GOLD.TO · 2020-08-05 12:00:00

GoldMining Announces Appointment of David Garofalo as Chairman and CEO of Gold Royalty Corp.

Management Changes Royalties & Streams

GoldMining Announces Appointment of David Garofalo as Chairman and

CEO of Gold Royalty Corp.

VANCOUVER, BC

Aug. 5, 2020

/CNW/ -

GoldMining Inc. (the "

Company

" or "

GoldMining

(TSX: GOLD) (OTCQX: GLDLF) is pleased to announce the

appointment of

David Garofalo

as the Chairman, Chief Executive Officer and a director of its subsidiary, Gold Royalty Corp. ("Gold Royalty"). Mr. Garofalo

has also joined the advisory board of GoldMining Inc.

Amir Adnani

, Chairman of GoldMining, commented: "With his impressive 30 years of extensive leadership experience with major gold producers, David will

be an invaluable addition to our team as we advance our newly formed royalty business and existing project portfolio. As CEO of Goldcorp, David was

able to consummate a merger with Newmont in 2019 that created the world's leading gold producer. His track record of success, including developing over

a dozen projects into producing mines, and his commitment to establish Gold Royalty as a new leader in the gold sector is a combination that will be of

immense value to our business. We are delighted to welcome David to both Gold Royalty and GoldMining and look forward to working closely with him in

achieving both companies' goals and maximizing shareholder value."

David Garofalo

commented: "Amir and the GoldMining team were truly contrarian in the timing of multiple acquisitions during the gold bear market of the

last eight years to build a significant gold resource base in the Americas, which includes over 11 million ounces gold in the measured and indicated

categories and close to 14 million ounces gold in the inferred category globally across its projects. With the recent significant improvements in gold

markets, I believe market conditions have created an ideal environment for the launch of this company and its unique value proposition. The initial portfolio

of 14 gold royalties on GoldMining's projects will serve as a strong platform to grow the company towards a cash flow royalty model. I look forward to

working with the GoldMining and Gold Royalty team as we build an exciting new player in the royalty space."

Mr. Garofalo has worked in various leadership capacities in the natural resources sector over the last 30 years. He served most recently as President and

Chief Executive Officer of Goldcorp Inc. until its sale to Newmont Corporation in

April 2019

. Prior to joining Goldcorp, he served as President, Chief

Executive Officer and a director of Hudbay Minerals Inc. from 2010 to 2015, where he presided over that company's emergence as a leading metals

producer. Previous to this, he held various senior executive positions with mining companies, including Senior Vice President, Finance and Chief Financial

Officer of Agnico-Eagle Limited from 1998 to 2010 and as treasurer and other various finance roles with Inmet Mining Corporation from 1990 to 1998.

He was named Mining Person of the Year by The Northern Miner in 2012 and

Canada's

CFO of the Year by Financial Executives International Canada in

2009. A graduate of the University of Toronto (B.Comm.), he is a Chartered Accountant and a Certified Director of the Institute of Corporate Directors. He

also serves on the board of directors of the

Vancouver

Board of Trade and the Vancouver Symphony Orchestra.

See Table 1 below for further information regarding the Company's projects, including a breakdown of project resource estimates. The aggregated global

resource is provided for information purposes only. Investors should refer to the underlying technical reports referenced herein for project-specific factors

relating to each resource estimate.

About Gold Royalty Corp.

Gold Royalty Corp., a private wholly-owned subsidiary of GoldMining, is a gold-focused royalty company. Gold Royalty's royalty portfolio is expected to

initially comprise of 0.5% to 2.0% net smelter return ("NSR") royalties on the Company's interest in 14 existing projects with the opportunity to expand the

royalty portfolio through the Company's buy-back rights on existing NSR royalties ranging from 0.5% to 2% held by third-parties on up to 5 of the 14

projects.

About GoldMining Inc.

GoldMining Inc. is a public mineral exploration company focused on the acquisition and development of 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

U.S.A.

Brazil

Colombia

and Peru. Additionally, GoldMining owns a 75% interest in the Rea Uranium Project, located in the

Western Athabasca

Basin of

Alberta, Canada

Table 1: GoldMining's Aggregated Mineral Resource Statement across all its Projects

1,2,3

Deposit

Cut-off

(g/t)

Tonnage

(Mt)

Grade

Contained Metal

Gold

(g/t)

Silver

(g/t)

Copper

(%)

Gold Eq

(g/t)

Gold

(Moz)

Silver

(Moz)

Copper

(Mlbs)

Gold Eq

(Moz)

