G Mining Ventures Corp (TSX-V:GMIN, OTCQX:GMINF) announced it has successfully drawn $42 million from its $75 million senior secured term loan with Franco-Nevada, fully utilizing the $250 million gold stream.
The funding from the stream, first announced in July 2022, signifies a major step forward in the financing of the Tocantinzinho gold project.
G Mining plans to continue the development and construction of the 100%-owned Tocantinzinho, located in the State of Pará, Brazil.
In a statement, Louis-Pierre Gignac, CEO of G Mining Ventures, called the funding “another significant milestone” that demonstrates G Mining’s systematic de-risking of the development and construction of Tocantinzinho.
"We hope that our fellow shareholders also take comfort that TZ remains on track and on budget for commercial production in H2-2024,” the CEO added.
The use of the funds is explicitly directed towards ensuring the progression of Tocantinzinho’s construction, according to the company.
G Mining also said it had presented evidence to Franco-Nevada indicating its capacity to fully cover the remaining costs necessary to bring Tocantinzinho to fruition.
Separately, the company has also made available updated satellite imagery and 360-degree photography showcasing Tocantinzinho’s progress on its website.
The virtual site tour and feasibility study presentations offer stakeholders a unique and immersive insight into the advancements made in the construction of Tocantinzinho.