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G Mining Ventures
(TSX:GMIN)
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Rating:72Outperform
Price Target:
C$61.00
▲(11.15% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong financial performance (high profitability and low leverage, with improving but still uneven cash-flow history). Technicals add support via a clear uptrend and positive momentum. The latest earnings call was constructive on operations and cash generation but tempered by higher 2026 cost guidance and sizable project capital needs. Valuation is a modest headwind given the P/E and no dividend yield provided.
Positive Factors
Strong revenue and profit scale-up
The sharp increase in revenue, earnings and adjusted profitability shows Tocantinzinho has reached meaningful operating scale. Sustained production growth and the expected Oko West contribution could broaden the earnings base over the next several years.
Negative Factors
Higher 2026 unit-cost guidance
Higher costs weaken margin visibility and expose the operation to Brazilian currency and royalty pressure. If these drivers persist, they could reduce cash generation and make future production economics less predictable despite strong realized gold prices.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and profit scale-up
The sharp increase in revenue, earnings and adjusted profitability shows Tocantinzinho has reached meaningful operating scale. Sustained production growth and the expected Oko West contribution could broaden the earnings base over the next several years.
Read all positive factors
G Mining Ventures (GMIN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$15.52B
Dividend YieldN/A
Average Volume (3M)1.23M
Price to Earnings (P/E)23.1
Beta (1Y)2.49
Revenue Growth72.30%
EPS Growth209.12%
CountryCA
Employees1,468
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.59
Shares Outstanding296,249,450
10 Day Avg. Volume866,574
30 Day Avg. Volume1,228,496
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)4.83
Price to Sales (P/S)11.59
P/FCF Ratio60.23
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$60.50Price Target Upside10.24% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.41
Revenue Forecast (FY)C$751.12M
G Mining Ventures Business Overview & Revenue Model
Company Description
G Mining Ventures Corp. focuses on identifying, investigating, assessing, and developing mineral assets. Its primary undertaking is the Tocantinzinho gold project, located in Brazil's Pará State. This substantial endeavor comprises two mining perm...
How the Company Makes Money
G Mining Ventures is primarily expected to make money by producing and selling gold (and any payable by-products, if applicable) from its mining operations once its projects are in production. The core revenue stream would be proceeds from gold sa...
G Mining Ventures Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 20, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: production and sales beat prior quarter plans, revenue and profits showed strong year-over-year growth, free cash flow increased materially, and Oko West construction is progressing on schedule with most procurement complete. Offsetting factors include upward revisions to 2026 cost guidance driven by FX and higher royalties, substantial near-term capital spending at Oko West that reduced cash and net cash balances, and some variability in grade profile that management is working to smooth. On balance the company demonstrated strong execution, healthy margins supported by a record realized gold price, and adequate liquidity to fund near-term construction.Positive Updates
Strong Production Quarter at Tocantinzinho (TZ)
Q2 2026 production was 36,845 ounces, a 16% increase versus Q1 2026, with 37,439 ounces sold. Plant processed just over 1.0 million tonnes at an average throughput of 11,120 tpd, average process grade 1.23 g/t Au and average recovery 91.9%.
Negative Updates
Higher Unit Costs and Upward Revision to 2026 Cost Guidance
Q2 2026 cash costs were $1,046/oz (1% higher than Q1 2026) and AISC rose 6% QoQ to $1,690/oz. Full-year 2026 cash cost guidance was revised up to $836–965/oz (previously $736–865) and AISC to $1,330–1,544/oz (previously $1,230–1,444), primarily due to a stronger Brazilian real and royalty impacts from a higher gold price.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Production Quarter at Tocantinzinho (TZ)
Q2 2026 production was 36,845 ounces, a 16% increase versus Q1 2026, with 37,439 ounces sold. Plant processed just over 1.0 million tonnes at an average throughput of 11,120 tpd, average process grade 1.23 g/t Au and average recovery 91.9%.
