G Mining Ventures Announces Formal Construction Decision for Tocantinzinho Gold Project and Provides Project Development Update

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September 12, 2022 TSXV: GMIN

OTCQX: GMINF

G Mining Ventures Announces Formal Construction Decision for

Tocantinzinho Gold Project and

Provides Project Development Update

All amounts are in USD unless stated otherwise

o Positive construction decision approved by the Board of Directors on Tocantinzinho Gold Project

o Extension to key installation licenses received

o Advancing procurement and commitments for long lead items , with $136 million committed to date

(29% of total) in line with budget, with detailed engineering 30% complete

o Early works activities completed on time and on budget with no lost time incident

o Appointment of Mathieu Gignac as Project Director, Julie-Anaïs Debreil as Vice-President Geology &

Resources, and Eduardo Leão as Sustainability Manager

BROSSARD, QC, September 12, 2022 – G Mining Ventures Corp. (“GMIN” or the “ Corporation”) (TSXV:

GMIN) (OTCQX: GMINF) is pleased to announce that its B oard of Directors has made a formal decision to

proceed with the construction of the Tocantinzinho Gold Project (“ TZ” or the “Project”). Additionally, GMIN

is pleased to provide an update on developments on the Project, including the receipt of essential installation

license extensions, recruitment, engineering, procurement, early works activities, and the appointment of

additional key personnel.

Louis-Pierre Gignac, President & Chief Executive Officer , commented: “GMIN was reorganized in October

2020 with the objective of building the next intermediate gold producer. 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. 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 inflation ary pressures seen in the

industry, while still demonstrating very positive results of NPV 5% of $622 million and IRR of 24% using a

$1,600 per ounce gold price . We are very pleased that the regulators are in agreement with the high quality

of our ongoing detail engineering work and have approved several of the key permit extensions we had

requested. Lastly, we welcome additional highly qualified team members with extensive relevant experience

to continue to advance TZ. With this formal construction decision, we target commercial production at TZ in

the second half of 2024.”

Louis Gignac Sr., Chairman of the Board of Directors of GMIN, commented: “The Board of Directors’ formal

decision to begin construction on TZ reflects our confidence in the significant value that the Project can bring

to stakeholders in the State of Par á and all GMIN shareholders. The Board also extends its gratitude to

GMIN’s established supportive shareholders as well as the new shareholders established through its recently

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completed financing package, with whom we are fully aligned to grow GMIN into the next intermediate gold

producer, using TZ as the foundational asset.”

Tocantinzinho Feasibility Study Economic Highlights

The following table sets out the economic highlights from the February 2022 Tocantinzinho feasibility study:

Description Units GMIN

2022 FS

Production Data (Operations Period)

Mine Life years 10.5

Average Milling Throughput tpd 12,587

Average Milling Throughput MMt / year 4.6

Strip Ratio waste : ore 3.4

Pre-Strip Tonnage Mt 17.1

Total Tonnage (exclusive of pre-strip) Mt 194.9

Ore Tonnage Milled Mt 48.3

Gold Head Grade g/t 1.31

Contained Gold koz 2,036

Recovery % 90.1%

Total Gold Production koz 1,834

Average Annual Gold Production koz 175

First Five Full Years koz 196

Operating Costs (Average LOM)

Mining Cost USD/t mined $2.36

Mining Cost USD/t milled $9.51

Processing Cost USD/t milled $8.83

G&A Cost USD/t milled $3.13

Total Site Costs USD/t milled $21.48

Total Site Costs USD/oz $565

Total Operating Costs / Cash Costs USD/oz $623

AISC USD/oz $681

Capital Costs

Initial Capital USD MM $427

Life of Mine Sustaining Capital USD MM $71

Closure Costs USD MM $24

Capital Costs before Tax USD MM $522

Net Taxes Payable USD MM $42

Total Capital Costs USD MM $564

Financial Evaluation

Gold Price Assumption USD/oz $1,600

USD:BRL FX Assumption x 5.20

After-Tax NPV5% USD MM $622

After-Tax IRR % 24.2%

Payback Years 3.2

Note: Please refer to the technical report entitled “ Feasibility Study – NI 43‐101 Technical Report, Tocantinzinho Gold Projec t” dated February 09, 2022

filed on SEDAR under the GMIN issuer profile

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ESG and Permitting Update

The Corporation and its Brazilian subsidiary, Brazauro Recursos Minerais S.A. (“Brazauro”), maintain active

and constant contact with all relevant environmental and governmental authorities, including the State

