G Mining Ventures Corp. provided an update on the progress made at GMIN's 100% owned Tocantinzinho Gold Project currently under construction in the State of Pará, Brazil. As of October 31st, 2022, advancements include the receipt of additional licenses, expanded workforce, engineering, procurement, equipment delivery, construction, and the start of open pit mining.

The Project remains on track and on budget for commercial production in H2-2024. Detailed engineering is 43% complete, allowing for project procurement to progress to 100%. Notable advancements to date include: Procurement for all major equipment for the process plant has been completed.

Permanent camp drawings issued for all disciplines and construction is well underway. Process plant design review on the piping & instrumentation diagrams is complete. Significant progress has been made on the transmission line execution strategy, with construction slated to start before year-end.

Procurement and Delivery; Overall Project procurement has progressed to 73% completion. Commitments to date total $160 million (34% of total), with expenditures and schedule 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."). A portion of the equipment has been delivered to date, commissioned, and is comprised of: Four CAT 777E Haul Trucks, One CAT 6030 Hydraulic Mining Excavator, One Sandvik Leopard Di650 Drill Rig.

Open pit mining has been initiated in their starter pit phase. Excavated waste material will be used for construction purposes, as a source for aggregate, and fill material for constructing the dam of their tailings facility. During the pre-production, it is planned to stockpile approximately 2.4 million tonnes of ore prior to commissioning (~6 months of ore mill feed).

Exploration camp expansion is complete, with the installation of 10 additional sleepers expanding the capacity to 370 beds. The construction effort is currently focused on the permanent camp in order to increase capacity to 1,200 sleepers by yearend. The following milestones have been achieved in construction work: 83% of earthworks and 50% of foundations completed for installation of the permanent camp.

Mine waste dump access road was completed. All four bridges were completed on the main access road, with the remaining upgrade work ongoing. Concrete batch plant construction is complete.

The National Agency of Electric Energy issued the Declaration of Public Utility on the 138 kV power transmission line from Novo Progresso to TZ, allowing for the finalization of the rights of way for the power line construction. The DUP was issued in favour of Equatorial Pará Distribuidora de Energia S.A., the entity responsible for energy distribution in the state of Pará, for the benefit of the TZ project. Procurement of the materials required to construct the transmission line is complete, and construction is set to commence before yearend.