TSX-listed G Mining Ventures has secured commitments for an initial $387.5-million financing package, with the potential to be increased by an additional $150-million beginning six months after closing, subject to lender approval.

This financing package, which could total up to $537.5-million, provides G Mining with the financial flexibility to advance the development and construction of its 100%-owned Oko West gold project, in Guyana, it says.

The financing package is anchored by an agreement with a syndicate of financial institutions for a revolving credit facility that allows the company to borrow up to $350-million, with an accordion feature for an additional $150-million available post-closing, subject to customary conditions.

The syndicate is led by National Bank Capital Markets and Macquarie Bank as joint bookrunners and co-lead arrangers, with participation from Bank of Montreal, ING Capital, Royal Bank of Canada, Citibank and CIBC.

In addition, Komatsu Finance Chile, a subsidiary of global equipment company Komatsu, and G Mining Ventures Guyana, an indirect wholly-owned subsidiary of G Mining, have announced the execution of a master loan and security agreement (MLSA) to finance the procurement of mining and construction equipment for the development of the project.

Under the terms of the MLSA, Komatsu Finance will provide financing through multiple equipment notes with a total principal amount not to exceed $37.5-million.

“With these financing arrangements in place, together with strong cash flow from the Tocantinzinho mine, we now have the financial resources required to bring Oko West into production,” says G Mining finance VP and CFO Julie Lafleur.

“This entirely non-dilutive package increases financial capacity, provides additional flexibility, and reflects the confidence of National Bank, Macquarie, Komatsu Finance and the broader syndicate in our ability to deliver.

“We remain focused on disciplined capital allocation and advancing Oko West responsibly, on schedule, and within budget to generate meaningful value for all stakeholders.”

Following the receipt of the Oko West environmental permit from Guyana’s Environmental Protection Agency on September 2, and with this financing package now in place, G Mining says it is positioned to make a final investment decision on the project later this month, which will outline the forecasted initial capital cost, investment incurred to date and remaining expenditures through to completion.

In conjunction with this announcement, G Mining has also welcomed Jamie Flegg as corporate development VP.

Flegg brings over 12 years of experience across mining capital markets, including corporate development, investor relations, private equity and investment banking.

Most recently, he served as corporate development officer at Sigma Lithium, and previously as investment management director at Waterton Global Resource Management.

He began his career in Investment Banking with Red Cloud Securities.

Flegg is a Chartered Financial Analyst (CFA), holds an MBA and a Bachelor of Science (Honours) from Queen’s University and currently serves on the board of Comet Lithium.

“We are excited to welcome Jamie to the G Mining leadership team. His proven record in corporate development and capital markets will be instrumental as we continue to execute our disciplined growth strategy and position G Mining as the next mid-tier gold producer.

“His addition further strengthens our ability to engage with global capital markets as we enter this next phase,” says G Mining CEO and president Louis-Pierre Gignac.