13 Canadian firms now have full grip on Guyana's gold sector

13 Canadian firms now have full grip on Guyana’s gold sector

Aug 03, 2026 News

…another controls country’s only uranium project

(Kaieteur News) – The number of Canadian companies with interests in Guyana’s gold sector has climbed to 13, with the latest entrant, XAU Resources Inc., set to acquire the Quartzstone Gold Project in Region Seven through a business combination.

The transaction, announced earlier this year, will see Toronto-listed XAU Resources acquire all of the issued and outstanding shares of QS Holdings Inc., the Barbados-based parent company of Qstone Inc., which owns the Quartzstone Gold Project.

XAU Resources move to acquire QS Holdings Inc. came weeks after fellow Canadian mining company Fortuna Mining Corp. entered into a more than US$5 million agreement with QS local subsidiary Qstone Inc. for the Quartzstone project which covers 296 square kilometres (km²) of contiguous mining lands.

13 Canadian companies now have full grip on Guyana’s gold sector

The addition, XAU and Fortuna further adds to Canada’s dominance among foreign mining firms operating in Guyana, joining major players such as G Mining Ventures (GMIN), Aris Mining, G2 Goldfields, Omai Gold Mines, Mako Mining, Greenheart Gold, Tajiri Resources, Lighthouse Gold, Gold Port Corporation, Golden Shield Resources and Lexston Mining.

Another new addition is Lexston Mining, which has already moved to acquire mineral claims covering approximately 64.75 square kilometres (km²) in the northwest mining district, in a deal valued at US$1.1 million. The company entered the agreement just weeks after incorporating a wholly owned local subsidiary, Lexston Guyana Inc., after an evaluation identified opportunities in Guyana’s gold-rich districts.

Lexston Guyana entered the LOI with Joseph Jardine, the seller to acquire a 100% undivided interest in 15 strategic mineral claims in Region One, Mining District Five, Northwest Guyana.

The Canadian firms are currently advancing gold projects across Guyana’s mining districts, collectively controlling millions of ounces of gold at various stages of development – with some nearing gold production. Most of these projects are located in Region Seven, the Cuyuni-Mazaruni Mining District, a region recognised for its significant gold potential. For five of the companies, the Proven and Probable Reserves and indicated Mineral Resource Estimate (MRE) amount to 15.7 million ounces of gold. The remaining companies are still in the exploration stage and have not reached the point of announcing resource estimates.

G Mining Ventures Corp. (GMIN) and G2 Goldfields Inc. recently 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 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 in Region Seven (Cuyuni-Mazaruni). 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.

Meanwhile, the proposed Kurupung uranium project in Guyana is owned by Canada-based U92 Energy Corp. The Kurupung Uranium Project spans approximately 92.2 square kilometres in Region Seven and carries a historical resource estimate of 20.6 million pounds of uranium. U92 completed its acquisition of LIA Industries, a Singaporean firm, earlier this year, giving the Canadian company control of what is currently Guyana’s only known uranium project.

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Canadian companies, Guyana's gold sector, Quartzstone Gold Project, U92 Energy Corp., Uranium, XAU Resources

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