GoldMining Files PEA Technical Report for its La Mina Project, Colombia - Highlighting $1.0 Billion After-Tax NPV and 32% IRR

Executive Summary

• GoldMining Inc. filed a NI 43-101 Technical Report containing an updated Preliminary Economic Assessment (2026 PEA) for its La Mina Project in Antioquia, Colombia.
• The base case economics highlight strong financial returns, including a $1.0 billion after-tax NPV5%, a 32.2% after-tax IRR, and an initial payback period of approximately 2.7 years.
• The assessment outlines a conventional open-pit operation targeting 15,000 tpd, with a projected 11.2-year mine life yielding 1.5 Moz AuEq and resilient cost metrics.

Key Details

• Technical Report: NI 43-101 Technical Report and Preliminary Economic Assessment for the La Mina Gold-Copper Mineral Deposit, Antioquia, Colombia. Effective date: April 22, 2026. Available on SEDAR+ and SEC.gov.
• Base Case Economics: After-tax NPV5% of $1.0 billion; After-tax IRR of 32.2%; Initial payback of ~2.7 years.
• Spot Price Sensitivity: At selected spot prices (~$4,775/oz Au, $5.75/lb Cu, $77/oz Ag, 30-day averages as of April 20, 2026), after-tax NPV5% increases to ~$1.8 billion, IRR rises to 49.1%, and initial payback shortens to 1.9 years.
• Capital Efficiency: Initial capital expenditures estimated at $523 million, yielding a base case NPV5% to initial capital ratio of 1.9x.
• Production Profile: Average annual production of 152.4 koz AuEq over the first five years; 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.
• Cost Profile: Estimated total cash cost of $872/oz Au; All-In Sustaining Cost (AISC) of $1,045/oz Au (calculated on a by-product basis).
• Operations & Processing: Conventional open pit, truck and shovel operation supporting a processing rate of 15,000 tonnes per day (tpd). Processing utilizes standard froth flotation and leach circuits with metallurgical recoveries of 91% Au, 80% Cu, and 64% Ag.
• Technical & Regulatory Notes: PEA is preliminary in nature and includes Inferred Mineral Resources. No certainty exists that reported results will be realized. AuEq equation and AISC methodology defined in release footnotes.

Notable Quotes

• Alastair Still, CEO: "The completion of the updated La Mina PEA marked a significant milestone for GoldMining as we actively advance our Americas portfolio. The study demonstrates a compelling base case and the project's exceptional leverage to the current metal price environment. With a strong $1.0 billion base case NPV, La Mina reflects our strategy of demonstrating deep intrinsic value that can be further enhanced through targeted exploration and de-risking. We continue to work to unlock value from key assets within our portfolio with active exploration and development."