Blue Moon Metals Inc. press release

G Mining Ventures Reports First Quarter 2026 Results

2026-05-13

TSXV - TSX Venture Exchange · Copper · Silver · Gold · Zinc · Lead · Canada · Corporate Finance

BROSSARD, Quebec, , May 13, 2026 (GLOBE NEWSWIRE) -- G Mining Ventures Corp.(“GMIN” or the “Corporation”) (TSX: GMIN, OTCQX: GMINF) today reported its financial and operating results for the first quarter of 2026. Unless otherwise indicated, all dollar amounts are in U.S. dollars.

| Louis-Pierre Gignac, President and Chief Executive Officer commented: “We delivered a solid start to 2026, achieving record operating margins while production and costs at TZ tracked well to plan. With gold production expected to be weighted to a much stronger second half of the year, we are managing cost volatility through disciplined execution. Looking ahead, we continue to execute on our industry leading growth strategy with a clear path to achieving over 500,000 ounces of annual gold production by 2028, supported by the advancement of Oko West, which remains on schedule and within budget, with first gold targeted in the second half of 2027.” |

First Quarter 2026 Highlights

Solid quarterly operating performance, in line with plan: Payable gold production(1) at the Tocantinzinho Mine (“TZ”) was 31,846 ounces in the first quarter, representing approximately 18% of the mid-point of the full year production guidance, at total cash costs(2)per ounce of $1,034 and all-in sustaining costs (“AISC”)(2)per ounce of $1,588. The realized gold price of $4,143 per ounce, up from $2,766 per ounce in the prior-year period, supported strong margins and cash flows. Costs are expected to improve materially in the second half of the year due to higher expected production.

Strong quarterly financial results: Generated quarterly net income of $80.4 million or $0.35 per share(3)and adjusted net income(2) of $62.0 million or $0.27 per share(3). The Corporation generated cash provided by operating activities of $69.7 million or $0.30 per share(3)and free cash flow(2) of $56.2 million or $0.24 per share(3). Revenue for the quarter was reduced by a $10.7 million non-cash adjustment related to the Gold Streaming Agreement resulting from an increase in mining reserves.

Substantial liquidity to fund growth. At March 31, 2026, cash and cash equivalents totalled $287.2 million. Including the undrawn revolving credit facility of $350 million, the Corporation’s total available liquidity at the end of the first quarter 2026 was $637.2 million.

Annual gold production and cost guidance reiterated: Full-year payable gold production guidance remains unchanged at 160,000 to 190,000 ounces for 2026, with approximately 62% of production expected in the second half of the year. Full year total cash costs per ounce and AISC per ounce in 2026 remain unchanged at $736 to $865 and $1,230 to $1,444, respectively.

Continued strong safety performance:GMIN recorded zero recordable incidents at TZ and Gurupi during the quarter and one recordable incident at the Oko West gold project (“Oko West” or the “Project”), resulting in a consolidated Total Recordable Incident Frequency Rate of 0.15, across the Corporation’s assets.

(1) Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Corporation whether such products are shipped during the period or held as inventory at the end of the period. (2) These measures are non-IFRS financial measures. Refer to section “Non-IFRS Financial Performance Measures” for further information and a detailed reconciliation to comparable IFRS measures in the associated Management’s Discussion and Analysis (MD&A), filed on SEDAR+ at www.sedarplus.com under the Corporation’s profile. (3) Amounts per share disclosed is calculated using the Basic Weighted Average Number of Common Shares for the period.

Update on Key Value Drivers and Growth Projects in the First Quarter of 2026

Oko West - As of March 31, 2026, overall project progress at Oko West reached 19.7% based on earned value, with construction advancing on schedule across key work areas, including the process plant, power plant, Cuyuni landing, tailings storage and site infrastructure. Detailed engineering is progressing on schedule and remains on track for completion in the third quarter of 2026. Procurement is approximately 80% complete, with long-lead equipment substantially secured and most remaining equipment and contract packages either awarded or progressing through final tendering. Total committed capital expenditures reached $525.2 million, representing approximately 54% of the approved initial capital budget of $973.0 million. Oko West capital expenditure guidance for 2026 and 2027 remains unchanged at $514 to $568 million and $217 to $240 million, respectively, with the Project remaining on budget.

