G Mining Ventures Price Target Lifted by Canaccord on Oko Project Progress

Canaccord Genuity has reiterated its BUY rating for G Mining Ventures and increased its price target to C$64 from C$61, following a site visit to the company's Oko Gold Project in Guyana. The brokerage cited confidence in the project's execution, noting that its development is proceeding broadly in line with its established schedule and budget.

Oko Project on Track

The Oko project, which Canaccord identifies as the primary driver of G Mining's valuation, was 28% complete at the end of the second quarter, just shy of a 30% target. According to the analyst report, construction is expected to accelerate toward peak activity in late 2026, with first gold production still modeled for the second half of 2027 and commercial production at the start of 2028.

Key project metrics highlighted by Canaccord include:

• Capital Spent: $423 million, or 44% of the initial capital budget.
• Capital Committed: $628 million, representing 65% of the total.
• Tangible Progress: Analysts observed completed concrete pedestals for the SAG mill and advancing work on the ball mill, along with the installation of two of six generators at the power plant.

Production and Exploration Upside

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Canaccord's valuation model for Oko assumes a 16-year mine life with average annual production of approximately 471,000 ounces of gold. The firm projects all-in sustaining costs (AISC) to average around $1,186 per ounce. The recent integration of the Oko Main and Ghanie areas could increase the project's scale, potentially lifting annual production to over 500,000 ounces by 2033.

Further upside could come from an aggressive exploration program, with a budget of $15 million to $17 million for 2026 and ten drill rigs currently operating on the property. An updated resource estimate and feasibility study, expected in the first half of 2027, could serve as a near-term catalyst for the company.

Financial Position

Funding for the project does not appear to be an immediate constraint. G Mining Ventures ended the second quarter with approximately $226 million in cash and $350 million of available credit capacity. Canaccord estimates the company's total available funding could reach $1.35 billion through the end of 2027, which is expected to cover the roughly $685 million in remaining capital expenditures forecast over that period.