11:33 AM EDT, 04/11/2024 (MT Newswires) -- National Bank of Canada said Thursday that G Mining Ventures's ( GMINF ) construction of the Tocantinzinho gold project in Brazil is 89% complete.

The project's total progress is at 87%. Commercial production is expected in the second half.

The bank said G Mining's ( GMINF ) update supports its top pick thesis for the company.

"While valuation is on the higher end versus other developer peers under coverage, our Top Pick thesis is not deterred," National Bank said. "Buy GMIN for the quality of the team and long-term vision to buy-and build their way to becoming a leading Intermediate producer. The TZ asset is only the start," the bank added.

National Bank gave G Mining ( GMINF ) an outperform rating with a $2.75 price target.

Price: 2.23, Change: +0.05, Percent Change: +2.29