1. Cash holdings as at latest filings for the quarter ended
1. Cash holdings as at latest filings for the quarter ended February 28, 2026. The closing prices of shares underlying equity holding s
as at close of June 10, 2026 and subject to a USD:CAD FX of $1.39.
GoldMining Announces Positive PEA Highlighting $532 Million After-Tax
NPV and 42% IRR at its São Jorge Project, Brazil
DESIGNATED NEWS RELEASE
Vancouver, British Columbia – June 11, 2026 – GoldMining Inc. (TSX: GOLD; NYSE American: GLDG) (the
"Company" or "GoldMining") is pleased to announce the results of a preliminary economic assessment ("PEA")
on its São Jorge Project (the "Project"), located in Pará State, Brazil.
All currency amounts herein are in US dollars unless otherwise indicated.
PEA Highlights
• Strong Base Case Economics: The PEA sets out a base case scenario with an after-tax net
present value at a 5% discount rate ("NPV5%") of $532 million and an after-tax internal rate of return
("IRR") of 42.4% utilizing base case gold price of $3,500 per ounce (“oz”) and an initial payback of
2.8 years.
• Leverage to Gold Price: At spot gold prices ($4,400/oz), the after-tax NPV5% increases to $836.8
million, yielding an IRR of 58.6% and an initial payback of just 2.4 years.
• High Capital Efficiency & Infrastructure Advantage : Initial capital is estimated at a highly
manageable $202 million (including a 25% contingency) , representing an attractive 2.6x base case
NPV5% to initial capital ratio. This relatively low capital hurdle is directly supported by the Project’s ideal
location, situated adjacent to existing power lines, paved highways, and an available skilled workforce.
• Balance Sheet Backing: The Company’s strong balance sheet comprising approximately $183
million1 in cash and publicly traded securities positions it well to advance the Project through the next
stages of development.
• Cash Generator for the Company: The PEA envisages a robust internal free cash flow, supported
by a stable gold production profile averaging an estimated 51,250 oz annually over a 10.6-year life of
mine ("LOM"), with peak gold production of 57,200 oz per year in years 2 through 4.
• Resilient Cost Profile: The PEA highlights relatively strong estimated margins, supported by an
estimated life of mine All-In Sustaining Cost ("AISC") of $1,464/oz.
• Conventional Operation: The PEA contemplates a conventional open-pit truck-and-shovel operation
and a processing rate of 5,500 tonnes per day. A proven processing flowsheet utilizing standard gravity
and leach circuits achieves high metallurgical recoveries of 90% Au.
• Advancing Pre-Feasibility Studies: The Company plans to expeditiously commence pre-feasibility
studies as the Project is further de-risked and moves forward with permitting towards a construction
decision.
Alastair Still, CEO of GoldMining commented , “The São Jorge PEA marks a significant milestone in the
advancement of our corporate strategy. By combining a manageable $202 million initial capital investment with
a robust $532 million base case NPV5%, we have outlined a highly efficient, construction-track asset on a
regional-scale property that retains significant exploration potential for additional resource growth. More than
just a standalone project, the PEA highlights that São Jorge has the potential for resilient margins and rapid
payback potential to become a cornerstone self-funding asset for us. With robust economics, we look forward
to rapidly advancing and de-risking the Project with permitting and pre-feasibility studies to unlock further value
across our gold-focused multi-million ounce Americas portfolio.”
The PEA is preliminary in nature, and there is no certainty that the reported results will be realized. The PEA
includes Inferred Mineral Resources, which are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be categorized as Mineral Reserves.
There is no certainty that this PEA, including the conceptual economics set out therein, will be realized.
Table 1: Summary of São Jorge PEA Selected Production Metrics
São Jorge PEA Key Metrics
Production Result Units
Mine life 10.6 Years
LOM Strip ratio (waste:processed material) 4.27 Ratio
Total mined material 109.1 Mt
Total processed material 20.7 Mt
Nominal process plant rate 5,500 tpd
Gold Production
Average gold feed grade 0.91 g/t
Average gold metallurgical recovery 90.0 %
Total gold produced 543.2 koz
Average annual gold production (Years 1-5) 53.4 koz
LOM 51.2 koz
Numbers may not add due to rounding.
