BROSSARD, QC (by G Mining, 23.Oct.2025, Words: 625) — G Mining Ventures Corp. (GMIN) announced its board of directors formally approved the commencement of full construction of its 100%-owned Oko west gold project in Guyana, following the completion of permitting and financing milestones. Additionally, GMIN is excited to provide a progress update on project construction activities, including engineering, procurement and early works activities.
— the BODs has approved a positive construction decision for the Oko west gold project, with an initial capital cost of $973mn
— detailed engineering is 36% complete
— procurement and commitments for long-lead items are progressing, with $334mn committed to date, representing 33% of the total initial capital budget
— early works construction activities are advancing on schedule
“The official launch of construction at Oko West marks a major milestone in GMIN’s evolution into an intermediate gold producer,” said Louis-Pierre Gignac, President & Chief Executive Officer. “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”.
Project update (as of 30 Sep. 2025)
Project cost
— $110mn has been spent, with an additional $46mn in prepayments, for a total expenditure of $156mn
— total commitments for project construction now stand at $334mn (including amounts spent), representing 33% of the total initial capital cost estimate of $973mn
Safety record & workforce
— total workforce of 710 of which 520 are employees and 190 are contractors
— over 80% of workforce are Guyanese nationals
— 596,551 hours worked to date with one recordable incident to date, resulting in a Total Recordable Incident Rate (TRIFR) of 0.33— completed a technical training program in partnership with the Ministry of Labour of Guyana, benefiting 200 residents from region 7, the administrative region hosting the Project.
Sustainability & permitting
— permitting: fully permitted under Environmental Permit No. 20230912-RGIGM, issued by the Environmental Protection Agency (“EPA“) on 29 Aug. 2025. The permit is valid for five years and authorizes both construction and operational activities
— licensing: the mining license application has been submitted to the Guyana Geology and Mines Commission (GGMC) and is expected to be issued in Q4 2025
— environmental and Social Management: the corporation is advancing the implementation of a comprehensive Environmental and Social Management System (ESMS) addressing biodiversity conservation, water quality, waste management, air and noise control
— community engagement: a community development committee has been established in Region 7 to guide social investment initiatives in education, healthcare, and infrastructure
Engineering & procurement
— detailed engineering: approximately 36% complete
— procurement: long-lead items have been ordered, securing pricing for key equipment from reputable high-quality suppliers, including:
— power plant: supplied by Wärtsilä
— mining equipment: primary open pit and support equipment from Komatsu, with the first mining shovel scheduled for commissioning in Q4 2025
— processing equipment: grinding mills, gyratory crusher, apron feeders, and pre-leach thickener from Metso. Gravity circuit, intensive leach reactor, and gold room supplied by FLSmidth, with additional mechanical packages sourced from other suppliers
Early works construction
— camp facility: expansion of the exploration camp to a capacity of 425 beds; first two permanent dorms due in October; barge landing satellite camp completed
— site clearing: 15 % completed
— access: 12km external road operational, reducing travel time by three hours on return trip
— mass excavation: 100% complete at permanent camp; 93% at barge landing
— concrete: 2,815 m3 poured to date, 6% of the project
— tailings storage facility: coffer dam completed; foundation prep and dam construction underway
Approved initial capital cost
— board approved initial capex: $973mn, in line with the Feasibility Study (“FS“) estimate
— indirect costs: Increased due to additional construction equipment purchases
— pre-production revenue: 30,000 ounces (“oz”) at $3,200/oz vs $2,500/oz in FS Contingency (incl. pre-production revenue): 8.8%
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