New Zealand Fast-Track Permitting And A Positive PEA Land On The Same Reefton Goldfield Asset

The most recent company-specific news for GoldMining is the April 28, 2026, updated Preliminary Economic Assessment (PEA) for the 100%-owned La Mina gold-copper project in Colombia. Key highlights: - After-tax NPV5% of $1.0 billion at base-case $3,500/oz Au, $4.70/lb Cu, $40/oz Ag. - After-tax IRR of 32.2%, payback ~2.7 years. - Using spot metal prices ($4,775/oz Au, etc.) the NPV climbs to ~$1.8 billion and IRR to 49.1%. - Initial CAPEX of $523.3 million (including pre-strip) and sustaining capital of $166.0 million over an 11.2-year mine life. - All-in sustaining cost (AISC) of $1,045/oz Au, cash cost $872/oz Au (by-product basis). - Total LOM production of 1.5 Moz AuEq (1.2 Moz gold, 2.6 Moz silver, 195 Mlbs copper). - The study represents a 265% increase in project value compared to the prior PEA, driven by higher metal price assumptions. - The project is located in Antioquia, Colombia, 51 km southwest of Medellin.

The updated La Mina PEA fundamentally transforms the investment case for GoldMining. A $1.0 billion after-tax NPV dwarfs the company’s current market capitalization (implied to be well under $200 million based on the $1.53 share price and unknown but modest share count). The study demonstrates robust economics even at conservative long-term metal prices; at recent spot prices the NPV balloons to $1.8 billion. The 265% increase from the prior study signals that the asset’s value is now being captured more accurately as the gold price environment shifts higher. For a junior explorer, a PEA of this scale is a game changer—it materially de-risks the project and provides a clear path toward a potential development decision. However, the PEA remains preliminary; there is no feasibility study yet, and the initial capital requirement of $523 million is enormous relative to the company’s current financial resources. Additionally, Colombia bears geopolitical and permitting risks. Nevertheless, the sheer magnitude of the NPV relative to enterprise value elevates this news to a game-changing event.

GoldMining Inc. is a gold and critical metals exploration and development company with a diversified portfolio of assets in the Americas. Its projects include: - La Mina (Colombia): Porphyry gold-copper deposit; the updated PEA positions it as a Tier-1 potential development project with 1.5 Moz AuEq production over 11.2 years. - Crucero (Peru): Gold-antimony project where recent inclusion of antimony boosted the Indicated resource by ~75% to 1.74 Moz AuEq. - Sāo Jorge (Brazil): Active drill program (19,000 m in 2026) targeting near-deposit and regional gold anomalies; high-grade intercepts (e.g., 12 m @ 2.38 g/t Au including 1 m @ 22 g/t Au) highlight expansion potential. - Yellowknife (Canada): Past-producing high-grade gold camp with 1.06 Moz M&I resource. - Whistler (Alaska): Gold-copper project held by >74%-owned U.S. GoldMining; a positive initial PEA was released in March 2026. - Other assets: Boa Vista (Brazil, optioned to Australian Mines), Colíder (Brazil), Rea uranium (Alberta), and equity holdings in Nevgold.

The flagship project is La Mina, given its scale, economic upside, and recent PEA. However, the company has multiple shots on goal, with Sao Jorge and Crucero also demonstrating material resource growth.