G Mining Ventures Corp (GMINF) (Q3 2026) Earnings Call Highlights: Record Gold Prices Drive $80 ... GuruFocus News Fri, November 13, 2026 at 6:02 PM EST 8 min read GC=F +0.06% GMINF +9.43% This article first appeared on GuruFocus.
Revenue: $172.7 million in Q3 2026, up from $161.7 million in Q3 2025, driven by higher realized gold price.
Realized Gold Price: Over $4,000 per ounce vs. $3,292 per ounce in Q3 2025.
Adjusted EBITDA: $125.6 million, up 2.5% year over year.
Net Income: $99.5 million vs. $123.8 million in Q3 2025 (prior year benefited from SUDAM tax incentive).
Gold Production: 45,000 ounces in Q3, up 22% quarter over quarter; year-to-date 114,000 ounces vs. full-year guidance of 160,000190,000 ounces.
Cash Costs: Declined 8% quarter over quarter, well below industry average of ~$1,400 per ounce.
All-In Sustaining Costs (AISC): Declined 6% quarter over quarter, well below industry average of ~$2,000 per ounce; 2026 guidance $1,330$1,444 per ounce.
All-In Sustaining Margins: 58% in the quarter.
Free Cash Flow: $80 million for the quarter, or $1,880 per ounce of gold produced.
Cash Flow from Operating Activities (before working capital changes): $115 million, up 9% from Q2.
Cash Position: $137 million at quarter end.
Total Debt: $31 million, including undrawn $350 million revolving credit facility.
Total Liquidity: $487 million, above $417 million remaining capital required for first gold at Oko.
Capital Expenditures: $172 million total in the quarter, including $14.8 million sustaining capital, $16.2 million capitalized exploration, and $132.9 million development capital at Oko Gold.
Capitalized Exploration Guidance: Increased by $11 million to $53$61 million for 2026.
Mining Rate: Record 74,209 tons per day, up 7% from Q2.
Process Plant Throughput: Record 12,372 tons per day, up 11% from Q2, at 96% of nameplate capacity.
Average Process Grade: 1.33 g/t vs. 1.23 g/t in Q2 and 1.03 g/t in Q1.
Share Buybacks: Repurchased and cancelled 102,500 shares at average price of CAD 49.41 per share.
Oko Gold Project Spend: ~$555 million spent (57% of $973 million approved initial capital budget); ~$417 million remaining; total commitments $714 million (73% of budget); project progress 38.4%.
2027 Production Guidance: 200,000235,000 ounces (excluding Oko Gold), ~25% growth over 2026 at midpoint; cash costs and AISC expected to decline ~23% and ~26% respectively vs. 2026 midpoint.
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For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Production increased 22% quarter-over-quarter to 45,000 ounces, with cash costs and AISC declining 8% and 6% respectively, well below industry averages.
All-in sustaining margins remained strong at 58%, generating $80 million of free cash flow for the quarter.
The company remains on track to deliver full-year 2026 production and cost guidance, with 2027 guidance unchanged and expected production growth of approximately 25%.
The Oko Gold project is fully funded with a projected liquidity surplus of over $600 million, and construction is advancing with first gold targeted for H2 2027.
The company has begun returning capital to shareholders through share buybacks and has hedged 42% of its Brazilian real exposure for 2027 at attractive rates.
Net income decreased to $99.5 million from $123.8 million in Q3 2025, partly due to tax benefits recognized in the prior year.
Capital expenditures increased, with $172 million spent in the quarter, including $132.9 million on Oko development, and peak quarterly spend expected in Q4.
Logistics costs, particularly ocean freight, remain the biggest cost pressure at Oko, with diesel prices also higher than budgeted.
The Oko-Ghanie infill drilling program is facing assay turnaround delays, which could impact the timeline for the updated feasibility study.
Power purchase agreement renewals may see increased rates, and diesel prices are above budget assumptions, potentially adding to costs.
Q: At TZ, what are you seeing in terms of grade in Q4, and is that the run-rate grade we should expect for 2027? A: CEO Louis-Pierre Gignac said grades are continuing to increase from Q3 in line with the mine plan. More importantly, the mining rate and plan are catching up on deferred waste stripping, which is expected to be caught up by year-end, setting the company up well for 2027 in terms of mine plan and access to high-grade material.
