Northwire Canada EditionFriday, November 13, 2026
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Earnings Routine −

G Mining Ventures Reports Third Quarter 2026 Results - Strong Free Cash Flow Driven by Solid Operational Performance; On Track to Achieve 2026 Production and Cost Guidance

G reported strong Q3 cash flow, but higher AISC than guidance means Q4 results will carry the full-year financial performance.

By The Northwire Desk — AI Analysis Nov 12, 2026 · 20:36 GMIN · 42.05 G Mining Ventures Corp.
Executive Summary

G Mining Ventures Corp. (GMIN) released its third-quarter 2026 financial results on October 8, 2026, following the pre-release of operating headline numbers. The company reported that the Tanzania project produced 44,960 ounces of gold in the quarter, a 22% increase quarter-over-quarter but a 3% decline year-over-year. Sales totaled 43,110 ounces at a realized price of $4,007 per ounce, generating $172.7 million in revenue.

Total cash costs were $960 per ounce sold, down 8% from the previous quarter but up 33% year-over-year. All-in sustaining costs (AISC) stood at $1,591 per ounce sold, down 6% quarter-over-quarter yet up 52% year-over-year. For the year-to-date period, cash costs averaged $1,010 per ounce and AISC averaged $1,622 per ounce.

The company reported net income of $99.5 million, or $0.36 per share, with adjusted net income at $88.8 million, or $0.32 per share. Company-defined free cash flow was $80.0 million. Operating cash flow before working-capital changes was $114.8 million, while reported operating cash flow was $46.0 million after a $57.1 million working-capital outflow associated with the G2 acquisition.

G Mining Ventures reaffirmed its 2026 guidance, targeting production between 160,000 and 190,000 ounces, tracking toward the midpoint. Cash costs are expected to range from $836 to $965 per ounce, with AISC between $1,330 and $1,544 per ounce. Total capital expenditure is projected at $583–$649 million, excluding capitalized exploration. Capitalized exploration is now estimated to be approximately $11 million above the prior range of $42–$50 million due to the Oko-Ghanie infill program.

Regarding the Oko Gold project, the company spent $556 million, or 57% of the $973 million budget, with total commitments reaching $714 million, or 73%. Project progress was recorded at 38.4% by earned value, with first gold targeted for the second half of 2027.

As of September 30, the company held net cash of $105.8 million, comprising $137.0 million in cash and $31.2 million in debt. G Mining Ventures repurchased 102,500 shares for $3.6 million at an average price of C$49.41.

Material Impact

G Mining Ventures Corp. (GMIN) reported third-quarter financial results that included $99.5 million in net income and $80.0 million in free cash flow. The company’s all-in sustaining costs (AISC) stood at $1,591 per ounce, while net cash decreased to $105.8 million. An overrun in capitalized exploration expenses was noted alongside a reaffirmation of annual guidance.

Quarter-over-quarter production and cost improvements were observed, with the Oko project remaining on budget. However, both Q3 and year-to-date AISC figures exceeded the annual guidance range. Maintaining the annual guide will require a significant production increase and a sharp reduction in costs during the fourth quarter. Net income and free cash flow declined year-over-year despite a higher gold price.

The stock had already fallen approximately 15.6% from its August 12 close to the November 12 close, positioning the market for a high-cost third quarter. The release confirmed a modestly negative setup rather than introducing a new guidance cut.

GMIN · Price
Company Overview

G Mining Ventures Corp. is a TSX-listed gold producer and developer focused on the Americas. Its producing asset is the 100%-owned Tocantinzinho mine in Brazil, which produced 171,871 oz in 2025 and is guided to 160,000–190,000 oz in 2026 and 200,000–235,000 oz in 2027.

The company’s growth asset is Oko Gold in Guyana, combining Oko West and the acquired Oko-Ghanie deposits. First gold is targeted for H2 2027, with commercial production expected in early 2028 and about 350,000 oz/year average production contemplated in the prior feasibility study. Gurupi in Brazil is the earlier-stage development/exploration asset, with an updated MRE and PEA targeted for year-end 2026.

Management is led by President and CEO Louis-Pierre Gignac, a QP; detailed management backgrounds are not included in the provided materials.

Read the original news release →

More from G Mining Ventures Corp.

Oct 08, 2026 · 06:30

G raised Q3 gold production by 22% quarter-on-quarter, with its guidance midpoint requiring a 1.8 g/t grade in Q4.

Production / Operations Sep 16, 2026 · 06:50

G’s Oko West and TZ cash flow valuation renders broad Gurupi and TZ drill extensions incremental rather than market-moving.

Drill Results Aug 18, 2026 · 06:45

G sees a strategic investor increase its stake while second quarter costs rise slightly but free cash flow remains strong.

M&A / Property Aug 12, 2026 · 20:37

G reports strong free cash flow and Oko development progress despite raising its 2026 cost guidance.

Earnings Jul 29, 2026 · 08:32

G closes G2 deal, consolidating the Oko district into a tier-one Guyana hub.

M&A / Property Jul 13, 2026 · 07:00

G confirms the July closing of its G2 acquisition, a transaction the market has already priced in.

M&A / Property