Aris Mining pushes for large-scale licence to advance 5.4M-ounce Toroparu Gold Project

Nov 10, 2025 News

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(Kaieteur News) – Canadian firm, Aris Mining Corporation has applied to the Guyana Geology and Mines Commission (GGMC) and the Minister of Natural Resources to convert its small-scale claim licenses, mining permits, and prospecting permits into large-scale mining licenses to advance its 5.4 million ounces Toroparu Gold Project.

The Toroparu Project, located in Region Seven (Cuyuni-Mazaruni), is one of the largest undeveloped gold deposits in Guyana. It is being developed through Aris Mining local subsidiary, ETK Inc. and is expected to produce an average of 235,000 ounces of gold per year over more than two decades, yielding approximately 5 million ounces of gold, 4.9 million ounces of silver, and 260 million pounds of copper over its mine life.

Aris Mining disclosed in the Toroparu Preliminary Economic Assessment (PEA) that ETK currently holds all the necessary permits and permissions required for exploration and medium-scale mining and recovery of gold and other minerals in the project area. “In order to advance the Project, ETK has applied to the GGMC and the Minister of Natural Resources of Guyana to convert the Small Scale Claim licenses, Mining Permits and Prospecting Permits it presently holds through the A&R Joint Venture Agreement and the Godette Agreement to large scale mining licenses and to issue the same in the name of ETK (the Conversion),” the company said.

Alphonso Joint Venture

The Toroparu deposit is located on property that was originally subject to a Mining Joint Venture Agreement between Mr. Alfro Alphonso and Mr. Gregory K. Graham, effective August 1, 1999. This arrangement, initially called the Upper Puruni Venture, was later amended and restated on January 1, 2008, through an agreement between Mr. Alphonso and ETK, now referred to as the A&R Joint Venture Agreement.

In March 2020, ETK exercised its option under that agreement and acquired the Option Interest, paying US$20 million to finalise the purchase and extinguish its obligations to make further payments under the A&R agreement.

Notably, Alphonso retained rights to conduct alluvial mining on specific lands not tied to the Toroparu Project, along with access to certain roads and an airstrip built by ETK.

As part of that transaction, Alphonso issued a written affirmation and declaration of trust, acknowledging that he holds all lands and permits under the A&R Joint Venture in trust for ETK, pending the conversion of the small-scale licenses into large-scale mining licenses.

According to the PEA, ETK must cover all associated fees and rentals and Alphonso remains obligated to take any actions required by ETK, GGMC, or the Minister to facilitate the conversion.

Godette Joint Venture

The Sona Hill deposit, another key component of the project, is covered under the Godette Joint Venture established on April 1, 2008. Through this arrangement, ETK holds rights to four mining permits (MPs) known as the Godette MPs.

ETK has full operational control and exclusive rights to explore and sell any gold, precious metals, or gemstones recovered from the properties.

In December 2012, ETK purchased 100% of the Godette family’s interest in the joint venture for US$300,000. Although the Godette Heirs remain the registered owners of the permits, they have irrevocably committed all rights and interests to ETK, granting the company an irrevocable power of attorney to take any actions required by the Government of Guyana to issue a large-scale mining license covering the Godette lands.

Notably, the heirs have also agreed to cooperate fully with ETK and refrain from any actions that could interfere with the company’s operations or ownership conversion process.

Moreover, Aris Mining also disclosed in the PEA that the environmental permit for the Toroparu project has been renewed, allowing operations to continue until September 2029. The permit, which took effect in October 2024, will remain valid for five years. Aris Mining stated that it must apply to the Environmental Protection Agency (EPA) by March 31, 2029, for renewal.

Kaieteur News had reported that Guyana is set to reap an estimated US$3.4 billion in taxes and royalties from the Toroparu Gold Project, which is expected to generate US$14.7 billion in gold sales based on a base gold price of US$3,000 per ounce over its 21-year mine life.

The PEA states that at a base gold price of US$3,000 per ounce, the project is expected to contribute US$2.2 billion in income taxes and US$1.2 billion in royalty payments to the Government of Guyana, bringing the country’s total projected earnings to US$3.4 billion. At the same gold price assumption, the Toroparu gold project is projected to deliver an after-tax Net Present Value (NPV5%) of US$1.8 billion, an Internal Rate of Return (IRR) of 25.2%, and a payback period of three years.

Under the Mineral Agreement with the Government of Guyana, the project will pay an 8% royalty on gold sales, 1.5% on silver, and 1.5% on copper. It was stated that the royalties are deductible from taxable income under Guyana’s 30% corporate tax rate. Notably, a 2011 mineral agreement between ETK and the Government of Guyana established a tiered gold royalty of 5% for prices up to US$1,000 per ounce and 8% for prices above that.

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• Aris Mining, gold, Gold Project, Mining, Neil Woodyer, toroparu

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