G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF, FRA:W97) is expected to see a stronger second half in 2026, with Jefferies pointing to a back-end weighted production profile and advancing development work at its key projects as the company maintains guidance despite a softer start to the year.
The company reiterated its 2026 production outlook of 160,000 to 190,000 ounces of gold, with roughly 62% of output expected in the second half as higher-grade mineralization becomes accessible. Jefferies noted this weighting, alongside stable cost guidance, as a key support to the outlook despite near-term pressure from realized pricing dynamics under its Franco-Nevada streaming agreement.
Adjusted all-in sustaining cost guidance was maintained at $1,230 to $1,444 per ounce, with analysts highlighting expectations for cost improvement in the second half driven by higher production volumes. The company also continues to advance construction at its Oko West project, which is approximately 20% complete, with about 54% of total capital expenditures already committed and detailed engineering scheduled for completion by the third quarter of 2026. First gold pour remains targeted for the second half of 2027.
Liquidity remained solid in the quarter, with G Mining ending the period with $287 million in cash and $39 million in debt after fully repaying its $82 million revolving credit facility. However, Jefferies noted the company remains in a cash burn phase as development spending continues.
At the Gurupi project, G Mining plans to release an updated mineral resource estimate and preliminary economic assessment in the second half of 2026, with environmental and social impact assessment submission targeted for the fourth quarter. Analysts flagged both Gurupi and Oko West milestones as key catalysts over the coming quarters.
For the first quarter, results came in below expectations, with adjusted earnings per share of $0.27 versus $0.37 consensus and adjusted EBITDA of $98 million compared with $123 million expected. Revenue totaled $140 million, below estimates, primarily driven by a lower realized gold price under the Franco-Nevada streaming agreement, which reflects a fixed 20% of spot pricing.
Production for the quarter reached 32,000 ounces of gold, with sales of 34,000 ounces. Total cash costs were $1,034 per ounce, while site-level all-in sustaining costs came in at $1,441 per ounce and corporate AISC at $1,588 per ounce, reflecting a mixed cost performance across the operation.