G Mining secures up to US$537.5m for Oko West as environmental permit cleared

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 secures up to US$537.5 million for Oko West; environmental permit in hand, final investment decision expected soon

G Mining Ventures Corp. has lined up an initial US$387.5 million financing package for the Oko West gold project in Guyana, with an option to expand the facility by a further US$150 million, bringing potential total liquidity to US$537.5 million. The company also received a five-year Environmental Permit that authorizes construction and operation. With financing commitments and the permit in place, the company said it is positioned to make a Final Investment Decision (FID) imminently, with a construction decision expected later in October 2025.

What the financing package includes

The initial package comprises a US$350 million revolving credit facility and up to US$37.5 million in equipment financing provided through a Master Loan and Security Agreement with Komatsu Finance Chile S.A. The revolving facility includes an accordion option that could add US$150 million beginning six months after closing, subject to standard lender approvals and conditions. The initial term of the revolving facility is up to three years from closing.

Interest pricing on the credit facility is based on 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 ratio. The lending syndicate is led by National Bank Capital Markets and Macquarie Bank as joint bookrunners and co-lead arrangers, with additional participation from Bank of Montreal, ING Capital, Royal Bank of Canada, Citibank and CIBC.

Komatsu equipment financing

The equipment financing is structured under the Master Loan and Security Agreement between Komatsu Finance Chile and a G Mining subsidiary in Guyana. Komatsu will provide financing through multiple equipment notes with total principal not to exceed US$37.5 million. This component is intended to help cover procurement of mining and construction equipment.

Non-dilutive funding and company position

G Mining described the package as entirely non-dilutive. Company finance leaders said the combination of these facilities and ongoing cash flow from the Tocantinzinho mine in Brazil gives the company the resources to advance Oko West toward production. Management also said the financing increases capacity, adds flexibility, and reflects lender confidence in the project.

Environmental permit and regulatory milestones

The Environmental Permit from Guyana’s Environmental Protection Agency was granted on September 2, 2025, and is valid through July 2030. The permit follows submission of the Environmental and Social Impact Assessment in November 2024 and nearly two years of baseline environmental and social studies. The permit authorizes construction and operation of Oko West and supports the timing for a near-term FID.

Project timeline, cost and workforce

Oko West is located about 120 km southwest of Georgetown. Construction is forecast to take 34 months, with commercial gold production expected in the first half of 2028. A recent company presentation indicated roughly US$909 million of remaining capital expenditures and initial capex estimated at about US$972 million, a modest increase from prior figures. The company stated the project is expected to create an average of 1,270 direct permanent jobs during its lifetime.

Resources, mining methods and early works

Indicated mineral resources for Oko West stand at about 80.3 million tonnes at 2.1 g/t gold, or roughly 5.4 million ounces, representing the majority of the project’s global resource. Inferred resources add about 5.1 million tonnes at 2.36 g/t, or about 400,000 ounces. Planned mining methods include conventional open-pit operations combined with mechanized long-hole open stoping for the underground portion. Early works began in March 2025, covering a wharf on the Cuyuni River, access roads, and permanent camp construction, among other site infrastructure. Approximately US$190 million has already been committed or negotiated for long-lead items such as mobile and marine equipment, grinding mills, a primary crusher, and a power plant.

Financial metrics and market response

In prior company modelling presented earlier in 2025, Oko West showed a post-tax NPV of US$2.2 billion and an IRR of 27% at selected assumptions. The company estimated a payback period of about 2.9 years at US$2,500 per ounce gold. Following the financing and permit news, G Mining’s shares rose in Toronto trading, reaching a record price and reflecting heightened investor interest.

Risks, approvals and next steps

The company emphasized that the full accordion amount is subject to customary lender approvals and that the timing and outcomes of construction and production remain subject to permitting, contracting, market conditions, and other risks. The forthcoming FID will disclose the forecasted initial capital cost, spending to date, and remaining expenditures. Further financing details are expected to be provided at the time of any formal construction decision.

FAQ

{
“@context”: “https://schema.org”,
“@type”: “FAQPage”,
“mainEntity”: [
{
“@type”: “Question”,
“name”: “What is the total potential financing secured for Oko West?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The initial financing is US$387.5 million, with an option to increase by US$150 million after closing, for a potential total of US$537.5 million.”
}
},
{
“@type”: “Question”,
“name”: “What forms does the financing take?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “A US$350 million revolving credit facility and up to US$37.5 million in equipment financing through Komatsu Finance, with the option to add US$150 million via an accordion feature.”
}
},
{
“@type”: “Question”,
“name”: “Is the financing dilutive to shareholders?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The company described the financing as entirely non-dilutive.”
}
},
{
“@type”: “Question”,
“name”: “Has G Mining received the necessary environmental approval?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Yes. Guyana’s Environmental Protection Agency issued a five-year permit on September 2, 2025, authorizing construction and operation.”
}
},
{
“@type”: “Question”,
“name”: “When is the Final Investment Decision expected?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The company indicated it is positioned to make an FID imminently, with a construction decision expected later in October 2025.”
}
},
{
“@type”: “Question”,
“name”: “When could Oko West start producing gold?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Construction is forecast to take 34 months, with commercial production expected in the first half of 2028.”
}
},
{
“@type”: “Question”,
“name”: “How many jobs is the project expected to create?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The project is expected to create an average of approximately 1,270 direct permanent jobs over its life.”
}
},
{
“@type”: “Question”,
“name”: “What are the major remaining risks?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Key risks include remaining financing conditions, construction and commissioning risks, changes in commodity prices, permitting and regulatory matters, supply chain and timing for long-lead items, and general market and operational risks.”
}
}
]
}

Key features at a glance

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

Author: Construction NY News

NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at constructionnynews.com, your go-to source for actionable local news and information in New York and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the New York Build Expo, infrastructure breakthroughs, and cutting-edge construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of New York State and the Building Trades Employers' Association, plus leading businesses in construction and real estate that power the local economy such as Turner Construction Company and CMiC Global. As part of the broader network, including constructioncanews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.