US investor plans to obtain 51% of Golden Shield in Guyana — The Rio Times
US investment company Walsh Karra Holdings has signed a binding letter agreement with Golden Shield Resources for an investment of C$5 million, or about US$3.5 million. If the conditions are met, the investor may acquire approximately 51% of the shares of Canadian exploration company Golden Shield on a fully diluted basis through Aurevo Resources.
The agreement concerns the Marudi Mountain project in the Rupununi region in southern Guyana. The funds will remain in escrow until the country’s authorities renew and issue the PL 1/2021 exploration licence. If the condition is not met by January 6, 2027, the funds will be returned to the placement participants, The Rio Times reports.
Nine deals since February
From February 3 to October 13, 2026, foreign companies announced nine deals involving gold ore assets in Guyana. The largest was G Mining Ventures’ acquisition of G2 Goldfields, which closed on July 29. The transaction was valued at approximately C$3 billion, or US$2.1 billion.
As a result, G Mining combined its Oko West project with the neighboring Oko-Ghanie project in the Oko area. The combined area of the assets exceeds 362 square kilometers. The company expects to achieve first gold at Oko West in the second half of 2027, while stressing that the Oko-Ghanie resource estimates are historical in nature and are not current resource data.
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Other deals include an agreement between Fortuna Mining and private Guyanese company Qstone Inc. concerning the Quartzstone project. Fortuna paid US$5 million for an option and may acquire 51% of the asset provided it drills at least 60,000 meters over four years, and later 70% by funding a feasibility study.
Restrictions for foreign companies
The Guyana Geology and Mines Commission restricts ownership of medium-scale mining permits to citizens of the country or companies whose beneficial owners are exclusively Guyanese. Such permits are also non-transferable.
As a result, most of the announced arrangements have been structured as options, staged equity acquisition agreements, or letters of intent with local permit holders rather than direct asset acquisitions. Of the nine transactions, only G Mining Ventures’ acquisition of G2 Goldfields has been finally closed. The other deals still require conditions to be met, regulatory decisions, or stock exchange approvals.