Table 2: Summary of São Jorge PEA Selected Financial Metrics
São Jorge PEA Key Financial Metrics
Operating Costs (OPEX) Units Result
Mining unit cost $/t mined
$/t milled
1.98
10.40
Process unit cost $/t milled 10.44
General and Administrative (G&A) unit cost $/t milled 1.29
Royalty (including government royalites) $/t milled 4.21
Other (including maintenance and contingency) $/t milled 8.55
Total OPEX $/t milled 34.88
Transport & Refining Cost $/t milled 0.16
Total Cash Cost2 $/t milled
$/oz payable
35.04
1,344
All-In Sustaining Costs (AISC)3 $/oz payable 1,464
Capital Expenditures (CAPEX) Units Result
Initial capital expenditure (includes pre-strip) $M 202.2
Sustaining capital expenditure $M 53.0
Closure costs $M 12.0
Total Capital $M 267.2
Base Case Economics ($3,500/oz Au) Units Result
Net present value (NPV5%) – pre-tax $M 645.7
Internal rate of return (IRR) – pre-tax % 48.9
Net present value (NPV5%) – after-tax $M 532.5
Internal rate of return (IRR) – after-tax % 42.4
Payback – after-tax Years 2.83
Spot Price Economics ($4,400/oz Au) 3 Units Result
Net present value (NPV5%) – pre-tax $M 1,004.8
Internal rate of return (IRR) – pre-tax % 67.3
NPV5% – after-tax $M 836.8
IRR – after-tax % 58.6
Payback – after-tax Years 2.38
Numbers may not add due to rounding.
(1) Total Cash Cost consists of total operating costs plus transportation and refining costs.
(2) AISC includes Total Cash Cost plus sustaining capital and closure costs.
(3) Spot price determined on June 9, 2026 based on the 10-day trailing average rounded down to the nearest hundred.
São Jorge PEA Summary
The São Jorge Project is located in the southeastern portion of Pará State, Brazil, in the municipality of Novo
Progresso, approximately 460 km southeast of the main regional city of Santarem and approximately 70 km
north of the town of Novo Progresso. Regional highway BR -163, an all-weather paved road, passes through
the Project area. The city of Itaituba is located approximately 250 km north of the Project.
The current mineral resource estimate for São Jorge was reported in the Company’s technical report titled "NI
43-101 Technical Report São Jorge Project, Para State, Brazil" dated effective January 28, 2025. The PEA is
based on such estimate.
The PEA considers a conventional drill, blast, load, and haul open pit operation mining an average of 27,000
tpd (9.9 million tonnes per annum (Mtpa) over the 10.6 year life of mine. It contemplates that resources will be
processed at a nominal rate of 5 ,500 tpd (1.9 Mtpa) at an average strip ratio of 4. 27:1. Conventional gravity
and leach circuit is planned to generate gold doré on site.
The PEA includes on-site development including mining, haul roads, access roads, process facilities, tailings
and waste storage facilities, and related ancillary facilities. Construction is anticipated to take approximately
two years with an initial capita l expenditure of $202.2 million, including a healthy 25% contingency, with
operations continuing for 10.6 years. Sustaining capital expenditures over the LOM are expected to be
approximately $53 million, consisting of a mix of mining capital equipment and staged expansion of the tailings
and waste facilities. Closure costs have been estimated at $12 million . LOM operating costs are expected to
average $34.88/t of material processed.
Under the PEA, highest metal production occurs in the initial five years of production averaging 53.4 koz Au
annual production. LOM average production is 51.2 koz Au.
