GoldMining Intersects 400 Metres of Continuous Gold-Copper Mineralization at the Yarumalito Project, Colombia

GoldMining Inc. (GOLD) released the first assay results from its 2026 diamond core programme at the 100%-owned Yarumalito gold-copper project in the Mid Cauca belt of Antioquia, Colombia, on October 6, 2026. The release highlights hole YAR-45, which returned 399.9 m @ 0.45 g/t AuEq (0.34 g/t Au, 0.09% Cu, 1.21 g/t Ag) from surface to end of hole.

Included sub-intervals within YAR-45 include: - 33.2 m @ 0.81 g/t AuEq (0.68 g/t Au, 0.11% Cu, 1.64 g/t Ag) from 10.3 m - 74.7 m @ 0.61 g/t AuEq (0.46 g/t Au, 0.13% Cu, 1.41 g/t Ag) from 136.5 m, itself including 47.0 m @ 0.70 g/t AuEq (0.54 g/t Au, 0.14% Cu) from 154.0 m - 36.0 m @ 0.65 g/t AuEq (0.50 g/t Au, 0.14% Cu, 1.07 g/t Ag) from 330.0 m

The company disclosed cut-offs for the whole-hole composite at 0.10 g/t AuEq with a maximum 5.0 m internal dilution, and for the sub-intervals at 0.30 g/t AuEq with a maximum 3.0 m internal dilution. True width is estimated to be approximately 50% of the downhole interval length, based on sub-vertical P-1 intrusive contact orientations.

Hole YAR-45 was drilled at -57° toward azimuth 195°, intersecting predominantly P-1 quartz diorite / P-1 breccia and a transitional contact with the earlier, weakly mineralized P-0 phase. Sulphides are disseminated and vein-hosted chalcopyrite, pyrite and rare bornite with potassic alteration and quartz+pyrite±chalcopyrite stockwork.

Four holes totalling 1,218 m have been completed in the current programme. YAR-45 has been reported, while assays are pending for YAR-46 (251.2 m), YAR-47 (263.25 m) and YAR-48 (304.1 m). YAR-46 is collared at 1,160,647E / 1,108,832N, which is essentially the same set-up as YAR-45 (1,160,646E / 1,108,831N).

Metal equivalent (AuEq) is calculated as Au + [Cu% × (Cu price/Au price) × 22.0462 × 31.1035] + [Ag × (Ag price/Au price)], using assumed prices of US$3,550/oz Au, US$5.00/lb Cu, and US$50/oz Ag. Metallurgical recoveries are assumed at 100%, pending definitive metallurgical test work.

Existing resource context from 2020, based on 50 historical holes drilled between 2005 and 2013, defines an Inferred resource of 66.3 Mt @ 0.58 g/t Au, 0.09% Cu (0.70 g/t AuEq per the company presentation) for 1.23 moz Au and 129 Mlb Cu at a 0.50 g/t AuEq cut-off.

Quality assurance and quality control were managed by ALS Labs Colombia for preparation and ALS Peru for assay. Gold was determined by FA-AA24 fire assay with AAS finish on 50 g, while silver and copper were analyzed by ME-ICP61 four-acid/ICP-AES. QA/QC protocols included pulp duplicates, mineralized standards and blanks every 20 samples, coarse duplicates every 100, and field duplicates every 50. The Qualified Person is Tim Smith, P.Geo., VP Exploration.

GoldMining Inc. (GOLD) is a pre-revenue, multi-asset resource-stage explorer and developer that holds a large securities portfolio. Within this portfolio, Yarumalito is considered a minor asset, holding 1.23 moz AuEq Inferred resources. This compares to a group book of approximately 10.0 moz AuEq Measured and Indicated resources plus approximately 9.0 moz AuEq Inferred resources, alongside PEA-stage assets at São Jorge (US$532M base NPV), La Mina (US$1.0B base NPV), and Whistler (US$2.0B base NPV, via 74%-held U.S. GoldMining). A confirmation hole at Yarumalito is not expected to move the company’s approximately C$278M equity on its own.

The Yarumalito programme was announced on 2026-05-26 and was flagged as testing a "newly refined geological model" and "step-out growth potential." However, drill result YAR-45 does not step out and does not beat grade; it reproduces the historical result at approximately one-third lower gold grade over a longer core length. This result does not align with the step-out narrative framed in the May 26 release.

The stock trades at C$1.30, against a 52-week high of C$2.92 and a low of C$1.16. The share price has round-tripped and sits near its low. It was approximately C$1.55 when the Yarumalito programme was announced on May 26 and has since drifted down to C$1.30. The market is currently not pricing in value for Yarumalito.

The relevant upside test is whether the result is materially better than anything previously demonstrated on the property. The grade is below the historical holes and below the existing resource grade. Because the result is also not a miss—a real 400 m mineralized envelope was intersected from surface and the model is corroborated—the outcome does not represent a priced disappointment.

The company’s financial backdrop includes a Q1 FY2026 operating loss of C$7.3M, C$26.1M in cash, C$52.8M in working capital, and no debt. A US$50M ATM was renewed in December 2025 and is being used, with C$9.32M gross raised in Q1. The company is funded but structurally dilutive. The news represents incremental technical de-risking of a minor asset, providing new assays where none had existed since 2013, with no change to tonnes, grade, economics, or NAV.

GoldMining Inc. (TSX: GOLD, NYSE American: GLDG), a Vancouver-based company, operates as a counter-cyclical acquirer and developer of gold and gold-copper assets across Canada, the USA, Brazil, Colombia, and Peru. The company’s strategy involves advancing assets and monetizing them via spin-outs, IPOs, and earn-ins while retaining equity upside. Its portfolio includes São Jorge in Brazil, which is at the PEA stage and targeting a PFS and permitting; La Mina in Colombia, which is at the PEA stage; and Whistler in Alaska, held via the ~74%-owned U.S. GoldMining (USGO) and also at the PEA stage. Other assets include Crucero in Peru, a resource-stage project with antimony; Yellowknife in Canada, a high-grade resource-stage project; Titiribi and Yarumalito in Colombia; and Cachoeira and Boa Vista in Brazil, with Boa Vista optioned to Australian Mines for up to 80%. The company also holds interests in Rea/Athabasca for uranium and previously held Nutmeg Mountain, which was sold to NevGold for equity plus contingent payments.

According to the company presentation, the global measured and indicated resources total approximately 10.0 moz AuEq on a 100%-owned basis, with inferred resources at approximately 9.0 moz AuEq. Specifically, the Yarumalito project contains an inferred resource of 66.27 Mt @ 0.58 g/t Au, 0.09% Cu (0.70 g/t AuEq) for 1.23 moz AuEq.

Economic assessments for the projects include São Jorge, which shows an after-tax NPV5% of US$532M and a 42% IRR in the base case; La Mina, with a US$1.0B NPV and 32.2% IRR; and Whistler, with a US$2.0B NPV and 33% IRR via USGO. All are PEAs incorporating inferred resources with no certainty of realization.

Prior-period context indicates that for Q1 FY2026, the company reported an operating loss of C$7.3M and a net loss of C$7.2M. The balance sheet showed cash of C$26.1M, working capital of C$52.8M, total equity of C$241.6M, and no debt. The company raised C$9.32M gross via ATM in the quarter, and a US$50M ATM was renewed in December 2025.

GoldMining holds marketable securities in Gold Royalty Corp. (GROY), U.S. GoldMining (USGO), NevGold, and Australian Mines, which constitute a material part of the equity value. Management includes Alastair Still as President & CEO, with Amir Adnani and David Garofalo serving as Co-Chairs.