Secretariat of Environment and Sustainability (" SEMAS"), Instituto Chico Mendes and Biodiversity

("ICMBio"), Equatorial Energia ("Equatorial"), National Agency of Electric Energy ("ANEEL"), National Mining

Agency ("ANM"), and the Institute of Colonization and Agrarian Reform (" INCRA").

Environmental Permitting

GMIN has received all the necessary environmental installation permits to progr ess with full construction,

which include:

o Site installation license valid until August 2024

o Forest Suppression Authorization and related fauna and flora permits for the site

o Tubular well drilling and use permit for the temporary camp and construction

o Grant for release of sanitary sewage from the site

o Tubular well permit for permanent camp and aggregate plant

o Licenses for the transmission line, landfill, concrete plant, fuel station and tailings dam are currently valid

and being further extended by SEMAS

Site preparation activities at TZ started on August 15 th and focused initially on the permanent camp area

where full construction is scheduled to commence in September. Our construction activities are supported

by Brazauro’s environmental team which follows thorough protocols to rescue fauna and flora limiting any

potential impact to the local environment and ensuring a stable ecosystem.

Health & Safety

The health and safety of employees, contractors and other stakeholders is at the forefront of the

Corporation’s values and objectives. A total of 250,580 hours has been worked year to date without any Lost

Time Incidents.

Figure 1 – Safety Standdown at TZ

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Human Resources

Brazauro has grown to a workforce of 252 employees and contractors. Brazilian employees represent 98% of

our workforce, of which 70% are from local communities and the State of Pará.

Additional recruitment job fair days were held in our neighboring communities where we collected almost

200 resumes and conducted over 100 interviews. We now have over 1,000 resumes in the database in our

effort to hire locally.

Employee Training

The construction working t raining programs in collaboration with the National Industrial Training Service

(“SENAI”) has graduated 24 successful students from its first training camp. The Program's main goal is to

contribute to the socio-economic development of the micro -region of Itaituba and the southwestern region

of the State of Pará by promoting employment, providing training and possibility to participate in the

implementation phase of the TZ Project. The second class started in August 2022.

Social programs for the development of the region proposed in the environmental licenses are being

implemented, such as environmental education, training of local labor and support to the development of

economic diversification. Other social programs are under development to add even more local value with

income generation, education, and other development opportunities.

Figure 2 – Graduates from the First Construction Training Class

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Project Development Update

Since the most recent TZ project development update (as detailed in the press release dated July 18, 2022)

the Corporation has continued to advance development of the Project on several fronts.

Procurement and Project Expenditures

Procurement to date totals $136 million (29% of total). Commitments and expenditures are tracking in line

with the Feasibility Study from February 2022 and have largely focused on major equipment for the process

plant and mining. Equipment deliveries will be staggered over time, with the first mining excavator and four

mine trucks already delivered to site.

22 Major Equipment packages have been awarded including:

o Mechanical:

o Grinding Mills, Crushing Plant, Apron Feeders, Gravity Screens & Concentrators , Flotation

Cells, Cyclone, Thickener, and 5 other smaller process plant equipment packages

o Electrical and Instrumentation:

o Mills Motors & VFD, Synchronous Condensers, and Emergency Diesel Generators

o Concrete, Structure, Architecture:

o Concrete Pump Truck, Batch Plant, and Kitchen Structural Steel

o Aggregate Plant

o Domestic & Sewage Treatment Plants

10 Major Contract Packages awarded including:

o Architecture (design, supply, install):

o All prefabricated dormitories for the camp

o Modular Buildings including the Administration Building, Camp Office , Welcome Cente r,

Laundry, and Mill Office

Project Cost Area % Committed

Mining 95%

Process Plant 34%

Construction Indirects 34%

Pre-Prod / Commissioning 33%

Owners Costs 28%

Infrastructure 27%

Surface Operations 14%

Water Management 3%

Power and Electrical 2%

Total Commitments 29%

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o Earthworks:

o Early Works and Deforestation

o 4 Geotechnical Packages

o Electrical Overhead Distribution Line on site

Additionally, there are 37 Mine Mobile Equipment contracts and 8 External Engineering Services contracts

awarded.

