G Mining approves full Oko West construction start

Executive Summary

• G Mining Ventures Corp. has formally approved the commencement of full construction for its 100%-owned Oko West gold project in Guyana, marking a major milestone in its transition to an intermediate gold producer.
• The project is fully permitted, with detailed engineering 36% complete and $334 million (33%) of the $973 million initial capital budget committed to date.
• First gold production is targeted for the second half of 2027, with early works such as camp expansion, site clearing, and mass excavation advancing on schedule.

Key Details

• Construction Decision: Board approved full construction of Oko West gold project following completion of permitting and financing milestones.
• Capital Cost: Initial capital cost approved at $973 million, aligned with the feasibility study (FS) estimate.
• Financial Progress:
  • Total expenditure to date: $156 million ($110 million spent + $46 million in prepayments).
  • Total commitments: $334 million, representing 33% of the total initial capital budget.
• Engineering & Procurement Status:
  • Detailed engineering is 36% complete.
  • Long-lead items ordered from reputable suppliers:
    • Power plant: Wartsila.
    • Mining equipment (primary open pit/support): Komatsu (first mining shovel scheduled for commissioning in Q4 2025).
    • Processing equipment: Metso (grinding mills, gyratory crusher, apron feeders, preleach thickener).
    • Gravity circuit/intensive leach reactor/gold room: FLSmidth.
• Early Works Construction:
  • Camp facility: Expansion to 425 beds; first two permanent dorms due in October; barge landing satellite camp completed.
  • Site clearing: 15% complete.
  • Access: 12 km external road operational, reducing travel time by three hours.
  • Mass excavation: 100% complete at permanent camp; 93% complete at barge landing.
  • Concrete: 2,815 cubic metres poured (6% of project total).
  • Tailings storage facility: Cofferdam completed; foundation prep and dam construction underway.
• Workforce & Safety:
  • Total workforce: 710 (520 employees, 190 contractors).
  • 80%+ of workforce are Guyanese nationals.
  • Safety: 596,551 hours worked; 1 recordable incident; Total Recordable Incident Rate (TRIFR) of 0.33.
  • Community: Technical training program completed with Ministry of Labour of Guyana, benefiting 200 residents.
• Permitting & Licensing:
  • Environmental Permit No. 20230912-RGIGM issued by EPA on Aug 29, 2025 (valid for 5 years, authorizes construction and operations).
  • Mining licence application submitted to Guyana Geology and Mines Commission (GGMC); expected issuance in Q4 2025.
• Financial Assumptions Update:
  • Preproduction revenue assumed at 30,000 ounces at $3,200/oz (up from $2,500/oz in the original FS).
  • Indirect costs increased due to additional construction equipment purchases.

Notable Quotes

• "The official launch of construction at Oko West marks a major milestone in GMIN's evolution into an intermediate gold producer. With financing secured, we are advancing this fully permitted, world-class project using the same disciplined, self-perform approach that delivered Tocantinzinho safely, on time and on budget. Oko West will build on that success as the next cornerstone of our growth strategy, with first gold targeted for the second half of 2027." — Louis-Pierre Gignac, President and CEO