G Mining Ventures Corp. provide an update on progress made at GMIN's 100% owned Tocantinzinho Gold Project (‘TZ' or the ‘Project') currently under construction in the State of Pará, Brazil. Significant advancements have been made in all work areas, and the Project remains on track and on budget for commercial production in H2 -2024.

Tocantinzinho Project Update: Total Project is currently 30% complete and trending on time and on budget for commercial production in H2 -24. Detailed Engineering is 81% complete. Notable advancements to date on the Process Plant include: Completion of Hazard and Operability Study; Procurement of major mechanical and electrical packages substantially complete, with bulk material procurement well advanced; Structural steel and concrete drawings issued for construction at primary crusher, reclaim tunnel, grinding area and CIL; SCADA (Supervisory Control and Data Acquisition) and Automation Systems have been initiated; Laboratory expert onboarded; and Formal review of process plant commissioning plan has been initiated.

Notable advancements to date on the items outside the process plant include: Geotechnical work complete for the flotation tailings storage facility (‘FTSF') and CIL tailings storage facility; Permanent camp, kitchen and other related services near completion; All piping and instrumentation diagrams issued for construction; Engineering completed for substantially all buildings; and Final design of permanent explosive magazine and landfill facility completed. Procurement and Delivery: Overall Project procurement is at 97% complete, with 154 (out of 159 total) packages awarded. Commitments to date total $302 million (66% of project total), including project-to-date expenditures of $198 million (43% of project total).

Expenditures and schedule are tracking in line with the Feasibility Study dated February 09, 2022 (filed under GMIN's profile on Sedar, entitled ‘Feasibility Study – NI 43-101 Technical Report, Tocantinzinho Gold Project.'). The focus of the supply chain team is transitioning away from procurement towards logistics. Cumulatively, 33,334 tonnes of material on 3,833 truckloads have been delivered to site since the start of the Project.

May was an exceptional month with 9,361 tonnes of material delivered to site on 797 truckloads (details below). The construction and commissioning of the grinding circuit is on the Project critical path. Recent QA/QC inspections at various manufacturing facilities for the SAG and ball mill components indicate that completion and shipping dates are staying on schedule.

Manufacturing of heads, trunnions and shells are expected by the end of July. Construction: Physical construction (excluding services, mine and powerline) is now 27% complete, with work initiated on almost all Project areas. The following major milestones have been reached in construction: Dorms, kitchen and all related facilities are nearly completed with final turnover planned in June; Water treatment plant and sewage treatment plant commissioned and operational; SAG mill and ball mill foundations are well advanced; CIL area construction started ahead of schedule, with foundations complete and tank assembly substantially advanced; Stage 1 of the 13.8kV overhead line is complete, servicing camp dorms and its communication tower, welcome center/laundry, kitchen; Permanent kitchen is substantially complete, with full commissioning anticipated by the end of Second Quarter; Construction of the aggregate plant is complete and commissioning activities initiated; and Preparation activities for the main FTSF dam have advanced including access roads, foundation grubbing activities and coffer dams. Fill placement for the main dam is to be initiated in June.

Pre-Production Mining: With night shift operations starting in May, and excellent mobile equipment availability, pre-production mining has made significant progress since the start of the dry season. At the end of May four additional mining trucks (CAT 777) were commissioned, reaching a total of eight. In June, the last four mining trucks will be assembled and commissioned along with a second mining shovel (CAT 6030) to be received at site.

To date, 1.74 Mt of waste material has been excavated from the starter pit. Since the blasting permit was secured in early April, 150 kt have been blasted. The competent waste material has been used for construction purposes, for road and coffer dam construction, as a source of aggregate, and in the future will be used to construct the FTSF main dam.

Approximately 2.4 Mt of ore will be stockpiled during the pre-production period prior to mill commissioning, providing roughly 6 months of mill feed. Power Infrastructure: Since commencing in December 2022, construction of the 190-km 138 kV power transmission line from Novo Progresso to TZ is advancing quickly. Powerline progress has reached 41% and is trending on budget and schedule for completion in H1 -24.

Out of a total of 483 transmission towers: 276 foundations have been poured (57%); 269 towers have been assembled (56%); and 187 towers have been lifted (39%); and Stringing activities started with a total of 4.2 km completed in May. The main substation at site achieved significant progress as per project schedule: All purchase orders issued; Earthworks completed; Main bases poured with transformers positioned on the bases; and Reactor factory acceptance testing ongoing. The Novo Progresso substation is progressing on schedule: All purchase orders issued; All drawings issued for construction; and Civil works team mobilized with construction to start on June 15th.