G Mining Ventures Corp.

Good morning and welcome to GMining Ventures' second quarter 2026 results conference call. All participants are in listen-only mode. Following prepared remarks, we will open the line for questions. Please note that today's call is being recorded. I will now turn the call over to Jean-Francois Lemonde, Vice President, Investor Relations.

Thank you, operator, and good morning to everyone joining G-Mining's 2026 second quarter operational and financial results conference call. In addition to myself, we have on the line Louis-Pierre Gignac, Chief Executive Officer, and Julie Lafleur, Chief Financial Officer and VP Finance. I would like to remind everyone that after management's remarks, the call will be followed by a Q&A session. As we will be making forward-looking statements during this call, please refer to the cautionary notes and risk disclosure in our MD&A and on slide two of the webcast presentation. Also, please bear in mind that all dollar amounts mentioned during the call are in U.S. dollars unless otherwise noted. Now, we'll turn the call over to Louis Gignac to provide an overview of the quarter. Good morning, and thank you, J.S., and thank you, everyone, for joining us today. I want to start by recognizing the dedication of our teams across all our sites whose commitment to safety, operational excellence, and responsible mining continues to drive our success. Q2 2026 was a strong quarter for GMIN, operationally, financially, and strategically. Token Tenzino delivered a solid quarter and construction of OcoWest is advancing in line with plans. Strategically, Gmin closed the transformational acquisition of G2 during the quarter, consolidating Gmin's Oko West and G2's adjacent Okogane project into a single large-scale and long-life tier-one gold mining complex. Importantly, TZ continued to deliver in the quarter, producing 36,845 ounces, a 16% increase over Q1 2026, with 37,439 ounces sold. The improvement was driven by a higher-grade mining sequence and stable mill performance as we advanced towards accessing the higher-grade Phase II mineralization. Free cash flow grew more than 50% to $85 million quarter-over-quarter, generating approximately $2,300 of free cash flow per ounce of gold produced. Throughout the year, will remain focused on protecting margins and maximizing the free cash flow generated from every ounce we produce. Second quarter gold production exceeded planned, supported by higher grades and strong metallurgical recoveries. TZ maintained plant performance during the quarter, processing just over a million tons of ore at an average throughput rate of 11,120 tons per day. The average process grade was 1.23 grams per ton gold with an average recovery of 91.9%. Mining activity also remained strong with a record 6.3 million tons of ore and waste extracted from the open pit during the quarter, representing a 15% increase from Q1, 2026. The corporation maintains its 2026 production guidance of 160 to 190,000 ounces with approximately 61% of output expected in the second half of 2026 as higher grade materials accessed in accordance with the mine plan. Safety performance remains strong at TZ and across all projects during the quarter as GMIN recorded zero lost time injuries. We continue to deliver strong margins during the quarter supported by a record average realized gold price of 4,197 per ounce and all in sustaining costs of $1,690 per ounce sold. Q2 2026 cash costs of $1,046 per ounce sold were 1% higher than Q1 2026, while all in sustaining costs increased 6% to $1,690 per ounce sold, largely reflecting the impact of stronger Brazilian real relative to the U.S. dollar. As a result, we have revised our full-year 2026 cash cost and all unsustaining cost guidance to $836 to $965 and $1,330 to $1,544 per ounce sold, respectively, compared with previous guidance of $736 to $865 and $1,230 to $1,444 per ounce sold. The revisions primarily reflect the impact of the stronger Brazilian real on our cost base. I will now invite Julie to take you through the financial results, cash flow, and balance sheet.

