$80 Million in Free Cash Flow Supports G Mining Ventures’ Third-Quarter Results
Key Facts
G Mining Ventures reported results on November 12 for the third quarter ended September 30, 2026, recording free cash flow of $80.0 million and revenue of $172.730 million, according to a company statement. Cash flow from operating activities before changes in working capital was $114.8 million during the period. These figures put cash flow and operating performance at the forefront of the results, while the company kept its annual production and cost guidance unchanged. Adjusted net income was $88.8 million, or $0.32 per basic share. The available information did not establish that the stock rose 10% in the November 13 session, nor could it verify that earnings per share exceeded analysts’ estimates.
Third-quarter revenue rose to $172.730 million, compared with $161.718 million in the third quarter of 2025, according to the results table published by the company. For the first nine months of the year, revenue was $469.793 million, versus $389.330 million in the same period of 2025. The year-over-year comparison shows higher revenue in both reported periods, while quarterly adjusted net income was $88.8 million. The company calculated this as $0.32 per basic share. An earnings-per-share estimate of $0.297 for the quarter ended in September 2026 appeared in an Investing.com table as an estimate, with no actual result shown in that table.
At the operational level, the Tocantinzinho mine produced about 44,960 ounces of gold in the third quarter. The company said production declined 3% from the same period a year earlier, but increased 22% compared with the second quarter of 2026. The quarterly improvement coincided with lower unit costs: cash cost was $960 per ounce sold, down 8% from the previous quarter. All-in sustaining cost also fell to $1,591 per ounce, 6% below its level in the second quarter. The combination of higher quarterly production and declines in both metrics presents a stronger operational picture than the year-over-year production comparison alone.
The CEO linked free cash flow to operating performance, saying that "strong operating performance contributed to strong free cash flow, which funded construction activities at the Oko project." Operating cash flow before changes in working capital was $114.8 million, while free cash flow reached $80.0 million. As of September 30, the company had cash and cash equivalents of $137.0 million, against long-term debt of $31.2 million. This resulted in a net cash position of $105.8 million on that date. These figures show the cash resources available alongside continued spending on the expansion project.
On guidance, the company said gold production is expected to increase in the fourth quarter, with a full quarter’s contribution from higher-grade Phase 2 ore. On that basis, it said full-year production is tracking toward the midpoint of its announced 2026 range of 160,000 to 190,000 ounces of gold. The company kept its annual cash-cost range at $836 to $965 per ounce sold. It also maintained its all-in sustaining cost guidance at $1,330 to $1,544 per ounce. The company thus links its year-end production outlook to the expected ore mix while maintaining its announced annual cost ranges.
The Oko project continues to use capital while the producing mine contributes to funding construction work. As of September 30, 2026, cumulative project spending was $556 million, or 57% of the approved initial capital budget of about $973 million. The company is targeting first gold pour from the project in the second half of 2027. The target pour date sets out the next timeframe in the project plan, while the spending percentage shows how much of the approved budget had been used by quarter-end. The plan is part of the company’s results for the quarter ended September 30, alongside its 2026 production trajectory and cost guidance, which it left unchanged.