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A Fully Funded Junior in the Middle of a Q2 Catalyst Window: NevGold Heads Into Maiden Antimony-Gold MRE With C$42.2M in the TreasuryMay 6, 2026 9:15 AM
PR Newswire (US) Baystreet.ca News Commentary Issued on behalf of NevGold Corp.NevGold Corp. (TSX-V: NAU | OTCQX: NAUFF | FRA: 5E50) closes one of the most catalyst-dense six-week stretches in its corporate history — upsized brokered financing, 1.11% antimony drill hits, up to 99% gold recovery metallurgy, and a maiden antimony-gold Mineral Resource Estimate now targeted for Q2 2026NEW YORK, May 6, 2026 /PRNewswire/ -- North American gold producers are running into one of the most favourable commodity-and-policy overlays of the past two decades. Gold is trading at or near record highs. Antimony, a U.S.-designated Critical Mineral with 100% U.S. import reliance, is the subject of unprecedented federal procurement attention after China's December 2024 export restrictions on the United States — restrictions that were partially suspended in November 2025, but which left licensing controls and end-use scrutiny in place and continue to expose U.S. buyers to renewed disruption. And the short list of publicly traded juniors with advanced-stage, permitted, near-surface U.S. projects targeting either metal — let alone both — is, in practice, quite short.Against that backdrop, one TSX Venture-listed junior has stacked a dense sequence of operational and financing milestones over the last three weeks that deserve a closer look. The NevGold Six-Week News StackNevGold Corp. (TSX-V: NAU) (OTCQX: NAUFF) (Frankfurt: 5E50) is a Vancouver-based exploration and development company with four 100%-owned projects across Nevada and Idaho. The two flagship programs are Limousine Butte (gold-antimony, Nevada) and Nutmeg Mountain (gold, Idaho). On April 20, 2026, NevGold announced that its previously announced C$25 million brokered private placement had been upsized to C$42,225,497 on strong institutional demand. [1] The upsized offering comprises 22,223,946 shares at C$1.90, led by Clarus Securities Inc. as sole agent and bookrunner, and is expected to close on or about May 12, 2026. Net proceeds will be used for advancing Limousine Butte, Nutmeg Mountain, working capital, and general corporate purposes. [1]The financing news caps a compressed run of operational disclosures. On April 9, 2026, NevGold reported oxide antimony-gold drill intercepts at Limousine Butte including 1.93 g/t gold equivalent over 100.6 meters from surface (1.07 g/t Au + 0.22% Sb) at Resurrection Ridge, with a 1.11% antimony intercept over 6.1 meters inside that broader interval. [2] All 30 holes from the 2025 drill program totaling approximately 5,000 meters have now been released, and an additional 20,000 meters is planned in 2026 focused on the Bullet Zone and the Armory Fault discovery. [2] CEO Brandon Bonifacio described Limo Butte as "one of the highest grade antimony projects in North America that is near-surface and oxide." [2]On April 2, 2026, NevGold disclosed phase II metallurgical testwork results on oxide antimony-gold material from the Limo Butte historical gold leach pads. Cyanide shake tests on the residual leach pad material after antimony extraction returned average gold recoveries above 93% and individual samples reaching 99%. [3] Acid leach antimony extraction ranged from 54% to 92% across the tested samples, and additional antimony mineralization was identified at surface in a historical pre-strip waste dump. [3] The testwork confirms a sequential process: antimony leach first, gold recovery second, both metals produced from the same feed.On April 14, 2026, the Company disclosed positive and consistent antimony-gold sonic drill results from the historic gold leach pads themselves: 0.34% antimony with 0.41 g/t gold over 12.5 meters, 0.33% Sb and 0.55 g/t Au over 11.0 meters, and 0.31% Sb and 0.50 g/t Au over 14.6 meters — all consistent with or higher than the Phase I test pit sampling averages of 0.27% Sb and 0.34 g/t Au. [4] The historical leach pads were constructed during mining operations in 1989 and 1990, when gold traded below US$400 per ounce and antimony was not a meaningful revenue stream. [5]The near-term catalyst is the maiden antimony-gold NI 43-101 Mineral Resource Estimate at Limousine Butte, targeted for Q2 2026. [2] [4] The Company's stated objective: near-term