Thank you, Louis-Pierre, and good morning, everyone. During Q2, GMIN delivered excellent financial results reflecting the quality of our asset portfolio, solid operational execution, and continued leverage to the gold price. Second quarter revenue rose 21% year-over-year to $157 million, driven by 37,439 ounces sold at an average realized goal price of $4,197 per ounce. For the six months ended June 30, 2026, GMIN also reported higher revenue growth, returning 31% increase year-over-year reporting $297 million in revenue for the period. Net income reported for the quarter grew by 48% to $72 million or $0.30 per basic share compared to net income of $48.6 million or $0.21 per share for the same period last year. On an adjusted basis, net income was $79 million in the second quarter or $0.33 per share versus an adjusted net income of $36.5 million or $0.16 per share reported for the second quarter of 2025. Adjusted net income excludes a $1.4 million unrealized foreign exchange loss, a $4.9 million loss on the change in fair value of financial instrument, a $0.4 million deferred income tax expense, and a 0.5 million present value adjustment on VAT receivables. Second quarter EBITDA was 106.9 million and adjusted EBITDA was 113.7 million, both matrix performing better than the same period last year. TZ continue to generate strong free cash flow, demonstrating its strong margin profile as we advance OCO West and our fully funded exploration programs across the portfolio. Cash generated by operating activities was $104 million in the quarter, with free cash flow of $85 million after accounting for sustaining capital and other adjustments. During the quarter, cash used in investing activities was $153 million, primarily reflecting OcoWest construction spend. Cash and cash equivalents decreased from $287 million at March 31, 2026 to $226 million at June 30, 2026, reflecting continued heavy investment at Oko West during a peak construction period. We moved from net cash of $248 million at the end of Q1 to net cash of $193 million at quarter end A strong balance sheet position as we fund OcoWest through the remaining construction period. Including the undrawn $350 million revolving credit facility, available liquidity was approximately $576 million. Capital expenditures was approximately $158 million in the second quarter of 2026, comprising of $10.6 million of sustaining capital 8.3 million of capitalized waste stripping, 8 million of capitalized exploration expenditures, and 131.3 million related to development activities at OCOPE. For the first six months of 2026, capital expenditures totaled 266.2 million, comprising of 12.9 million of sustaining capital, 18.9 million of capitalized waste stripping, 0.8 million of sustaining exploration, 13.9 million of capitalized exploration expenditures, and 219.8 million related to development activities at OCO. OCO West Capital guidance remains unchanged with 514 million to 568 million expected in 2026, and $217 million to $240 million expected in 2027. At OCO, cumulative spend to date reached approximately $423 million or about 44% of the approved initial capital budget, leaving $550 million remaining to be spent through completion. Total commitments reached approximately $628 million or 65% of the approved budget. This continues to be a meaningful de-risking point with nearly two-thirds of the initial capital budget now in committed scope. For the six months ended June 30, 2026, GMIN achieved approximately 39% of full-year gold production guidance, which was in line with mine plans. Our 2026 production guidance remains unchanged, at 160,000 to 190,000 ounces of gold. Total cash trust guidance and ASIC has been revised upwards as previously noted to 836 to 965 per ounce sold and 1,330 to 1,544 per ounce sold respectively. For 2027, production guidance remains unchanged at 200,000 to 235,000 ounces of gold, with total cash costs expected to decline to 633 to 743 per ounce sold, and ASIC expected to decline to 977 to 1,146 per ounce sold. The 2027 profile reflects a full year of higher-grade Phase II contribution, Lower Sustaining Capital Compare with 2026, and Continued Operating Maturity at TZ. This concludes my remarks. I will now turn the call back to Louis-Pierre to discuss OKO West and Guru P. Thank you, Julie.

OKO continues to advance on schedule and on budget during the quarter. At the end of Q2, overall project progress reached 28% on an earned value basis. Detail Engineering continues to advance on schedule and remains on track for completion in Q3 2026, while procurement is approximately 99% complete. On-site, construction is advancing on schedule across the key work areas, including the process plants, power plant, tailing storage, and site infrastructures. The power plant remains on track to be operational by the end of July 2027, and the grinding mills by August 2027. with major component deliveries continuing on schedule. Key achievements during the quarter included continued concrete pours across the power plant, sag and well mill foundations, primary crusher, CIL, CIP, tanks, and pre-leach thickener. Other key infrastructure work streams also advanced, including the permanent camp, which now has more than 1,400 beds with the welcome center, kitchen, and dining hall all operational. The workforce also continued to grow during the quarter. Flight personnel now totals 1,779, with Guyanese nationals representing 77% of the workforce, and cumulative hours worked exceeding 2.3 million hours to date. I would like to take a moment to share some visuals of our progress on the ground as of June 30th, 2026. Our power plant continues to advance well with more than 1,350 cubic meters of concrete poured today and structural steel framing for the engine hall now complete. All six generators have been delivered and are being stored at our barge landing facility. The sag mill foundation is complete with anchor bolts and embedded plates in place while the first concrete pour for the ball mill foundation is planned for August. The primary crusher has also advanced significantly with the matte foundation concrete pour complete and rebar and concrete work for the first level scheduled to begin in August. Progress on the pre-leach thickener also continues with construction of exterior rings two and three now more than halfway complete. The current OKO West project remains on schedule with first goal targeted for the second half of 2027 with commercial production expected in January, 2028. An updated feasibility study integrating Oko-West and Okogane is targeted for mid-2027. In support of the study, we plan to complete definition drilling at Okogane and advance technical studies to optimize mine sequencing and throughput for the expanded project. The integrated development plan is expected to support an expanded production profile in 2029. I will close with a recap of our priorities for the remainder of 2026 and end to 2027. At TISI, our priority for the second half of the year is to execute on the planned production profile while driving lowered unit costs. Key areas of focus include advancing access to phase two, improving mining productivity, building drilled and blasted inventory, Optimizing Throughput and Recoveries, and Executing Sustaining Capital Programs. At Oko West, execution remains focused on key project milestones, including mill deliveries, power infrastructure, camp expansion, process plant construction, and advancement of the tailing storage facility. At Garupi, the key deliverables are the updated mineral resource estimate, the preliminary economic assessment, and the ESIA filing, all of which is targeted for year end. With the G2 transaction now complete, we can focus our attention on advancing the technical work required to validate the combined district plan to establish a Tier 1 production profile. We are entering this next phase with a stronger balance sheet, a producing mine generating steady cash flow, and a Tier 1 asset advancing through construction and strengthening our district position in Guyana and Garupi moving toward key catalysts. We have the assets, liquidity, and team required to execute this next phase of growth. With that, I would like to turn the call back to the operator for questions.

