G Mining Ventures Provides Q1 2026 Project Status Update on Oko West; Construction Advancing on Schedule and on Budget
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G Mining Ventures Provides Q1 2026 Project Status Update on Oko West;
Construction Advancing on Schedule and on Budget
BROSSARD, QC, May 5, 2026 – G Mining Ventures Corp. (“GMIN” or the “ Corporation”) (TSX: GMIN,
OTCQX: GMINF) is pleased to provide a status update as of Q1 -2026 on its 100%-owned Oko West Gold
Project (“Oko West” or the “Project”) in Guyana, which continues to advance on schedule and on budget,
with first gold pour targeted for the second half of 2027 and commercial production expected in January
2028.
Since commencing development activities in October 2025, GMIN has made substantial progress across
engineering, procurement, site infrastructure and process plant development, while enhancing cost visibility
and execution certainty. The Corporation’s early works strategy has enabled it to secure key contracts ahead
of inflationary pressures, strengthening cost control and reducing schedule risk across critical scopes.
Unless otherwise stated, progress and milestones referenced in this press release are as of March 31, 2026 .
Highlights
• Safety performance, a critical pillar of project success, remains strong, with one lost -time incident
recorded to date, resulting in a Total Recordable Incident Frequency Rate (“TRIFR”) of 0.37
• Overall project progress has reached 19.7% based on earned value, with construction advancing on
schedule
• Approximately US$292 million has been spent to date (~30% of initial capital), with US$525 million
committed (~54% of initial capital), and the Project remains on budget
• Detailed engineering is approximately 80% complete
• Procurement is approximately 80% complete, with long -lead equipment largely secured and most
remaining equipment and contract packages either awarded or in progress; pricing remains in line
with expectations, supporting improved cost visibility
• Georgetown port facility investment finalized, providing a dedicated long -term logistics solution
with priority handling
• The on-site workforce has increased to 1,379 personnel, of which 82% are Guyanese, with more
than 1.6 million hours worked to date, reflecting GMIN’s commitment to local employment and
community engagement
• Camp capacity has increased to 1,058 beds to support ongoing workforce ramp -up, with full
occupancy expected by November 2026
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Louis-Pierre Gignac, President and Chief Executive Officer , commented: “We are very pleased with
the rapid construction progress being made at Oko West , which is tracking well on-schedule for first gold
pour in the second half of 2027 and on-budget. Our strategy of initiating development activities well ahead
of final permit receipt has delivered meaningful value for our shareholders. By acting early , we reduced
project timeline risk and minimized inflationary impacts across key scopes by securing procurem ent
contracts earlier.“
Oko West Project Update
Construction at Oko West is advancing across key work areas, including the process plant, power
infrastructure, tailings storage facility and site infrastructure. Recent developments include:
• Process plant construction continues to advance:
o Detailed excavation of the carbon-in-pulp (“CIP”) area has been completed
o Mass excavation for the primary crusher has been completed
o Ball mill foundations were recently poured and the preparation of rebar and formwork for
the SAG mill piers is underway
o Major components scheduled for delivery in mid -2026, grinding mills expected to be
operational by August 2027
• Engineering, design, and procurement is progressing on schedule as detailed engineering for
the infrastructure remains on track to be completed by Q3-2026. All major procurement items have
been awarded, at or below budget prices
• Tailings storage facility development activities are progressing, including clearing activities
reaching 36% completion
• Mine pre- production activities continue to advance, including mining fleet assembly and
commissioning in preparation for operations
• Power plant generator deliveries expected throughout Q2-2026, approximately two months ahead
of schedule. The power plant is expected to be operational in July 2027
• The permanent camp construction is advancing well as 1,058 beds installed and utilised. A further
888 beds are expected to be added in Q2 & Q3 2026. Full occupancy on track for November 2026
• Barge landing caisson and ramp were completed on schedule at the end of March 2026
Capital Expenditures Status and Outlook
As of March 31, 2026, approximately US$292 million had been spent on the Project, representing roughly
30% of the initial capital estimate of approximately US$973 million. Total commitments reached
approximately US$525 million (~54%), with approximately US$681 million remaining to be spent through
completion. Total capital expenditures guidance at Oko West for 2026 and 2027 remains unchanged at
US$514 to US$568 million and US $217 to US$240 million, respectively with Project remaining in line with
budget.
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Engineering & Procurement
Detailed engineering at Oko West reached 79.8% completion, while procurement is approximately 80%
complete. All major procurement packages have been awarded, with pricing in line with expectations,
reinforcing cost visibility and reducing exposure to infla tionary pressures. Infrastructure detailed design is
scheduled to be completed in Q2 2026, and process plant detailed engineering is 70% complete.
Port Facility Investment to Secure Long-Term Logistics Platform
GMIN has completed the acquisition of a 20% interest in Rock Solid International Inc., which indirectly owns
and operates the wharf and storage facilities at the Eccles Port Facility on the Demerara River. This
investment provides priority handling and preferential rates for equipment, materials and supplies. A
planned expansion, targeted for completion by year end , is expected to allow incoming vessels to berth
and unload cargo. The facility currently includes a laydown area and barge loading point.
Photo: The Eccles P ort Facility, located on the Demerara River near Georgetown, is currently being used to load barges
destined for the Project’s barge facility on the Cuyuni River.
Workforce and Staffing Status
As of March 31, 2026, the Project’s on -site workforce totaled 1,379 personnel, including 1,018 employees
and 361 contractors, with more than 1.6 million hours worked to date. Guyanese nationals comprise 82%
of the workforce, underscoring GMIN’s commitment to local employment and capacity building.
