Canadian firm Shareholders approve US$2.2B takeover of Guyana gold project

Jun 18, 2026 News

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(Kaieteur News) – G2 Goldfields Inc. announced on Monday that its shareholders have approved the US$2.2B (C$3 billion) arrangement to consolidate its Oko-Ghanie gold project with fellow Canadian firm G Mining Ventures (GMIN’s) fully permitted and fully financed Oko West Project.

The company also noted that its shareholders have also approved the spin-out of another company, G3 Goldfields Inc. – which will hold G2’s remaining properties not included in the acquisition.

In April 2026, it was announced that GMIN entered into a definitive agreement with G2 Goldfields to consolidate the two adjacent gold projects located in Region Seven (Cuyuni-Mazaruni).

Acquiring G2 will bring the Combined Measured & Indicated Mineral Resources of 7.0 million ounces and Inferred Mineral Resources of 2.3 million ounces. The deal will also expand GMIN’s footprint in Guyana by 293 square kilometers (km²), creating a combined contiguous land package of over 362 km².

G2’s Preliminary Economic Assessment (PEA) released last year, outlines a combined open pit and underground operation with a 14-year mine life and estimate total production of 3.2 million ounces gold. Annual production is projected to average 298,000 ounces during years three through 10. The deal is expected to close this month, subject to shareholder and court approvals.

In a June 16^th statement, G2 said under the terms of the arrangement, GMIN will acquire all issued and outstanding common shares of G2, while G2 will concurrently complete a spin-out transaction with G3. The vote was passed and finalised at G2’s special meeting of shareholders. A total of 208,496,197 G2 shares were voted in person or represented by proxy at the meeting, representing approximately 80.61% of the total outstanding shares as of the record date. The resolution to approve the arrangement passed with 208,445,379 votes in favour (99.99%) and 19,585 votes against (0.01%).

The closing of the arrangement is expected to occur in July 2026, subject to the satisfaction or waiver of remaining customary closing conditions, including obtaining the approval of the Ontario Superior Court of Justice (Commercial List). Upon the completion of the transaction on the effective date, G2 shareholders will be entitled to receive 0.212 of a GMIN common share and 0.5 of a G3 common share for each individual G2 share held as of the close of business on the business day immediately prior to the effective date.

During a recent press conference, President Irfaan Ali was asked whether the growing trend of foreign firms ‘flipping’ large-scale mining assets in Guyana is a concern to his administration, and whether government believes stronger policies are needed to ensure the country benefits directly from those transactions. For his part, Ali has defended the transfer and sale of Guyana’s mineral properties among foreign mining companies, arguing that such transactions are part of the global mining industry and not unique to Guyana.

Kaieteur News reported that the Oko West Gold Project was added to GMIN’s portfolio back in 2024 following a business combination with fellow Canadian firm, Reunion Gold Corp. valued at US$638M (C$875 million). 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 project’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’s latest mineral resource estimate for the Oko project stands at 1.6 million ounces of gold in the Indicated category and 1.9 million ounces in the Inferred category.

GMIN and G2 had disclosed that the integration of the deposits is expected to enhance mine sequencing and optimisation opportunities, supporting higher mill feed grades and a more balanced blend of open pit and underground mining over the Life of Mine (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 had also stated that there is an opportunity to accelerate Oko-Ghanie’s permitting timeline by combining with the fully permitted Oko West Project – which is expected to start gold production next year.

The arrangement with G2 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.

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$1B 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.

According to GMIN combining the two gold projects would avoid approximately C$850M in capital expenditure that would otherwise be required to develop a standalone Oko-Ghanie Project. It was noted that this is largely due to the elimination of the need for a separate mill and tailings facility, along with the integration of key infrastructure.

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• G Mining Ventures, G2 Goldfields Inc., G3 Goldfields Inc., Oko-Ghanie gold project

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