BROSSARD, QC - G Mining Ventures Corp. (TSX: GMIN) (OTCQX: GMINF) has announced continued progress on its Tocantinzinho Gold Project in Pará, Brazil, with the project remaining on track for commercial production in the second half of 2024. The project, which is 76% complete as of December 31, 2023, has seen a total of $430M in commitments, aligning with the budget forecasted in the Feasibility Study.
The construction phase is reported to be 73% complete, with detailed engineering and procurement fully realized. A 193 km powerline crucial to the project was finished ahead of schedule. In terms of safety, the company has logged over 4.1 million person-hours without a lost time incident.
Financially, G Mining Ventures appears well-funded, with $250M in gold stream financing from Franco-Nevada (Barbados) Corporation and $82M in undrawn debt facilities. The company also reported $112M in cash and equivalents as of September 30, 2023.
The company's commitment to environmental, social, and governance (ESG) standards was emphasized with the signing of a three-year power purchase agreement for 100% renewably generated power, which is expected to place the project's Scope 1 emissions in the lowest quartile compared to similar operations in the Americas.
G Mining Ventures celebrated a 104% appreciation in share price over the calendar year 2023, outperforming both the gold price and the VanEck Junior Gold Miners ETF (NYSE:GDX) (GDXJ). The company remains on RBC Capital Market's Canadian Small Cap Conviction List and has attracted "Buy" or "Outperform" ratings from 10 independent sell-side analysts.
Looking ahead, the company will focus on completing construction in the first half of 2024, commencing process plant commissioning in the second quarter, and achieving commercial production in the latter half of the year.
The corporation's President & CEO, Louis-Pierre Gignac, expressed gratitude for the team's contributions and the significant milestones achieved, expressing optimism for the project's future. This update is based on a press release statement issued by G Mining Ventures Corp.
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