GOLD.TO · 2020-06-24 12:00:00

GoldMining Announces Creation of Gold Royalty Corp., A New Gold- Focused Royalty Company

Royalties & Streams

GoldMining Announces Creation of Gold Royalty Corp., A New Gold-

Focused Royalty Company

Highlights:

Creation of Gold Royalty Corp. (GRC), a new and wholly owned gold-focused royalty company, to expose existing shareholders to an additional

and distinct form of value enhancement;

Portfolio to include 14 newly created royalties comprised of 2% NSRs on 2 gold projects, 1% NSRs on 11 gold projects, and a 0.5% NSR on 1

gold project (Table 1);

11 of the 14 NSRs are associated with advance-stage resource and development projects with exposure to the following aggregated resources

(Table 2):

11.4 Moz gold (14.3 Moz gold equivalent)

in the measured and indicated categories; and

13.8 Moz gold (16.6 Moz gold equivalent)

in the inferred category;

GRC will retain exposure to future discoveries through its precious metal focused portfolio covering over 1,290 km

(139,000 Ha) in mining

friendly jurisdictions in five countries in the Americas; and

Additional opportunities to expand royalty portfolio through buy-backs of existing NSR royalties ranging from 0.5% to 2% from third-party holders

on up to 5 of the 14 projects.

VANCOUVER, BC

June 24, 2020

/CNW/ -

GoldMining Inc. (the "

Company

" or "

GoldMining

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

announce today the creation of Gold Royalty Corp. ("GRC"), a newly incorporated wholly owned subsidiary, that will hold 14 newly created net

smelter return ("NSR") royalties on its extensive gold-focused asset portfolio in the Americas.

Amir Adnani

, Chairman, commented: "Following a decade-long effort since forming the Company to assemble an extensive portfolio of gold projects

in mining friendly jurisdictions in North and

South America

, we believe that the timing is right to create this royalty entity, which imparts an additional,

and non-dilutive layer, of value to existing shareholders. Over the long-term, we intend to explore potential value-enhancing transactions for Gold

Royalty Corp., including a potential spin-off, initial public offering, sale, merger or other transactions that may increase shareholder value."

Garnet Dawson

, CEO, commented: "GoldMining's focus remains on our two-pronged strategy of expanding our property portfolio through accretive

transactions of resource stage gold projects and their advancement towards development. We believe Gold Royalty Corp. will be a complementary

platform to GoldMining's future acquisition and development plans."

GRC's royalty portfolio is expected to comprise of 0.5% to 2.0% 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 (Table 1).

Table 1: GRC Royalty Portfolio

Project

Country

Area

Ownership

Gold Equivalent Ounces

Intended GRC Royalty

Comment

Measured &

Indicated

Inferred

Whistler

USA

17,159

100%

2,797,000

6,731,000

1% NSR

Company has rights to acquire 0.75% NSR from 3

party holder

Gold-copper porphyry and epithermal

system

District scale property

Several mineralized porphyry centres

require additional drilling

Favourable preliminary metallurgical test

results

Almaden

USA

1,724

100%

910,000

160,000

0.5% NSR

Low-sulphidation epithermal system

Extensive metallurgical test work

High-grade feeder targets

Yellowknife

Canada

12,120

100%

1,059,000

739,000

1% NSR

Orogenic gold system

Extensive engineering studies

Underground bulk sample and metallurgical

studies

Historic production

Titiribi

Colombia

3,919

100%

6,220,000

3,440,000

2% NSR

Gold-copper porphyry and epithermal

system

Three deposits and six mineralized targets

La Mina

Colombia

3,200

100%

1,013,000

427,000

2% NSR

Gold-copper porphyry and epithermal

system

Three deposits and several untested targets

Favourable preliminary metallurgical test

results

La Garrucha porphyry center partially drilled

Yarumalito

Colombia

1,453

100%

1,502,000

1% NSR

Company has rights to acquire 1% NSR from 3

party holder

Gold-copper porphyry and epithermal

system

Mineralization open laterally and at depth

Favorable preliminary metallurgical results

Cachoeira

Brazil

4,742

100%

692,000

538,000

1% NSR

Orogenic gold system

Environmental permit submitted to

government for review

Sao Jorge

Brazil

45,997

100%

715,000

1,035,000

1% NSR

Company has rights to acquire 0.75% NSR over existing deposit area and 1% NSR over claim outside

such area, each from 3

party holders

Orogenic gold system

Favourable metallurgical studies

Final exploration report submitted to

government for review

Surubim

Brazil

14,611

100%

503,000

1% NSR

Company has rights to acquire NSRs ranging from 0.5% to 1.5% over various claim areas from 3

party holders

Orogenic gold system

Early-stage exploration project

Boa Vista

Brazil

12,888

84%

336,000

1% NSR

Orogenic gold system

Early-stage exploration project

Batistao

Brazil

5,108

100%

1% NSR

Company has rights to acquire 2% NSR from 3

party holders

Orogenic gold system

Early-stage exploration project

Montes

Aureos

Brazil

2,000

51%

1% NSR on the Company's interest

Orogenic gold system

Early-stage exploration project

Trinta

Brazil

9,568

51%

1% NSR on the Company's interest

Orogenic gold system

Early-stage exploration project

Crucero

Peru

4,600

100%

993,000

1,147,000

1% NSR

Orogenic gold system

Mineralization open laterally and at depth

Further details regarding individual resource estimates, including metal equivalents, are shown in Table 2.

Option to purchase existing third-party royalties on individual projects are detailed in their respective technical report.

Qualified Persons

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

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 and royalties 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 2: 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

Table 2 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

/t 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 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

/t and pit slope of 45 degrees. 0.3 g/t Au cut-off.

See News Release titled "GoldMining Announces Resource Estimate for Almaden Gold Project,

Idaho, USA

" on

June 3, 2020

, which is

available at

www.sedar.com

under GoldMining's SEDAR profile. A technical report documenting this work is currently in preparation and

will be available at

www.sedar.com

under GoldMining's SEDAR profile in due course.

The above aggregated resource statement is provided for information purposes only. Investors should refer to the underlying technical reports

referenced above for project-specific factors relating to each resource estimate.

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 GRC, business plans and strategies,

including expectations and plans regarding future acquisitions and value-enhancing transactions, and resource estimates. Forward-looking

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

GoldMining including GRC, operates. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: the

ability of the Company to identify and execute additional transactions, including any potential spin-off, sale or merger, on acceptable terms or at all,

the ability of the Company to realize or enhance value through its GRC strategy as envisioned, the inherent risks involved in the exploration and

development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in

exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or

mining results will not be consistent with expectations, accidents, equipment breakdowns, title and permitting matters, labour disputes or other

unanticipated difficulties with or interruptions in operations, 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. GoldMining 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.

View original content:

http://www.newswire.ca/en/releases/archive/June2020/24/c2737.html

%SEDAR: 00031036E

For further information:

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

CO: GoldMining Inc.

CNW 06:00e 24-JUN-20

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