antimony production by 2027 from reprocessing the historical leach pads, with no new mining activity required for that initial production pathway. [4] In parallel, the Nutmeg Mountain Gold Project in Idaho carries a September 2025 NI 43-101 MRE of 1,186,000 oz Indicated at 0.50 g/t Au + 548,000 oz Inferred at 0.34 g/t Au at a 0.20 g/t cutoff, with mineralization starting at surface and a conceptual pit-shell strip ratio of less than 1:1. [6]The U.S. Bureau of Land Management approved a comprehensive Plan of Operations for the full Limousine Butte property in November 2024, covering 68 km² and up to 200 acres of permitted disturbance over a 10-year term. [2] NevGold was named to the 2026 TSX Venture 50 list, ranking #38 in the junior mining category, after the Company's shares gained approximately 330% in 2025. [7]Gold, Antimony, and the 2026 Policy OverlayGold's 2026 performance has been driven by the combination of persistent inflation concerns, ongoing geopolitical risk, and continued central bank buying across emerging markets. Antimony's 2026 performance has been driven by something different: a U.S. federal push to re-shore the critical minerals supply chain following China's December 2024 export restrictions targeting the United States. Although Beijing suspended the outright export ban in November 2025 — pausing it through November 27, 2026 — licensing controls remain in effect, end-use scrutiny on dual-use shipments has not been lifted, and U.S. buyers continue to be exposed to renewed disruption at Beijing's discretion. The U.S. Geological Survey designates antimony as a Critical Mineral, the U.S. Department of War (formerly the Department of Defense) has committed well over US$100 million in Defense Production Act Title III awards to domestic antimony projects across multiple recipients, and the U.S. Export-Import Bank has advanced a USD 2.7 billion proposed loan to a single antimony-focused issuer. [8]For publicly traded producers and near-producers, the result is a two-metal tailwind operating on different underlying drivers. For juniors positioned across both metals — as NevGold is at Limo Butte — the overlap of those tailwinds is structurally distinctive.Four U.S.-Listed Peers Operating in Adjacent Corners of the Same StoryMcEwen Inc. (NYSE: MUX)McEwen operates the Gold Bar Mine Complex in the Eureka Mining District of Nevada, one of the most productive gold regions in North America. On April 15, 2026, McEwen's wholly-owned subsidiary entered into a 50/50 joint venture agreement with Iconic Minerals Ltd. to advance the 2,140-hectare New Pass gold property in Churchill County, Nevada — another Carlin-type gold trend asset. [9] On January 27, 2026, McEwen disclosed its best drill hole at Gold Bar to date, intersecting 5.55 g/t gold over 44.2 meters at the Windfall deposit, including 48.38 g/t gold over 4.6 meters of oxide mineralization. [10] McEwen has budgeted approximately USD 10 million for Gold Bar exploration in 2026, with the objective of advancing Windfall, Lookout Mountain, and Unity Ridge toward production decisions and supporting the Company's stated goal of doubling production by 2030. [10]Integra Resources Corp. (NYSE American: ITRG)Integra is a particularly close geographic peer to NevGold: the Company operates the Florida Canyon Mine in Nevada and is advancing two flagship development-stage heap leach projects — the DeLamar Gold-Silver Project in southwestern Idaho and the Nevada North Project (Wildcat Deposit) in western Nevada. On April 9, 2026, Integra announced the launch of the largest drill program in the Company's history: a 50,000-meter program spanning all three assets, with 42,500 meters at Florida Canyon focused on near-mine oxide gold targets and the past-producing Standard Mine area, 5,500 meters at the Nevada North Project supporting a future pre-feasibility study, and 2,500 meters of advanced engineering drilling at DeLamar to support future mine development. [11] The Company describes DeLamar as "one of the largest and most advanced undeveloped heap leach gold-silver projects in the Great Basin." [11] Integra is a useful reference point for NevGold's own Nevada-Idaho footprint: a U.S.