Table 3: Estimated Capital Breakdown
Capital Area Initial
($M)
Sustaining
($M)
Total
($M)
Site General & Pre-Construction 33.0 33.0
Power Distribution 16.8 16.8
Mining & Equipment 11.6 30.7 42.3
Process Plant 47.0 9.4 56.4
Tailing Storage & Water Management 4.5 4.5
Indirect Costs 13.9 13.9
Owner's Cost and General Services 40.5 40.5
Contingency (25%) 34.9 13.0 47.9
Sub-total Capital 202.2 53.0 255.2
Mine Closure 12.0 12.0
Total Capital 202.2 65.0 267.2
Numbers may not add due to rounding
Figure 1: Mined Material Schedule
2.3
2.7
3.1 3.3 3.2
4.9 4.9 4.9
4.3 4.3 4.3
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
0
3,000
6,000
9,000
12,000
15,000
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Year 11
Strip Ratio (waste:ore)
Tonnage (kt)
Mined Material & Strip Ratio
Mineralized Material Waste S:R = (#)
Figure 2: Process Schedule
The São Jorge Deposit
The São Jorge Gold Project is located in the Tapajós gold district (see Figure 3) in the south-central portion of
the Amazon Craton. The São Jorge gold deposit is a granite -hosted, intrusion-related gold mineral system
which is a similar style to the Tocantinzinho gold mine owned and operated by G Mining located approximately
80 km northwest of São Jorge, that commenced commercial production in 2024 and produced 171,871 ounces
of gold in 2025.
Exploration activities at the Project carried out by the Company over the past two years have successfully
delineated several new exploration targets comprising gold ± copper ± molybdenum ± silver soil geochemical
anomalies, which cumulatively outline a large mineral system (see news releases dated March 18, 2025 and
April 14, 2025). The São Jorge mineral system is defined by a comprehensive exploration data set which the
Company has developed over previous systematic exploration campaigns. Surrounding the currently
delineated São Jorge deposit, which has a defined 1.4 km strike length, the broader mineral system comprises
a zone of contiguous surface geochemical anomalies over an area of 12 km x 7 km, which the Company
interprets to be the surface expression of a broad intrusion related gold system.
1.04 1.01 0.97 0.97
0.85 0.83 0.83 0.83 0.88 0.88 0.88
-
0.2
0.4
0.6
0.8
1.0
1.2
0
500
1,000
1,500
2,000
2,500
3,000
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Year 11
Grade (g/t)
Tonnage (kt)
Processed Tonnes and Head Grade
Processed Material Au (g/t)
Figure 3: São Jorge Project location
Patrocínio
(Belo Sun)
Tocantinzinho
(G Mining)
Cuiú Cuiú
(Cabral)
Palito
(Serabi)
Coringa
(Serabi)
Matilda
(Serabi)
Surubim
(GMI)
Moraes de Almeida
Operating Mines
Gold Projects
GoldMining Inc
Other
Powerline
Highway Novo Progresso
Brazil
Pará
São Jorge Project
Location and Nearby Projects
Pará State, Brazil
50 Km
Mineral Resource Estimate
The PEA is based on the Company’s existing previously disclosed mineral resource estimate, which is
summarized in the table below.
Table 4: Pit Constrained Mineral Resource Estimate
Category Tonnage
(000 t)
Grade
(g/t Au)
Contained Metal
(000 oz Au)
Indicated 19,418 1.00 624
Inferred 5,557 0.72 129
Notes:
1. See technical report titled "NI 43-101 Technical Report São Jorge Project, Para State, Brazil” dated effective January 28, 2025.
2. CIM (2014) definitions were followed for Mineral Resources.
3. Mineral Resource are estimated at a break-even cut-off grade of 0.27 g/t Au for classified blocks above a constraining pit shell.
4. Mineral Resources are estimated using a long-term gold price of US$1,950 per ounce.
5. A minimum mining width of five meters was used.
6. There are no Mineral Reserves estimated at S ão Jorge Project. Mineral Resources that are not Mineral Reserves have not
demonstrated economic viability.
7. Numbers may not add due to rounding.
8. The Qualified Person (QP) of the mineral resource estimate is not aware of any environmental, permitting, legal, title, taxation,
socio-economic, marketing, political, or other relevant factors that could materially affect the mineral resource estimates.