Measured Resources

Titiribi

0.3

51.600

0.49

0.17

0.78

0.820

195.1

1.290

Yellowknife

0.5/1.5

1.176

2.10

0.080

Total

0.900

195.1

1.370

Indicated Resources

Titiribi

0.3

234.200

0.51

0.09

0.65

3.820

459.3

4.930

Sao Jorge

0.3

14.420

1.54

0.715

Cachoeira

0.35

17.470

1.23

0.692

Whistler

0.3

110.280

0.50

1.76

0.14

0.79

1.765

6.130

343.1

2.797

La Mina

0.25

28.170

0.74

1.77

0.24

1.12

0.667

1.607

150.2

1.013

Crucero

0.4

30.653

1.00

0.993

Yellowknife

0.5/1.5

12.933

2.35

0.979

Almaden

0.3

43.370

0.65

0.910

Total

10.540

7.737

952.7

12.969

Measured and Indicated Resources

Total

11.440

7.737

1,147.8

14.339

Inferred Resources

Titiribi

0.3

207.900

0.49

0.02

0.51

3.260

77.9

3.440

Sao Jorge

0.3

28.190

1.14

1.035

Cachoeira

0.35

15.667

1.07

0.538

Whistler

0.3/0.6

311.260

0.47

2.26

0.11

0.68

4.626

22.617

713.5

6.731

La Mina

0.25

12.394

0.65

1.75

0.27

1.07

0.260

0.697

73.3

0.427

Boa Vista

0.5

8.470

1.23

0.336

Surubim

0.3

19.440

0.81

0.503

Crucero

0.4

35.779

1.00

1.147

Yellowknife

0.5/1.5

9.302

2.47

0.739

Yarumalito

0.5

66.271

0.58

0.09

0.70

1.230

129.3

1.502

Almaden

0.3

9.150

0.56

0.160

Total

13.840

23.311

993.9

16.558

Notes:

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral

resources will be converted into mineral reserves.

The estimate of mineral resources may be materially affected by environmental permitting, legal,

title, taxation, sociopolitical, marketing or other relevant issues.

The above aggregated resource table is provided for informational purposes only and is not intended to represent the viability of any project on a

standalone or aggregated basis. The exploration and development of each project, project geology and the assumptions and other factors underlying

each estimate, are not uniform and will vary from project to project. Please refer to the technical report for each respective project, as referenced

herein, for detailed information respecting each individual project.

All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding.

Gold cut-off for all projects except for Whistler and Yarumalito, which is gold equivalent cut-off.

Notes for Titiribi:

Based on technical report titled "Technical Report on the Titiribi Project Department of Antioquia,

Colombia

" prepared by

Joseph A. Cantor

and

Robert E. Cameron

Behre Dolbear

& Company (

USA

), Inc., with an effective date of

September 14, 2016

Gold equivalent estimated for the Titiribi deposit assumes metal prices of

US$1,300

/oz gold and

US$2.90

/lb copper and recoveries of 83% for

gold and 90% for copper.

Notes for Sao Jorge:

Based on technical report titled "Technical Report and Resource Estimate on the São Jorge Gold Project, Pará State,

Brazil

" prepared by

Porfirio Rodriguez

and

Leonardo de Moraes

of Coffey Mining Pty Ltd. ("Coffey"), with an effective date of

November 22, 2013

Notes for Cachoeira:

Based on technical report titled "Technical Report and Resource Estimate on the Cachoeira Property, Pará State,

Brazil

" prepared by

Gregory

Z. Mosher

of Tetratech, Inc. with an effective date of

April 17, 2013

and amended and re-stated

October 2, 2013

Notes for Whistler:

Based on technical report titled "Technical Report on the Whistler Project" prepared by

Gary Giroux

of Giroux Consultants Inc., with an effective

date of

March 24, 2016

The Whistler Project is comprised of three deposits: Whistler, Raintree West and Island Mountain.

Gold equivalent estimated for the Whistler deposit assumes metal prices of

US$990

/oz gold,

US$15.40

/oz silver and

US$2.91

/lb copper and

recoveries of 75% for gold and silver and 85% for copper.

Gold equivalent estimated for the Raintree West deposit assumes metal prices of

US$1,250

/oz gold,

US$16.50

/oz silver and

US$2.10

/lb copper

and recoveries of 75% for gold, 85% for copper and 75% for silver.

Gold equivalent estimated for the Island Mountain deposit assumes metal prices of

US$1,250

/oz gold,

US$16.50

/oz silver and

US$2.10

/lb

copper and recoveries of 75% for gold, 85% for copper and 25% for silver (recovered in copper concentrate).

A gold equivalent cut-off of 0.3 g/t was highlighted in the estimate as a possible open pit cut-off (Whistler, Raintree-shallow and Island

Mountain), and a gold equivalent cut-off of 0.6 g/t was highlighted in the estimate as a possible underground cut-off (Raintree-deep).

Notes for La Mina:

Based on technical report titled "Technical Report on the La Mina Project" prepared by

Scott E. Wilson of Metals Mining Consultants, Inc.

