GoldMining Commences Environmental Baseline and Permitting Work in Conjunction with Pre-Feasibility Study at Sao Jorge, Brazil

GoldMining Inc. (GOLD) has initiated environmental and socioeconomic baseline studies for the São Jorge Gold Project in Brazil, a mandatory prerequisite for the Environmental Impact Assessment (EIA) and permitting. The company engaged CLAM Environmental to execute the baseline studies and SLR Consulting to lead the Pre-Feasibility Study (PFS).

Infill drilling is actively underway with three rigs, having completed over 1,000 metres of the planned 6,000-metre campaign. The drilling program aims to upgrade Inferred resources to Indicated/Measured categories and supply geotechnical and metallurgical data for the PFS. This announcement follows the October 28, 2026 release that officially launched the PFS and the 6,000-metre drilling program.

GoldMining Inc. (GOLD) has advanced its project development lifecycle by moving from a Preliminary Economic Assessment to a Pre-Feasibility Study and initiating environmental baseline studies. The company has engaged engineering and environmental firms SLR and CLAM to support technical execution. These developments follow the sequence anticipated for a project at this stage and provide data to support resource confidence and the optimization of the Pre-Feasibility Study.

The company’s June 2026 Preliminary Economic Assessment previously disclosed an NPV5% of $532 million and an IRR of 42.4%. The current operational updates do not introduce new financial metrics or alter the fundamental economics disclosed in that assessment. The drilling update confirms that operations are on track, serving to validate management’s execution without introducing strategic shifts or unexpected catalysts.

Market reaction to the project’s progress has been muted, with the stock declining from $2.92 to $1.00 over the past year. This price movement reflects broader market weakness and likely anticipation of near-term dilution or permitting timelines, rather than a lack of project quality. The market had already priced in the commencement of the Pre-Feasibility Study and drilling activities following the late October announcement.

GoldMining Inc. (GOLD) is a resource-stage exploration and development company with a diversified portfolio across the Americas, including assets in Brazil, Colombia, Canada, Peru, and the USA. Its flagship project is São Jorge, a 100%-owned open-pit gold project located in Brazil’s Tapajós district.

A preliminary economic assessment (PEA) completed in June 2026 modeled a 10.6-year mine life for São Jorge, projecting annual production of 51,250 ounces. The study calculated a $532 million net present value at a 5% discount rate based on a $3,500/oz gold price and a 42.4% internal rate of return. The project benefits from existing infrastructure, low state tax rates of 15.25%, and a manageable initial capital requirement of $202 million.

The company’s other key assets include La Mina in Colombia, which has a $1.0 billion NPV PEA; Whistler in Alaska, accessed via a 74% owned U.S. GoldMining; Yarumalito in Colombia; and Crucero in Peru.