G Mining Ventures Corp.

Second-quarter revenue was $157 million, up 21% year over year. Net income was $72 million, or $0.30 per basic share, versus $48.6 million, or $0.21 per share, a year ago; adjusted net income was $79 million, or $0.33 per share, versus $36.5 million, or $0.16 per share. EBITDA was $106.9 million and adjusted EBITDA was $113.7 million. Tocantinzinho produced 36,845 ounces, up 16% quarter over quarter, with 37,439 ounces sold; average realized gold price was a record $4,197 per ounce, cash costs were $1,046 per ounce sold, and AISC was $1,690 per ounce sold. Operating cash flow was $104 million and free cash flow was $85 million. Cash and cash equivalents were $226 million at June 30, 2026, net cash was $193 million, and available liquidity was about $576 million including the undrawn $350 million revolver. 2026 production guidance remains 160,000 to 190,000 ounces, while full-year 2026 cash cost guidance is now $836 to $965 per ounce sold and AISC guidance is $1,330 to $1,544 per ounce sold. For 2027, production guidance remains 200,000 to 235,000 ounces, with cash costs of $633 to $743 per ounce sold and AISC of $977 to $1,146 per ounce sold.

Louis-Pierre Gignac characterized Q2 as strong operationally, financially, and strategically, emphasizing Tocantinzinho execution, Oko West progress, and the closing of the G2 acquisition. He said the company is focused on protecting margins and maximizing free cash flow, while also building toward a larger Guyana district-scale plan. His tone was upbeat but measured, repeatedly pointing to schedule, budget, and permitting progress rather than making aggressive new promises.

Julie Lafleur highlighted the earnings leverage to gold prices and the quality of the asset base, pointing to $157 million of quarterly revenue, $72 million of net income, and $85 million of free cash flow. She also detailed liquidity and funding, including $226 million of cash and cash equivalents, $193 million of net cash, and about $576 million of available liquidity with the revolver. On capital spending, she said Q2 capex was approximately $158 million, with $131.3 million tied to Oko development, and noted Oko West capital guidance remains $514 million to $568 million in 2026 and $217 million to $240 million in 2027.

Analysts focused on whether the tailings governance work at TZ would affect operations or costs, and management said the work is permitted and proceeding according to plan with no real permitting challenges. Questions also probed Oko West expansion spending and mine sequencing; management said it is looking at long-lead items now, expects to place some orders before year-end, and has government authorization for some initial mining in Ghanie that allows some optimization, though a permit amendment is still needed. On TZ grades and mining rates, management said grades should rise in Q3 and likely again in Q4 as Phase 2 ore comes through, and mining rates should increase further as additional trucks and a loader arrive.