G Mining Ventures (GMIN) has signed a definitive agreement to acquire all issued and outstanding shares of G2 Goldfields through a court-approved arrangement.
This transaction will bring together two neighbouring gold projects in Guyana: G2's Oko-Ghanie Project and GMIN's Oko West Project, which is fully permitted and financed.
The combined operation is projected to produce more than 500,000oz of gold annually on average throughout its life, optimising throughput and reducing costs through shared infrastructure and streamlined processes.
The merger is expected to create cost synergies exceeding C$1bn ($722.7m) through shared infrastructure and streamlined mine sequencing.
GMIN plans to maintain its timeline for commencing production at Oko West by the second half of 2027, while accelerating permits for the Oko-Ghanie Project.
Under the transaction terms, G2 shareholders will receive 0.212 GMIN common shares for every G2 share owned.
Additionally, they will acquire shares in a newly established gold exploration entity, G3 SpinCo, which will hold an interest in properties like Tiger Creek and Peters Mine.
Excluding certain projects being acquired by GMIN, G3 SpinCo will focus on these remaining properties.
The company will receive C$45m in funding and a contingent value right offering up to $200m, depending on resource evaluations at the acquired sites.
G2 shareholders will gain a 72% premium based on recent stock valuations.
Enhanced capital access is available through GMIN’s strong free cash flow from the Tocantinzinho mine in Brazil, along with $288m in cash reserves and an undrawn $350m revolving credit facility.
The transaction requires approval from G2 shareholders and the court, along with standard closing conditions.
If these conditions are met, it is expected to conclude by the second quarter of 2026.
BMO Capital Markets and National Bank Capital Markets are serving as financial advisors to GMIN and its board, with Blake, Cassels & Graydon as legal advisor.
ATB Cormark Capital Markets is providing financial advice to G2 and its special committee, while Canaccord Genuity is advising G2 and its board.
GMIN CEO, president and director Louis-Pierre Gignac said: “Combining GMIN’s Oko West Project and G2’s Oko-Ghanie Project delivers on our stated vision to build and operate a large, long-life, Tier-1 asset in Guyana.
“These assets are highly synergistic, and we are well-positioned to accelerate value creation by leveraging our unique expertise in building and operating mines on schedule and on budget in the Guiana Shield, utilising our deep knowledge of and network in the region to advancing permitting, and deploying our capital to build the mine.”
GMIN begun construction on the $973m Oko West project In October 2025.
