G Mining Ventures Announces Progress on Tocantinzinho Gold Project in Brazil
G Mining Ventures Corp. has provided an update on its Tocantinzinho Gold Project in Pará, Brazil, revealing that the project remains on track for commercial production in the second half of 2024. The project is currently 76% complete, hitting the budget forecasted in the Feasibility Study with a total of $430M in commitments.
Construction Phase of Tocantinzinho Gold Project Nears Completion
The construction phase of the Tocantinzinho Gold Project is reported to be 73% complete, with detailed engineering and procurement fully realized. Of particular note is the completion of a 193 km powerline ahead of schedule. In terms of safety, the company has logged over 4.1 million person-hours without a lost time incident.
G Mining Ventures Reports Strong Financial Position for Tocantinzinho Gold Project
G Mining Ventures is in a strong financial position, 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.
G Mining Ventures Emphasizes Environmental Commitment for Tocantinzinho Gold Project
G Mining Ventures has made a commitment to environmental, social, and governance (ESG) standards. This commitment is evident in the signing of a three-year power purchase agreement for 100% renewably generated power, which is expected to rank the project’s Scope 1 emissions in the lowest quartile when compared to similar operations in the Americas.
G Mining Ventures Achieves Strong Share Price Appreciation in 2023
G Mining Ventures celebrated a 104% appreciation in share price over the calendar year 2023, surpassing both the gold price and the VanEck Junior Gold Miners ETF (GDXJ). The company remains on RBC Capital Market’s Canadian Small Cap Conviction List and has received “Buy” or “Outperform” ratings from 10 independent sell-side analysts.
Overall, G Mining Ventures is making significant progress with its Tocantinzinho Gold Project. With the construction phase nearing completion and a strong financial position, the company is on track for commercial production in the latter half of 2024. The company’s commitment to environmental standards and its strong share price performance further solidify its position as a promising player in the gold mining industry.
Analyst comment
Positive news: G Mining Ventures Announces Progress on Tocantinzinho Gold Project in Brazil. The project remains on track for commercial production in the second half of 2024. Construction phase is 73% complete, hitting the budget forecasted in the Feasibility Study. G Mining Ventures is in a strong financial position with $250M in gold stream financing and $82M in undrawn debt facilities. The company emphasizes its commitment to environmental standards. G Mining Ventures achieved a strong share price appreciation in 2023, surpassing the gold price and GDXJ. Analyst: G Mining Ventures is well-positioned for success and a promising player in the gold mining industry.
