G Mining Ventures Backed by Stronger Second-Half Gold Production Outlook, Jefferies Says
G Mining Ventures Backed by Stronger Second-Half Gold Production Outlook, Jefferies Says
G Mining Ventures Corp is expected to deliver a stronger performance in the second half of 2026, according to analysts at Jefferies, as the gold developer benefits from a production schedule that is weighted toward the back end of the year.
The company maintained its 2026 gold production guidance of 160,000 to 190,000 ounces, with around 62% of output expected in the second half. Jefferies noted that higher-grade mineralization should become more accessible later in the year, helping support stronger production volumes.
Production Guidance Remains Intact
Despite a softer start to the year, G Mining Ventures has kept its annual targets unchanged. Analysts said this was important because it suggests management remains confident in the mine plan and operating outlook.
The company also maintained its adjusted all-in sustaining cost guidance at $1,230 to $1,444 per ounce. Jefferies expects costs to improve in the second half as higher production helps spread expenses over more ounces of gold.
Oko West Development Continues to Advance
G Mining is also moving forward with construction at its Oko West project. The project is about 20% complete, while roughly 54% of total capital expenditure has already been committed.
Detailed engineering work is expected to be completed by the third quarter of 2026. The company continues to target its first gold pour at Oko West in the second half of 2027.
Liquidity Position Remains Solid
At the end of the quarter, G Mining held $287 million in cash and $39 million in debt. The company also fully repaid its $82 million revolving credit facility, strengthening its balance sheet.
However, Jefferies noted that G Mining remains in a cash-burn phase as it continues funding development work across its project portfolio.
Gurupi Project Could Provide Future Catalysts
At the Gurupi project, G Mining plans to release an updated mineral resource estimate and a preliminary economic assessment in the second half of 2026.
The company is also targeting submission of its environmental and social impact assessment in the fourth quarter. Jefferies highlighted Gurupi and Oko West as important potential catalysts over the coming quarters.
First-Quarter Results Miss Expectations
For the first quarter, G Mining reported adjusted earnings per share of $0.27, below the consensus forecast of $0.37. Adjusted EBITDA came in at $98 million, compared with expectations of $123 million.
Revenue totaled $140 million, also below estimates. The miss was mainly linked to a lower realized gold price under the companyâs Franco-Nevada streaming agreement, which reflects a fixed 20% of spot pricing.
Gold Output and Costs
G Mining produced 32,000 ounces of gold during the quarter and sold 34,000 ounces. Total cash costs were $1,034 per ounce.
Site-level all-in sustaining costs were $1,441 per ounce, while corporate AISC reached $1,588 per ounce, showing mixed cost performance during the period.
Outlook
Overall, Jefferies appears to view the second half of 2026 as a key period for G Mining Ventures. While first-quarter results were weaker than expected, the companyâs maintained production guidance, stronger expected output later in the year, solid liquidity, and progress at Oko West and Gurupi continue to support the investment case.
Investors will likely watch upcoming production results, project milestones, engineering updates, and permitting progress closely as G Mining moves through the rest of 2026.
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