G Mining forecasts higher output in 2026/2027

Executive Summary

• G Mining Ventures Corp. released its operational guidance for 2026 and 2027, highlighting expected production increases and cost efficiencies at its Tocantinzinho (TZ) gold mine in Brazil.
• The company provided a significant update on its Oko West gold project in Guyana, confirming it is on-budget and on-schedule for first gold production in the second half of 2027, with substantial capital expenditures planned for 2026.
• The 2026 exploration program is set to be the largest in the company's history, with a budget of $42–50 million focused on Gurupi, Oko West, and TZ.

Key Details

• Tocantinzinho (TZ) 2026 Production Guidance: Expected gold production of 160,000 to 190,000 ounces, weighted toward the second half of the year (approx. 62% of output) due to higher-grade phase 2 mineralization.
• TZ 2026 Cost Structure: Cash operating costs projected at $736–$865 per ounce; All-In Sustaining Costs (AISC) projected at $1,230–$1,444 per ounce (based on $4,000/oz gold price assumption).
• TZ 2027 Production Guidance: Expected gold production of 200,000 to 235,000 ounces, representing a ~25% increase over 2026 midpoints, driven by full-year contribution of higher-grade phase 2 ore.
• TZ 2027 Cost Improvements: Cash costs and AISC expected to decline by approximately 14% and 20%, respectively, compared to 2026 midpoints.
• TZ Sustaining Capital (2026): Estimated between $69 million and $81 million, including $31–$36 million for capitalized waste stripping. Breakdown includes ~$15M for process plant, $12M for mining equipment, $12M for mobile fleet components, and $3M for tailings management.
• Oko West Project Status: On-budget and on-schedule for first gold pour in H2 2027. ~60% detailed engineering progress completed.
• Oko West Capital Expenditures (2026): Projected between $514 million and $568 million to advance construction of the process plant, infrastructure, and mine preproduction. Substantially all major equipment expected to be delivered in 2026.
• Oko West Capital Committed: Approximately $423 million committed to date (approx. 44% of total upfront capex).
• Oko West Production Profile: Expected to produce an average of 350,000 ounces per year at a mine-site AISC of $1,123/oz. At $4,500/oz gold, this implies an AISC margin of over $3,300/oz.
• Consolidated Production Impact: Oko West is expected to drive consolidated production to ~500,000 ounces in 2028, up from ~175,000 ounces in 2026.
• 2026 Exploration Budget: Total budget of $42–50 million (largest in company history).
  • Gurupi: ~$21 million for exploration and study works to expand resources ahead of a Preliminary Economic Assessment (PEA) expected in H2 2026.
  • Oko West: ~$16 million for follow-up and infill drilling on high-grade ore shoots.
  • TZ: ~$9 million for regional exploration, including manual auger drilling, soil geochemistry, and initial drilling on priority targets.
• 2027 Exploration Budget: Comparable investment levels planned for 2027.

Notable Quotes

• "Our 2026 and 2027 guidance reflects the continued execution of our operating and growth strategy," said Louis-Pierre Gignac, president and chief executive officer. "At TZ, we expect steady production while maintaining a competitive cost structure. At Oko West, project development is advancing in line with plan, supporting our objective of achieving first gold production in the second half of 2027. With a strong balance sheet and ongoing free cash flow generation, GMIN remains well positioned to fund its growth initiatives."