Recruitment for the mining team is progressing well, supported by active training programs and on -site
equipment simulators. General and administrative staffing is also well advanced, positioning the Project to
support both ongoing construction and the transition to operations.
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Project Construction Progress
In the process plant area, the grinding circuit remains on the Project’s critical path. Detailed excavation of
the CIP area and mass excavation for the primary crusher have been completed. Concrete placement for
the ball mill foundations has been successfu lly executed, and rebar installation and formwork for the SAG
mill piers are progressing. Delivery of both mills is expected in July 2026, supporting the transition to
mechanical installation and advancing the Project toward commissioning.
In March 2026, a key logistics milestone was achieved with the completion and opening of a steel bridge
on the access road, enabling delivery of the main power plant generators—the heaviest components of the
Project. In addition, the offloading ramp and wharf at the barge landing are now fully operational, enhancing
logistical efficiency and supporting the delivery of major equipment and materials.
Concrete works continue to advance across priority areas, including the grinding circuit and the main power
plant engine hall. Overall concrete completion has reached approximately 20%, with monthly placement
volumes increasing in line with the construction schedule.
At the tailings storage facility, clearing activities have reached 36% completion, while foundation
preparation for the main tailings dam is progressing well. Placement of fill material is scheduled to
commence in Q2 2026.
Mining fleet assembly and commissioning are advancing steadily in preparation for pre -production
activities. Several primary production units have been assembled and commissioned, along with supporting
equipment. The explosives storage facility is nearing completion and ready to receive initial deliveries. Grade
control drilling and sampling activities have also commenced, supporting readiness for planned mining
operations.
Near-Term Milestones and Timeline to First Gold Pour
Upcoming near-term milestones include:
• barge landing speedboat docking facility and initial use of wharf facility,
• initiation of construction of the main fuel storage facility at the barge landing,
• commissioning of the permanent camp kitchen and mess hall,
• completion of welcome center and laundry facilities as part of the new camp facility,
• steel erection for key facilities,
• delivery and installation of main power generator sets,
• process plant tankage and primary crusher concrete works, and initial deliveries of the main
grinding mill components,
The Project continues to advance on schedule toward first gold pour in the second half of 2027.
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Photo: Concrete work in the grinding area is progressing, with formwork installation and rebar placement for the SAG mill
piers well advanced. The ball mill foundation can be seen on the right.
Photo: The power plant foundation has reached a major milestone, with the concrete pour completed and the site ready
to receive the generators.
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Photo: Mass excavation for the primary crusher is complete, and the area is ready for concrete works to commence.
Photo: Foundations for the Mine Maintenance Facility are progressing, with completion targeted for Q2 2026 with steel
structure erection to follow.
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Photo: Our newly commissioned wharf was completed in mid-April and is now ready to accommodate barge landings for
the unloading of heavy equipment, as well as construction and mining materials.
Photo: Camp infrastructure continues to expand, with additional dormitories being delivered through 2026. A large central
building housing the kitchen and mess hall is scheduled to be operational in the second quarter.
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About The Oko West Project
Oko West ranks among the largest gold project s currently under construction globally and is expected to
produce an average of 350,000 ounces of gold per year at mine -site AISC of $1,123/oz. Oko West is
expected to drive consolidated production to approximately 500,000 ounces in 2028 up from 160,000 –
190,000 ounces in 2026.
Qualified Person
Louis-Pierre Gignac, President & Chief Executive Officer of GMIN, a QP as defined in NI 43-101, has reviewed
the press release on behalf of the Corporation and has approved the technical disclosure contained in this
press release.
About G Mining Ventures Corp.
G Mining Ventures Corp. is a mining company engaged in the acquisition, development, operation and
exploration of precious metal projects to capitalize on the value uplift from successful mine development.
GMIN is well- positioned to grow into the next mid -tier precious metals producer by leveraging strong
access to capital and proven development expertise. GMIN is currently anchored by the Tocantinzinho Mine
in Brazil, supported by the Gurupi Project in Brazil and the Oko West Project in Guyana — all with significant
exploration upside and located in mining -friendly jurisdictions. GMIN trades on the TSX under the symbol
“GMIN”.
Additional Information
For further information on GMIN, please visit the website at www.gmin.gold or contact:
Jean-François Lemonde
Vice President, Investor Relations
514.299.4926
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release constitute “forward- looking information” and
“forward-looking statements” within the meaning of certain securities laws and are based on expectations and projections as of the date
of this press release. While the subject matter of this press release is to report on the Project’s status (in particular, what has been
completed) as of the date of its dissemination, it also outline s the next steps and management’s expecta tions regarding its con tinued
advancement and, more generally, its outlook (notably the contemplated first gold pour and commencement of commercial production),
which constitute forward-looking information.
Forward-looking statements contained in this press release include, without limitation, those related to (i) the first gold pour targeted for
H2-2027 and commercial production in January 2028 ; (ii) the camp capacity supporting the expected workforce ramp u p, with full
occupancy in November 2026; (iii) the major plant components scheduled for delivery in mid-2026 (SAG and ball mills in July 2026) and
grinding mills expected to be operational by August 2027; (iv) the detailed engineering for the infrastructure to be completed by Q3-2026;
(v) the power plant expected to be operational in July 2027; (vi) the placement of fill material scheduled to commence in Q2-2026; (vii)
the quoted comments and expectations of GMIN’s President & Chief Executive Officer; and (viii) more generally, the whole contents of the