G Mining Ventures’ production jumps 22% to 44,960 ounces in the third quarter
Key Facts
G Mining Ventures said the Tocantinzinho mine produced 44,960 ounces of gold in the third quarter of 2026, up 22% from the second quarter, as improved operations supported cash flow and kept the company on track to meet its annual guidance. In its results statement, published via GlobeNewswire, the company said production rose as grades, throughput and recovery rates improved. Cash generated from operating activities before net changes in working capital was $114.8 million during the quarter. Free cash flow reached $80.0 million. The results show that production growth was accompanied by ample cash generation in the same period, while the annual performance targets remained in place.
The company attributed the increase in quarterly production to mine sequencing that enabled access to higher-grade ore, along with higher throughput and recovery. The average mining rate was 74,209 tonnes per day in the third quarter, up 7% from the second quarter, which the company described as a record level. In its second-quarter results, it had said that waste stripping and pit development were preparing access to higher-grade Phase 2 mineralization, supporting higher grades and production in the second half of 2026. This context helps explain the acceleration between the quarters, as the increase in production coincided with a higher mining rate. The preliminary operating results published earlier by the company were subject to final reconciliation.
G Mining Ventures kept its 2026 gold production guidance at 160,000 to 190,000 ounces and said production was tracking toward the midpoint of that range. The company expects production to rise in the fourth quarter, making it the strongest quarter of the year, with a full quarter of higher-grade Phase 2 ore contributing. It expects cash costs and all-in sustaining costs to decline in the fourth quarter. The company did not change its annual cash cost range, set at $836 to $965 per ounce, or its all-in sustaining cost range of $1,330 to $1,544 per ounce. These expectations link the anticipated production increase to continued access to higher-grade ore, while cost metrics remain within the ranges announced for the year.
Cash and equivalents totaled $137.0 million on September 30, 2026, compared with long-term debt of $31.2 million, resulting in net cash of $105.8 million. These figures come as the company spends on its Oko Gold project in Guyana, which it said remained on budget and on schedule, targeting first gold pour in the second half of 2027. Project spending reached $556 million through the end of the third quarter, or 57% of the approved initial capital budget of about $973 million. The net cash balance provides a snapshot of the company’s financial position at the end of September, while spending shows how much capital has already been directed to the project. The company is targeting first gold pour in the second half of 2027.
On spending, the company expects capitalized exploration expenditures in 2026 to exceed its previous guidance by about $11 million. It said the increase is related to a supplementary drilling program aimed at incorporating the Oko-Ghanie deposits into the expanded Oko Gold project. This adjustment applies to capitalized exploration expenditures, while the company kept its annual gold production guidance and its cash cost and all-in sustaining cost ranges unchanged. Management is scheduled to discuss the third-quarter results on Friday, November 13, 2026, at 9:00 a.m. Eastern time. The call is expected to cover the period’s operating and financial results and the company’s outlook for the rest of the year.