For a description of the data verification, assay procedures and the quality assurance program and quality
control measures applied by the Company, please see the Company’s Annual Information Form for the year
ended November 30, 2025, filed under the Company’s profile on SEDAR + at www.sedarplus.ca. Further
information about the PEA referenced in this news release, including information in respect of data verification,
key assumptions, parameters, risks and other factors, will be contained in a technical report, which will be filed
by the Company in respect of the PEA within 45 days under its profile at SEDAR+ at www.sedarplus.ca.
Opportunities
This new PEA highlights strong potential for the advancement of the Project and sets out several opportunities
for future study which may further enhance project value, including:
Opportunity Potential Benefits
Metallurgical test work & Process
design
Variability test work to optimize process flowsheet and improve gold
recoveries.
Infill Drilling
Increase confidence in the geological models and controls on and
interpolation of grade; may increase resource grade overall and
convert mineral resources to higher categories.
Exploration Drilling Expansion opportunities at the existing deposits to delineate
additional resources.
Geotechnical test work Optimize pit wall slopes and potentially reduce strip ratio and to
assess potential waste rock and tailings storage sites.
Infrastructure design & Scheduling Optimize site layout, material handling and pit backfill to reduce
LOM operating costs.
Environmental & Sustainability
Governance (ESG)
Environmental baseline & heritage studies, and community
stakeholder engagement to inform the local community about the
potential mining opportunity and economic benefits.
Qualified Persons
The PEA was prepared for the Company by Beck Nader,DSc, MSc.,FAIG, CBRR , who is independent of the
Company and a Qualified Person, as such term is defined in NI 43-101.
The Mineral Resources were estimated by Reno Pressacco, M.Sc. (A), P.Geo., FGC, who is independent of
the Company and a Qualified Person, as such term is defined in NI 43-101.
The specific sections of the technical report for which each such Qualified Person is responsible will be set out
in the technical report relating to the PEA. Each such Qualified Person has reviewed and approved the
scientific and technical information regarding the PEA as disclosed in this news release.
Imola Götz , M.Sc. P.Eng ., F.E.C., Vice Presi dent, Project Development of the Company and a Qualified
Person, as such term is defined in NI 43 -101, has supervised the preparation of this news release and has
reviewed and approved the scientific and technical information contained herein.
About GoldMining Inc.
GoldMining Inc. is a public mineral exploration company focused on acquiring and developing gold assets in
the Americas. Through its disciplined acquisition strategy, GoldMining now controls a diversified portfolio of
resource-stage gold and gold-copper projects in Canada, the U.S.A., Brazil, Colombia, and Peru.
For additional information, please contact:
Martin Dumont
VP, Corporate Development & Investor Relations
Telephone: (855) 630-1001
Email: [email protected]
Notice to Readers
Disclosure regarding the Project, including the PEA and Mineral Resource Estimates included herein , has
been prepared by the Company in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian
Securities Administrators that establishes standards for public disclosure by issuer of scientific and technical
information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the
United States Securities and Exchange Commission ("SEC") generally applicable to U.S. companies subject
to the SEC's disclosure requirements. For example, the terms "Indicated Miner al Resource" and "Inferred
Mineral Resource" are defined in NI 43 -101 by reference to the guidelines set out in the CIM Definition
Standards on Mineral Resources and Mineral Reserves. Accordingly, information contained herein or in the
Company's descriptions of its projects may not be comparable to similar information made public by U.S.
companies reporting pursuant to SEC disclosure requirements.
Investors are cautioned not to assume that all or any part of "Measured" or "Indicated" Mineral Resource will
ever be converted into "reserves". Investors should also understand that "Inferred Mineral Resources" have a
great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility.
Under Canadian rules, estimated "Inferred Mineral Resources " may not form the basis of feasibility or pre -
feasibility studies except in rare cases.
For further information regarding the Company's projects and the resource estimates disclosed herein, please
refer to the Company's most recent Annual Information Form and the technical reports filed under the
Company's profile at www.sedarplus.ca and www.sec.gov.