Guyana Goldfields Inc.

CUSIP: 4035301080 and 40353027
ISIN: CA4035301080 and US4035302078

Status: Ongoing  

January 27, 2026 – Plaintiffs were successful in obtaining production from Patrick Sheridan Jr., the founder, and former Director and Executive Chairman of Guyana Goldfields.

September 2025 – The Divisional Court has upheld the Ontario Court of Justice’s order of third-party production, dismissing Guyana Goldfield’s appeal.

May 7, 2025 – Guyana Goldfields has appealed the Ontario Court of Justice’s order for third-party production of Patrick Sheridan Jr.’s to the Plaintiffs.

April 23, 2025 – After a lengthy effort, the Plaintiffs successfully obtained an order for third-party production from Patrick Sheridan Jr., founder and former Director and Executive Chairman of Guyana Goldfields, relating to his proxy contest during January–April 2019.

In ordering production, the Ontario Court rejected Guyana Goldfields’ characterization of the request as a “fishing expedition,” noting that the Plaintiffs know exactly where to look and are certain that the sought-for documents are there, and that Sheridan, though a non-party, is not a stranger to the controversy and is not burdened with searching unexplored areas of his files.

Case Background

This class action arises from alleged misleading disclosures concerning gold production at Guyana Goldfields’ Aurora Gold Mine in Guyana, South America. The claim is brought on behalf of investors who acquired common shares of Guyana Goldfields between December 14, 2017 and October 30, 2019.

The Aurora Gold Mine is Guyana Goldfields’ primary operating asset. On December 14, 2017, the company announced it was preparing an Optimized Mine Plan intended to smooth production and cost forecasts, reduce strip ratios, lower capital and operating costs, and deliver more consistent financial results. The optimized plan was issued in February 2018 and revised again in early 2019. Throughout this period, the company allegedly failed to achieve the production results it had represented to investors.

In October 2019, the company disclosed that ongoing operational issues had negatively impacted production and results. In February 2020, it disclosed it would suspend ore production at the mine while developing a comprehensive new mine plan.

The class action alleges these disclosures misrepresented the mine’s operations in violation of Canadian securities laws. As the true state of operations emerged, Guyana Goldfields’ share price fell sharply, causing significant losses to investors. The action seeks to recover damages on their behalf.