Read all positive updates
Company Guidance
Management reaffirmed 2026 production guidance of 160,000–190,000 ounces (about 39% achieved in H1 and ~61% expected in H2) but revised 2026 cost guidance to total cash costs of $836–$965/oz and AISC of $1,330–$1,544/oz (previously $736–$865 and $1,230–$1,444) primarily due to FX and royalties; Q2 actuals included 36,845 oz produced and 37,439 oz sold, Q2 cash costs of $1,046/oz and AISC of $1,690/oz, a record realized gold price of $4,197/oz, revenue of $157M, EBITDA $106.9M (adjusted EBITDA $113.7M), operating cash flow $104M and free cash flow $85M (~$2,300 per oz). Oko West capital guidance remains $514–$568M in 2026 and $217–$240M in 2027, with cumulative Oko spend ≈$423M (≈44% of budget), commitments ~$628M (65%), project progress ~28% (earned value), detailed engineering ~90% and procurement ~99% complete, first gold targeted in H2 2027 and commercial production expected January 2028; 2027 group guidance is 200,000–235,000 oz with cash costs $633–$743/oz and AISC $977–$1,146/oz.G Mining Ventures Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
84
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 646.71M | 590.83M | 145.25M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 444.15M | 405.93M | 87.43M | 0.00 | 0.00 | 0.00 |
| EBITDA | 529.38M | 442.02M | 96.62M | -7.25M | -5.22M | -2.79M |
| Net Income | 365.36M | 292.90M | 62.01M | -7.18M | -1.90M | -2.82M |
Balance Sheet | ||||||
| Total Assets | 2.27B | 1.95B | 1.47B | 583.48M | 259.11M | 119.10M |
| Cash, Cash Equivalents and Short-Term Investments | 225.37M | 134.30M | 141.22M | 52.40M | 82.70M | 56.96M |
| Total Debt | 32.97M | 141.18M | 114.76M | 32.66M | 32.03K | 85.52K |
| Total Liabilities | 387.75M | 531.72M | 462.83M | 322.33M | 15.47M | 2.64M |
| Stockholders Equity | 1.89B | 1.42B | 1.01B | 261.15M | 243.64M | 116.48M |
Cash Flow | ||||||
| Free Cash Flow | -9.83M | 113.64M | -111.47M | -62.49M | -65.41M | -4.52M |
| Operating Cash Flow | 407.49M | 312.94M | 28.49M | 242.89M | -1.16M | -4.47M |
| Investing Cash Flow | -545.86M | -314.72M | -119.83M | -309.59M | -91.79M | -24.00M |
| Financing Cash Flow | 191.26M | -14.23M | 190.31M | 31.55M | 123.57M | 83.07M |
G Mining Ventures Technical Analysis
Positive
54.88
Price Trends
46.47
Positive
45.45
Positive
45.00
Positive
Market Momentum
1.67
Positive
55.42
Neutral
45.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GMIN, the sentiment is Positive. The current price of 54.88 is above the 20-day moving average (MA) of 51.70, above the 50-day MA of 46.47, and above the 200-day MA of 45.00, indicating a bullish trend. The MACD of 1.67 indicates Positive momentum. The RSI at 55.42 is Neutral, neither overbought nor oversold. The STOCH value of 45.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:GMIN.
G Mining Ventures Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
87 Outperform | C$128.46M | 8.96 | 33.26% | ― | 120.16% | 150.72% | |
77 Outperform | C$9.66B | 16.48 | 19.46% | 0.71% | 49.16% | 130.45% | |
72 Outperform | C$15.52B | 23.12 | 20.95% | ― | 72.30% | 209.12% | |
69 Neutral | C$560.62M | 7.83 | 38.96% | 0.99% | 206.10% | ― | |
63 Neutral | C$1.33B | -3,123.72 | -0.11% | 0.49% | 89.40% | 90.03% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:GMIN
G Mining Ventures
50.86
27.07
113.79%
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Metalla Royalty & Streaming
13.83
5.78
71.80%
TSE:VOXR
Vox Royalty
7.72
2.79
56.56%
TSE:EMPR
Empress Royalty
0.94
0.07
8.05%
TSE:TFPM
Triple Flag Precious Metals
45.60
5.95
14.99%
G Mining Ventures Corporate Events
Business Operations and StrategyStock Buyback
G Mining Ventures Launches Share Buyback Program on TSX
Positive
Aug 28, 2026
G Mining Ventures Corp., a precious metals miner focused on developing gold assets into producing mines, is working to build a mid-tier production profile supported by projects in Brazil and Guyana. The company’s strategy relies on its acces...
Business Operations and StrategyFinancial Disclosures
G Mining Ventures Posts Strong Q2 2026 Cash Flow and Advances Growth Projects
Positive
Aug 13, 2026
G Mining Ventures reported a strong second quarter of 2026, with better-than-planned gold production at the Tocantinzinho mine and disciplined cost control supporting robust margins and free cash flow. The company maintained an excellent safety re...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.