G Mining Ventures Delivers Robust Feasibility Study For High-Grade Oko West Gold Project in Guyana
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April 28, 2025
G Mining Ventures Delivers Robust Feasibility Study
For High-Grade Oko West Gold Project in Guyana
• After-tax NPV5% of $2.2 billion, IRR of 27% and payback of 2.9 years at $2,500/oz base case gold
price (long-term consensus)
• After-tax NPV5% of $3.2 billion, IRR of 35% and payback of 2.1 years at $3,000/oz gold price
• Average annual gold production of 350,000 ounces at an AISC of $1,123/oz for 12.3 years
• Initial capital cost of $972 million and sustaining capital of $650 million over the life of mine
• Early works construction progressing well after receipt of Interim Environmental Permit
• Final Environmental Permit expected in Q2-25, targeting construction decision in H2-25
• An average of 1,270 direct permanent jobs to be created from the Oko West Project
BROSSARD, QC, April 28, 2025 – G Mining Ventures Corp. (“GMIN” or the “Corporation ”) (TSX: GMIN,
OTCQX: GMINF) is pleased to announce the results of its Feasibility Study ( the “FS” or the “Study”) for the
development of its wholly-owned Oko West Gold Project (“Oko West” or the “Project”), located in Region
7, Guyana. Unless otherwise stated, all dollar amounts in this news release are expressed in U.S. dollars.
The FS confirms robust economics for a low-cost, large-scale, conventional open pit (“OP”) and underground
(“UG”) mining and milling operation, with industry-leading operating costs and high rate of return. The Study
outlines total gold production of 4.3 million gold ounces (“ Au oz”) over 12.3 years, resulting in an average
annual gold production profile of 350, 000 ounces with an All -In-Sustaining Cost (“ AISC”) per ounce of
$1,123. The Project after-tax net present value (“ NPV”) (5% discount rate) is $2.2 b illion with an after -tax
internal rate of return (“IRR”) of 27% at a gold price of $2,500 per ounce.
Final environmental permits are expected in Q2 -25, with a targeted construction decision in H2 -25. The
Project is ideally sequenced to leverage the strong macroeconomic conditions including a strong gold price,
lower inflation, and Guyana’s rapidly developing economy.
“The Oko West Feasibility Study marks a major milestone in realizing the value of what we consider one of the
world’s most exciting undeveloped gold projects. It confirms a long -life, high -margin operation with strong
economics, supported by a proven resource and solid infrastructure,” commented Louis-Pierre Gignac, President
& Chief Executive Officer. “With Tocantinzinho nearing nameplate capacity and generating meaningful free cash
flow, GMIN is well positioned to advance Oko West using the same experienced team and di sciplined execution
that delivered our first mine ahead of schedule and on budget. We remain committed to responsible development
and look forward to deepening our partnership with the Government of Guyana and local communities as we
advance Oko West as our second cornerstone asset.”
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Table 1: Oko West Feasibility Study Highlights
Description Units FS PEA Δ (%)
Production Data
OP Mill Feed Tonnage Mt 62 61 +2%
UG Mill Feed Tonnage Mt 14 15 (5%)
Total Mineralized Material Mined Mt 77 75 +2%
Total Waste Mined (OP and UG) Mt 429 367 +17%
Total Tonnage Mined (OP and UG) Mt 506 443 +14%
Strip Ratio waste: ore 6.8 6.0 +14%
Average Milling Throughput Mtpa 6.2 6.0 +3%
Average Milling Throughput tpd 16,911 16,110
Gold Head Grade g/t 1.89 2.00 (6%)
OP Head Grade g/t 1.57 1.72 (9%)
UG Head Grade g/t 3.26 3.19 +2%
Contained Gold koz 4,642 4,848 (4%)
Average Recovery % 93.5% 92.8% +1%
Total Gold Production koz 4,340 4,500 (4%)
Mine Life years 12.3 12.7 (3%)
Average Annual Gold Production oz 350,000 353,000 (1%)
Operating Costs (Average LOM)
Total Site Costs USD/oz $798 $728 +10%
Government Royalties (6.4%)* USD/oz $160 $126 +27%
Total Operating Cost* USD/oz $958 $853 +12%
All-In Sustaining Costs* USD/oz $1,123 $986 +14%
Capital Costs
Total Upfront Capital Cost USD M $972 $936 +4%
Initial UG Capital Costs (Sustaining Capital) USD M $68 $124 (45%)
OP and UG Sustaining Capital USD M $582 $413 +41%
Life of Mine Sustaining Capital USD M $650 $537 +21%
Closure Costs USD M $39 $37 +5%
Total Capital Costs USD M $1,661 $1,510 +10%
Financial Evaluation
Gold Price Assumption USD/oz $2,500 $1,950
After-Tax NPV5% USD M $2,163 $1,367
After-Tax IRR % 27% 21%
Payback Years 2.9 3.8
*Note: Assumes $2,500 per ounce base case gold price for calculating Government Royalty ($160 per ounce), which impacts Total
Operating Costs and AISC in FS evaluation. PEA assumed a $1,950 base case gold price for the calculation ($126 per ounce).