Thank you. We will now begin the question and answer session. To ask a question, press star 1 on your telephone keypad. To withdraw, press star 1. We ask that you limit yourself to one question and one follow-up. We will pause momentarily to assemble the queue. Your first question is from Ralph Profetti with Staple. Please go ahead.

Okay, thanks, operator. Good morning, everyone. Thanks for taking my questions. Louis-Pierre, is there going to be any operational impact that comes from this implementation roadmap on some of the tailings governance works that was delivered at TSE in June of 2026? Or perhaps, you know, impact to growth CapEx or sustaining CapEx? I'm just trying to get a sense of whether or not these assessments are within sort of manageable expectations.

And you're referring to TZ, right? Yes, sir.

Yeah. No, I mean, right now, as part of our sustaining CapEx for this year, we're doing a tailings raise to the flotation tailings facility that we have. But that's all been permitted, and it's going according to plan in terms of costs. Yeah, we're even permitted beyond the raise that we're doing right now to basically another subsequent lift. So there's no real permitting challenges or issues in front of us.

Great, great to hear. And then moving to OKO, seeing as we're 90% on detailed engineering and essentially there on procurement, I'm wondering if you're taking advantage of ordering some of the long lead for the potential expansion case. and whether or not it's possible that we can see some of that spending timeline that's going to come on for that production actually amalgamated into some of the spending that gets committed in, say, 2027.

Yeah, that's a good question. Obviously, we're looking at the long lead items that we would need for the expansion as we speak. And actually, we expect to place orders before the end of the year for some of those long lead items. And that's In particular, another ball mill and some additional gensets that would be required to power an increased site. So that will be small money, really, this year, which would be milestone-driven payments for the down payments on those equipment this year. Okay.

Thanks for that. I appreciate that being proactive. Thank you. Yep.

Your next question comes from the line of Andrew Mikichuk with BMO Capital Markets.

Yeah, thanks for taking my question. Just a follow-up on OCO. I appreciate you guys giving us guidance that you'll have the combined mine plan happening. But, you know, as you've indicated, you're thinking about ordering long-lead equipment. Are you in a position where there could be short-term changes to the mine plan or even the sequence of mining or stripping or stockpiling well ahead of that?

Actually, there likely could be in the sense that we've received... Authorization from the government to start some initial mining in Ghani. So that's going to allow us to do some optimization to the mine plan and make a few changes. But basically, we still need to go through a permitting process with the government to basically make an amendment to the permit that we have. But yeah, we have been granted already some flexibility that will allow us to make some optimizations there.

Okay, and maybe just a quick follow-up on the, in terms of things that we should expect to see, you know, on your monthly photos and on, you know, your PowerPoint updates, what are the big kind of, So basically you've seen some of the monthly photos and a lot of concrete's been poured for the process plant so now they're going to be starting erection of tanks, tankage is part of the

Leach and CIP circuit. So that's going to be one thing that'll show a lot of progress. Obviously the primary crusher, we're pouring foundation, you know, concrete work for the caisson. And then obviously one priority for the team is the assay lab. So we want to get that built so that we can do our grade control on site and have quick turnarounds. So that's a key priority for us. Other than that, we expect to be continually receiving equipment related now to the process plant. As we speak, our mills are on the water being shipped to Guyana. That's one milestone that was very important to achieve and that's been achieved now.

I'll hand the microphone over. Thank you.

Your next question comes from Anita Soni with CIBC. Thank you.

Good morning, LP and team. I just wanted to ask about the cost guidance for next year. So you raised this year's cost guidance, but there was no impact to next year.

Is there a reason for that?

Yeah, I'd say we... Part of the increase that we've made here is related to FX and gold price. So I think we'll just wait to see further how those metrics change for us by the end of the year. Yeah, essentially $100 of that increase is more than half is related to FX and royalty costs with a higher gold price assumption. So yeah, so we'll just take a pause and wait to see how that could potentially impact 27.

Okay, so it's just typical to budget assumption changes then?

Yeah.

Okay, all right. Thank you. That's it for my question.

Thanks.