-listed peer in the same two states, executing a multi-asset development pathway funded by an operating mine.GoldMining Inc. (NYSE American: GLDG)GoldMining is a resource-stage gold and critical-minerals company with a portfolio of projects across the Americas. On February 17, 2026, the Company reported an updated Mineral Resource Estimate at its Crucero Gold Project in Peru that now includes antimony alongside gold, making GLDG one of a growing number of resource-stage companies formally incorporating antimony into their NI 43-101 disclosure as the U.S. critical minerals file moves from headline to MRE line item. [12] GLDG's strategy of expanding historical gold-focused resources to include co-produced critical minerals is directly parallel to what NevGold is doing at Limo Butte, where the historical 2009 gold resource is being advanced into a formal antimony-gold MRE for the first time. (Disclosure: GoldMining Inc. is the largest shareholder of NevGold Corp., holding approximately 19 million shares, or roughly 16.7% of issued and outstanding shares, on the basis of public filings.)i-80 Gold Corp. (NYSE American: IAUX)i-80 Gold is a Nevada-focused gold developer advancing a multi-project portfolio across more than 250 square kilometers of prospective ground on the Carlin and Battle Mountain-Eureka trends. On February 12, 2026, Franco-Nevada Corporation announced a USD 250 million net smelter return royalty financing with i-80 Gold, structured as a 1.5% royalty (increasing to 3.0% in 2031) over all six of i-80's material properties — Granite Creek Underground (operating), Archimedes Underground (development), Mineral Point Heap Leach (study), Granite Creek Open Pit (study), Cove Underground (study), and Lone Tree open pit (study). [13] The Franco-Nevada financing is tied to i-80 Gold's recapitalization plan, which targets production scaling from 150–200 koz Au annually in Phase 1 to 600+ koz Au in Phase 3 by 2032+. [13] The i-80 deal is instructive for the junior Nevada gold space: institutional royalty capital is actively financing U.S. gold development stories at scale in 2026.The NevGold Setup Into Q2 2026NevGold enters the back half of Q2 2026 with several features that are not common in its part of the market:Fully funded through the next inflection. The upsized C$42.2 million financing removes the near-term treasury overhang through the maiden MRE, continued drilling, and metallurgical testwork completion at Limo Butte, plus continued advancement at Nutmeg Mountain. [1]A maiden MRE catalyst in the immediate quarter. The Q2 2026 maiden antimony-gold NI 43-101 Mineral Resource Estimate at Limousine Butte is the next direct catalyst, following the roadmap used by peers like Military Metals (whose April 8, 2026 maiden MRE at Trojarová put 67,000 tonnes of antimony and 222,000 ounces of gold into the discussion). [2] [4]Near-term antimony production optionality, not just exploration. The historical leach pads at Limo Butte are already crushed, already stacked, and already within the permitted footprint. Phase II metallurgical testwork indicates that reprocessing the existing material can produce antimony first and gold second, with gold recoveries up to 99%. [3]1.186 Moz Indicated gold resource at Nutmeg Mountain with the higher-grade feeder zones untested. Average historical drillhole depth at Nutmeg is approximately 75 meters, leaving the typical epithermal feeder structures that sit below near-surface oxide blankets effectively unexplored. [6]Jurisdiction advantage. Nevada and Idaho are consistently ranked among the most favourable mining jurisdictions globally. Permitting timelines are shorter, infrastructure is better, and federal and state regulators have significant experience with advanced-stage projects in these basins.For a junior trading near C$1.90 on a freshly upsized financing, sitting on a 1.186 Moz Indicated gold resource at one flagship and advancing a maiden antimony-gold MRE at a second, with a stated target of near-term antimony production by 2027 and gold-side optionality through a Preliminary Economic Assessment on Nutmeg Mountain — the catalyst density is the story.For more information on NevGold Corp. (TSX-V: NAU), visit www.nev-gold.com.Article Source: https://www.baystreet.caCONTACT:
