adjusted EBITDA (1) $ 113,727 92,851 211,399 160,987
Capital Expenditures (sustaining) (1) $ 19,062 19,233 32,597 24,289
Capital Expenditures (growth) (1)(5) $ 139,592 28,923 233,683 38,406
June 30, 2026 December 31, 2025
In thousands of $, except as otherwise noted
Financial Position
Cash and Cash Equivalents $ 225,734 134,548
Long-Term Debt $ 33,019 141,440
Net (Debt) Cash $ 192,715 (6,892)
Revenue
Revenue of $157.1 million in the second quarter was generated on 37,439 ounces of gold sold at a record
average realized gold price of $4,197 per ounce, up from $4,143 per ounce in the first quarter of 2026. For
the six months ended June 30, 2026, revenue was $297.1 million on 71,215 ounces sold at an average
realized gold price of $4,171 per ounce.
Net Income and Adjusted Net Income (1)
Net income of $72.0 million ($0.30 per share) and adjusted net income (1) of $79.1 million ($0.33 per share)
were reported for the second quarter of 2026, compared to net income of $48.6 million ($0.21 per share)
and adjusted net income (1) of $36.5 million ($0.16 per share) in the second quarter of 2025. Adjusted net
income (1) for the quarter excludes a $1.4 million unrealized foreign exchange loss; a $4.9 million loss on the
change in fair value of financial instruments; a $0.4 million deferred income tax expense and a $0.5 million
present value adjustment on Value-Added Tax (“VAT”) receivables.
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For the six months ended June 30, 2026, reported net income was $ 152.3 million or net income of $0.65
and $0.64 per share on a basic and diluted basis, respectively. Adjusted net income (1) was $141.2 million or
$0.60 per share on a basic and diluted basis.
EBITDA (1) and Adjusted EBITDA (1)
The Corporation generated EBITDA (1) of $106.9 million and adjusted EBITDA (1) of $113.7 million for the
three months ended June 30, 2026. For the six months ended June 30, 2026, EBITDA (1) was $221.0 million
and adjusted EBITDA (1) was 211.4 million.
Q2 2026 Q2 2025
In thousands of $, except as otherwise noted
Net Income 71,957 48,626
Finance Expense 2,397 5,685
Depreciation and Depletion 14,024 13,764
Current and Deferred Tax Expense 18,557 36,183
EBITDA(1) 106,935 104,258
Adjustments:
Unrealized Foreign Exchange Loss 1,367 (3,524)
Change in Fair Value of Financial Instruments 4,918 (7,883)
Present Value Adjustment of VAT Receivable 507 -
Adjusted EBITDA(1) 113,727 92,851
Cash Provided by Operating Activities
Cash provided by operating activities totaled $ 103.8 million in the second quarter of 2026, compared to
$79.8 million in the second quarter of 2025. The cash inflows were higher in 2026 mainly due to the higher
gold price compared to the same period last year partially offset by lower ounces of gold sold and higher
operating costs due to lower grade processed.
For the first six months of 2026, cash provided by operating activities totaled $17 3.5 million, compared to
$110.3 million for the six months ended June 30, 2025. The cash inflows were higher in 2026 mainly due to
the higher gold price compared to the same period last year partiall y by lower ounces of gold sold; higher
operating costs due to lower grade processed and current income taxes paid for the year 2025 .
Free Cash Flow(1)
Free cash flow (1) in the second quarter of 2026 increased over both the first quarter of 2026 and the prior -
year period, primarily for the reasons described above related to cash provided by operating activities. The
Corporation generated quarterly free cash flow (1) of $84.8 million, or $0.36 per share, highlighting the asset's
strong margin profile and ability to fund growth internally. For the first six months of 2026, free cash flow(1)
was $140.9 million, or $0.60 per share.
Capital Expenditures
Capital expenditures totalled $1 58.5 million in the second quarter of 2026, comprising of $10.6 million of
sustaining capital, $8.3 million of capitalized waste stripping, $ 8.3 million of capitalized exploration
expenditures and $131.3 million related to development activities at Oko.
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For the first six months of 2026, capital expenditures totalled $266.2 million, comprising of $12.9 million of
sustaining capital, $18.9 million of capitalized waste stripping, $0.8 million of sustaining exploration, $13.8
million of capitalized exploration expenditures and $219.8 million related to development activities at Oko.
2026 & 2027 Outlook
Gold production of 68, 691 ounces of gold for th e first six months of 2026 was in line with the planned
processing of lower-grade ore in the first half of the year as mining activities focused on accelerated waste
stripping and pit advancement to access high -grade Phase 2 mineralization. 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. Higher
production and lower unit costs are expected to drive stronger free cash flow (1) through the remainder of
the year.
