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G Mining, anchored by the Tocantinzinho Gold Project in Brazil and the Oko West Project in Guyana, both located in mining-friendly regions, saw its stock rise today, making the TSX top gainer list. Trading at $8.73, the stock gained 10.44%, reaching a high of $8.80.
The rise follows G Mining’s announcement of an agreement to acquire tenements in Brazil’s Gurupi Gold Belt from BHP Group subsidiaries. The acquisition includes the CentroGold Project. In exchange, G Mining will grant BHP (NYSE:BHP) a 1% net smelter return (NSR) royalty on the first million ounces of gold produced from the tenements and a 1.5% NSR royalty on any subsequent production.
Located in the state of Maranhão, CentroGold spans approximately 1,900 square kilometers and includes 47 tenements. The project features multiple gold targets along an 80-kilometer mineralized trend, with significant open-pit deposits such as Blanket, Contact, and Chega Tudo. The project currently holds 2.3 million ounces of JORC-compliant gold resources, and the deposits remain open for further exploration. A 2019 pre-feasibility study, conducted by Oz Minerals (later acquired by BHP), outlined a 10-year mine life, with annual production estimates of 100,000 to 120,000 ounces of gold, increasing to 190,000 to 210,000 ounces annually during the first two years.
G Mining views CentroGold as an advanced-stage asset, with over 135,000 meters of exploration core drilling already completed. The company plans to refine the project's scope and timeline to fit its long-term objectives and modern permitting requirements. Following the closing of the acquisition, G Mining intends to update the gold resource in compliance with National Instrument 43-101 standards. However, the company’s immediate focus remains on ramping up production at the Tocantinzinho Gold Mine and advancing the Oko West Project toward a construction decision in the second half of 2025.
President and CEO Louis-Pierre Gignac expressed enthusiasm for the acquisition, seeing it as a significant step toward becoming a multi-asset growth company. He emphasized CentroGold's potential within a proven geological belt. Senior Vice President Dušan Petković echoed this sentiment, noting the acquisition aligns with G Mining’s strategy of acquiring undervalued assets. He highlighted how the company's recent acquisitions have significantly expanded its gold resource base, creating a promising pipeline of growth opportunities.