Government Royalty rate has not changed.
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Figure 1: Average Annual Gold Production and Operating Costs
Table 2: Sensitivity Analysis
Downside Base Upside
Scenario Case Case Case
Gold Price USD/oz $2,000 $2,500 $3,000
After Tax NPV5% USD M $1,155 $2,163 $3,169
Payback Years 4.4 Years 2.9 Years 2.1 Years
After-Tax IRR % 18% 27% 35%
Average Annual EBITDA USD M $375 $538 $702
Average Annual Free Cash Flow USD M $265 $388 $511
LOM EBITDA USD M $4,606 $6,622 $8,638
LOM Free Cash Flow USD M $3,253 $4,767 $6,281
Note: Average annual figures represent the 12.3-year operating period.
312 317 303 325 354 353 352 368 380
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93
-
$200
$400
$600
$800
$1,000
$1,200
$1,400
-
100
200
300
400
500
600
700
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13
Costs (USD/oz)
Production (koz Au)
Gold Recovered Total Cash Cost AISC
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Table 3: Sensitivity Analysis cont'd
After Tax Average Annual
Gold Price NPV5% IRR Payback EBITDA FCF
(USD/oz) (USD M) (%) (years) (USD M) (USD M)
$1,400 ($86) 4% 9.9 $178 $117
$1,600 $337 9% 7.6 $243 $166
$1,800 $748 14% 5.7 $309 $215
$2,000 $1,155 18% 4.4 $375 $265
$2,200 $1,558 22% 3.7 $440 $314
$2,400 $1,961 25% 3.1 $506 $363
$2,500 $2,163 27% 2.9 $538 $388
$2,600 $2,364 29% 2.7 $571 $412
$2,800 $2,767 32% 2.3 $637 $461
$3,000 $3,169 35% 2.1 $702 $511
$3,200 $3,571 38% 1.9 $768 $560
$3,400 $3,974 40% 1.7 $833 $609
$3,600 $4,376 43% 1.6 $899 $658
$3,800 $4,778 45% 1.5 $965 $708
$4,000 $5,181 48% 1.4 $1,030 $757
Note: Average annual figures represent the 12.3-year operating period.
FS Summary
The Corporation retained G Mining Services Inc. (“GMS ”) as lead consultants, along with other engineering
consultants, to complete the Study and prepare a technical report in compliance with National Instrument
43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
The Study is derived using the Corporation’s mineral resource estimate effective as at September 15, 2024
(the “MRE”). The effective date of the FS is April 28, 2025, and a NI 43-101 compliant technical report will
be filed on the Corporation’s website and under its SEDAR+ profile within 45 days of this news release.
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Property Description, Location and Access
Guyana is a mining friendly country with active gold and bauxite mines. Oko West is an advanced-stage gold
development project , which straddles the Cuyuni -Mazaruni Mining Districts (administrative Region 7) in
north central Guyana, South America. The Project is located approximately 120 kilometres (“km”) southwest
of Georgetown, the capital city of Guyana and approximately 50 km west of Bartica, the capital city of
Region 7 (Figure 2). Bartica is a small town with approximately 17,000 people and is known as the gateway
to the country’s interior and its gold mining regions.
The Project can be accessed via numerous methods: helicopter direct from Ogle airport to the site, fixed -
wing plane from Ogle airport to Bartica airstrip, by car and then speedboat , or by four-wheel drive vehicle.
An air strip on site will be built to service the Project. From the town of Itabal li at the confluence of the
Cuyuni and Mazaruni rivers, one can use the Puruni or the Aremu laterite roads, using four- wheel drive
vehicles. Bartica is accessible by a 20 -minute direct flight from the Ogle airport in Georgetown or by road
and boat from Parika on the Essequibo River. There are regular boat services between Bartica and Parika.
The climate is equatorial and humid. The Project operated throughout the year without any interruptions
related to the weather. The total surface area of the property is 71 km2.
Figure 2: Project Location Map
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Updated Mineral Resource Estimate
Indicated mineral resources total 80.3 million tonnes (“Mt”) at an average gold grade of 2.10 grams per tonne
(“g/t Au”) for 5.4 million contained ounces of gold (“Moz Au”). Gold contained in the i ndicated category
represents 93% of the global resource. Inferred resources total 5.1 Mt at an average gold grade of 2.36 g/t
Au, for 0.4 Moz Au.
The MRE considers 544 diamond drill holes (including 39 wedged holes), 366 reverse circulation holes, and
59 trenches completed between December 2020 and September 2024. A total of 45,700m has been drilled
since the PEA for conversion of inferred mineral resources.
