Cash Pours into Gold Hot Spot Guyana
Plenty of action across the Guiana Shield
One of the most active places on the planet for corporate action in the gold sector right now is the small South American nation of Guyana.
In April, G Mining Ventures (TSX: GMIN) announced the C$3 billion acquisition of G2 Goldfields (TSX: GTWO).
The deal combines GMIN’s Oko West project, which is under construction, with G2’s neighbouring Oko-Ghanie project.
Oko West is expected to achieve first gold next year and produce 350,000 ounces of gold per annum, while G2’s Oko-Ghanie is projected to produce 228,000ozpa.
As a result, the combined Oko operation is expected to become one of the world’s largest gold producers.
The companies expect C$1 billion of synergies to be unlocked related to capital costs, operating costs, and throughput expansion due to shared infrastructure, mine sequencing, and permitting.
The deal has been praised as one of the most logical in the gold sector.
Funds flowing
In March, La Mancha Resource Capital paid US$313 million to increase its stake in GMIN from 16.7% to 19.9%.
It is also invested in smaller explorer Greenheart Gold Inc (TSXV: GHRT), as part of its C$59.85 million private placement, which closed earlier this month.
La Mancha invested C$35.5 million to increase its stake in Greenheart from 4.6% to 19.9%.
GMIN also participated in order to maintain its 10.5% stake.
Greenheart was a spin-off of the 2024 merger between GMIN and Reunion Gold Corporation and is led by the former Reunion team which discovered Oko West.
The company has projects in Guyana and neighbouring Suriname.
In late April, Australian junior Altair Minerals (ASX: ALR) announced it had raised A$28.2 million via a placement to Endeavour Mining (LSE/TSV: EDV) at a premium to the previous closing price, giving Endeavour 9.9% of the company.
The investment came before Altair had even reported a drill hole, with its maiden 50,000m drilling campaign kicking off just two weeks earlier.
Altair entered Guyana last year via the acquisition of the Greater Oko project, the largest exploration project in the country’s history.
The project is along strike from Oko West and Oko-Ghanie.
Also in April, Fortuna Mining Corp (TSX: FVI) entered into an earn-in agreement with private Guyanese company Qstone Inc, which gives Fortuna the right to earn up to a 70% interest in the Quartzstone project, 35km northwest of Oko West.
“We are excited to establish a presence in the Guyana Shield, a highly prospective region with a strong history of gold discoveries,” Fortuna president and CEO Jorge A Ganoza said.
Over the border in Suriname, Gold Fields (JSE: GFI) last month paid C$10.1 million to increase its stake in Founders Metals Inc (TSXV: FDR) from 10.4% to 12.5%.
Gold Fields invested an initial C$50 million in Founders in November 2025, while B2Gold (TSX: BTO) also owns 5%.
Founders owns the pre-resource Antino project.
“This looks like a really high-quality property,” Gold Fields CEO Mike Fraser said in an interview in February.
Earlier this month, Australian fund Paragon highlighted Tajiri Resources (TSXV: TAJ) as a takeover target, given Tajiri’s Yono project sits between GMIN and G2’s projects.
“Importantly, Tajiri’s Yono tenement sterilises up to 2Moz from open pit mining of GMIN’s northern shoot on Block 1,” Paragon said.
“In our view, Yono is clearly strategic and likely a ‘must-own’ asset for GMIN in the near term.
“Applying an EV/Resource valuation metric of C$434/oz (half the multiple paid by GMIN for G2) to a 1Moz resource scenario—representing either half of GMIN’s sterilised northern shoot or a 1Moz standalone Yono prospective resource – implies a Tajiri valuation of C$1.08/share for its 65% interest in Yono.”
The GMIN-G2 deal will also create a new spin-off, G3 SpinCo, which will be owned by G2 shareholders and will own G2’s interests in the Tiger Creek property, the Peters Mine property and Property B in Guyana.
Advanced players
Mid-tier South American producer Aris Mining (TSX/NYSE: ARIS) owns the Toroparu project in western Guyana.
An October 2025 preliminary economic assessment on the 6.5Moz project confirmed the viability of a 7 million tonne per annum operation to produce 235,000ozpa of gold at all-in sustaining costs of US$1289 an ounce.
The study returned a post-tax net present value (5% discount rate) of US$1.8 billion, internal rate of return of 25.2% and three-year payback at a US$3000/oz gold price.
A prefeasibility study is on track to be released in the second half of this year, with the company aiming to make a development decision early next year.
Omai Gold Mines (TSXV: OMG) is close to completing a PEA on its 8Moz Omai gold project in Guyana.
The brownfields site produced 3.8Moz between 1993 and 2005 and closed due to low gold prices.
Omai shares are up nearly 500% over the past year. Silvercorp Metals Inc (TSX: SVM) owns 5% of the company.