G Mining Ventures Announces Repurchase of 1% NSR Royalty on Tocantinzinho Gold Project

All amounts are in USD unless stated otherwise

BROSSARD, QC / ACCESSWIRE / October 4, 2022 / G Mining Ventures Corp. ("GMIN" or the "Corporation") (TSXV:GMIN)(OTCQX:GMINF) is pleased to announce that it is exercising its right to buydown 1.0% of the total 2.5% net smelter return royalty ("NSR") held on its Tocantinzinho Gold Project ("TZ" or the "Project"), resulting in a NSR of 1.5% (the "Second Buydown Right"). In consideration for the Second Buydown Right, the Corporation will make a cash payment of $3.5 million to the original royalty holders pursuant to the agreement dating back to 2003, as subsequently amended (the "Original Royalty Holders").

The decision to exercise the Second Buydown Right was made within 30 days of the Corporation's Board of Directors' decision to proceed on full construction on TZ, and provides increased exposure to the Project's exploration potential, while reducing the projected operating costs.

Louis-Pierre Gignac, President & Chief Executive Officer, commented: "The second buydown of 1.0% of the NSR for $3.5 million is another highly accretive transaction for GMIN shareholders, based on economics in our February 2022 updated Feasibility Study and detail engineering work up to 37% completed to date. The updated feasibility study from February 2022 incorporated many of inflationary 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 to hit this planned milestone toward commercial production at TZ in the second half of 2024, which will be one of the largest primary gold mines in Brazil."

The permitted Tocantinzinho Project, is located in Pará State, Brazil. Tocantinzinho is an open-pittable gold deposit containing 2.0 million ounces of reserves at 1.3 g/t. The Project is fully financed and currently under construction. The deposit is open at depth, and the underexplored 996km² land package presents additional exploration potential. The technical report entitled "Feasibility Study - NI 43‐101 Technical Report, Tocantinzinho Gold Project" dated February 09, 2022 is filed on SEDAR under the GMIN issuer profile.

Timetable and Next Steps

Having made the positive construction decision, the Corporation will be focused on the following activities:

• Finalization and results of 10,000-meter exploration and drilling program in Q4-22;
• Completion of detailed engineering through H1-23;
• Issuance of inaugural ESG report in 2023; and
• Expected first gold production in H2-24 with the first year of full production in 2025.

Additionally, the Corporation will be attending key investor conferences in the fall in order to update current shareholders and prospective investors on the progress being made at TZ, including: