G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF, FRA:W97) posted record operating margins in the first quarter of 2026, fuelled by surging gold prices, as it advances its Oko West project in Guyana.
The company, which operates the Tocantinzinho mine in Brazil, posted net income of $80.4 million, or $0.35 per share, in the three months ended March 31, up from $24.4 million in the same period a year earlier
Revenue rose to $139.9 million from $98 million, buoyed by a record average realized gold price of $4,143 per ounce compared with $2,766 per ounce a year ago. “We delivered a solid start to 2026, achieving record operating margins while production and costs at TZ tracked well to plan,” said CEO Louis-Pierre Gignac. Free cash flow reached $56.2 million, or $0.24 per share, leaving the company with $287.2 million in cash at quarter-end and total available liquidity of $637.2 million, including an undrawn $350 million revolving credit facility. Gold production at Tocantinzinho came in at 31,846 ounces, roughly 18% of the midpoint of the company’s full-year guidance of 160,000 to 190,000 ounces.
Output was intentionally weighted to the second half, with approximately 62% of annual production expected after June as the mine transitions to higher-grade Phase 2 ore. The company reiterated full-year cost guidance of $736 to $865 per ounce in total cash costs and $1,230 to $1,444 per ounce in all-in sustaining costs. Looking to 2027, G Mining forecast gold production of 200,000 to 235,000 ounces from Tocantinzinho, roughly 25% above 2026 guidance at the midpoint, with cash costs and all-in sustaining costs projected to fall by approximately 14% and 21% respectively.