Cash Costs(1) and AISC (1) guidance for the full year 2026 have been revised to $836–$965 and $1,330–$1,544
per ounce sold, respectively, up from previous guidance of $736 –$865 and $1,230–$1,444 per ounce sold,
respectively.
The increase in Cash Costs (1) and AISC (1) guidance reflects several factors, including: the continued strength
of the Brazilian real (BRL:USD assumption of 5.15, versus 5.55 previously); labor cost inflation in Brazil;
continued investment in maintenance; and higher assumed gold prices, which increase royalty costs
($4,300/oz, versus $4,000/oz previously).
Total capital expenditures guidance for 2026 (excluding capitalized exploration) remains unchanged at $583
to $649 million, comprising of $38 to $45 million sustaining capital expenditures, $31 to $36 million of
capitalized waste stripping and $514 to $568 million related to development activities at Oko. Capital
exploration guidance for 2026 remains unchanged at $42 to $50 million.
Full year guidance for 2027 for production, costs and capital expenditures remains unchanged.
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Operational and Cost Guidance H1 2026
Actuals
2026(6)
Guidance
2027(6)
Guidance
In thousands of $, except as otherwise noted
Gold Production k oz 69 160 - 190 200 – 235(7)
Total Cash Costs(1)6) $/oz Au 1,040 836 - 965
was 736 - 865 633 - 743
Site-Level AISC(1) $/oz Au 1,504 1,233 – 1,430
was 1,133 – 1,330 898 - 1,054
AISC(1) $/oz Au 1,642 1,330 – 1,544
was 1,230 – 1,444 977 - 1,146
Sustaining Capital Expenditures
Sustaining $ 13 38 - 45 19 – 23
Capitalized Stripping $ 19 31 - 36 43 – 51
Exploration (Sustaining) $ 1 - -
Total Sustaining Capital Expenditures $ 33 69 - 81 62 – 74
Non-Sustaining Capital Expenditures(8)
TZ Exploration $ 3 8 - 10 8 - 10
Oko West Exploration $ 5 15 - 17 14 - 18
Gurupi Exploration $ 6 19 - 23 18 - 22
Total Exploration $ 14 42 - 50 40 - 50
Oko West Project Development $ 219 514 - 568 217 - 240
Total Non-Sustaining Capital Expenditures $ 233 556 - 618 257 - 290
Advancing the Next Phase of Transformational Growth
Oko – More than 2.3 million person -hours have been worked at Oko, with over 1,700 employees and
contractors currently on site, 77% of whom are Guyanese nationals. As of June 30, 2026, overall project
progress at Oko had reached 28.0% based on earned value, with construction advancing on schedule across
key work areas, including the process plant, power plant, tailings storage facility and site infrastructure.
As of June 30, 2026, $423 million had been spent on the Project, representing 44% of the approved initial
capital budget of approximately $973 million, with approximately $550 million remaining to be spent
through completion. Total commitments reached appr oximately $628 million, or 65% of the approved
budget. 2026 represents the peak construction year, with expected project spending of $514 to $568 million,
of which $219 million was spent during the first half of the year.
Detailed engineering is approximately 90% complete and is expected to conclude in the third quarter of
2026, while procurement had reached approximately 99% completion as of the end of June 2026. Key
achievements in the process plant a rea 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 available, with the welcome centre, kitchen and dining hall operational.
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Construction remains on schedule, with first gold pour targeted for the second half of 2027 and commercial
production expected in early 2028.
G2 Transaction Completed – The completion of the G2 acquisition creates a tier-one gold asset with
potential to deliver substantially increased average annual gold production over the life of mine (LOM) once
the expansion is completed, further elevating GMIN's industry-leading near-term growth profile (see GMIN
news release dated July 29, 2026). The Corporation will launch an integration program aimed at advancing
the Oko-Ghanie deposits through infill drilling to support an integrated mineral resource estimate (“MRE”)
and an updated feasibility (“FS”) for an expanded Oko Gold Project. Complementary technical programs,
including metallurgical, geotechnical, and other engineering studies, will also commence in the second half
of the year to support the integrated project development.
Oko Construction Progress - Below are photos highlighting recent construction progress at Oko:
The power plant continues to advance with over 1,350 m3 of concrete poured to date and the structural steel framing for the engine
hall complete. Day tank and stack foundations are also complete while cable tray and electrical are currently being installed. Fuel
treatment building (right) has completed framing.