G Mining Ventures Corp (TSX-V:GMIN, OTCQX:GMINF) told investors it is on track and budget for commercial production at its Tocantinzinho Gold Project (TZ) in Pará state, Brazil in the second half of 2024.
Outlining the milestones achieved in 2023, the company said the project is 76% complete, with overall construction at 73% and the powerline, spanning 193 kilometers, completed and commissioned ahead of schedule and on budget.
Total commitments of $430 million - 94% of the project total - are tracking in line with the Feasibility Study budget, it added.
"Every day, I am impressed by the experience, ability, innovation, and can-do attitude exhibited by the GMIN family, in executing our proven self-perform approach at TZ," CEO Louis-Pierre Gignac commented in a statement.
The company noted it is fully funded to reach commercial production, with $250 million from a gold stream from Franco-Nevada Corp, $82 million in undrawn debt facilities, and $112 million in cash and equivalents as of September 30, 2023.
It also highlighted the publication of its inaugural Environmental, Social & Governance (ESG) report in June 2023, showcasing its commitment to responsible mining practices. A 3-year power purchase agreement for 100% renewable power was announced, positioning the company to produce gold ounces with minimal CO2 emissions.
The company saw a 104% share price appreciation in 2023, outperforming the gold price by more than 13% and the VanEck Junior Gold Miners ETF (GDXJ) by over +6%. It noted that it remains the sole junior mining equity on RBC Capital Market's Canadian Small Cap Conviction List. Additionally, three independent sell-side analysts initiated research coverage, bringing the total to 10, all with 'Buy' or 'Outperform' ratings
"I offer my sincere thanks for everyone's contribution and support to another outstanding year and look forward to what we can achieve together in 2024 and beyond, as we target commercial production at TZ in the second half of 2024 and grow G Mining Ventures Corp. using TZ as its cornerstone asset," Gignac added.
G Mining Ventures is a mining company engaged in the acquisition, exploration and development of precious metal projects, to capitalize on the value uplift from successful mine development.
The company is well-positioned to grow into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. It is currently anchored by its flagship Tocantinzinho Gold Project in the mining-friendly and prospective State of Pará, Brazil.