("MMC") with an effective date of

October 24, 2016

Gold equivalent estimated for the La Mina project assumes metal prices of

US$1,275

/oz gold,

US$17.75

/oz for silver and

US$2.75

/lb for copper

and recoveries of 93% for gold and 90% for copper.

Notes for Boa Vista:

Based on technical report titled "Technical Report on the Boa Vista Project and Resource Estimate on the VG1 Prospect, Tapajos Area, Para

State,

Northern Brazil

" prepared by Jim Cuttle,

Gary Giroux

and

Michael Schmulian

, with an effective date of

November 22, 2013

Notes for Surubim:

Based on technical report titled "Technical Report on the Rio Novo Gold Project and Resource Estimate on the Jau Prospect, Tapajos Area,

Para State,

Northern Brazil

" ("Surubim Project") prepared by Jim Cuttle and

Gary Giroux

, with an effective date of

November 22, 2013

Notes for Crucero:

Pit constrained resource estimate based on

US$1,500

/oz gold, mining cost of

US$1.60

/t, processing cost of

US$16.00

/t and pit slope of 47

degrees.

Based on technical report titled "Technical Report on the Crucero Property, Carabaya Province,

Peru

" prepared by

Greg Z. Mosher

with an

effective date of

December 20, 2017

Notes for

Yellowknife

Pit constrained resources with reasonable prospects of eventual economic extraction reported above a 0.50 g/t Au cut-off.

Pit optimization is based on an assumed gold price of

US$1,500

/oz, metallurgical recovery of 90%, mining cost of

US$2.00

/t and processing

and G&A cost of

US$23.00

/t.

Underground resources with reasonable prospects of eventual economic extraction stated as contained within gold grade shapes above a 1.50

g/t Au cut-off.

Mineral resource tonnage and grade with reasonable prospects of eventual economic extraction are reported as undiluted and reflect a bench

height of 3.0 m.

Based on a technical report titled "Independent Technical Report for the Yellowknife Gold Project,

Northwest Territories, Canada

" prepared by

Ben Parsons

(SRK Consulting (U.S.) Inc.) and

Dominic Chartier

(SRK Consulting (

Canada

) Inc. and

Eric Olin

(SRK Consulting (U.S.) Inc.) with

an effective date of

March 1, 2019

Notes for Yarumalito

Pit constrained resource estimate based on

US$1,500

/oz gold and

US$2.70

/lb copper, mining cost of

US$2.00

/t, processing cost of

US$8.00

and pit slope of 45 degrees.

Based on technical report titled "Technical Report: Yarumalito Gold-Copper Property, Departments of Antioquia and Caldas, Republic of

Colombia

prepared by

Greg Z. Mosher

with an effective date of

April 1, 2020

Notes for Almaden

Pit constrained resources with reasonable prospects of eventual economic extraction reported above a 0.30 g/t Au cut-off.

Pit constrained resource estimate based on

US$1,500

/oz gold and

US$2.70

/lb copper, mining cost of

US$2.25

/t, processing cost of

US$10.00

and pit slope of 45 degrees.

Based on a technical report titled "Technical Report: Almaden Gold Property,

Washington County, Idaho

, USA" prepared by

Greg Z. Mosher

(Global Mineral Resource Services) with an effective date of

April 1, 2020

, which is available at

www.sedar.com

under GoldMining's SEDAR

profile.

Qualified Person

Paulo Pereira

, President of GoldMining Inc. has reviewed and approved the technical information contained in this news release. Mr. Pereira holds a

Bachelors degree in Geology from Universidade do Amazonas in

Brazil

, is a Qualified Person as defined in NI 43-101 and is a member of the Association of

Professional Geoscientists of

Ontario

Forward-looking Statements

This document contains certain forward-looking statements that reflect the current views and/or expectations of GoldMining with respect to its business

and future events, including expectations and future plans respecting each of GoldMining's and Gold Royalty's, business plans and strategies. Forward-

looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in

which GoldMining and Gold Royalty, operate. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: the

inherent risks involved in the exploration and development of mineral properties, fluctuating metal prices, unanticipated costs and expenses and

uncertainties relating to the availability and costs of financing needed in the future. These risks, as well as others, including those set forth in

GoldMiningꞌs Annual Information Form for the year ended

November 30, 2019

, management's discussion and analysis for the three months ended

February 29, 2020

and other filings with Canadian securities regulators, could cause actual results and events to vary significantly. Accordingly, readers

should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the

material factors or assumptions used to develop such forward looking information, will prove to be accurate. The Company does not undertake any

obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

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SOURCE

GoldMining Inc.

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http://www.newswire.ca/en/releases/archive/August2020/05/c8157.html

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For further information:

GoldMining Inc., Amir Adnani, Chairman, Garnet Dawson, CEO, Telephone: (855) 630-1001, Email: [email protected]

CO: GoldMining Inc.

CNW 06:30e 05-AUG-20

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