The feasibility study estimated total gold production of 1.8 million ounces over the 10.5-year life of the mine, averaging annual gold production of 174,700oz at US$681/oz.

The study also indicated a 12% increase in mineral reserves to 2Moz.

The study also showed an overall 4% decrease in life-of-mine capital costs to US$564 million. This is due to a 7% increase in initial capital to $458 million, which was offset by a 44% decrease in sustaining capital to $83 million.

G Mining's president and chief executive officer, Louis-Pierre Cignac, said the study was building on the previous technical work while incorporating several improvements and optimisations, most notably to the pit design, production schedule, process-plant design and support infrastructures.

"Our procurement strategy is to favour sourcing from in-country manufacturers, where possible, to maximise local benefits and benefit from simplified logistics," he said. "Factoring recent inflationary pressure seen within the industry from a new project perspective, we have delivered a study that highlights a very attractive rate of return."

The 2022 feasibility study replaced the 2019 feasibility study completed by Eldoraldo Gold, the previous owner of the project. G Mining acquired the project in August last year.

On February 9, G Mining traded on the Toronto Stock Exchange at C$0.87/share, nearly 5% higher on the day. This week the company traded above C$0.85 four times, which were the only times this had happened since September last year.