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info @acblanke1DISCLAIMER:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Baystreet.ca is a wholly-owned subsidiary of Baystreet Media Corp. ("BAY"). BAY has been not been paid a fee for NevGold Corp. advertising or digital media, but the owner(s) of BAY also own Market IQ Media Group Inc. ("MIQ"), which has been paid a fee for NevGold Corp. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of NevGold Corp., and may liquidate their shares which could have a negative effect on the price of the stock. The owner/operator of MIQ does not currently own shares of NevGold Corp. but reserves the right to buy and sell, and will buy and sell shares of NevGold Corp. at any time without any further notice commencing immediately and ongoing. This potential for trading constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this, individuals are strongly encouraged to not use this publication as the basis for any investment decision. 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Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.Logo: https://mma.prnewswire.com/media/2973736/Baystreet_Logo.jpgSources:NevGold Corp., "NevGold Announces Upsized C$42MM Brokered Private Placement Financing," GlobeNewswire, April 20, 2026. https://www.globenewswire.com/news-release/2026/04/20/3277330/0/en/NEVGOLD-ANNOUNCES-UPSIZED-42MM-BROKERED-PRIVATE-PLACEMENT-FINANCING.html.NevGold Corp., "NevGold Intercepts 1.11% Antimony Over 6.1 Meters, Within 1.93 g/t AuEq Over 100.6 Meters (1.07 g/t Au And 0.22% Antimony) From Surface," GlobeNewswire, April 9, 2026. https://www.globenewswire.com/news-release/2026/04/09/3270842/0/en/NevGold-Intercepts-1-11-Antimony-Over-6-1-Meters-Within-1-93-g-t-AuEq-Over-100-6-Meters-1-07-g-t-Au-And-0-22-Antimony-From-Surface-Focus-On-Maiden-Antimony-Gold-Mineral-Resource-Es.html.NevGold Corp., "NevGold Announces Up to 99% Gold Recovery From Phase II Metallurgical Testwork on Oxide Antimony-Gold," GlobeNewswire, April 2, 2026.NevGold Corp., "NevGold Announces Positive, Consistent Drill Results on Historic Gold Leach Pads Including 0.34% Antimony And 0.41 g/t Au Over 12.5 Meters," GlobeNewswire, April 14, 2026. https://www.globenewswire.com/news-release/2026/04/14/3273242/0/en/NevGold-Announces-Positive-Consistent-Drill-Results-on-Historic-Gold-Leach-Pads-Including-0-34-Antimony-And-0-41-g-t-Au-Over-12-5-Meters-Path-to-Near-Term-Antimony-Production-Conti.html.NevGold Corp., "NevGold Identifies Large Quantities of Previously Mined Material With Significant Antimony And Near-Term Production Potential In Historical Leach Pads at Limo Butte, Nevada," GlobeNewswire, January 6, 2026.NevGold Corp., September 2025 NI 43-101 Mineral Resource Estimate for the Nutmeg Mountain Project, prepared by Greg Mosher, P.Geo., Global Mineral Resource Services, effective date August 29, 2025.Mugglehead Investment Magazine coverage of NevGold 2026 TSX Venture 50 designation and 2025 share-price performance; NevGold Corp., "NevGold Named as a 2026 Top 50 TSX Venture Exchange Company," Newsfile, February 26, 2026.U.S. Geological Survey Critical Minerals List; U.S. Department of War Title III awards; Perpetua Resources Corp. U.S. Export-Import Bank $2.7 billion proposed loan disclosure (March 31, 2026); China Ministry of Commerce announcements (December 3, 2024 export restrictions on the United States; November 9, 2025 suspension of export prohibition through November 27, 2026, with licensing controls remaining in effect).Iconic Minerals Ltd. and McEwen Inc., "Iconic Minerals Executes Joint Venture Agreement with McEwen Mining on New Pass Gold Property, Nevada," Newsfile, April 15, 2026.McEwen Inc., "McEwen Drilling Returns Significant Intersection at Gold Bar Mine Complex in Nevada: 5.55 gpt Gold over 44.2 Meters," GlobeNewswire, January 27, 2026.Integra Resources Corp., "Integra Launches Largest Drill Program in Its History: 50,000-Meter Expanded Program Targeting Resource Growth, Mine Life Extension and Advanced Engineering at Florida Canyon, DeLamar and Nevada North," PR Newswire, April 9, 2026.GoldMining Inc., "GoldMining Updates Mineral Resource Estimate with Inclusion of Antimony at its Crucero Gold Project, Peru," PR Newswire, February 17, 2026.Franco-Nevada Corporation and i-80 Gold Corp., "Franco-Nevada Announces $250 Million Royalty Financing with i-80 Gold," PR Newswire, February 12, 2026. View original content to download multimedia:https://www.prnewswire.com/news-releases/a-fully-funded-junior-in-the-middle-of-a-q2-catalyst-window-nevgold-heads-into-maiden-antimony-gold-mre-with-c42-2m-in-the-treasury-302764002.htmlSOURCE Baystreet Original: A Fully Funded Junior in the Middle of a Q2 Catalyst Window: NevGold Heads Into Maiden Antimony-Gold MRE With C$42.2M in the Treasury

