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# VIEW PRESS RELEASE

Source: https://g2goldfields.com/wp-content/uploads/2025/12/12-18-2025-G2-Goldfields-Delivers-Maiden-PEA-for-Guyanas-Newest-Large-Scale-Gold-Mine-Final.pdf
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# VIEW PRESS RELEASE
G2 Goldfields Delivers Maiden PEA for the High-Grade Oko Gold Project
(All amounts are in US$)
PEA Highlights:
 High-grade updated resource: Underpinned by G2’s updated Mineral Resource Es mate, including 1.6 Moz Au at
3.24 g/t Au (Indicated) and 1.9 Moz Au at 3.31 g/t Au (Inferred), incorpora ng six months of new drilling.
 Long life, significant produc on and industry-leading margins: 14-year LOM underground and open pit opera on
with average annual gold produc on of 281,000 ounces at AISC¹ of $1,137/oz Au from years 2 through 11.
 A rac ve capital profile: Ini al capital expenditures of $664 million (including 20% con ngency) and sustaining
capital expenditures¹ of $366 million over the LOM.
 Robust economics and fast payback: A er-tax NPV5% of $2.6 billion, IRR of 39% and payback of 2.6 years at
$3,000/oz Au (Base Case); A er-tax NPV5% of $4.2 billion, IRR of 54% and payback of 2.0 years at $4,000/oz Au.
TORONTO, December 18, 2025 - G2 Goldfields Inc. (“G2” or the “Company”) (TSX: GTWO; OTCQX: GUYGF) is pleased to
announce the key findings from the Company’s Preliminary Economic Assessment ("PEA") for the high-grade Oko Gold
Project (“Oko” or the “Project”) in Guyana, South America.
Daniel Noone, CEO of G2, stated, “This PEA places the Oko Project firmly within one of the most attractive development
projects globally. The PEA demonstrates the Project has the potential to generate very significant annual production at an
average AISC cost of US$1,137/oz and is hosted in mining-friendly Guyana which actively promotes the development of
large-scale gold mining. Moreover, the Project tenements host significant exploration potential, with multiple drill
programs active across various adjacent and near-mine targets. We will be aggressively moving the Oko Project to
feasibility and construction as we continue to explore this emerging gold mining district.”
Overview
The PEA outlines a combined open pit (“OP”) and underground (“UG”) operation with a 14-year life of mine (“LOM”),
based on drilling completed up to August 31, 2025, incorporating 1.6 million ounces of gold in the Indicated category and
1.9 million ounces of gold in the Inferred category, with production averaging 281,000 ounces per year from years 2
through 11. Total production over the entire 14-year mine life is estimated at 3.2 million ounces gold with an industry
leading all-in sustaining cost¹ (“AISC”) of $1,191 per ounce ($1,137 per ounce from years 2-11). Oko is envisaged as a mix
of conventional OP mining and mechanized long hole open stoping UG mining, with on-site treatment of the mined
material processed through a conventional circuit consisting of comminution, gravity concentration, cyanide leach and
adsorption via carbon- in-leach (“CIL”), carbon elution and gold recovery circuits. The OP mine is anticipated to have a
LOM of six years, including 2 years of pre-stripping, while the UG mine is anticipated to have a LOM of 14 years, including
18 months of development. The PEA is based upon the Company’s updated Mineral Resource Estimate (“MRE”) with an
effective date of November 20, 2025. A technical report (the "Technical Report") prepared in accordance with National
Instrument 43-101 (“NI 43-101”) will be filed on the Company’s website and under its SEDAR+ profile within 45 days of
this news release.
