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.
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(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 ProductionGold 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 SoldCash 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 OunceAISC 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.
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(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).
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(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
