G Mining Ventures is continuing to put substantial capital and manpower behind its Guyana gold ambitions, with construction at the Oko West project advancing toward first gold in 2027 even as the company cautions investors that there is no guarantee Guyana will remain a mining-friendly jurisdiction.
The contrast appears in G Mining Ventures’ latest second-quarter results, which present Guyana as a major part of the company’s growth strategy while also including a standard but notable warning that “there can be no assurance that Brazil and/or Guyana will remain mining friendly and prospective jurisdictions.”
That warning comes against the backdrop of significant activity already taking place at Oko West, where the company says more than 2.3 million person-hours have been worked and more than 1,700 employees and contractors are currently on site.
Importantly for Guyana, 77% of those workers are Guyanese nationals.
As of June 30, 2026, Oko West was 28% complete based on earned value, with construction progressing across the process plant, power plant, tailings storage facility and other site infrastructure.
G Mining Ventures said it had already spent US$423 million on the project, representing about 44% of its approved initial capital budget of approximately US$973 million.
The company had also committed approximately US$628 million, or 65% of the approved budget, while roughly US$550 million remained to be spent through completion.
The pace of construction is significant because 2026 is expected to be the peak construction year for Oko West. The company expects to spend between US$514 million and US$568 million on the project during the year, with US$219 million already spent during the first six months.
Engineering was approximately 90% complete at the end of June, while procurement was about 99% complete.
On the ground, work was progressing on the power plant, SAG and ball mill foundations, primary crusher, CIL/CIP tanks and pre-leach thickener. The permanent camp also had more than 1,400 beds available, with its welcome centre, kitchen and dining hall operational.
G Mining Ventures continues to target first gold pour in the second half of 2027, followed by commercial production in early 2028.
The company's Guyana ambitions also became broader following the completion of its acquisition of G2 Goldfields.
G Mining Ventures says the transaction consolidates the Oko district and gives it the potential to develop a larger, integrated Oko-Ghanie gold operation.
The company plans to begin an integration programme involving infill drilling and technical work aimed at producing an integrated mineral resource estimate and an updated feasibility study for an expanded Oko project.
That means the Guyana story is no longer simply about bringing Oko West into production. The company is now looking at how the surrounding Oko-Ghanie deposits could be incorporated into a larger mining complex.
Exploration is already underway. During the second quarter, drilling at Oko focused on the Lukanani target, with nearly 9,900 metres completed. The company says this work will feed into the broader programme supporting an updated feasibility study for an expanded, integrated Oko-Ghanie project.
The scale of the investment makes clear that Guyana is not being treated as a peripheral exploration play within G Mining Ventures' portfolio.
The company's own description identifies the Oko West and Oko-Ghanie projects in Guyana alongside its Brazilian assets as having significant exploration upside and being located in what it describes as mining-friendly jurisdictions.
The company is therefore simultaneously communicating confidence in Guyana's mining potential while reminding investors that the conditions underpinning that confidence are not guaranteed indefinitely.
That distinction is important.
The caution does not say that Guyana is currently an unfriendly mining jurisdiction, nor does it say G Mining Ventures is reconsidering Oko West. In fact, the company's latest operational update points in the opposite direction: construction remains on schedule, major procurement is nearly complete, hundreds of millions of dollars have been invested, and the company continues to target first gold in 2027.
Rather, the statement is contained within the company's broader forward-looking-risk disclosure, where GMIN warns investors that future government policies, royalties, taxes, incentives and other conditions can affect its expectations and financial outcomes.
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