G Mining Ventures Completed Significant Milestones in 2023 and is Positioned for Commercial Production in 2024

TSX: GMIN
OTCQX: GMINF

All amounts are in USD unless stated otherwise

• Project remains on track and on budget for commercial production in H2-2024
• Total project progress of 76% with construction 73% complete
• Total of 4,141,200 person-hours worked to date with no Lost Time Incident
• 104% appreciation in share price during calendar 2023, outperforming the gold price (+13%) and GDXJ (+6%)

BROSSARD, QC, Jan. 15, 2024 /PRNewswire/ - G Mining Ventures Corp. ("GMIN" or the "Corporation") (TSX: GMIN) (OTCQX: GMINF) is pleased to provide an update on the progress made at GMIN's 100% owned Tocantinzinho Gold Project ("TZ" or the "Project") currently under construction in the State of Pará, Brazil, and to highlight key activities and achievements over calendar 2023. The Project is 76% complete and remains on track and on budget for commercial production in H2-2024. All figures in relation to the Project progress are as of December 31, 2023, unless stated otherwise.

Highlights from a successful 2023:

Louis-Pierre Gignac, President & Chief Executive Officer, commented: "As we reflect on the significant milestones accomplished at our TZ Project, we want to express our gratitude to our fellow shareholders, team members, local stakeholders and other supporters. Every day, I am impressed by the experience, ability, innovation, and can-do attitude exhibited by the GMIN family, in executing our proven self-perform approach at TZ. I offer my sincere thanks for everyone's contribution and support to another outstanding year and look forward to what we can achieve together in 2024 and beyond, as we target commercial production at TZ in the second half of 2024 and grow G Mining Ventures Corp. using TZ as its cornerstone asset."

Tocantinzinho Project Update

The overall Project remains on track and on budget for commercial production in H2-2024.

Over 2024, the Corporation will be focused on the following activities:

• Completion of construction through H1-24;
• Process plant commissioning commence in Q2-24; and
• Commercial production in H2-24.

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.

Update Photos

Louis-Pierre Gignac, President & Chief Executive Officer of GMIN, a QP as defined in NI 43-101, has reviewed the press release on behalf of the Corporation and has approved the technical disclosure contained in this press release.

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.

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:

• the Corporation being positioned for commercial production in 2024,
• the Project's total commitments tracking in line with the Feasibility Study budget,
• the power purchase agreement enabling the Corporation to achieve the lowest quartile of the CO₂ emissions curve,
• the Corporation keeping the Project on track and on budget for commercial production in H2-2024, 
• the progress in construction activities and expectation they will continue on schedule and on budget, notably as regards critical path items such as the grinding circuit,
• the progress in pre-production mining and the targeted stockpile and months of feed ahead, 
• the Project's continued contributions to community social programs, 
• all key personnel required for commissioning being in place, and required systems and processes being implemented, and 
• more generally, the President & Chief Executive Officer's comments hereinabove as well as the whole contents of the above sections entitled "Project Development Timeline", "Timetable and Next Steps" and "About G Mining Ventures Corp.".

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 items listed on the above sections entitled "Project Development Timeline", "Timetable and Next Steps" and "About G Mining Ventures Corp.".

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 $481 million financing package will be sufficient to achieve commercial production and reach positive cash flow, 
• the Corporation's no lost time incidents record will be maintained,
• the Corporation's share price will continue to appreciate in 2024,
• the Corporation will continue to experience positive ratings from analysts,
• the Corporation's can-do attitude and self-perform approach will continue to yield successes in 2024 and beyond,
• the Corporation will continue to deliver strong health & safety results,
• the Corporation will construct and commission the Project, and bring it into commercial production in the second half of 2024, or at all, and
• the Corporation will grow using TZ as a cornerstone asset, becoming the next mid-tier precious metals producer,

as future events could differ materially from what is currently anticipated by the Corporation. There is also no assurance that the State of Pará, in Brazil, will remain a mining friendly and prospective jurisdiction.

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 April 28, 2023, for the financial year ended December 31, 2022, 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.

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SOURCE G Mining Ventures Corp