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    La Mancha’s $313M stake in G Mining: project economics and risk notes for engineers

    March 9, 2026|

    Reviewed by Joe Ashwell

    La Mancha’s $313M stake in G Mining: project economics and risk notes for engineers

    First reported on MINING.com

    30 Second Briefing

    La Mancha Resource Capital is lifting its stake in G Mining Ventures to 19.9% via a C$427 million purchase of 9.3 million shares at C$45.89, backing the ramp-up of the Tocantinzinho mine in Pará, Brazil, and development of the $973 million Oko West project in Guyana. G Mining guides 2026 output of 160,000–190,000 oz. at Tocantinzinho at AISC of $1,230–$1,444/oz, and targets first gold at Oko West in H2 2027 with 350,000 oz./year over 12.3 years at $1,123/oz AISC. A 2025 feasibility study pegs Oko West’s post-tax NPV at $2.2 billion and IRR at 27% at $2,500/oz gold, with 80.3 Mt indicated at 2.1 g/t (5.4 Moz) and a 2.9-year payback.

    Technical Brief

    • La Mancha’s C$427 million subscription involves 9.3 million G Mining shares at C$45.89 each.
    • Post-transaction, La Mancha’s holding rises from 16.7% to 19.9%, becoming G Mining’s largest shareholder.
    • G Mining’s market capitalisation sits at about C$11.5 billion despite a 5% share price drop to C$49.60.
    • Tocantinzinho produced 171,871 oz. of gold in 2025, its first full year of commercial output.
    • 2026 guidance at Tocantinzinho marginally exceeds 2025 production, indicating incremental ramp-up rather than step-change expansion.
    • Guyana’s mines commission granted the Oko West mining licence in December, enabling Q1 pre-production open-pit works.
    • La Mancha’s resource fund controls about $2.9 billion in mining assets, including >10% of Endeavour Mining and prior stakes in Evolution Mining and Elemental Altus Royalties.
    • Pattern of large minority positions by La Mancha suggests continued preference for partnering to build mid-tier producers rather than full takeovers.

    Our Take

    With Oko West showing a post-tax NPV of $2.2 billion and a 27% IRR on a $973-million capex, La Mancha’s move into G Mining Ventures aligns with its pattern of backing high-margin gold projects in emerging hubs rather than mature Tier-1 districts, which in our database often correlates with faster portfolio NAV growth but higher permitting and infrastructure execution risk.

    The 19.9% ceiling on La Mancha’s stake in G Mining Ventures mirrors its ‘significant but non-controlling’ position of more than 10% in Endeavour Mining, suggesting a deliberate strategy of exerting strong technical and capital markets influence across multiple gold operators without taking on full operator risk.

    Guyana’s Oko West and Brazil’s Tocantinzinho place G Mining Ventures squarely in the Latin American growth corridor that, in our recent gold project coverage, is increasingly competing with West Africa for capital; this diversification may appeal to investors already heavily exposed to Burkina Faso and other higher-security-risk jurisdictions in Endeavour Mining’s portfolio.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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