GMIN tightening grip on Guyana’s gold through 10% in another Canadian firm

Apr 25, 2026 News

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…company already sitting on 7-million ounces 

(Kaieteur News) – Canadian miner G Mining Ventures Corp. (GMIN), which is already in play to control 7-million ounces of gold in Guyana’s mining sector, also have a stake in another gold operation in Guyana through its involvement in Greenheart Gold Inc. – another Canadian firm operating here.

Greenheart Gold was formed in July 2024, as a spin-off from a business combination between fellow Canadian companies Reunion Gold and G Mining, holding all of Reunion’s assets other than the 4.64 million ounces Oko West project which is now controlled by GMIN.

In April 2024, GMIN and Reunion Gold announced plans to enter into a definitive agreement to combine the two companies at a cost of US$638 million. Under the terms of the agreement, shareholders of GMIN and Reunion receive common shares of a newly formed company, with Reunion shareholders receiving 0.285 GMIN common shares for each share held. Through this deal GMIN joined Greenheart.

Greenheart is focused on early-stage exploration within the geologically rich but historically underexplored Guiana Shield, which spans parts of Guyana and Suriname.

Greenheart on April 20, announced it has upsized its non-brokered private placement to raise up to C$59.85 million, with funds expected to support exploration in Guyana and Suriname, as well as potential acquisitions across the Guiana Shield. Beyond GMIN’s direct control of the Oko West project, the company is also indirectly exposed to additional exploration upside in Guyana via its stake in Greenheart.

In the recent update, Greenheart disclosed that GMIN through its wholly owned subsidiary G Mining Guyana Corp. has signalled its intention to participate in the offering to maintain its approximately 10.5% ownership in Greenheart.  Notably, it was also disclosed that financing has also attracted increased backing from La Mancha Investments S.à r.l., which intends to raise its stake to just under 20%. The offering is expected to close by April 30, subject to regulatory approvals.

Greenheart Gold is an exploration company that builds on a proven legacy of discoveries within the Guiana Shield.

Earlier this year, Greenheart Gold announced it entered into an option agreement with “arms’ length third parties” to acquire a 100% interest in the Gold Hill project in Guyana, while terminating its option agreements for the Tamakay and Abuya projects after concluding that the deposits do not meet the size and scale required for economic development.

 

The Gold Hill project is located approximately 13.5 kilometres east of Canadian firm Aris Mining Toroparu project, which hosts an estimated 5.3 million ounces of gold in measured and indicated resources. The Gold Hill property covers roughly 40 square kilometres in the Mazaruni mining district in north-western Guyana. It was noted that the project area is deformed around a dolerite intrusion and appears to have been subjected to multiple deformation events and exhibits similar open folding to that observed at the nearby Toroparu deposit.

The company said that it has decided to walk away from its Tamakay and Abuya projects following extensive exploration work that failed to demonstrate the potential for deposits of sufficient economic scale.

Kaieteur News had reported that the latest move by GMIN to acquire another fellow Canadian firm that operates in Guyana can see the company earning over US$30 billion based on a combined resource of 7-million ounces, and gold prices remaining above US$4,500 per ounce when production begins. Canadian business news.

The 4.64 million ounces Oko West Gold Project located in Region Seven (Cuyuni-Mazaruni) was added to GMIN’s portfolio back in 2024. In a similar move like its business combination with Reunion, GMIN this month announced that it entered into a definitive agreement with another Canadian company, G2 Goldfields for approximately US$2.2 billion (C$3 billion).

With the latest acquisition, the two neighbouring properties will be merged into a single mining hub with a combined 7-million-ounce gold resource base, including 2.3 million ounces in measured and indicated resources and inferred resources.

The combined development is expected to produce more than 500,000 ounces of gold annually over its life, with Oko West contributing approximately 350,000 ounces per year and Oko-Ghanie adding an estimated 228,000 ounces annually. This level of output is expected to create a large-scale, low-cost tier-1 gold mining hub in one of the most prospective emerging gold districts in the world.

GMIN’s acquisition of G2 and business combination with Reunion to secure and combine the assets is pegged at US$2.838 billion.

Acquiring G2 will expand GMIN’s footprint in Guyana by 293 km² (square kilometres), creating a combined contiguous land package of over 362 km².

According to GMIN, 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 proven and probable reserves is 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. G2’s 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.

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.

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• GMIN, Gold Mining, Greenheart Gold Inc., Guyana’s gold

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