Canadian firm pockets US$2.2B on Guyana gold field, country gets nothing

Jul 30, 2026 News

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(Kaieteur News) – Canadian firms G Mining Ventures Corp. (GMIN) and G2 Goldfields Inc. have finalised the US$2.2 billion acquisition that was first announced in April, to create a tier-1 gold mining project in one of Guyana’s hottest mining districts.

The announcement of the successful completion of the arrangement under the Canada Business Corporations Act was made on Wednesday by both companies.

GMIN and G2 are both Canadian firms that own gold projects in Region Seven (Cuyuni-Mazaruni). The deal allows the companies to consolidate the two adjacent gold properties, G2’s Oko-Ghanie project with GMIN’s fully permitted and fully financed Oko West project.

The arrangement allows GMIN to acquire all of the issued and outstanding common shares of G2 and for G2 to complete the spin-out of a new company, G3 Goldfields Inc. – which will hold G2’s remaining properties not included in the acquisition.

GMIN’s Chief Executive Officer (CEO) and President, Louis-Pierre Gignac commenting on the completion of the arrangement noted that the acquisition of G2 further strengthens GMIN’s position into a leading multi-asset intermediate gold producer in the Americas.

“By bringing together two adjacent deposits that form part of the same mineralized system under a single operation, we have created a large-scale, low-cost, fully permitted and fully financed tier-one gold mining complex in one of the world’s most prospective gold districts. The combination is expected to generate substantial near- and long-term value for our shareholders through significant operational and capital synergies, including shared infrastructure, optimized mine planning, enhanced operational flexibility, and increased processing capacity,” he added.

The acquisition enables planned production at Oko West Gold Project to increase the mine’s annual production from 350,000 to reach approximately 500,000 ounces of gold per year over a minimum mine life of 15 years.

By itself, the Oko West project is expected to produce about 350,000 ounces of gold annually over a 12.3-year mine life. GMIN’s exploration to date has outlined 5.4 million ounces of indicated gold resources and 0.4 million ounces of inferred material. In relation to proven and probable reserves, the Oko West is estimated to hold 4.64 million ounces of gold at an average grade of 1.89 grams of gold per tonne.

Meanwhile, according to G2, its Oko-Ghanie gold project average annual output is expected to reach 281,000 ounces annually during the mine’s peak years-with a total production of approximately 3.2 million ounces of gold over the life of mine. In relation to the Oko-Ghanie project, GMIN clarified that the project’s mineral resource included in the initial joint press release do not represent, from GMIN’s perspective, a “current” mineral resource estimate of the Oko-Ghanie Project. Rather, it was stated that it was provided by GMIN as a “historical estimate” within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

Consolidating the projects 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.

GMIN’s entry into Guyana was secured in 2024 through a business combination with another Canadian company, Reunion Gold Corp., valued at US$638 million.   GMIN’s deal with Reunion added the Oko West Gold Project to its portfolio.

During a May 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 when those transactions occur.  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 moved from environmental permit approval to mining licence approval and the commencement of construction within approximately 12 months.

Early 2025, GMIN received an interim permit which allowed the company to begin early works at Oko West project which included the development of a wharf on the Cuyuni River, access roads, and construction of the permanent camp.  By September 2025, GMIN announced that the Environmental Protection Agency (EPA) approved the environmental permit for the project.

The five-year permit is valid through July 2030. It authorises the construction and operation of Oko West.  By the end of 2025, the Guyana Geology and Mines Commission (GGMC) in 2025 granted GMIN a 20-year mining licence for the project. The licence, which took effect on 5th December, 2025, authorises full development, operation and commercial production at the site.

First gold pour at the Oko West Gold Project is targeted for the second half of 2027 and commercial production is expected by January 2028.  Notably, GMIN has already revealed that it anticipates three to four flights weekly from the Oko West gold project site to transport gold from the interior, as well as facilitate other business and emergencies.

Moreover, now that the arrangement is completed, it is expected that the G2 shares will be delisted from the Toronto Stock Exchange (TSX) and withdrawn from quotation on the OTCQX Best Market of the OTC Markets Group (OTCQX) and that G2 will cease to be a reporting issuer (or equivalent) under applicable Canadian securities laws.  Further, G3 has applied to list its common shares for trading on the Canadian Securities Exchange (CSE), with listing subject to G3 meeting the listing requirements of the CSE.

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• G Mining Ventures Corp, G2 gold project, G2 Goldfields Inc., GMIN, Oko West Gold Project

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