G Mining Ventures (GMIN) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered strong operational and financial results, with gold production up 16% sequentially and robust free cash flow generation supporting growth initiatives.

• Construction at Oko West advanced on schedule and budget, reaching 28% completion and 44% of initial capital spent, with first gold pour targeted for H2 2027.

• Acquisition of G2 Goldfields consolidated Oko West and Oko-Ghanie into a large-scale gold mining complex, enhancing the growth profile.

• Maintained a strong balance sheet, with cash and equivalents at $225–226 million and total liquidity of $576 million at June 30, 2026.

• Safety performance remained robust, with zero lost time injuries across all projects.

Financial highlights

• Q2 2026 revenue rose to $167 million, up 21% year-over-year, driven by higher gold sales and record realized gold price of $4,197/oz.

• Net income grew 48% year-over-year to $72 million ($0.30/share); adjusted net income was $79.1 million ($0.33/share).

• EBITDA reached $106.9 million; adjusted EBITDA was $113.7 million, both up from last year.

• Free cash flow increased over 50% quarter-over-quarter to $85 million ($0.36/share), or $2,301 per ounce produced.

• Cash and equivalents at quarter-end were $225–226 million, with net cash at $192.7–193 million.

Outlook and guidance

• 2026 gold production guidance maintained at 160,000–190,000 ounces, with 61% expected in H2 2026 as higher-grade ore is accessed.

• 2026 cash cost and AISC guidance revised to $836–$965/oz and $1,330–$1,544/oz, reflecting FX and cost inflation.

• 2027 guidance unchanged: 200,000–235,000 ounces, with lower expected costs as higher-grade ore contributes.

• Oko West capital guidance unchanged; first gold targeted for H2 2027, commercial production in early 2028.

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