GoldMining Reports Initial Drill Results and Confirms Multiple New Mineralized Targets across Sao Jorge Project, Brazil

On October 20, 2025, GoldMining Inc. announced the initial drill results from its 2025 exploration program at the São Jorge Project in Brazil. The company has completed 8,514 metres of a planned 8,000-metre program, comprising Reverse Circulation (RC), diamond core, and auger drilling.

This release covers assay results from 47 of 65 completed RC holes. The company reports that drilling has confirmed at least four new zones of mineralization, each located over one kilometer away from the existing São Jorge deposit. Key intercepts include: * SJRC-004-25: 4.0 metres at 1.76 g/t Au from 19 metres, including 1.0 metre at 5.98 g/t Au. * SJRC-006-25: 1.0 metre at 3.08 g/t Au from 2 metres. * SJRC-046-25: 4.0 metres at 1.78 g/t Au from 12 metres.

Results from the remaining 18 RC holes and the entire 3,862-metre diamond core drilling program are still pending.

The news is a positive, albeit routine, confirmation of the company's exploration strategy.

Progression: In February 2025, GoldMining updated the São Jorge resource estimate and highlighted significant exploration potential across a 12 km by 7 km geochemical footprint, promising the "largest exploration program in the 14-plus-year history of the company." This program was initiated in April 2025 with the stated goal of testing new targets outside the known deposit. This news release is the first delivery of results from that program.

Analysis: * Positive: The results successfully demonstrate that the mineralized system extends well beyond the defined deposit, confirming the exploration thesis. Hitting gold in previously undrilled areas, over a kilometer away, is a clear exploration success and de-risks the concept of a larger, district-scale project. * Routine: The reported grades, while encouraging for initial RC scout drilling (e.g., 4m @ 1.76 g/t, 1m @ 5.98 g/t), are not spectacular and do not constitute a "discovery" hole that would fundamentally change the project's economics at this stage. The market likely anticipated that a large drill program on promising geochemical targets would yield such intercepts.

Conclusion: This is an incremental step forward. The company is delivering on its stated plan, and the results validate the exploration model. However, the true materiality will depend on the pending results, particularly from the diamond drill holes which will provide better geological context, and whether the company can demonstrate continuity and higher-grade zones within these new areas. As an initial update, it supports the current valuation but is not a game-changer.

GoldMining Inc. is a mineral exploration company that operates as a project generator and holding company. Its business model involves acquiring a diversified portfolio of resource-stage gold and gold-copper projects across the Americas, primarily during market downturns. The company seeks to add value through targeted, cost-effective exploration, strategic partnerships, and corporate transactions like spin-outs (e.g., U.S. GoldMining, Gold Royalty Corp.).

The company's current flagship exploration project is the 100%-owned São Jorge Project in the Tapajós Gold District of Brazil. Following successful surface work that identified a large 12x7 km geochemical footprint, the company launched its largest-ever drill program in 2025 to test for new discoveries and expand upon the existing 624,000 oz Indicated and 129,000 oz Inferred gold resource.