BROSSARD, QC (By G Mining, 6.Oct.2025, Words: 633) — G Mining Ventures Corp. secured commitments for an initial $387.5mn financing package, with the potential to be increased by an additional $150mn beginning six months after closing, subject to lender approval.
This financing package, which could total up to $537.5mn, provides the corporation with the financial flexibility to advance the development and construction of its 100%-owned Oko West Gold project in Guyana.
The financing package is anchored by an agreement with a syndicate of financial institutions for a revolving credit facility that allows the corporation to borrow up to $350mn, with an accordion feature for an additional $150mn available post-closing, subject to customary conditions. The syndicate is led by National Bank Capital Markets and Macquarie Bank Limited as joint bookrunners and co-lead arrangers, with participation from Bank of Montreal, ING Capital LLC, Royal Bank of Canada, Citibank and CIBC.
In addition, Komatsu Finance Chile S.A. a subsidiary of global equipment leader Komatsu Ltd., and GMIN Ventures Guyana Inc., an indirect wholly owned subsidiary of GMIN, announced execution of a master loan and security agreement (MLSA) to finance the procurement of mining and construction equipment for the development of the project. Under the terms of the MLSA, Komatsu Finance will provide financing through multiple equipment notes with a total principal amount not to exceed $37.5mn.
“With these financing arrangements in place, together with strong cash flow from the Tocantinzinho Mine, we now have the financial resources required to bring Oko West into production,” commented Julie Lafleur, VP Finance & Chief Financial Officer. “This entirely non-dilutive package increases financial capacity, provides additional flexibility, and reflects the confidence of National Bank, Macquarie, Komatsu Finance and the broader syndicate in our ability to deliver. We remain focused on disciplined capital allocation and advancing Oko West responsibly, on schedule, and within budget to generate meaningful value for all stakeholders.”
Following the receipt of the Oko West environmental permit from Guyana’s Environmental Protection Agency on 2 Sep. 2025, and with this financing package now in place, GMIN is positioned to make a final investment decision (FID) on the project later this month, which will outline the forecasted initial capital cost, investment incurred to date, and remaining expenditures through to completion.
Summary of Revolving Credit Facility Terms :
- Credit facility: senior secured revolving facility of $350mn, with an accordion option for an additional $150mn available 6 months after closing, subject to lender approval.
- Maturity: initial term of up to 3 years from closing, with annual extension options to reset tenor back to 3 years subject to lender’s consent.
- Use of proceeds: general corporate purposes, including refinancing existing debt, Oko West Project development and supporting working capital.
- Pricing: SOFR plus a 0.10% credit spread adjustment, and an applicable margin ranging from 2.75% to 3.75%, depending on the net leverage ratio.
Strengthening GMIN Leadership Team
In conjunction with this announcement, GMIN welcomed Jamie Flegg as vice president, corporate development. Flegg brings over 12 years of experience across mining capital markets, including corporate development, investor relations, private equity, and investment banking. Most recently, he served as chief development officer at Sigma Lithium, and previously as director, investment management at Waterton Global Resource Management. He began his career in investment banking with Red Cloud Securities. Flegg is a chartered financial analyst (CFA), holds an MBA and a bachelor of science (Honours) from Queen’s University, and currently serves on the board of directors of Comet Lithium Corporation.
“We are excited to welcome Jamie to the GMIN leadership team,” said Louis-Pierre Gignac, President & Chief Executive Officer. “His proven track record in corporate development and capital markets will be instrumental as we continue to execute our disciplined growth strategy and position GMIN as the next mid-tier gold producer. His addition further strengthens our ability to engage with global capital markets as we enter this next phase.”
____________________
