Canadian miner aims for 3.2M ounces of gold from Guyana

Dec 28, 2025 News

…to produce 281,000 ounces annually

(Kaieteur News) – Canadian miner G2 Goldfields Inc. is targeting total production of approximately 3.2 million ounces of gold from its Oko Gold Project in Guyana, with average annual output projected at about 281,000 ounces during the mine’s peak years.

The projections are contained in the company’s maiden Preliminary Economic Assessment (PEA) for the high-grade Oko project, released on December 18. The assessment outlines a combined open-pit and underground operation with a 14-year life of mine, supported by an updated mineral resource of 1.6 million ounces of gold in the Indicated category and 1.9 million ounces in the Inferred category.

According to the PEA, gold production is expected to average 281,000 ounces per year from years two through 11, at an all-in sustaining cost (AISC) of US$1,137 per ounce during that period. Total life-of-mine production is estimated at 3.2 million ounces, with a life-of-mine AISC of US$1,191 per ounce.

The study estimates initial capital expenditures of US$664 million, including a 20 per cent contingency, and sustaining capital of US$366 million over the mine life. At a gold price of US$3,000 per ounce, the project generates an after-tax net present value (NPV5%) of US$2.6 billion, an internal rate of return (IRR) of 39 per cent and a payback period of 2.6 years. At US$4,000 per ounce, the after-tax NPV5% increases to US$4.2 billion, with an IRR of 54 per cent and a two-year payback.

The PEA is based on drilling completed up to August 31, 2025.

Daniel Noone, CEO of G2, stated, “This PEA places the Oko Project firmly within one of the most attractive development projects globally. The PEA demonstrates the Project has the potential to generate very significant annual production at an average AISC cost of US$1,137/oz and is hosted in mining-friendly Guyana which actively promotes the development of large-scale gold mining. Moreover, the Project tenements host significant exploration potential, with multiple drill programs active across various adjacent and near-mine targets. We will be aggressively moving the Oko Project to feasibility and construction as we continue to explore this emerging gold mining district.”

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Canadian miner, G2 Goldfields Inc., gold, Gold Mining

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