G Mining Ventures Corp. (GMIN) said it has drawn approximately $91 million on its $250 million gold stream with Franco-Nevada. The proceeds of the stream will be used to continue the development and construction of Tocantinzinho (TZ) gold 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 gold stream, GMIN said it 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.
In addition, GMIN has also closed, satisfied the conditions precedent, and commenced drawing on the previously announced $40 million equipment financing facility with Cat Financial Services.
“This significant milestone demonstrates that the GMIN team has made substantial progress on the development and construction of Tocantinzinho to the satisfaction of its financial partners,” GMIN President and CEO Louis-Pierre Gignac said. “Our ability to systematically de-risk the development and meet the extensive list of obligations toremains on track and on budget for commercial production in H2-2024.”