Oko West, Guyana, October 7, 2025
News Summary
G Mining Ventures has lined up an initial US$387.5 million financing package for the Oko West gold project in Guyana, with an option to increase funding by US$150 million after closing, potentially totaling US$537.5 million. The package includes a US$350 million revolving credit facility and up to US$37.5 million in equipment finance from Komatsu. The company received a five-year environmental permit authorizing construction and operation, and management expects a Final Investment Decision imminently. The debt-based, non-dilutive financing, combined with existing cash flow, positions the project to advance toward construction and production.
G Mining lines up up to US$537.5 million for Oko West; environmental permit cleared and FID expected imminently
Key financing and permit milestones at a glance
G Mining Ventures Corp. has secured commitments for an initial US$387.5 million financing package for its Oko West gold project in Guyana, with an option to increase funding by a further US$150 million after closing, taking the potential total to US$537.5 million. The company also received a five-year Environmental Permit from Guyana’s Environmental Protection Agency, and management says a Final Investment Decision is expected later in October 2025.
What the financing includes
The initial package is composed of a US$350 million revolving credit facility and up to US$37.5 million in equipment finance provided through Komatsu Finance under a Master Loan and Security Agreement. The revolving facility has an accordion feature that could add the extra US$150 million beginning six months after closing, subject to customary conditions and lender approval. The revolving facility’s initial term is up to three years from closing.
Pricing and lenders
Interest will be structured as the Secured Overnight Financing Rate (SOFR) plus a 0.1% credit spread adjustment and an applicable margin that ranges from 2.75% to 3.75%, depending on the company’s net leverage. The financing syndicate is led by National Bank Capital Markets and Macquarie Bank as joint bookrunners and co-lead arrangers, with participation from Bank of Montreal, ING Capital, Royal Bank of Canada, Citibank and CIBC.
Komatsu equipment loan
Under the MLSA with Komatsu Finance Chile S.A., financing will be provided to G Mining’s Guyana subsidiary through multiple equipment notes, with total principal not to exceed US$37.5 million. The equipment finance is intended to support procurement of mining and construction machinery to enable early self-performance of earthworks on site.
Permits, timeline and construction plans
G Mining received the Environmental Permit from Guyana’s EPA on September 2, 2025. The permit is valid through July 2030 and authorizes construction and operation of Oko West. The permit followed submission of an Environmental and Social Impact Assessment in November 2024 and nearly two years of baseline studies that began with Terms of Reference in early 2023. Early works began in March 2025 under an interim permit, covering a wharf on the Cuyuni River, access roads and a permanent camp.
Where the project stands financially and operationally
Management describes the financing as entirely non-dilutive and says combined with cash flow from the Tocantinzinho mine in Brazil, the company has resources to advance Oko West into production. About US$190 million has already been committed or negotiated for long-lead items, including mobile and marine equipment, grinding mills, a primary crusher and a power plant. Initial equipment deliveries were expected in the second half of 2025 to support earthworks.
Project scale and economics
Oko West is located roughly 120 km southwest of Georgetown. Indicated mineral resources are reported at 80.3 million tonnes at 2.1 g/t gold, equal to about 5.4 million ounces of contained gold, which represent about 93% of the global resource at the site. Inferred resources are stated at 5.1 million tonnes at 2.36 g/t (around 400,000 ounces).
The company’s planning assumes construction will take approximately 34 months, with commercial production expected in the first half of 2028. Initial capital expenditure estimates are shown at about US$972 million, with roughly US$909 million still to be spent. The company estimates a payback period of 2.9 years at a gold price of US$2,500 per ounce and previously published a post-tax NPV and IRR under certain assumptions.
Jobs, local engagement and governance
The project is expected to create an average of about 1,270 direct permanent jobs during its life, according to company materials. G Mining has credited engagement with Guyanese authorities and regulatory bodies as part of the permitting process and said it will advance construction responsibly and in line with environmental and social standards.
Market reaction and next steps
The company’s shares moved higher in trading following the financing and permit news. Management has indicated the next formal step is a Final Investment Decision planned for later in October 2025, which will set out the forecasted initial capital cost, investment incurred to date, and remaining expenditures through completion. Additional project financing details are expected to be disclosed at the time of the formal construction decision.
Risks and forward-looking notes
Statements about timing, costs, jobs and outcomes are forward-looking and subject to risks and uncertainties. Financing availability, permit conditions, construction schedules, operating performance and market prices can all affect final results. Project timelines and financial returns may differ from current estimates.
FAQ
What is the total potential financing for Oko West?
The financing package could total up to US$537.5 million, consisting of an initial US$387.5 million and an accordion of US$150 million available after closing subject to approval.
What does the initial financing include?
The initial package includes a US$350 million revolving credit facility and up to US$37.5 million in equipment financing through Komatsu Finance.
Has G Mining received the necessary environmental permit?
Yes. The Environmental Permit for Oko West was issued on September 2, 2025, and authorizes construction and operation through July 2030 under a five-year term.
When is the Final Investment Decision expected?
A Final Investment Decision is expected later in October 2025, with full details on capital costs and remaining expenditures to be provided at that time.
How will interest be calculated on the credit facility?
Interest is SOFR plus a 0.1% credit spread adjustment and a margin of 2.75% to 3.75%, depending on net leverage.
Is the financing dilutive to existing shareholders?
The company describes the package as entirely non-dilutive, as it involves debt and equipment financing rather than equity issuance.
Key project and financing features
| Feature | Detail |
|---|---|
| Potential total financing | Up to US$537.5 million |
| Initial financing | US$387.5 million (US$350m revolver + US$37.5m Komatsu) |
| Accordion tranche | US$150 million available from six months after closing, subject to lender approval |
| Interest structure | SOFR + 0.1% credit spread adjustment + 2.75–3.75% margin |
| Equipment lender | Komatsu Finance (equipment notes up to US$37.5m) |
| Environmental Permit | Issued Sept 2, 2025; valid through July 2030 |
| Location | About 120 km southwest of Georgetown, Guyana |
| Resources (indicated) | 80.3 Mt at 2.1 g/t gold (~5.4 Moz) |
| Construction timeline | 34 months to build; production expected H1 2028 |
| Jobs | Average ~1,270 direct permanent jobs over project life |
Deeper Dive: News & Info About This Topic
Additional Resources
- Mining.com: G Mining eyes Guyana gold project decision
- Wikipedia: G Mining Ventures
- Proactive Investors: G Mining secures financing for Oko West
- Google Search: G Mining Oko West financing
- PR Newswire: Environmental permit for Oko West
- Google Scholar: G Mining Oko West environmental permit
- NS Energy Business: G Mining sets US$972m capex for Oko West
- Encyclopedia Britannica: gold mining Guyana
- Mining Technology: Oko West gold project update
- Google News: G Mining Oko West
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