GoldMining Announces Updated PEA Highlighting $1.0 Billion After-Tax NPV and 32% IRR at La Mina Project, ColombiaApril 28, 2026 6:30 AM
PR Newswire (US)

DESIGNATED NEWS RELEASEVANCOUVER, BC, April 28, 2026 /PRNewswire/ - GoldMining Inc. (TSX: GOLD) (NYSE American: GLDG) (the "Company" or "GoldMining") is pleased to announce the results of an updated preliminary economic assessment ("PEA") on the La Mina Project (the "Project"), located in Antioquia, Colombia. All currency amounts herein are in US dollars unless otherwise indicated.PEA Highlights1Enhanced Project Value: The updated PEA incorporates current bench-marked costs and updated base case pricing of $3,500 /oz gold (Au), $4.70/lb copper (Cu) and $40/oz silver (Ag), resulting in a 265% increase in after-tax net present value at 5% discount rate ("NPV5%") from the prior PEA disclosed by the Company for the Project.Strong Base Case Economics: After-tax NPV5% of $1.0 billion and an after-tax internal rate of return ("IRR") of 32.2% and initial payback of approximately 2.7 years.Leverage to Spot Prices: At current spot prices (approximately, $4,775/oz Au, $5.75/lb Cu, and $77/oz Ag), the after-tax NPV5% increases to approximately $1.8 billion with an IRR of 49.1% and initial payback of 1.9 years.High Capital Efficiency: Initial capital expenditures are estimated at $523 million, representing an attractive 0.5x initial capital to base case NPV5% ratio that highlights the Project's potential for a compelling return on investment.Strong Production Profile: Average annual production of 152.4 koz Au equivalent ("AuEq") over the first five years of operation, and total life of mine ("LOM") production of 1.5 Moz AuEq (comprising 1.2 Moz Au, 2.6 Moz Ag, and 195 Mlbs Cu) over an 11.2 year projected mine life.Resilient Cost Profile: Estimated total cash cost of $872/oz Au and All-In Sustaining Cost ("AISC") of $1,045/oz Au (calculated on a by-product basis).Conventional Operation: The PEA contemplates a conventional open-pit truck-and-shovel operation and a processing rate of 15,000 tonnes per day ("tpd"). A proven processing flowsheet utilizing standard froth flotation and leach circuits achieves high metallurgical recoveries of 91% Au, 80% Cu, and 64% Ag.Significant Portfolio Potential: On a gold equivalent basis, the estimated mineral resources contained in the La Mina PEA account for approximately 9% of the Company's global Measured and Indicated Resources and 16% of the Inferred Resources (refer to the Company's Annual Information Form dated February 27, 2026).Alastair Still, CEO of GoldMining commented, "The updated Project PEA highlights the underlying quality of the La Mina porphyry gold-copper mineral system and represents just a small portion of and emphasizes the depth of the GoldMining portfolio of projects that we continue to advance. By capturing current market consensus metals pricing, the PEA conceptualizes a robust $1.0 billion base case project that is characterized with an efficient capital intensity. We're not simply adjusting for the higher commodity prices; we have confirmed that La Mina is potentially a resilient development opportunity. With these solid base case economics, which improve substantially at spot prices, the Company is excited by the opportunity to further advance and de-risk the Project on the path towards potential future development."1 The gold equivalent equations are: AuEq(oz) = Au (g/t) + [Cu(%) x {Cu Price/Au Price} x 22.0462 x 31.1035] + [Ag (g/t) x {Ag Price/Au Price}]. AISC includes mining costs, processing costs, royalties, G&A costs, transportation costs, sustaining capital and closure costs less by-product credits.Table 1: Summary of La Mina PEA Production MetricsLa Mina PEA Key Metrics

