G Mining Ventures (TSX: GMIN) reported second quarter revenue of $157.1 million, up from $139.9 million in the first quarter, as higher gold sales and a firmer realized price flowed through to the bottom line.
Net earnings came in at $72.0 million, or $0.30 per share, down from $80.4 million and $0.35 per share in the first quarter, a decline driven by non-cash items rather than the underlying business. On an adjusted basis, earnings rose to $79.1 million, or $0.33 per share, from $62.0 million and $0.27 per share three months earlier.
Adjusted EBITDA climbed to $113.7 million from $97.7 million. Cash flow from operations reached $103.8 million and free cash flow $84.8 million, up roughly 51% sequentially.
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The balance sheet ended June with $225.7 million in cash against $33.0 million of long term debt, for a net cash position of $192.7 million. Cash was down about $62 million over the quarter, reflecting $158.5 million of capital spending, of which $131.3 million of it was spent at the Oko West development project in Guyana where the company is targeting a first gold pour in the second half of 2027.
Production at the Tocantinzinho mine totalled 36,845 ounces, a 16% increase over the first quarter, with 37,439 ounces sold. The half-year tally of 68,691 ounces sits against full-year guidance of 160,000 to 190,000 ounces, which assumes roughly 62% of output lands in the back half.
Gold sold in the quarter fetched an average of $4,197 per ounce. Total cash costs were $1,046 per ounce and all-in sustaining costs $1,690, leaving an AISC margin of $2,330 per ounce. Both cost measures were up sharply from a year earlier, when they stood at $763 and $1,355 respectively.
That cost pressure prompted the only guidance change of note. G Mining held its production and capital spending targets but lifted 2026 cash cost guidance to $836–$965 per ounce from $736–$865, and AISC to $1,330–$1,544 from $1,230–$1,444. The company attributed the revision to a stronger Brazilian real, labour inflation, additional maintenance spending, and a higher gold price assumption that raises royalty costs.
“We delivered another strong quarter, with better-than-planned production and disciplined cost control driving robust margins and solid quarterly free cash flow,” Chief Executive Officer Louis-Pierre Gignac said.
G Mining Ventures last traded at $49.82 on the TSX.