Figure 3 – First Cat 6030 Hydraulic Mining Shovel Arriving at Site

Engineering

Detailed engineering is 30% complete and on track to service construction with all required drawings to start

execution:

o All site general arrangement layout is finalized

o Engineering of exploration camp expansion is completed

o Process plant 3D model initialed to a detailed engineering level of accuracy

o Permanent camp detail engineering advanced at 50%

o General arrangement drawing for all buildings approved and issued for det ailed engineering design

o Water management strategy confirmed, and detail engineering started

Metallurgical Test Work

Test work on comminution, floatation and leaching have been completed to confirm equipment sizing ,

reagent consumption rates and the metallurgical recovery. Regrind test work has so far been inconclusive due

to limited samples of concentrate, and additional follow up test work is planned once in production.

Power Supply

As previously disclosed, Brazil’s national grid operator, Operador Nacional do Sistema Elétrico (“ONS ”), has

confirmed the availability of 22.9 megawatts of power supply requested by GMIN. ONS is the government

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agency responsible for the coordination and monitoring of electric pow er generation and transmission

facilities connected to Brazil’s national grid, where 84% of installed capacity is from renewable resources,

mainly hydropower. Equatorial has since reviewed the detailed engineering drawings submitted by GMIN for

the transmission line and substation that will be constructed in Novo Progresso and on site , and it did not

requested any additional information.

Construction – Early Works Activities

Exploration camp expansion is ongoing to support initial construction activities . The installation of

10 additional sleepers expanded the capacity to 350 beds. A new water well has been installed. Additional

sewage treatment facility has been commissioned. Access road extension and widening, and drainage

improvements is ongoing. The freight forwarder logistics base in Moraes Almeida was completed in August

and will allow for the consolidation of certain good for delivery to site to optimize cost and schedule .

Figure 4 – Exploration Camp Expansion

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Figure 5 – Pit Access Road

Key Management Appointments

GMIN has made several critical management appointments to advance both the TZ project development and

corporate activities, including:

Mathieu Gignac, Project Director

Mr. Gignac has more than 20 years of experience in the mining industry. He is President of G Mining Services,

providing project management expertise and leadership to m ine development projects. He has proven

leadership abilities in managing large mining projects through feasibility, construction and operations. He was

Operations Manager for Iamgold’s Ros ebel Gold Mines, Project Director of Newmont Mining Corporation’s

Merian Project and Project Director of Lundin Gold Inc.’s Fruta del Norte Project. As such, most of his career

has been spent operating and building projects similar to TZ’s size, scope and environment. He is a member of

the Ordre des Ingénieurs du Quebec (OIQ) and the Canadian Institute of Mining, Metallurgy and Petroleum.

Mr. Gignac is proficient in English, French and Spanish , and is a McGill University graduate in mining

engineering.

Julie-Anaïs Debreil, VP Geology & Resources

Ms. Debreil has more than 15 years of professional geology and research experience in greenfield and

brownfields exploration, mine geology, and resource estimation. Ms. Debreil held a senior technical role for

Premier Gold Mines Ltd. where she ma naged exploration projects, mineral resource estimation and

production reconciliation. Most recently, Ms. Debreil worked as a senior member of the Geology team with

G Mining Services where her responsibilities included NI 43- 101 compliant reporting, minera l resource

estimation and geological modelling for client properties and due diligences. Ms. Debreil holds a Ph.D. in

Geology and a M.Sc. in Volcanology. Ms. Debreil is a member of L’Ordre des Géologues du Québec (OGQ) and

the Professional Geoscientists Ontario (PGO).