G Mining Ventures (GMIN) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong operational and financial performance, with gold production of 31,846 oz and 33,776 oz sold, in line with plan, and record operating margins supported by elevated gold prices.

• Oko West project construction remains on schedule and budget, with major milestones achieved, significant capital committed, and workforce 82% Guyanese.

• Guidance for 2026 and 2027 remains unchanged, with higher production and lower costs expected in H2 2026 as higher-grade ore is accessed.

• Announced acquisition of G2 Goldfields to consolidate Oko West and Oko-Ghanie, targeting over 500,000 oz annual gold production and unlocking over C$1 billion in synergies.

• Ongoing focus on safety, operational excellence, and responsible mining across all sites, with zero recordable safety incidents at TZ and Gurupi.

Financial highlights

• Revenue reached $140 million, based on 33,776 oz sold at an average realized gold price of $4,143/oz, with a $10.7 million non-cash streaming adjustment.

• Net income was $80.4 million ($0.35/share); adjusted net income was $62 million ($0.27/share), including a $25 million gain from financial instruments.

• EBITDA was $114.1 million; adjusted EBITDA was $97.7 million.

• Free cash flow totaled $56.2 million ($1,764/oz produced); cash provided by operating activities was $69.7 million.

• Ended Q1 with $287 million in cash and $638 million in available liquidity, including undrawn credit.

Outlook and guidance

• 2026 gold production guidance reiterated at 160,000–190,000 oz, with 62% of output expected in H2 as higher-grade ore is accessed.

• 2026 total cash cost guidance: $736–$865/oz; AISC guidance: $1,230–$1,444/oz.

• 2027 guidance: 200,000–235,000 oz gold, with cash costs and AISC projected to decline by 14% and 21%, respectively.

• Largest exploration program in company history planned for 2026, with $42–$50 million budgeted.

• Oko West remains on schedule for first gold in H2 2027 and commercial production in January 2028.