Tocantinzinho Production Rises 22% to 44,960 Ounces of Gold in Third Quarter
Key Facts
G Mining Ventures said in preliminary production data published on October 8 that the Tocantinzinho mine produced 44,960 ounces of gold in the third quarter of 2026, up 22% from the second quarter. The figure offers a picture of the mine's operating performance during the period, but it does not establish the free cash flow result linked to the company's financial performance in the draft report. Figures from the financial statement attributed to November 12 are also unavailable among the verified facts. The available data here therefore focus on production, sales and preliminary operating indicators. Details of the quarter's final financial performance remain outside what could be verified.
Preliminary gold sales in the third quarter were 43,110 ounces, compared with 49,119 ounces in the third quarter of 2025. On a production basis, the quarter's figure was higher than the second quarter, while sales were lower than in the same period a year earlier. The two figures measure different aspects of activity: production records what the mine extracted, while sales record the amount sold during the period. The available data do not provide a numerical explanation for the difference in sales between the periods or link it to revenue. Sales figures alone also do not establish the direction of free cash flow.
The plant recorded average daily throughput of 12,372 tonnes in the third quarter, with an average gold grade of 1.33 grams per tonne and a recovery rate of 92.0%. These indicators show the volume of ore processed, its grade and the amount of gold recovered, alongside the mine's final production figure. Chief Executive Louis-Pierre Gignac said, "Higher grades and improved gold recovery drove production to 44,960 ounces during the quarter." The statement attributes the production improvement to two operating factors: ore grade and recovery. It does not provide a cost-per-ounce figure or establish that improved recovery lowered costs.
Ore mined totaled 1.966 million tonnes in the third quarter, compared with 1.787 million tonnes in the same period of 2025. The strip ratio rose to 2.47 from 1.83 a year earlier, according to company data. The figures show an increase in the amount of ore mined alongside a rise in the amount of waste removed for each unit of ore. In discussing operations, Gignac said mining in the first half focused on accelerating waste removal and advancing the pit to access higher-grade Phase 2 mineralization. This links earlier waste removal work to the subsequent availability of higher-grade ore, according to the company's explanation.
From the start of 2026 through the end of the third quarter, the company produced 113,651 ounces and sold 114,325 ounces. Cumulative production is below the 2026 target range of 160,000 to 190,000 ounces, which the company announced in its preliminary data. The company said it expects to reach the midpoint of its annual production target; that statement does not confirm cost targets. Cumulative production alone is also insufficient to judge whether the company achieved a free cash flow result or to assess its final financial performance. In its annual guidance statement, the company forecast production of 200,000 to 235,000 ounces in 2027, an increase of about 27% from the midpoint of the 2026 target, with a full year of contribution from higher-grade Phase 2 ore.
The company scheduled a call to discuss its third-quarter financial and operating results for November 13, 2026, at 9:00 a.m. Eastern time. Gignac also said the company expects a significant increase in ore grade and production in the fourth quarter, in light of what he described as higher grades and improved gold recovery in the third quarter. Looking further ahead, the chief executive said the company is targeting annual production of more than 500,000 ounces by 2028. The Oko West project is targeting first gold in the second half of 2027, and Gignac said it remains on schedule and on budget. The upcoming call and final financial statements remain central to assessing financial performance and costs alongside the preliminary production indicators.