To ask an audio question, as a reminder, press star 1 on your telephone keypad. And your next question is from Andrew McKitchick with BMO Capital Markets.

Just a quick follow-up on now TZ. This great profile that we should be expecting as Phase 2 is in a better portion of the sequence. Is it flat? Is there variations, you know, specifically in the next quarters, but, you know, even into next year?

Yeah, I'd say... It's likely not flat. We'll likely have an increase in Q3 and maybe likely another small increase in Q4. But that's part of what I would say the site team is looking to try and smooth out. So just so that we're not kind of waiting on Q4 to get those additional ounces out. But yeah, so far and In July, we're seeing the benefits of phase two ore coming. So yeah, we're on track with seeing that plan come to light.

Great. Thank you.

Your next question is from the line of Ray McCormick with Capstone Partners.

Hello, thank you, operator. Yes, I was wondering if you could tell me what the estimated commercial production will be for the year 2028 at Oko West.

At Oko West, 2028, we're looking at 315,000 ounces, and that's basically just in line with our feasibility plan because we're really tracking closely to that feasibility plan.

And what kind of grade?

Yeah.

Sorry, sorry for interrupting.

Yeah, I was just saying then, you know, we see that profile increasing. And then we do have under-round ore that then kicks in like year three, four. And then the profile keeps increasing then.

Okay. And what's your grade? What would your grade be for 28, let's say?

um yeah just give me a second there but yeah if you refer to our feasibility study uh that's that's really the the expectations that we have right now in terms of our plan um so i don't have in front of me but uh that that would be the document i would refer you to and we we can send that to

All right, thank you very much.

And you have a question from the webcast. When will the exchange of shares of G Mining Ventures for G2 Goldfields be completed for U.S. holders of GUYGF? The transaction is not completed despite the representation that has been made.

Yeah, I think that process is typically finalized with the brokers. So yeah, it's not something that we really control that process. But yeah, on our side, everything's been executed and completed. And yeah, maybe brokers have yet to do their administrative process on their end.

Okay, we have no further questions at this time.

I'm sorry. We do have a question from Robbie Nozomi from National Bank of Canada.

Good morning LPN team. Just quickly on Gurupi, you did mention that you have a resource update and a study coming up later in the year. So could you give us a bit more color on that? Obviously, you've drilled quite a lot since we last got an update on the asset. So could you give us some kind of a framing on how we should think about that study that you're planning to put out later this year?

Yeah, so as you know, we're drilling on the property right now. Looking to build up the resource base ahead of the PEA. So, yeah, we will likely be producing an exploration update that's, well, Brazil-focused, so GRUPI and TZ sometime in September. And we'll do a follow-up one for the Greater Oko, also probably later in September. So that'll give you a bit of a flavor for Some of the locations that we've been drilling looking to increase the resource. So we want to let that program run its course and be able to build in those resources into the PA. So we're targeting really the end of the year for releasing the PA results to be able to really benefit from the maximum input from the drill program. but yeah, we're looking at a plant that just high level, a project that would be slightly larger than TZ is what we're anticipating.

Go ahead. And speaking of TZ, I think a lot of the questions have already gone over some of this and we talked about the grade profile being a bit variable. What about the stripping rates and the mining rates? Obviously you've seen an increase in the mining rates with the larger fleet. Do you expect to continue to increase mining rates in the next few quarters, or are we going to hold steady here for a bit?

Yeah, it will likely increase a bit more in Q4. Just as part of the equipment that we've purchased as part of the sustaining capex, we have two additional trucks that have come in, and we're still waiting on a front-end loader that will complement the loading fleet. So, yeah, we expect that'll increase again somewhat.

I just asked one final one on Oko West. Tell us a bit about how you're doing with hiring in Guyana with labor availability and how well you're staffing up at that project and how many people do you expect to have there maybe towards the end of the year?

Yeah, so we basically have been hiring every month. So like just I think the month of June we had a We've had a large increase in people. We're basically just shy of 1,800 people working on the project. So we've been successful in hiring people. As you know, Guyana is a small population, so sometimes we scatter the net a little wider to find the qualifications that we need. So Suriname and Caricom in general has been A talent pool that we draw from, and we also have a lot of expats within the G-Mining Services team that are supporting the project. So all in all, the HR team has done a fantastic job in recruiting all the people required for the project. But yeah, we expect that will continue to increase all the way to the end of the year and likely getting close to 2,000 or exceeding 2,000 people on the project.

Next LP, that's it for me.

Thanks, Robbie.

And with no further questions in queue, I will now hand the call back over to Jean-Francois Lemonde for closing remarks.

So thank you, everyone, for joining the call, and talk to you next quarter.

A replay will be available on our Investor Relations website within 24 hours. Please reach out to the IR team with any follow-up questions. Have a great day.