Gurupi’s Development Roadmap Taking Shape- GMIN plans to invest between $19 and $23 million this year in exploration to grow the resource base through both brownfield and greenfield programs, with the goal of delivering an updated Mineral Resource Estimate (“MRE”) and a Preliminary Economic Assessment (“PEA”) in the second half of 2026. Alongside the exploration program, environmental and social baseline studies are advancing in support of an Environmental and Social Impact Assessment (“ESIA”) submission targeted for Q4 2026.

Proposed Acquisition of G2 Goldfields Inc.- On April 9, 2026, GMIN announced the acquisition of all issued and outstanding shares of G2 Goldfields Inc. (“G2”). The transaction is expected to close in the third quarter of 2026, subject to G2’s shareholder approval, regulatory approvals and other customary closing conditions. Key strategic, financial and operational advantages of the transaction include:

Consolidates adjacent gold projects in Guyana’s Oko district to create a single, district-scale Oko Project with meaningful development and operating synergies Combines anticipated life-of-mine (“LOM”) average production of approximately 350,000 ounces per year from GMIN’s Oko West Project and 228,000 ounces per year from G2’s Oko-Ghanie Project, with potential consolidated LOM average production exceeding 500,000 ounces per year Unlocks more than C$1 billion of initially identified synergies related to shared infrastructure, mine sequencing, permitting, capital costs, operating costs and throughput expansion Accelerates and simplifies the Oko-Ghanie permitting path by integrating the project with the fully permitted Oko West development plan

First Quarter 2026 Production and Costs

| | Q1 2026 | Q1 2025 | | | In thousands of $, except as otherwise noted | | | | | Operating Results | | | | | Gold Produced | oz | 31,846 | 35,578 | | Gold Sold | oz | 33,776 | 35,435 | | Total Cash Costs per oz sold (1) | $/oz | 1,034 | 689 | | AISC (1) | $/oz | 1,588 | 960 | | Average Realized Gold Price (1) | $/oz | 4,143 | 2,766 | | | | | |

Gold Production Gold production at TZ decreased from the prior-year period due to the planned sequencing of lower-grade material as mining activities focused on waste stripping and pit advancement. This work supports access to higher-grade Phase 2 mineralization and positions the operation for a meaningful increase in grade and production in the second half of 2026 at substantially lower costs, in line with our guidance.

TZ maintained steady throughput during the quarter, processing 1,063 kt of ore at an average rate of 11,811 tonnes per day (“tpd”). The average processed grade was 1.03 g/t Au and average recovery was 90.3%. In the first quarter of 2026, 31,846 oz of gold were produced, and 33,776 oz of gold were sold. Differences between gold ounces produced and gold ounces sold are primarily due to shipment and refining timing differences.

During the quarter, TZ maintained stable environmental performance, with ongoing monitoring programs for water quality, air quality, noise, vibration and cyanide management. No significant spills or material environmental non-compliance events were reported.

Total Cash Costs (1)per Ounce Sold Cash costs per ounce sold in the first quarter of 2026 was 50% higher than 2025 due primarily to lower production volumes, higher royalties (+$56/oz), new production tax (+$29/oz), and a stronger Brazilian real relative to the U.S. dollar (+$46/oz).

AISC (1)per Ounce AISC per ounce increased in the first quarter of 2026 when compared to the prior-year period due to the reasons described above for the increase in total cash costs, higher sustaining capital expenditures and higher general and administrative expenses.

(1) These measures are non-IFRS financial measures. Refer to section “Non-IFRS Financial Performance Measures” for further information and a detailed reconciliation to comparable IFRS measures in the associated Management’s Discussion and Analysis (MD&A), filed on SEDAR+ at www.sedarplus.com under the Corporation’s profile.

