Canadian firm to build 7-million-ounce gold project with G2 takeover  

Apr 10, 2026 News

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…to control over 360 km² of mining lands
…eyes 500,000 ounces of gold annually

(Kaieteur News) – G Mining Ventures Corp. (GMIN) on Thursday announced its move to acquire fellow Canadian firm G2 Goldfields Inc. that also operates in Guyana.

GMIN, the 100% owner of the 4.64 million ounces Oko West Gold project located in Region Seven, said it entered into a definitive agreement to acquire all of the issued and outstanding shares of G2.

The transaction will consolidate two adjacent gold projects in Guyana: G2’s Oko-Ghanie Project and GMIN’s fully permitted and fully financed Oko West Project.

GMIN noted that this synergy will create a large-scale, low-cost Tier-1 gold mining hub in one of the most prospective emerging gold districts in the world. It also expands GMIN’s footprint in Guyana by 293 km² (square kilometres), creating a combined contiguous land package of over 362 km², situated on a highly prospective greenstone belt and largely within a 20 km radius of the Oko West Project.

Highlighting some rationale behind the transaction, GMIN said the Combined Measured & Indicated Mineral Resources of 7.0 million ounces and Inferred Mineral Resources of 2.3 million ounces with deposits remaining open at depth and along strike. It was also noted that once in production, the combined Oko Project has the potential to rank among the highest producing gold mines globally.

The anticipated life of mine (LOM) average gold production of approximately 350,000 ounces of gold annually from GMIN’s Oko West Project and 228,000 ounces of gold annually from G2’s Oko-Ghanie Project into a single project brings the potential to produce over 500,000 ounces of gold annually on a LOM average basis.

The Oko West project is estimated to hold 4.64 million ounces of proven and probable reserves at an average grade of 1.89 grams of gold per tonne. The project is expected to produce about 350,000 ounces of gold annually over a 12.3-year mine life.

Early 2026, G2 announced new gold discoveries outside its existing mineral resource areas at the high-grade OKO Gold Project. The company had set its eyes on total production of approximately 3.2 million ounces of gold from the project, with average annual output projected at about 281,000 ounces during the mine’s peak years. The maiden Preliminary Economic Assessment (PEA) had outlined that the project will entail a combined open-pit and underground operation with a 14-year life of mine. OKO’s recent mineral resource estimate stands at 1.6 million ounces of gold in the Indicated category and 1.9 million ounces in the Inferred category.

The integration of the deposits is expected to enhance mine sequencing and optimization opportunities, supporting higher mill feed grades and a more balanced blend of open pit and underground mining over the LOM. The combined project is also expected to deliver significant near and long-term synergies across throughput, operating costs, capital costs due to shared infrastructure, mine sequencing and permitting.

GMIN noted that there is an opportunity to accelerate Oko-Ghanie’s permitting timeline by combining with the fully permitted Oko West Project and the targeted timeline for first gold production at Oko West in the second half of 2027 remains unchanged.

The agreement delivers on GMIN’s stated vision to build and operate a large, long-life, Tier-1 mine in Guyana with the ultimate objective of generating industry leading returns for its shareholders.

Moreover, GMIN plans to move quickly through technical studies to verify the optimal mine plan, sequencing, and throughput for the combined Oko Project, with an intention to release a technical report in 2027, targeting expanded production by first half of 2029. The company said it does not expect any delays in first production in Guyana by combining the Oko West Project with the Oko-Ghanie Project.

The agreement is expected to unlock more than C$1 billion in measurable synergies, driven by reduced capital and operating costs, as well as increased throughput. According to GMIN, these stem from shared infrastructure, optimised mine sequencing, and streamlined permitting.

Notably, the combined operation would avoid approximately C$850 million in capital expenditure that would otherwise be required to develop a standalone Oko-Ghanie Project. This is largely due to the elimination of the need for a separate mill and tailings facility, along with the integration of key infrastructure.

Additionally, operating cost savings of about C$275 million over the LOM are anticipated. These savings are expected to come from eliminating duplicate administrative functions and achieving greater economies of scale, with unit costs reduced by spreading fixed expenses across higher production volumes. The company also projects a 25–30% increase in mill throughput at the Oko West Project, which is expected to be confirmed in an updated Feasibility Study.

Further, combining the projects also accelerates and simplifies the Oko-Ghanie Project’s permitting timeline by combining with the fully permitted Oko West Project. The integration of Oko-Ghanie with the fully permitted Oko West Project is expected to streamline permitting execution, deliver a reduced environmental footprint by leveraging shared infrastructure and reduce overall development risk, representing a significant unquantifiable further synergy.

It was highlighted that the terms and conditions of the existing Oko West Mineral Agreement are to be extended to cover the combined project. Also, a reduced-scope Environmental and Social Impact Assessment (ESIA) would be required, potentially in the form of an addendum to the existing Oko West ESIA, along with a corresponding permit amendment.

G2 shareholders will receive 0.212 GMIN shares for each G2 share, along with shares in a new company, G3 SpinCo, which will hold G2’s remaining properties not included in the acquisition. G2 shareholders will also receive common shares in a newly created gold explorer called G3 SpinCo, that will hold interests in the Tiger Creek property, Peters Mine property and Property B, being all remaining G2 properties outside of Oko-Ghanie, Amsterdam, Aremu Partnership and Aremu Mine, Property A, and the Ghanie Medium Scale Mining Permit to be acquired by GMIN under the new transaction.

The combined company is to be led by GMIN’s management team.

Louis-Pierre Gignac, Chief Executive Officer (CEO), President and Director of GMIN, stated: “Combining GMIN’s Oko West Project and G2’s Oko-Ghanie Project delivers on our stated vision to build and operate a large, long-life, Tier-1 asset in Guyana. These assets are highly synergistic, and we are well-positioned to accelerate value creation by leveraging our unique expertise in building and operating mines on schedule and on budget in the Guiana Shield, utilizing our deep knowledge of and network in the region to advancing permitting, and deploying our capital to build the mine. Once built, this mine has the potential to rank among the highest producing gold mines globally. We look forward to continuing to advance our ‘Build, Operate and Explore for more’ strategy to create and unlock further value for GMIN shareholders.”

Dan Noone, CEO and Director of G2, stated: “We are very pleased to announce this Transaction today, which we believe is a testament to the outstanding work our team has done rapidly discovering and advancing Oko-Ghanie over the last few years. We believe that this Transaction not only delivers our shareholders an attractive upfront premium, but also the ability to participate with significant ongoing ownership in the combined company, having the opportunity to participate in expected future upside as potential synergies are realized and the combined Oko Project is advanced into production.

The Transaction significantly de-risks the advancement of Oko-Ghanie given the financial strength, free cash flow, and development capabilities that GMIN brings to the table. Importantly, we believe this is a great outcome for the country of Guyana, with the combined Oko Project being taken forward by a company that will be a great steward of the asset for the benefit of the country and its communities.”

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• Dan Noone, G2 Goldfields Inc., GMIN, Gold Mining, Guyana Gold, Louis-Pierre Gignac

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