G Mining Ventures (GMIN) Q3 2026 earnings summary

Executive summary

• TZ produced 44,960 oz in Q3, generating $80.0M in free cash flow; 2026 production and cost guidance was reiterated, with Q4 expected to be the strongest quarter.

• Revenue reached $172.730M and net income $99.498M in Q3; nine-month revenue was $469.793M and net income $251.825M.

• G2 expanded the Oko Gold project; construction remained on schedule and budget for first gold in H2 2027, while Gurupi exploration and permitting advanced.

Financial highlights

• Q3 revenue was $172.730M vs. $161.718M YoY; net income was $99.498M vs. $123.789M, with basic EPS of $0.36 vs. $0.55.

• Q3 adjusted net income was $88.8M, or $0.32/basic share; adjusted EBITDA was $125.6M vs. $122.6M in Q3 2025.

• Nine-month revenue was $469.793M vs. $389.330M and net income was $251.825M vs. $196.844M; adjusted net income was $230.0M.

• Q3 operating cash flow was $46.0M after a $57.1M working-capital outflow; cash flow before working-capital changes was $114.8M, up 7% YoY.

• Q3 free cash flow was $80.0M; nine-month operating cash flow and free cash flow were $219.5M and $221.0M.

Outlook and guidance

• 2026 production guidance remains 160,000–190,000 oz; 9M output of 113,651 oz tracked to the guidance midpoint, with Q4 expected to benefit from a full quarter of higher-grade Phase 2 ore.

• 2026 cash cost guidance remains $836–$965/oz and AISC $1,330–$1,544/oz; 2027 production guidance is 200,000–235,000 oz, excluding Oko Gold.

• 2026 capital spending guidance, excluding capitalized exploration, remains $583M–$649M; exploration spending is expected to exceed its $42M–$50M guidance by ~$11M.

• Gurupi’s updated MRE and PEA were targeted for year-end 2026; Oko-Ghanie infill drilling was expected to continue through Q4.