Approximately 90% of the inferred resources have been converted into indicated resources within the pit
and about 70% of the underground inferred mineral resources. The remaining underground material will be
drilled from underground. This high conversion rate increases confidence in the resource estimation.
Table 4: Mineral Resource Estimate
Category Tonnes
(Mt)
Gold Grade
(g/t Au)
Contained Gold
(koz)
Open Pit Resource
Indicated 73.0 2.00 4,689
Inferred 1.5 1.06 52
Underground Resource
Indicated 7.2 3.09 718
Inferred 3.6 2.93 337
Total Resource
Indicated 80.3 2.10 5,407
Inferred 5.1 2.36 390
These Mineral Resources are not Mineral Reserves as they have not demonstrated economic viability. All figures are rounded to reflect the relative
accuracy of the estimates. The Mineral Resources described above have been prepared in accordance with the Canadian Institute of Mining, Metallurgy
and Petroleum (“CIM”) Standards (2014) and follow Best Practices outlined by the CIM (2019). The qualified person for the est imate is Christian
Beaulieu, P. Geo. (OGQ#1072), Consulting geologist for GMS. The estimate has an effective date of September 15, 2024. The lower cut -offs used to
report open pit Mineral Resources, constrained by an open pit optimization shell, are 0.30 g/t Au in saprolite and alluvium/colluvium, 0.34 g/t Au in
transition, and 0.38 g/t Au in rock. Underground Mineral Resources are reported inside potentially mineable volume and include below cut-off material
(stope optimization cut-off grade of 1.35 g/t Au). The cut -off grades are based on a gold price of US$1,950 per troy ounce and show , 94.5%, 93.3%
and 93.9% processing recoveries for saprolite and alluvium/colluvium, transition and rock , respectively.
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Initial Mineral Reserve Estimate
The Project mine plan is based on Probable Mineral Reserves of 76.6 Mt at an average gold grade of 1.89
g/t Au for 4.64 Moz Au.
Table 5: Mineral Reserve Estimate
Category Tonnes
(Mt)
Gold Grade
(g/t Au)
Contained Gold
(koz)
Open Pit Reserves
Probable 62.4 1.57 3,156
Underground Reserves
Probable 14.2 3.26 1,486
Total Reserves
Probable 76.6 1.89 4,642
The Mineral Reserves were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Estimation of Mine ral Resources &
Mineral Reserves Best Practice Guidelines (Nov 29th, 2019) and CIM Definition Standards for Mineral Resources and R eserves, (May 10th, 2014).
The mine design and Mineral Reserve estimate have been completed to a level appropriate for feasibility studies. As such, the Mineral Reserves are
based on the Measured and Indicated Mineral Resources and do not include any Inferred Mineral Resources. The Inferred Mineral Resources contained
within the mine design are classified as waste. Mineral Reserves are estimated using a long -term gold price of 1,800 $/oz USD. The qualified person
for the estimate is Alexandre Burelle, P. E ng. (OIQ#5019855), Mine planning and financial analysis consultant. The estimate has an effective date of
April 2, 2025. Mineral Reserves for Open Pit are estimated at a cut -off grade of 0.41, 0.37, and 0.33 g/t Au for Rock , Transition, and Saprolite
respectively. The Open Pit Strip Ratio is 6.83:1 and Dilution factor is 14 %. Mineral Reserves for Underground Mine are estimated at a cu t-off grade
of 1.70 g/t Au. The underground mine dilution factor is 10% including 4% for the backfill. For the underground a minimum mining width of 5 m was
used. The numbers may not sum due to rounding; rounding followed the recommendations in NI 43 -101. The mine design and Mineral Reserve
estimate have been completed to a level appropriate for feasibility studies. The Mineral Reserve estimate stated herein is consistent with the CIM
definitions and is suitable for public reporting.
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Production Profile
The FS outlined an average annual gold production profile of 350,000 oz Au over the 12.3-year mine life.
Total gold production is 4.34 Moz Au with an average gold grade milled of 1.89 g/t Au, and an average
metallurgical recovery of 93.5%.
Figure 3: Gold Production Profile
During the initial three years of commercial production, the processing feed will solely be supplied by the
open pit. Starting in the fourth year of production, underground mining begins to contribute to processing
feed, and the UG operation is expected to achieve targeted production rates of 4,500 tonnes per day (“tpd”)
by the sixth year. Over the LOM, UG ore represents 32% of total gold recovered.
312 317 303 325 354 353 352 368 380
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1.54 1.49 1.50
1.80
1.96 1.96 1.95 2.03 2.03
2.40
2.14 2.04
1.78
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0.50
1.00
1.50
2.00
2.50
3.00
-
100
200
300
400
500
600
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13
Grade Milled (g/t Au)
Gold Recovered (koz Au)
Gold Recovered Grade Milled