Reconciliation of Cash Costs(1)and AISC(1)

| | Q1 2026 | Q1 2025 | | | In thousands of $, except as otherwise noted | | | | | Operating Expenses | $ | 31,319 | 21,343 | | Royalties | $ | 4,814 | 3,077 | | Less: Realized Gain on Foreign Currency Contracts | $ | (1,222) | - | | Total Cash Costs (1) | $ | 34,911 | 24,420 | | Sustaining Capital and others* | $ | 13,740 | 5,159 | | Site Level AISC (1) | $ | 48,651 | 29,579 | | General and Administrative (“G&A”) Expenses | $ | 4,982 | 4,454 | | Total AISC (1) | $ | 53,633 | 34,033 | | Costs per oz: | | | | | Cash Costs (1) | $/oz | 1,034 | 689 | | Site Level AISC (1) | $/oz | 1,441 | 834 | | AISC (1) | $/oz | 1,588 | 960 | | | | | |

_*Comprised of Sustaining capital expenditures, capitalized stripping (sustaining), exploration (sustaining) and accretion of rehabilitation provision (ARO)._ This amount excludes corporate depreciation and amortization expenses totaling $120,000 for the three months ended March 31, 2026 ($35,000 for the three months ended March 31, 2025). This amount also excludes non-sustaining allocation of G&A Expenses totaling $259,000 for the three months ended March 31, 2026 ($1,031,000 for the three months ended March 31, 2025).

(1) These measures are non-IFRS financial measures. Refer to section “Non-IFRS Financial Performance Measures” for further information and a detailed reconciliation to comparable IFRS measures in the associated Management’s Discussion and Analysis (MD&A), filed on SEDAR+ at www.sedarplus.com under the Corporation’s profile.

First Quarter 2026 Financial Results (1)

| | Q1 2026 | Q1 2025 | | | In thousands of $, except as otherwise noted | | | | | Financial Results | | | | | Revenue | $ | 139,938 | 98,018 | | Cash generated from operating activities | $ | 69,706 | 30,524 | | Cash generated from operating activities | $/share (5) | 0.30 | 0.14 | | Free Cash Flow (2) | $ | 56,169 | 25,468 (3) | | Free Cash Flow (2) | $/share (5) | 0.24 | 0.11 | | Net Income | $ | 80,370 | 24,429 | | Net Income | $/share (5) | 0.35 | 0.11 | | Adjusted Net Income (2) | $ | 62,043 | 34,975 (4) | | Adjusted Net Income (2) | $/share (5) | 0.27 | 0.16 | | EBITDA (2) | $ | 114,080 | 66,714 | | Adjusted EBITDA (2) | $ | 97,672 | 68,136 (4) | | Capital Expenditures (sustaining) (2) | $ | 13,537 | 5,056 | | Capital Expenditures (growth) (2) | $ | 94,091 | 6,640 | | | | | |

| | March 31, 2026 | December 31, 2025 | | | In thousands of $, except as otherwise noted | | | | | Financial Position | | | | | Cash and Cash Equivalents | $ | 287,248 | 134,548 | | Long-Term Debt | $ | 39,472 | 141,440 | | Net (Debt) Cash | $ | 247,776 | (6,892) | | | | | |

Revenue Revenue increased in the first quarter of 2026 when compared to the prior-year period primarily due to higher realized gold prices. Gold ounces sold of 33,776 at a record average realized gold price of $4,143 per ounce, contributing to revenue of $139.9 million. Revenue for the quarter was reduced by a $10.7 million non-cash adjustment related to the Gold Streaming Agreement resulting from an increase in mining reserves.

