The spin-out’s centrepiece, the Peters mine property, is Guyana’s highest-grade historical gold producer, yielding 41,000 oz. at over 28-plus grams gold per tonne between 1905 and 1910.
G2 holds C$43 million in cash and benefits from a 15% equity stake by AngloGold Ashanti (NYSE: AU). These resources position the company to advance Oko while also exploring opportunities for a sale or merger.
The company aims to release an updated resource estimate by year-end. It will incorporate results from the ongoing 75,000-metre Oko drilling campaign.
G2 shares gained 2.3% to C$2.15 apiece in Toronto on Friday, and are up 168.8% over the past 12 months, having ranged between C$0.57 and C$2.39. It has a market capitalization of C$488.2 million.
In the spin-out, shareholders of record, as of Dec. 17, will receive one G3 share for every two G2 shares they own under a scheme first floated in October last year.
