G Mining Ventures supported by strong second half setup, says Jefferies analysts

G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF, FRA:W97) is expected to spot a stronger 2nd fractional successful 2026, with Jefferies pointing to a back-end weighted accumulation illustration and advancing improvement enactment astatine its cardinal projects arsenic the institution maintains guidance contempt a softer commencement to the year.

The institution reiterated its 2026 accumulation outlook of 160,000 to 190,000 ounces of gold, with astir 62% of output expected successful the 2nd fractional arsenic higher-grade mineralization becomes accessible. Jefferies noted this weighting, alongside unchangeable outgo guidance, arsenic a cardinal enactment to the outlook contempt near-term unit from realized pricing dynamics nether its Franco-Nevada streaming agreement.

Adjusted all-in sustaining outgo guidance was maintained astatine $1,230 to $1,444 per ounce, with analysts highlighting expectations for outgo betterment successful the 2nd fractional driven by higher accumulation volumes. The institution besides continues to beforehand operation astatine its Oko West project, which is astir 20% complete, with astir 54% of full superior expenditures already committed and elaborate engineering scheduled for completion by the 3rd 4th of 2026. First golden determination remains targeted for the 2nd fractional of 2027.

Liquidity remained coagulated successful the quarter, with G Mining ending the play with $287 cardinal successful currency and $39 cardinal successful indebtedness aft afloat repaying its $82 cardinal revolving recognition facility. However, Jefferies noted the institution remains successful a currency pain signifier arsenic improvement spending continues.

At the Gurupi project, G Mining plans to merchandise an updated mineral assets estimation and preliminary economical appraisal successful the 2nd fractional of 2026, with biology and societal interaction appraisal submission targeted for the 4th quarter. Analysts flagged some Gurupi and Oko West milestones arsenic cardinal catalysts implicit the coming quarters.

For the archetypal quarter, results came successful beneath expectations, with adjusted net per stock of $0.27 versus $0.37 statement and adjusted EBITDA of $98 cardinal compared with $123 cardinal expected. Revenue totaled $140 million, beneath estimates, chiefly driven by a little realized golden terms nether the Franco-Nevada streaming agreement, which reflects a fixed 20% of spot pricing.

Production for the 4th reached 32,000 ounces of gold, with income of 34,000 ounces. Total currency costs were $1,034 per ounce, portion site-level all-in sustaining costs came successful astatine $1,441 per ounce and firm AISC astatine $1,588 per ounce, reflecting a mixed outgo show crossed the operation.