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G Mining Ventures Completes Second and Final Draw on $75 Million Term Loan from Franco-Nevada

23.04.2024 | 12:35 Uhr | CNW


All amounts are in USD unless stated otherwise

BROSSARD, April 23, 2024 - G Mining Ventures Corp. ("GMIN" or the "Corporation") (TSX: GMIN) (OTCQX: GMINF) is pleased to announce that it has drawn the remaining approximately $33 million on its $75 million senior secured term loan with an affiliate of Franco-Nevada Corporation ("Franco-Nevada"), as previously announced in July 2022. The proceeds of the term loan will be used to continue the development and construction of GMIN's 100% owned Tocantinzinho Gold Project ("TZ" or the "Project"), currently under construction in the State of Pará, Brazil. The Project remains on track and on budget for commercial production in H2-2024.

In connection with the draw on the term loan, GMIN provided evidence to Franco-Nevada that it has sufficient funding to fully satisfy the remaining Project costs required to achieve commercial production and Project completion, as was the case for the first draw of approximately $42 million previously announced on January 30, 2024.

Louis-Pierre Gignac, President & Chief Executive Officer, commented: "As our supportive financial partner, Franco-Nevada, is satisfied that we have met the conditions to access this funding, I hope this gives comfort to our shareholders that TZ construction is nearing the finish line, and remains on track and on budget for commercial production in H2-2024."

Virtual Site Tour and Feasibility Study Presentation

Updated satellite imagery and 360 photography showing the site progress is available through the corporate presentation at: https://vrify.com/decks/14338. A 3D presentation of the Project Feasibility Study is available at: Feasibility Study 3D VRIFY Presentation. Both presentations can be accessed by visiting GMIN's website at https://www.gminingventures.com.

About G Mining Ventures Corp.

G Mining Ventures Corp. (TSX: GMIN) (OTCQX: GMINF) 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. GMIN is well-positioned to grow into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. GMIN is currently anchored by its flagship Tocantinzinho Gold Project in mining friendly and prospective State of Pará, Brazil.

Additional Information

For further information on GMIN, please visit the website at www.gminingventures.com.

Cautionary Statement on Forward-Looking Information

All statements, other than statements of historical fact, contained in this press release constitute "forward-looking information" and "forward-looking statements" within the meaning of certain securities laws and are based on expectations and projections as of the date of this press release. Forward-looking statements contained in this press release include, without limitation, those related to (i) the Project being on track and on budget for commercial production in H2-2024; (ii) GMIN having sufficient funding to fully satisfy the remaining Project costs required to achieve commercial production; and (iii) more generally, the section entitled "About G Mining Ventures Corp." as well as the Chief Executive Officer's comments, as quoted.

Forward-looking statements are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Such assumptions include, without limitation, those relating to the price of gold and currency exchange rates and those underlying the statements in the "About G Mining Ventures Corp." section.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that, notably but without limitation, the Corporation will (i) keep its expenditures and schedule in line to bring the Project into commercial production within budget in the second half of 2024, or at any time thereafter, or (ii) leverage capital and expertise to grow into the next mid-tier precious metals producer, as future events could differ materially from what is currently anticipated by the Corporation.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the Corporation's other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the relevant sections of the Corporation's (i) Annual Information Form dated March 27, 2024, for the financial year ended December 31, 2023, and (ii) Management Discussion & Analysis. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/g-mining-ventures-completes-second-and-final-draw-on-75-million-term-loan-from-franco-nevada-302124049.html

SOURCE G Mining Ventures Corp.

Jessie Liu-Ernsting, Vice President, Investor Relations and Communications, 647.728.4176, info@gminingventures.com
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