Click here to view a 3D model of the Oko Gold Project, Guyana
1
Table 1: Oko Preliminary Economic Assessment Highlights
Key LOM Metrics (US$3,000/oz Au) Values
Mine Life 14 years
Total Recovered Production 3.2 Moz Au
Plant Throughout 10,000 tpd
Average Annual Gold Production 228 koz
(281 koz Yrs 2-11; 298 koz Yrs 3-10)
Strip Ratio (OP; waste : ore) 5.4 : 1
Gold Head Grade 2.39 g/t Au
Gold Recovery 94%
Average Operating Cash Cost¹ $1,067/oz²
$1,191/oz²
Average All-In Sustaining Cost (“AISC”)1
($1,137/oz2 Yrs 2-11)
Initial Capital (Includes 20% Contingency) $664M
Sustaining Capital³ $366M
Reclamation Costs (Net of Salvage Value) $29M
Total Capital $1,059M
Pre-Tax NPV5% $3,471M
Pre-Tax IRR 46%
After-Tax NPV5% $2,561M
After-Tax IRR 39%
Payback 2.6 years
Notes to Table 1: Total cash costs include mining, processing, surface infrastructures, transport, G&A and royalty costs. AISC includes total cash costs,
sustaining capital expenditures to support the on-going operations, and closure/reclamation. Non-GAAP financial performance measures with no
standardized definition under IFRS®. Refer to “Non-GAAP Financial Measures” at the end of this press release. The PEA is preliminary in nature and
includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would
enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.
Table 2: LOM Sensitivity Analysis
Gold Price per Ounce (US$)
$3,000
$2,000 $2,500 $3,500 $4,000
Key Financial Metrics Units (Base Case)
Average Operating Cash Cost
US$/oz 1,026 1,046 1,067 1,088 1,108
¹(LOM)
Average AISC¹ (LOM) US$/oz 1,150 1,170 1,191 1,211 1,232
Pre-Tax NPV5% US$M 1,257 2,364 3,471 4,578 5,685
Pre-Tax IRR % 24 36 46 55 63
After-Tax NPV5% US$M 897 1,730 2,561 3,392 4,223
After-Tax IRR % 20 31 39 47 54
Payback Years 4.4 3.2 2.6 2.3 2.1
Average Annual EBITDA¹ (LOM) US$M 222 331 441 550 659
Peak Annual EBITDA¹ (Year 6) US$M 337 481 634 788 942
Free Cash Flow¹ (LOM) US$M 1,520 2,670 3,819 4,968 6,117
Notes to Table 2: Total cash costs include mining, processing, surface infrastructures, transport, G&A and royalty costs. AISC includes total cash costs,
sustaining capital expenses to support the on-going operations, and closure/reclamation. EBITDA reflects net income excluding interest, taxes,
depreciation and amortization expenses. Free cash flow reflects cash from operations, [less initial and sustaining capital expenditures and reclamation
costs]. Non-GAAP financial performance measures with no standardized definition under IFRS®. Refer to the note at the end of this press release.
2
Location, Access and Infrastructure
Oko is located in the Cuyuni-Mazaruni Region (Region 7) of north-central Guyana. The Project lies approximately 120 km
west-southwest of Georgetown, the capital city, and 60 km west of the town of Bartica, the capital city of Region 7 and is
easily reached by an existing road network.
Mining and processing infrastructure will be located at the Project’s site. The Project will require construction of the
following infrastructure: 10,000 tonnes per day (“tpd”) process plant, offices, truck shop and warehouse, new camp
accommodation, surface water management facility, service and haulage roads and an initial tailings management facility.
An existing airstrip will be upgraded and used for emergencies and time sensitive transport.
Figure 1 – Oko District Plan View
Mineral Resource Estimate
The PEA is based on the updated MRE presented in Table 3 below, totalling 1.6 million ounces gold (Indicated) and 1.9
million ounces gold (Inferred) from five deposits: Oko Main Zone (“OMZ”), Ghanie, Northwest Oko (“Oko NW”), North
Oko (“Oko N”) and the New Oko Discovery. The bulk of the gold mineralization lies along a prominent 2.5 km long north-
south structure comprised of the high-grade OMZ deposit and a bulk mineable, disseminated mineral resource at Ghanie.
Importantly, OMZ includes high-grade UG Indicated mineral resources of 741,600 ounces at 13.63 grams per tonne gold
(“g/t Au”) and 522,100 ounces at 6.77 g/t Au. The New Oko Discovery lies approximately 8.5 km to the north of these
deposits and was only discovered in March 2025.
The MRE includes all drilling data obtained up to the end of August 2025 with a total inventory of 666 drill holes across
170,329 metres. The estimate was prepared by Micon International Limited (“Micon”) in accordance with NI 43-101 with
an effective date of November 20, 2025.