ProductionResultUnitsMine life11.2YearsLOM Strip ratio (waste:processed material)5.49RatioTotal mined material398.4MtTotal processed material61.3MtNominal process plant rate15,000tpdGold Production

Average gold feed grade0.72g/tAverage gold metallurgical recovery91%Total gold produced1,243.3kozAverage annual gold production                                         (Years 1-5)125.8kozLOM107.7kozCopper Production

Average copper feed grade 0.19%Average copper metallurgical recovery80%Total copper production195.0MlbsAverage annual copper production                                      (Years 1-5)22.4MlbsLOM17.0MlbsSilver Production

Average silver feed grade 2.36g/tAverage silver metallurgical recovery64%Total silver production2,572.7kozAverage annual silver production                                         (Years 1-5)273.1kozLOM248.6kozGold Equivalent Production1

Average gold equivalent feed grade0.92g/tTotal gold equivalent produced1,534.6kozAverage annual gold equivalent production                         (Years 1-5)152.4kozLOM137.0kozNumbers may not add due to rounding.(1) The gold equivalent equations are: AuEq(oz) = Au (g/t) + [Cu(%) x {Cu Price/Au Price} x 22.0462 x 31.1035] + [Ag (g/t) x {Ag Price/Au Price}]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 2: Summary of La Mina PEA Financial MetricsLa Mina PEA Key Financial Metrics

Metal PricesBase CaseSpot PriceGold ($/oz)3,5004,775Copper ($/lb)4.705.75Silver ($/oz)4077Operating Costs (OPEX)ResultUnitsMining unit cost1.9412.62$/t mined$/t milledProcess unit cost14.90$/t milledGeneral and Administrative (G&A) unit cost0.66$/t milledOff-site operating cost1.32$/t milledTotal OPEX29.50$/t milledTotal Cash cost (by-product basis) 1872$/oz AuAISC (by-product basis) 21,045$/oz AuCapital Expenditures (CAPEX)ResultUnitsInitial capital expenditure (includes pre-strip)523.3$MSustaining capital expenditure166.0$MClosure costs49.8$MTotal Capital739.1$MBase Case EconomicsResultUnitsNet present value (NPV5%) – pre-tax1,613.9$MInternal rate of return (IRR) – pre-tax45.2 %%Net present value (NPV5%) – after-tax1,001.5$MInternal rate of return (IRR) – after-tax32.2%Payback – after-tax2.7YearsSpot Price EconomicsResultUnitsNet present value (NPV5%) – pre-tax2,848.7$MInternal rate of return (IRR) – pre-tax68.7 %%NPV5% – after-tax1,804.1$MIRR – after-tax49.1%Payback – after-tax1.9YearsNumbers may not add due to rounding.(1) Total Cash Costs consist of mining costs, processing costs, royalties, general administrative, and transportation costs, less by-product credits.(2) AISC includes Total Cash Costs plus sustaining capital and closure costs, less by-product credits.Base Case assumes $3,500/oz Au, $4.70/lb Cu, and $40/oz Ag. Spot Price assumes $4,775/oz Au, $5.75/lb Cu, and $77/oz Ag.La Mina PEA SummaryThe PEA reviewed and refined mine engineering design work completed during the previous (2023) preliminary economic assessment disclosed by the Company, including updating all operating and capital cost estimates following a comprehensive review of technical inputs, and updating metal price assumptions. No other substantive changes were made during the study.The Project, covering 3,208 hectares, is located in the Department of Antioquia, Republic of Colombia, approximately 51 km southwest of Medellin. The Mineral Resource Estimate ("MRE") for La Mina includes the La Cantera, La Garrucha, and Middle Zone porphyry deposits, which are located within 1,000 meters of each other. No additional drilling has been completed at La Mina in support of this updated PEA, therefore the current MRE with effective date December 20th, 2022, remains current in support of the PEA. The PEA considers a conventional drill, blast, load, and haul open pit operation mining an average of 97,000 tpd over the 11.2 year life of mine. It contemplates that resources will be processed at a nominal rate of 15,000 tpd by conventional grinding and flotation to generate a copper concentrate, with tailings of the copper process reporting to a leach circuit to generate gold-silver doré on site. The combined LOM average metallurgical recovery of 91%, 80% and 64% are realized for gold, copper and silver, respectively.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 capital expenditure of $523.3 million with operations continuing for 11.2 years. Sustaining capital expenditures over the LOM are expected to be approximately $166 million, consisting of a mix of mining capital equipment and staged expansion of the tailings and waste facilities. LOM operating costs are expected to average $29.50/t of material processed.Under the PEA, highest metal production occurs in the initial five years of production averaging 152.4 koz AuEq comprising 126 koz Au, 22.4 Mlbs Cu, and 273 koz Ag annual production. Year 1 production of 176.5 koz AuEq comprises 138 koz Au, 27.0 Mlbs Cu, and 174.8 koz Ag. LOM average production is 137.0 koz AuEq, comprising 107.7 koz Au, 17.0 Mlbs Cu, and 248.6 koz Ag.The LOM average mining rate in the PEA is 5.5 Mt resources per annum and 30.1 Mt waste, which equates to an average LOM strip ratio of 5.5:1.Table 3: Capital Breakdown
Initial ($M)Sustaining ($M)Total ($M)Contractor Pre-Strip11.446.457.9Mining Equipment80.581.2161.8Process Plant224.75.0229.7Site65.0-65.0Tailing Storage Facility Initial6.05.611.6Owner's Cost58.1-58.1Contingency77.527.7105.2Sub-total Capital523.3166.0689.3Mine Closure
49.849.8Total Capital523.3215.7739.1Numbers may not add due to roundingMineral Resource EstimateThe PEA is based on the Mineral Resource estimate set forth in the Company's previous technical report titled "NI 43-101 Technical Report and Preliminary Economic Assessment For The La Mina Project, Antioquia, Republic of Colombia" dated effective July 24, 2023. There has been no material change in such Mineral Resource estimate for the Project. For the purpose of this PEA, such was reviewed by the Qualified Person under the PEA and deemed to remain valid and effective.TABLE 4: Pit Constrained Mineral Resource Estimate (Effective Date: December 20, 2022)