Q: With 73% of Oko CapEx now committed, what inflationary pressures are you seeing across cost buckets? A: CEO Louis-Pierre Gignac said most equipment items were procured long ago and locked in. The biggest cost pressure on the project has been logistics, specifically incoming ocean freight for bringing materials and equipment to site.
Q: The Brazilian real has weakened roughly 10-12%. Are you hedging these currency tailwinds, and could local inflation partly offset them? A: CEO Louis-Pierre Gignac said the company has taken advantage of the weaker real by hedging about 42% of next year's exposure at forward rates attractive versus all budget assumptions. This provides cost relief, removes volatility, and supports the 2027 guidance.
Q: How large is the Oko-Ghanie infill drilling program, and is the increased exploration spending driven by combining the two assets or by geology? A: CEO Louis-Pierre Gignac said 55,000 meters have been budgeted since the G2 transaction closed, with about 80% complete and full completion targeted by year-end. Twelve drills are turning, and the program is the building block for the updated feasibility study. The main bottleneck is assay turnaround from the lab.
Q: What are you seeing on grade continuity and mineralization geometry from the Oko-Ghanie infill program versus the historical G2 model, and will you release interim results? A: CEO Louis-Pierre Gignac said core observations show the model is very predictive, with drilling hitting visually expected mineralization, though assays remain backlogged. Rather than releasing results as received, the company plans an exploration update for Guyana in Q1, ahead of the feasibility study.
Q: How is Oko detailed engineering progressing, and does first gold timing around September for commissioning still hold? A: CEO Louis-Pierre Gignac said detailed engineering is basically complete, with only construction support remaining. The critical path has been de-risked with grinding mills delivered on site and installation started, and the September commissioning target still holds. Phase 2 expansion engineering is advancing, with a purchase order already placed for the additional ball mill to start expanded plant construction in 2028.
Q: For 2027, is there potential to push TZ mill throughput above nameplate, or is growth entirely grade-driven? A: CEO Louis-Pierre Gignac said growth is currently mostly grade-driven, but throughput and reliability continue to improve. The company is studying low-CapEx debottlenecking projects, including added tailings pumping capacity this year and a potential pebble crusher in the grinding circuit next year, which could push additional tonnage beyond guidance, though these are not yet approved.
Q: What portion of TZ processing costs is electricity, and is 2027 power contracted or exposed to Brazilian market prices? A: CEO Louis-Pierre Gignac said power is about 3% of AISC year-to-date. The company is renewing its power purchase agreement for next year and targets locking in at least half, with rates higher than the contract set three years ago, but power remains a small share of costs.
Q: What are the expectations for the Gurupi PEA and the permitting timeline afterward? A: CEO Louis-Pierre Gignac said permitting is the main critical path rather than drilling or study work. The ESIA is on track for filing at year-end, with a preliminary license potentially by end-2027, triggering the full license in 2028. Advancing the resettlement action plan for people within the project footprint is a key objective for next year.
Q: Does the 2027 production guidance of 200,000 to 235,000 ounces still stand given 2026 tracking to the midpoint? A: CEO Louis-Pierre Gignac confirmed the 2027 production guidance still stands, noting the mine plan has caught up on deferred stripping and the company is in good shape to execute on 2027.
Q: What inflation and diesel assumptions underpin the 2027 cost guidance, and what is the sensitivity to changes? A: CEO Louis-Pierre Gignac said the exchange rate was the big factor, with a 5.55 assumption that the real is now back in range of. Diesel is currently about $1.30 per liter versus $1.10 in budget assumptions, a modest inflation headwind. A 10% change in the exchange rate equates to roughly a $5 per ounce impact on AISC.
Q: Given exploration success at Gurupi, is the thinking around project scale changing ahead of the PEA? A: CEO Louis-Pierre Gignac said not all new zones may transition into the PEA, but based on current knowledge there are enough minable resources to support a milling rate of 5.8 million tons per annum, closer to Oko Phase 1 throughput and supporting a high-scale operation.
Q: Could the Oko pit be enlarged to exploit both sides of the property line, and does a neighboring landholder impede expansion? A: CEO Louis-Pierre Gignac said combining Oko Main and Oko-Ghanie allows accelerated mining on the Ghanie side and mining both areas in early years, adding optimization and flexibility. Pits are not expected to grow substantially, with a trade-off toward underground mining to reduce strip ratios, and nothing encroaches on the G2 land package.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
