By Charles Pitts
G Mining Ventures Corp. (TSX: GMIN) has released an updated feasibility study for its 100%-owned Oko West gold project in Guyana, revealing a post-tax net present value (NPV) of $2.2 billion and an internal rate of return (IRR) of 27%. The results, calculated at a gold price of $2,500 per ounce, underscore the project’s potential as a premier high-margin gold asset in South America.
The study outlines a 12.3-year mine life with average annual production of 350,000 ounces of gold. This development comes as the company continues to leverage its “Self-Perform” model, which previously saw the successful delivery of the Tocantinzinho gold project in Brazil. With a formal construction decision already finalized in late 2025, G Mining Ventures is positioning Oko West as a cornerstone for its multi-asset growth strategy.
Economic Highlights and Capital Requirements
The updated economics for Oko West reflect a robust operational profile designed to capitalize on the sustained strength of the gold market. The $2.2 billion NPV (at a 5% discount rate) represents a significant uplift from previous estimates, driven by optimized mine sequencing and the inclusion of higher-grade underground resources.
Key economic indicators from the feasibility study include:
- Post-Tax NPV (5%): $2.2 billion
- Internal Rate of Return (IRR): 27%
- Initial Capital Expenditure (Capex): $972 million
- All-In Sustaining Costs (AISC): $1,123 per ounce
- Payback Period: 2.9 years
The initial capital requirement of $972 million covers the construction of a 76.6 million tonne conventional open-pit and underground operation. As of April 2026, G Mining Ventures has already committed approximately 44% of this capital: totaling $423 million: ensuring that procurement and long-lead items remain on schedule.
Autonomous haul trucks are being integrated into the Oko West site plan to optimize operational efficiency and safety.
Production Profile and Mine Life
Oko West is slated to produce a total of 4.3 million ounces of gold over a 12.3-year mine life. The production profile is front-loaded, with peak annual production expected to reach 500,000 ounces in 2028, the first full year of commercial operation.
The mine plan utilizes a combination of conventional open-pit mining and a later-stage underground transition. The orebody remains open at depth, suggesting substantial potential for mine life extension beyond the current feasibility window. The processing plant is designed to handle 76.6 million tonnes of ore at an average diluted grade of 1.89 g/t gold.
Strategic Consolidation: The G2 Goldfields Acquisition
A critical driver for the updated feasibility and the long-term value of Oko West is the early 2026 acquisition of G2 Goldfields. This strategic move consolidated the Oko West Project with the adjacent Oko-Ghanie Project, creating a unified district-scale gold play.
By integrating the G2 Goldfields assets, G Mining Ventures expects a 25-30% expansion of mill throughput. The consolidation allows for a more flexible mine sequence, blending high-grade underground material from G2’s exploration targets with the bulk tonnage open-pit material at Oko West. This synergy is expected to further lower AISC and maximize the utilization of the $972 million infrastructure investment.
Exploration teams continue to expand the resource base following the consolidation of the Oko-Ghanie and Oko West projects.
Guyana: A Growing Tier-1 Mining Jurisdiction
Guyana has rapidly ascended as a preferred destination for mining investment in South America. The government’s support for the extractive sector, combined with a stable regulatory framework, provided the backdrop for the Environmental Protection Agency to issue Oko West’s final environmental permit in September 2025.
“The stability of Guyana’s mining laws and the clear path to permitting have been instrumental in our ability to fast-track Oko West,” noted the company’s management during a recent site visit. The project is expected to become one of the largest private-sector employers in the country, providing significant economic tailwinds to the regional economy through tax revenue and local procurement.
Timeline and Key Risks
The project remains on schedule for first gold production in the second half of 2027. The development timeline is as follows:
- Q4 2025: Formal construction decision and mobilization.
- 2026: Major infrastructure build-out and mill foundation completion.
- H1 2027: Cold commissioning and dry testing of the processing circuit.
- H2 2027: First gold pour and ramp-up to commercial production.
Despite the strong economics, the project faces several key risks. Inflationary pressure on industrial consumables (cyanide, steel, and fuel) could impact AISC if gold prices retreat. Furthermore, the logistical challenge of operating in the Cuyuni-Mazaruni region requires a sophisticated supply chain, as much of the heavy equipment must be barged and trucked through dense tropical terrain.
Oko West is projected to produce 350,000 ounces of gold annually, contributing significantly to global supply.
Market Context and Investor Outlook
With gold prices holding steady near $2,500/oz in 2026, the Oko West feasibility study arrives at a time of heightened interest in large-scale, low-cost gold assets. Investors are increasingly prioritizing projects with clear paths to production and proven management teams. G Mining Ventures’ track record with the Tocantinzinho project provides a high level of confidence in their “Self-Perform” delivery model.
The consolidation of the Oko district puts G Mining Ventures in a unique position among mid-tier gold producers. As the company transitions from developer to producer, the focus will remain on maintaining capital discipline and meeting the 2027 production milestones.
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G Mining Ventures (TSX: GMIN) has unveiled a massive $2.2B NPV for the Oko West project in Guyana. With an IRR of 27% and peak production of 500k oz/year, this asset is set to redefine the regional gold landscape. As construction ramps up for a H2 2027 launch, the company is leveraging its “Self-Perform” model to keep the $972M project on budget. #MiningNews #GoldMining #Guyana #GMiningVentures #SkillingsMining
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Data Table: Oko West Feasibility Summary (2026)
| Metric | Value |
|---|---|
| NPV (5% After-Tax) | $2.2 Billion |
| IRR (After-Tax) | 27% |
| Initial Capex | $972 Million |
| Average Annual Production | 350,000 oz Gold |
| Mine Life | 12.3 Years |
| AISC | $1,123/oz |
| First Gold Target | H2 2027 |
| Gold Price Assumption | $2,500/oz |
The Oko West processing facility will utilize conventional crushing, grinding, and CIL (Carbon-In-Leach) technology to recover gold from both open-pit and underground ores.
