G Mining Ventures Corp (TSX-V:GMIN, OTCQX:GMINF) said it has drawn approximately $91 million on its $250 million gold stream with Franco-Nevada (Barbados) Corporation, as previously announced in July 2022.
The proceeds will be used to continue the development and construction of its flagship, 100%-owned Tocantinzinho (TZ) Gold Project, currently under construction in the State of Pará, Brazil and which remains on track and on budget for commercial production in the second half of 2024.
"This significant milestone demonstrates that the GMIN team has made substantial progress on the development and construction of Tocantinzinho to the satisfaction of its financial partners,” Louis-Pierre Gignac, president and CEO said in a statement.
READ: G Mining Ventures updates on progress at 100%-owned Tocantinzinho Gold Project in Brazil
"Our ability to systematically de-risk the development and meet the extensive list of obligations to access this funding should provide all our stakeholders with comfort in the quality work taking place at TZ. The project remains on track and on budget for commercial production in H2-2024."
The company said it provided Franco-Nevada with evidence of sufficient funding to fully satisfy the remaining costs required to complete the project and achieve commercial production.
The company said it has also closed, satisfied the conditions precedent, and commenced drawing on the previously announced $40 million Equipment Financing Facility with Caterpillar Financial Services.
G Mining Ventures is engaged in the acquisition, exploration and development of precious metal projects, to capitalize on the value uplift from successful mine development.
Contact the author at jon.hopkins@proactiveinvestors.com