(1) Additional details are available in the Unaudited Corporation’s Condensed Consolidated Interim Financial Statement and MD&A, filed on SEDAR+ at www.sedarplus.com under the Corporation’s profile. (2) These measures are non-IFRS financial measures. Refer to section “Non-IFRS Financial Performance Measures” for further information and a detailed reconciliation to comparable IFRS measures in the associated MD&A, filed on SEDAR+ at www.sedarplus.com under the Corporation’s profile. (3) Previously disclosed Free Cash Flow amount of $35,962,000 for the three-month period ending March 31, 2025, excluding $10,494,000 related to Investments in Long Term Inventories. Refer to section “Non-IFRS Financial Performance Measures” for further information. (4) Previously disclosed Adjusted Net Income and Adjusted EBITDA amounts of $35,392,000 and $68,553,000, respectively, adjusted to include Change in Fair Value of Financial Instruments of $(417,000). Refer to section “Non-IFRS Financial Performance Measures” for further information. (5) Amounts per share disclosed is calculated using the Basic Weighted Average Number of Common Shares for the period.

Net Income and Adjusted Net Income(1) Net income increased in the first quarter of 2026 when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices partially offset by lower gold sales. Net income in the first quarter of 2026 of $80.4 million ($0.35 per share(2)) includes a $25.0 million gain resulting from change in fair value of financial instruments which contributes to a lower adjusted net income (1)of $62.0 million or $0.27 per share (2)for the first quarter of 2026.

EBITDA(1)and Adjusted EBITDA(1)

EBITDA and Adjusted EBITDA increased in the first quarter of 2026 when compared to the prior-year period primarily due to higher revenues from mining operations (higher realized prices partially offset by lower gold sales), partially offset by higher production costs (higher royalty costs).

| | Q1 2026 | Q1 2025 | | In thousands of $, except as otherwise noted | | | | Net Income | 80,370 | 24,429 | | Finance Expense | 2,987 | 5,750 | | Depreciation and Depletion | 13,449 | 13,748 | | Current and Deferred Tax Expense | 17,274 | 22,787 | | EBITDA (1) | 114,080 | 66,714 | | Adjustments: | | | | Unrealized Foreign Exchange Loss | 8,018 | 1,839 | | Change in Fair Value of Financial Instruments | (25,017) | (417) (1) | | Present Value Adjustment of VAT Receivable | 591 | - | | Adjusted EBITDA (1) | 97,672 | 68,136 | | | | |

Cash Provided by Operating Activities

Cash provided by operating activities and cash provided by operating activities before changes in non-cash components of working capital both increased in the first quarter of 2026 when compared to the prior-year period primarily due to higher operating margins, partially offset by lower gold sales and higher income taxes. Cash provided by operating activities was reduced by approximately $33.4 million in cash taxes paid in the quarter mainly related to the 2025 taxation year.

Free Cash Flow (1) Free cash flow (1)and free cash flow before changes in non-cash components of working capital both increased in the first quarter of 2026 when compared to the prior-year period primarily due to the reasons described above related to the cash provided by operating activities. Reflecting strong ongoing margins, the Corporation generated free cash flow of $56.2 million or $0.24 per share(2), highlighting the asset’s strong margin profile and ability to fund growth internally.

(1) These measures are non-IFRS financial measures. Refer to section “Non-IFRS Financial Performance Measures” for further information and a detailed reconciliation to comparable IFRS measures in the associated MD&A, filed on SEDAR+ at www.sedarplus.com under the Corporation’s profile. (2)Amounts per share disclosed is calculated using the Basic Weighted Average Number of Common Shares for the period.

Capital Expenditures Capital expenditures totaled $107.6 million in the first quarter of 2026, including $13.5 million of sustaining capital, $5.8 million of capitalized exploration expenditures across TZ, Oko West and Gurupi, and $88.5 million related to development activities at Oko West. Exploration activity during the quarter supported the Corporation’s 2026 growth objectives.

2026 Guidance Reiterated

In the first three months of 2026, GMIN achieved approximately 18% of the midpoint of full-year gold production guidance, while total cash costs and AISC remained within the annual guidance ranges. Full-year payable gold production guidance remains unchanged at 160,000 to 190,000 ounces, with approximately 62% of production expected in the second half of the year. Full-year total cash costs and AISC guidance also remain unchanged at $736 to $865 per ounce and $1,230 to $1,444 per ounce, respectively. Higher production, lower costs and lower cash taxes are expected to drive stronger free cash flow through the remainder of the year.

