“GMIN was reorganized in October 2020 with the objective of building the next intermediate gold producer,” said G Mining Ventures President and CEO Louis-Pierre Gignac. “In less than two years, the management team acquired a great project in TZ, released an updated feasibility study in February 2022, and completed a $481 million comprehensive financing package in a turbulent and volatile capital markets environment.

“This construction decision is an important milestone which has been achieved by de-risking the technical, permitting and funding aspects, and that confirm the TZ project is both a robust and responsible development opportunity,” Gignac said. “We are happy to see step one of our ‘Buy, Build, Operate’ strategy progressing as planned, and are excited to commence full construction of TZ, for what will be one of the largest primary gold mines in Brazil.”

The updated feasibility study from February 2022 incorporated many of inflationary pressures seen in the industry, Gignac explained, while still demonstrating very positive results of NPV5% of $622 million and IRR of 24% using a $1,600/oz gold price.

GMIN has now received all the necessary environmental permits to progress with full construction. Site preparation activities at TZ started on August 15 and focused initially on the permanent camp area where full construction is scheduled to commence soon.