GradesContained MetalDepositTonnesAuAgCuAuEqAuAgCuAuEq
(kt)(g/t)(g/t)( %)(g/t)(koz)(koz)(Mlbs)(koz)Indicated Mineral ResourceLa Cantera17,6140.862.030.311.324871,150120753La Garrucha7,3580.653.140.110.8415474318201Middle Zone8,8000.541.280.110.7115336221201Total Indicated33,7720.732.080.211.067942,2551591,150Inferred Mineral ResourceLa Cantera11,1750.711.850.301.1525566573413La Garrucha44,1070.552.460.100.727803,488971,020Middle Zone9490.471.150.090.611435219Total Inferred56,2310.582.320.140.801,0494,1881711,454Notes:1.The qualified person for the above estimate is Scott Wilson, C.P.G, SME.2.Mineral Resources are classified as Indicated Resources and Inferred Resources and are based on the 2014 CIM Definition Standards. The estimation of Indicated Mineral Resources involves greater uncertainty as to their existence and economic feasibility than the estimation of Mineral Reserves, and therefore investors are cautioned not to assume that all or any part of Indicated Mineral Resources will ever be converted into Mineral Reserves. The estimation of Inferred Mineral Resources involves greater uncertainty as to their existence and economic viability than the estimation of other categories of Mineral Resources.3.Numbers may not add up due to rounding.4.Cut-Off Grade: 0.30 g/t Au.5.The Mineral Resource Estimate was based on US$ metal prices of $3.50/lb Cu, $1,700/oz Au and $21/oz Ag.6.Gold-equivalent grades were calculated using the following formula: AuEq = Au (g/t) + [Cu(%) x {Cu Price/Au Price} x 22.0462 x 31.1035] + [Ag (g/t) x {Ag Price/Au Price}].7.The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as Indicated or Measured Mineral Resources.8.There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors that may materially affect the Mineral Resource Estimate. 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.OpportunitiesThis 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:OpportunityPotential Benefits

Infill DrillingIncrease 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 DrillingExpansion opportunities at the existing deposits to delineate
additional resources.

Exploration drilling outside of the
current resourcesPorphyry cluster model predicts potential for new porphyry discoveries
within the existing La Mina district-scale land package.

Metallurgical test work & Process
designVariability test work to optimize process flowsheet and improve gold,
copper, and silver recoveries.

Geotechnical test work Optimize pit wall slopes and potentially reduce strip ratio and to assess
potential waste rock and tailings storage sites.

Infrastructure design & SchedulingOptimize 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 PersonsThe PEA was prepared for the Company by Scott E. Wilson, CPG, Zeke Blakeley, SME-RM, and Rick Jordan, SME-RM, each of which 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 President, 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.Notice to ReadersDisclosure 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 Mineral 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. Forward-Looking Statements Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws ("forward-looking statements"), which involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to the results of the PEA, the Company's plans and expectations regarding future opportunities and proposed work at the Project and the Company's other plans and expectations regarding the Project. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which GoldMining operates. 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, risks related to government and environmental regulation, social, permitting and licensing matters, 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 GoldMining?s Annual Information Form for the year ended November 30, 2025, and other filings with Canadian securities regulators and the SEC, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop such forward-looking statements, will prove to be accurate. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities law.

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Original: GoldMining Announces Updated PEA Highlighting $1.0 Billion After-Tax NPV and 32% IRR at La Mina Project, Colombia