Gold production at TZ for 2027 is estimated to be between 200,000 to 235,000 ounces, representing an increase of approximately 25% over 2026 production at the midpoint of guidance, driven by a full-year contribution of higher-grade Phase 2 ore at TZ. Total cash costs(2)and AISC (2)are expected to improve materially in 2027, with cash costs and AISC projected to decline by approximately 14% and 21%, respectively, compared to 2026 at the midpoint of guidance.

| Operational & Cost Guidance | | Q1 2026 Actuals | 2026(1) Guidance | 2027(1) Guidance | | In thousands of $, except as otherwise noted | | | | | | Gold Production | k oz | 32 | 160 - 190 | 200 - 235(4) | | Total Cash Costs (2) | $/oz Au | 1,034 | 736 - 865 | 633 - 743 | | Site-Level AISC (2) | $/oz Au | 1,441 | 1,133 - 1,330 | 898 - 1,054 | | AISC (2) | $/oz Au | 1,588 | 1,230 - 1,444 | 977 - 1,146 | | Sustaining Capital Expenditures | | | | | | Sustaining | $ | 2 | 38 - 45 | 19 – 23 | | Capitalized Stripping | $ | 11 | 31 - 36 | 43 – 51 | | Exploration (Sustaining) | $ | 1 | - | - | | Total Sustaining Capital Expenditures | $ | 14 | 69 - 81 | 62 - 74 | | Non-Sustaining Capital Expenditures (3) | | | | | | TZ Exploration | $ | 1 | 8 - 10 | 8 - 10 | | Oko West Exploration | $ | 2 | 15 - 17 | 14 - 18 | | Gurupi Exploration | $ | 3 | 19 - 23 | 18 - 22 | | Total Exploration | $ | 6 | 42 - 50 | 40 - 50 | | Oko West Project Development | $ | 88 | 514 - 568 | 217 - 240 | | Total Non-Sustaining Capital Expenditures | $ | 94 | 556 - 618 | 257 - 290 | | | | | | |

Oko West Gold Project Update

Construction at Oko West is advancing across key work areas, including the process plant, power plant, Cuyuni landing, tailings storage facility and site infrastructure. Recent developments include:

Process plant construction continues to advance: Detailed excavation of the carbon-in-pulp (“CIP”) area has been completed Mass excavation for the primary crusher has been completed Ball mill foundations were recently poured and the preparation of rebar and formwork for the Semi-Autogenous Grinding (“SAG”) mill piers is underway Major components scheduled for delivery in mid-2026, grinding mills expected to be operational by August 2027

Engineering, design, and procurementis progressing on schedule as detailed engineering for the infrastructure remains on track to be completed by Q3 2026. All major procurement items have been awarded, at or below budget prices Tailings storage facilitydevelopment activities are progressing, including clearing activities reaching 36% completion Mine pre-production activities continue to advance, including mining fleet assembly and commissioning in preparation for operations Power plantgenerator deliveries expected throughout Q2 2026, approximately two months ahead of schedule. The power plant is expected to be operational in July 2027 The permanent camp construction is advancing well as 1,058 beds installed and utilised. A further 888 beds are expected to be added in Q2 & Q3 2026. Full occupancy on track for November 2026 Caisson and rampat the Cuyuni landing were completed on schedule at the end of March 2026

(1) 2026 and 2027 guidance assumes a realized gold price of $4,000 per oz, BRL/USD of 5.55 and CAD/USD of 1.40. (2) These measures are non-IFRS financial measures. Refer to section NON-IFRS FINANCIAL PERFORMANCE MEASURES for further information and a detailed reconciliation to comparable IFRS measures. (3) Comprises of costs that are not required to maintain the current level of production (where applicable) but are intended to materially improve, expand, or extend the life of the asset. It also includes exploration costs. (4) 2027 production guidance excludes production from Oko West.