3
Table 3 – Oko Project Mineral Resource Estimate Summary
Deposit Mining Method Category Tonnage (t) Gold Avg. Grade (g/t) Contained Gold (oz)
Total Indicated 1,132,000 2.01 73,000
OP
Total Inferred 509,000 0.75 12,300
Oko Main Zone Total Indicated 1,693,000 13.63 741,600
UG
(OMZ) Total Inferred 2,398,000 6.77 522,100
Total Indicated 2,825,000 8.97 814,600
OP + UG
Total Inferred 2,907,000 5.72 534,400
Total Indicated 6,574,000 1.85 390,300
OP
Total Inferred 4,128,000 1.01 133,800
Total Indicated 1,064,000 6.45 220,800
Ghanie UG
Total Inferred 7,409,000 4.72 1,123,300
Total Indicated 7,638,000 2.49 611,100
OP + UG
Total Inferred 11,537,000 3.39 1,257,100
Total Indicated 5,090,000 1.18 193,800
OP
Total Inferred 1,269,400 0.88 36,100
New Oko Total Indicated 18,000 1.90 1,100
UG
Discovery Total Inferred 590,000 2.05 38,900
Total Indicated 5,108,000 1.19 194,900
OP + UG
Total Inferred 1,859,000 1.25 75,000
Oko N OP Total Inferred 1,293,000 0.78 32,500
Oko NW OP Total Inferred 374,000 0.94 11,300
Entire Oko Total Indicated 15,571,000 3.24 1,620,600
OP + UG
Project Total Inferred 17,970,000 3.31 1,910,300
Notes to Table 3:
1. The effective date of this MRE is November 20, 2025.
2. The MRE presented above uses economic assumptions for both surface mining in saprolite and fresh rock, and underground mining in fresh
rock only.
3. The MRE has been classified in the Indicated and Inferred categories following spatial continuity analysis and geological confidence. There
are no Measured resources at the Oko Project this time.
4. Density varied regolith and weathering with ranges from 1.420 g/cm3 to 1.629 g/cm3 in the saprolite, 1.880 g/cm3 to 2.320 g/cm3 in the
saprock and 2.650 g/cm3 to 2.763 g/cm3 in the fresh rock.
5. The calculated gold cut-off grades to report the MRE for surface mining vary from 0.23 g/t Au to 0.48 g/t Au in saprolite, and 0.28 g/t Au to
0.30 g/t Au in fresh rock. For underground mining the reporting cut-off grades vary in fresh rock from 1.21 g/t Au to 1.30 g/t Au.
6. The following economic parameters were used for generating cut-off grades:
 A gold price of US$2,500/oz.
 Metallurgical recoveries for the New Oko Discovery deposit are 93% in saprolite and 95% in fresh rock, for the North Oko and Oko
Main deposits are 98% in saprolite and 98% in fresh rock, for the Ghanie are 96% in saprolite and 91% in fresh rock, and for
Northwest Oko deposit are 48% in saprolite and 48% in fresh rock.
 Densities
 Mining open pit costs of US$2.5/t in saprolite and US$2.75/t in fresh rock were used with underground mining costs of US$75.0/t.
 Processing costs of US$12/t for saprolite and US$15/t for fresh rock.
 A General and Administration cost of US$2.5/t.
 For the New Oko Discovery deposit a transportation cost of $8/oz of gold was added.
 Royalties of 8% for surface mining and 3% for underground mining were applied to all deposits.
7. For surface mining the open pits used slope angles of 27° in saprolite and 47° in fresh rock.
8. The QP has considered that the transition between the OP mining and UG mining scenarios will result in the need for crown pillars. However,
at this time, the crown pillars are considered to be recoverable, therefore the QP has considered them as part of the MRE.
4
9. The Oko Main deposit has had subcontracted mid-scale miners engaged in underground mining operations on the licence in the past. G2 has
provided the QP with digitized vertical maps of the voids, as of 2022, and the current mineral resources have been discounted based upon
this information. However, there are no updated surveys, maps or production records for the underground mining operations from 2022 to
present. G2 is of the belief that there are no subcontracted miners currently present on the Oko, Ghanie a
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