G Mining cost hike at Tocantinzinho: cash, AISC and capex lens for mine planners
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
G Mining Ventures has lifted 2026 total cash cost guidance at the Tocantinzinho gold mine in Brazil to US$836–$965/oz and AISC to US$1,330–$1,544/oz, about 12% higher, driven by labour inflation, a stronger Brazilian real (5.15 vs 5.55 BRL/US$) and higher assumed gold prices (US$4,300/oz vs US$4,000/oz) increasing royalties. Second-quarter output from Tocantinzinho reached 36,845 oz, with cash costs at US$1,046/oz and AISC at US$1,690/oz, while G Mining reaffirmed 2026 production of 160,000–190,000 oz. Construction of the Oko West project in Guyana is 28% complete with US$423 million spent of a US$973 million capex, targeting first gold in late 2027 and, with Oko-Ghanie, potential life-of-mine production above 500,000 oz/year.
Technical Brief
- About 61% of Tocantinzinho’s annual gold output is scheduled for H2 as higher-grade zones are accessed.
- Tocantinzinho’s Q2 gold production reached 36,845 oz, with sales of 37,439 oz at US$4,197/oz realised.
- First-half 2026 output of 68,691 oz followed a plan to process lower-grade ore while accelerating waste stripping.
- Second-quarter total cash costs rose 1% quarter-on-quarter to US$1,046/oz, with AISC up 6% to US$1,690/oz.
- Oko West construction reached 28% completion by end-June, with US$423 million spent of US$973 million initial capex.
- Detailed engineering for Oko West stood at ~90% complete and procurement at 99% complete at quarter-end.
- G Mining’s 2026 capital spend remains guided at US$583–649 million, with exploration at US$42–50 million.
- Gurupi’s updated resource and PEA, incorporating a five-rig drill programme, are targeted for release by year-end.
- The company ended June with US$225.7 million cash, US$33 million long-term debt, for net cash of US$192.7 million.
Our Take
The revised cash cost range at Tocantinzinho still leaves G Mining Ventures in the lower half of the cost curve for open-pit gold producers in our database, but the roughly $100/oz guidance bump narrows the margin cushion that Jefferies flagged for such operators in its March 2026 note on oil-linked cost pressure.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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