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They Found 9.5 Million Ounces of Gold, Now They’re Doing It Again | Dan Noone - G3 Goldfields

The Deep Dive Sep 30, 2026 6:33

Summary

Gold M&A is only beginning, Dan Noone argues — cash-rich major producers are hunting for new ounces, so more deals should follow.

A contingent value right (CVR — future payment tied to resource growth) pays G3 US$25 million per 500,000 new indicated ounces, capped at US$200 million.

G3 Goldfields begins trading in mid-October with roughly C$45 million cash, then drills the Peters Mine in Guyana starting January.

A Peters Mine hole cut 75 metres at 1.5 grams per tonne between two high-grade shoots; historic mining took 41,000 ounces at 41 grams.

G3 targets laterite-capped hills in Guyana — ground where alluvial gold in creeks hints at deposits hidden beneath barren caps.

Key points on G Mining Ventures

  • Under a contingent value right from the OK transaction, G Mining must pay G3 $25 million US for every additional 500,000 ounces added to indicated resources over the next 10 years, capped at $200 million.
  • G Mining entered the deal already holding the other half of the OK deposit, which now stands at about 9.5 million ounces.
  • Noone expects G Mining to keep finding ounces at OK, triggering further CVR payments he says cost G Mining nothing to grant.

Dan Noone's takeaways

  • Top takeaway Noone argues G3 can repeat the playbook that produced the 9.5-million-ounce OK discovery, with the Peters Mine as the next target and drilling starting in January.
  • He is extremely positive on the M&A environment at Beaver Creek, calling it the start of the cycle rather than the peak and expecting a lot more deal-making.
  • He contends Guyana is one of the best places to discover large gold deposits, pointing to his team's 2004 Aurora and 2019 OK discoveries.
  • He argues the next round of Guyanese discoveries will sit under laterite cap hills, citing the 900-metre Amsterdam find, and names Tiger Creek and West Aramu as two such targets.
  • He expects the CVR to keep paying G3 as G Mining adds ounces at OK, saying he thinks it is worth the full $200 million cap.

Steve Hyland's takeaways

  • Top takeaway The host frames the G2-G Mining transaction as one of the biggest M&A deals of the past year and predicts G3 will quickly become one of the top names on the CSE.
  • He draws out the CVR terms, the roughly $45 million cash position and the listing plan through his questions.